BIMCO Adopts FuelEU, EU ETS Clauses for Ship Sale | Mariner News
The Baltic and International Maritime Council (BIMCO) has adopted crucial FuelEU Maritime and EU Emissions Trading System (ETS) clauses for ship sale and purchase agreements. This significant move aims to enhance contractual clarity, defining responsibilities for complex new maritime regulations. It ensures smoother vessel transactions for buyers and sellers, addressing environmental compliance obligations within the maritime sector.
Clarifying FuelEU Maritime Responsibilities
Under the new FuelEU clause, sellers are responsible for FuelEU Maritime compliance up to the vessel’s delivery, including providing verified compliance data for previous reporting periods. Post-delivery, full responsibility for FuelEU compliance shifts entirely to the buyer. This ensures a transparent handover of regulatory duties during the vessel sale process.
Navigating EU ETS Obligations
The EU ETS clause clarifies emissions reporting and allowance surrender requirements. Sellers must meet these for emissions generated before the vessel’s delivery. From delivery onwards, buyers become accountable for emissions allowances, with safeguards protecting them from any pre-delivery non-compliance. This provides crucial security in maritime transactions.
Enhanced Clarity for Shipping Compliance
These new BIMCO clauses are vital for shipowners and operators, bringing much-needed clarity to modern maritime regulations. As stated by BIMCO’s Stinne Taiger Ivø, “Contractual clarity is essential.” By providing standardized frameworks, BIMCO helps shipping stakeholders navigate environmental compliance, fostering more secure and predictable vessel transactions across the global fleet.
