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A “Power panel” debate on the dry bulk and oil tanker shipping markets, including the 2020 global sulphur cap experiment. Sign up here
It is a daunting task so prepare a fleet of ships for the sulphur regulations. Therefore, BIMCO has, together with the partners behind a new IMO-proposal, made a draft for an implementation plan for achieving compliance with the 0.5% global sulphur cap. The plan has the additional purpose of showing the good faith of the ship operator during inspections.
The latest edition of this clause is the Russian Oil Price Cap Scheme Clause 2024 with an additional attestation for ancillary costs breakdowns. International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a price cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. The clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestation and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers.
Join Peter Sand at the London International Shipping Week, where he will be participating in the Navigating Through IMO 2020 amid slowing growth discussion hosted by Bloomberg Intelligence. The discussion will cover the outlook for the commercial shipping markets, alongside an IMO panel discussion on how to prepare for the upcoming IMO 2020 Sulphur Cap. The event will be followed with a networking reception.
International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a Price Cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in June 2023 in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. In February 2024, EU/G7 coalition implemented changes to the Price Cap rules. In order to accommodate these new requirements, BIMCO has revised the original 2023 clause accordingly. The new 2024 clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestations, ancillary costs breakdowns and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers. The latest edition of this clause is Russian Oil Price Cap Scheme Clause 2024. Copyright in Russian Oil Price Cap Scheme Clause 2024 is held by BIMCO.
BIMCO has contributed to a guidance on the supply and use of 0.50% sulphur marine fuel.
The fundamental balance will continue to deteriorate in 2020, offering little support to operators hoping to pass on higher fuel costs, caused by the sulphur cap, to shippers.
BIMCO has produced two clauses for time charter parties to address key contractual issues relating to the switch to fuel with a maximum sulphur content of 0.50% as of 1 January 2020. The two clauses are the 2020 Marine Fuel Sulphur Content Clause, which replaces the BIMCO Fuel Sulphur Content Clause 2005, and the 2020 Fuel Transition Clause, which deals with switching between fuel with a maximum sulphur content of 3.50% and fuel with a maximum sulphur content of 0.50% by 1 January 2020. Both clauses should be incorporated into time charter parties. This clause was published on 10 December 2018.
The maritime industry’s transition to the sulphur regulation from the International Maritime Organization (IMO) which came into force on 1 January 2020 has not been without problems. Since fuel oil properties are fluctuating, it is expected that quality and safety problems will continue to be a challenge for the global shipping industry.
Latest version of this clause is the 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties .
