A proposed biofuel clause for time charter parties was not adopted following concerns. Image Credit: BIMCO

Shipping industry body BIMCO has adopted a new ETS allowances clause, placed its proposed biofuel clause under review and launched an updated ship sale purchase contract.

The emission trading scheme (ETS) allowances clause has been approved for use with BARECON 2017, BIMCO said in a LinkedIn post on Thursday.

It is designed to help shipowners and bareboat charterers clearly allocate responsibility for emissions compliance under the EU ETS and similar carbon trading systems.

The clause aligns with existing contractual structures and expands BIMCO's suite of carbon-related clauses.

Separately, BIMCO and the Norwegian Shipbrokers' Association have adopted SALEFORM 2025, replacing the widely used SALEFORM 2012 ship sale and purchase agreement.

The revised form retains the core framework of the previous version but updates deposit and payment terms to reflect current banking practices, including clearer escrow provisions and safeguards linked to 'know your customer' and anti-money laundering requirements.

It also strengthens compliance wording covering sanctions, anti-bribery and environmental regulations.

Meanwhile, the proposed biofuel clause for time charter parties was not adopted amid concerns from BIMCO's document committee. 

"The Documentary Committee raised a number of aspects that were considered important to address before adoption, particularly in light of the evolving regulatory landscape and the novelty of certain biofuels and their potential impact on vessel operations," BIMCO said. 

BIMCO's document committee meet online on February 25.