World News
BIMCO Releases Biofuel Clause for Time Charter Parties
Shipping industry body BIMCO has published its biofuel clause for time charter parties 2026, providing a standard contractual framework for the use of biofuels in shipping as the industry pursues decarbonisation goals.
The clause sets out responsibilities for shipowners and charterers covering the supply, handling, storage and consumption of marine biofuels, it said in a statement on its website on Thursday.
It includes fuel specifications aligned with ISO standards, sampling and testing procedures, and provisions on fuel quality and engine compatibility.
A key feature is a mechanism to adjust vessel speed and fuel consumption warranties when biofuels with different energy content are used, helping ensure performance guarantees remain fair under charter party agreements.
The clause also addresses liability for non-compliant fuel, tank-cleaning requirements, fuel segregation, and the limited storage life of biofuels.
BIMCO said it was developed with input from shipowners, charterers, fuel experts and a P&I club to support the industry's transition to lower-carbon marine fuels.
The BIMCO biofuel clause can be viewed here.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 889.50 | 18.50 | 1281.00 | 10.50 |
| Rotterdam | 715.00 | 13.00 | 1374.00 | 42.50 |
| Houston | 763.00 | 3.00 | 1419.50 | 4.50 |
| Fujairah | 967.50 | 20.50 | 1694.50 | 21.50 |
| Global 20 Ports Average | 895.50 | 1.50 | 1548.50 | 6.50 |
| Global 4 Ports Average | 833.50 | 12.50 | 1442.50 | 17.50 |
| Global Average Bunker Price | 959.50 | 13.50 | 1592.50 | 0.00 |
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