BIMCO launched the FuelEUMaritime clause for Time Charter Parties

Decarbonization
1

BIMCO launched the FuelEUMaritime clause for Time Charter Parties.

  • Owner’s Responsibilities:
    • Inform Charterers of the Vessel’s Compliance Balance for the last two Reporting Periods upon delivery.
    • Ensure monitoring plans are recorded and GHG intensity is reported.
  • Charterers’ Responsibilities:
    • Supply compliant fuels and provide necessary documentation.
    • Pay any Surcharge for negative Compliance Balances, calculated and communicated by Owners.
  • Surcharge Payments:
    • Due on a monthly or per Voyage basis; if no negative Compliance Balance exists, no Surcharge is needed.
    • Charterers can recover Surcharge if the negative balance improves within the Reporting Period.
  • Suspension of Obligations: Owners can suspend obligations if Charterers fail to pay Surcharges within five days of notice.
  • Banking and Pooling Options: Charterers can instruct Owners to bank or pool Compliance Balances, with associated responsibilities and deadlines.
  • Liquidated Damages: If the Vessel has a negative Compliance Balance for two consecutive Reporting Periods, Charterers must pay Owners a specified amount upon redelivery.
  • Reimbursement for Positive Compliance: Owners will compensate Charterers for positive Compliance Balances after deducting any banking or pooling.

References:
https://www.bimco.org/contracts-and-clauses/bimco-clauses/current/fueleu-maritime-clause-for-time-charter-parties-2024

FuelEU Maritime Clause for Time Charter Parties 2024.pdf (437.4 KB)

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