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Presentations on the regulatory landscape and the potential for BIMCO to support members in collating ESG data formed the basis for the 4th meeting of the BIMCO ESG Network. The meeting took an in-depth look into emerging ESG reporting requirements. Regulatory requirements – particularly from the EU - and voluntary requirements- driven by customer and other stakeholder requests for information were delved into.
The recent optimism has fortunately not completely evaporated following the latest series of less positive economic indicators from across the globe, including India, the US, Brazil and Spain. The EU debt situation creates a lot of uncertainty, not only as regards economic development but also regarding the political situation on both sides of the Atlantic Basin.
The decision of the EU Council to launch EUNAVFOR Med was today strongly welcomed by BIMCO, following the association’s statement on 24 April calling for an extension of Operation Triton’s geographical reach.
Shipmanagers and owners, assisted by legal and insurance experts, are grappling with the complexities of drafting a clause for SHIPMAN that sets out the responsibilities for administering and surrendering emissions allowances under an Emissions Trading Scheme (ETS). Although the clause is being written to work with any ETS, the primary focus is on the EU ETS, which is the world’s largest carbon trading scheme, soon to embrace shipping.
Decarbonisation talk appears to be everywhere nowadays - on a government level and in a plethora of industries. Last year saw several international agreements reached during COP26 as well as European Union proposals to include shipping in their emissions trading scheme. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The process of recycling ships and their components and parts requires careful adherence to legal instruments and regulations. In this expert advice article, we explore the key legal instruments governing ship recycling and discuss the challenges posed by the current regulatory landscape.
BIMCO’s Documentary Committee has adopted a new Emission Trading Scheme Allowances Clause for BIMCO’s ship management agreement, SHIPMAN, and three ETS clauses for Voyage Charter Parties.