World News
BIMCO Sets Out Contractual Framework for Energy-Saving Retrofits
Shipping association BIMCO has introduced its Energy Saving Device Retrofit Addendum 2026, a contractual framework for installing energy-saving devices on vessels during time charters.
The addendum lets shipowners and charterers agree on how to share installation costs, maintenance expenses, fuel savings, and environmental benefits, BIMCO said in an announcement yesterday.
Retrofit investments have often been hindered by conflicting commercial interests, with owners funding equipment and installation while charterers benefit from lower fuel consumption during the charter period.
The framework allows parties to negotiate arrangements suited to individual projects and covers a broad range of existing and future energy-saving technologies.
It also includes an optional performance assessment regime to establish performance baselines and methods for calculating savings.
Parties can agree on the allocation of environmental attributes, including credits, allowances and certificates generated under relevant environmental schemes.
"Our objective was to create a practical tool that can help unlock investment in retrofit solutions and support the industry's decarbonisation efforts," Mattias Kjellberg of Stena Rederi AB, chairperson of the BIMCO subcommittee, said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 932.00 | 0.50 | 1345.00 | 27.00 |
| Rotterdam | 759.00 | 6.00 | 1425.00 | 11.50 |
| Houston | 791.50 | 6.50 | 1417.50 | 9.00 |
| Fujairah | 968.00 | 11.50 | 1735.00 | 58.50 |
| Global 20 Ports Average | 920.00 | 8.50 | 1552.00 | 19.50 |
| Global 4 Ports Average | 865.50 | 4.50 | 1491.50 | 61.00 |
| Global Average Bunker Price | 962.00 | 3.50 | 1611.50 | 12.50 |
Popular Now More
-
Oct 20Two days, 12 panel sessions, and an interview with MPA's chief executive: Ship & Bunker's coverage of SIBCON 2026 in one place. -
Oct 21Trading Director Maaz Ahmed tells Ship & Bunker that the firm plans to deploy more bunker barges in the future. -
Oct 20The bulk carrier, Traverse Antwerp, was arrested at 2:24 PM local time on October 16.