What's Happening?
BIMCO has adopted a new time charter party, CO2TIME 2026, specifically designed for the maritime transport of liquefied carbon dioxide (LCO2). This development responds to the growing carbon capture, utilization, and storage (CCUS) projects and the need
for a standardized contractual framework for CO2 transport. The charter party aims to bridge the gap between established gas shipping practices and the unique requirements of CO2 transport. It includes provisions for operational realities, liabilities, and costs, providing a practical framework for stakeholders entering the CO2 transport market.
Why It's Important?
The introduction of CO2TIME 2026 reflects the increasing importance of carbon capture and storage in global efforts to combat climate change. By providing a standardized framework for CO2 transport, BIMCO is facilitating the growth of this emerging market, which is crucial for reducing greenhouse gas emissions. The charter party's flexibility to accommodate other liquefied gases also highlights its potential to support broader environmental initiatives. This development could encourage more investment in CCUS projects, contributing to global sustainability goals and the transition to a low-carbon economy.
