World News
BIMCO Adopts Time Charter CII Clause
Shipping industry body BIMCO has adopted its new Carbon Intensity Indicator (CII) clause for time charter parties.
The organisation's documentary committee has adopted the clause that sets out how CII compliance can be managed for chartered vessels, BIMCO said in a statement on its website on Monday.
From January 1 all vessels larger than 5,000 GT will need to have calculated for them a CII rating based on historical data submitted to the IMO. The rating is a calculation of the CO2 the vessel emitted per unit of cargo capacity per nautical mile.
The rating will come as a letter between A and E, with A at the top of the scale, and ratings will be determined on an annual basis. Ships receiving a D rating for three years or an E rating for a single year will need to implement a ship energy efficiency management plan setting out their plans to improve their performance.
Under the new BIMCO clause, charter parties will agree in advance a specific CII rating to be achieved each year.
"The subcommittee comprised ship owners, charterers and legal and insurance experts," Nicholas Fell, chair of BIMCO's documentary committee, said in the statement.
"After more than eight months of deliberation and consultation, we have arrived at a clause which serves as an excellent starting point for negotiations for owners and charterers and which is workable in practice.
"The new clause will be reviewed as the underpinning regulatory regime develops."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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