At the 9 October BIMCO Documentary Committee (DC) meeting in Copenhagen, several important developments were discussed, ranging from new contracts for autonomous ships to decarbonization efforts and updates to various standard agreements.
Decarbonization and FuelEU Maritime Regulation
Decarbonization efforts were a central focus, with the committee discussing contractual solutions in response to the FuelEU Maritime Regulation, set to take effect on 1 January 2025. The DC is drafting new clauses for time charter parties and ship management agreements. The time charter clause has been reviewed, and the ship management clause will be finalized by the end of October 2024, with plans to adopt both clauses before the end of the year.
Another key project involves developing a vessel data-sharing clause for collaboration between owners and charterers, which aims to improve practices through the use of onboard sensors. The draft of this clause is expected to be finalized by early 2025. Work will also begin on a retrofitting cost/benefit clause to incentivize both parties in long-term charters by outlining a shared cost/benefit scheme for vessel retrofitting.
An update was provided on the development of a methanol annex to the BIMCO Bunker Terms 2018, which is nearing completion. The finalization of this annex is pending the publication of the ISO Standard 6583, expected in late 2024.
New contract for remote-controlled ships
At its 9 October meeting in Copenhagen, BIMCO’s Documentary Committee (DC) adopted AUTOSHIPMAN, an industry-first standard ship management agreement for Maritime Autonomous Surface Ships (MASS). This contract is based on the SHIPMAN model, updated earlier this year, and will soon be available in SmartCon along with explanatory notes to clarify key clauses.
The DC also reviewed updates to BIMCO’s war risks clauses for time and voyage charter parties (CONWARTIME and VOYWAR). These updates are still under review after receiving comments, and the War Cancellation Clause 2004 remains unchanged due to its current effectiveness.
Wind and CO2
The DC is also working on new contracts for offshore wind and carbon capture transport. WINDSEACON is a time charter party for the installation of wind turbines in offshore wind farms, while CO2TIME will cover the transportation of CO2 as part of Carbon Capture and Storage (CCS) operations. Both projects are expected to be ready for consultation by mid-2025.
Additionally, BIMCO is revising its wreck removal contracts (WRECKFIXED and WRECKHIRE), following the recent update to WRECKSTAGE 2024. RECYCLECON, BIMCO’s contract for ship recycling, is also being updated to align with the Hong Kong Convention, which comes into force in June 2025. These revisions will be presented at the next DC meeting in April 2025.
Topical projects well underway
Several other projects were also under review by the DC, including the revision of the ASBATANKVOY voyage charter party, which has not been updated since 1977. The new version is expected to be published in early 2025. BIMCO is also updating its CREWMAN A and B agreements for crew management, with consultations completed for CREWMAN A and planned for CREWMAN B before the end of 2024. Both agreements are scheduled for finalization by April 2025.
