Today the Documentary Committee of the shipowners' association The Baltic and International Maritime Council (BIMCO) approved the new FuelEU Maritime contractual clause developed with the aim of supporting the parties in the agreements contractual provisions of Time Charter Parties in view of the entry into force the next January 1st of the European FuelEU Maritime Regulation which aims to stimulate demand for renewable fuels and low-carbon transport for maritime and reducing greenhouse gas emissions generated by the sector ( of 25 July 2023).

The association specified that under the new clause the company responsible for compliance with the FuelEU Maritime Regulation is the shipowner, but could also be a third-party shipmanager who has agreed to take on all the duties and responsibilities imposed by the International Management Code for the Safe Operation of Ships and for Pollution Prevention (ISM Code).

"This clause - underlined Stinne Taiger Ivø, Deputy Secretary-General and Director of Contracts of BIMCO - era eagerly awaited by the sector. January is just around the corner and the FuelEU Maritime Regulation is complex. For this reason We carried out several industry consultations during the process to make sure we arrive at a clause that works in practice".

"The FuelEU Maritime Regulation - highlighted the president of the BIMCO Documentary Committee, Nicholas Fell - will have significant impact on the shipping industry, even of the EU Emissions Trading System. The clause that adopted today is the result of a process of collaboration between shipowners, charterers, P&I, legal experts and other interested parties'.