On 16 November 2022, BIMCO published the CII Operations Clause for Time Charter Parties after the clause was adopted by the Documentary Committee. BIMCO has since initiated a process of gathering feedback on its application from members and industry stakeholders.
The BIMCO CII clause has been developed to help address the commercial complexities of the CII regulation entering into force on 1 January 2023. The regulation was adopted at the IMO despite attempts by the industry to point out the potential pitfalls of the CII formula.
Since the publication of the CII clause, BIMCO has held talks and met with members and stakeholders to seek feedback.
We have received constructive comments, both positive and negative, from many of our members. This insight is invaluable for already published clauses and the development of future clauses. We will continue to seek solutions to help our members operate commercially in a complex regulatory environment,
says David Loosley, BIMCO’s Secretary General & CEO.
Following recent dialogue with members, BIMCO understands that many stakeholders are still struggling to interpret the complexities of the CII regulation. BIMCO is offering comprehensive training along with free webinars to explain how the clause works in practice and how to understand the CII regulation.
BIMCO will continue to monitor developments as the CII regulation enters into force.