The Documentary Committee of BIMCO has adopted a new time charter developed specifically for the sea transport of liquefied carbon dioxide (LCO₂). The model, CO2TIME 2026, responds to the rapid development of carbon capture, utilization and storage (CCUS) projects and the need for a unified contractual framework for maritime transport.
CO2TIME 2026 is the first charter party specifically designed to transport liquefied carbon dioxide. Although focusing heavily on the emerging CO2 trade, the model has been formulated with sufficient flexibility to allow its use for other liquefied gases, such as LPG.
“CO2 transport is an evolving business with a unique risk profile, but at the same time, it is closely linked to already existing gas shipping practices. CO2TIME 2026 is designed to bridge this gap by providing a familiar time charter structure while addressing the specific technical, operational and regulatory challenges associated with CO2 transport,” says BIMCO Deputy Secretary General and Director of Contractual Affairs, Stinne Taiger Ivø.
The main objective of the drafting committee was to build on concepts familiar from the gas tanker sector.
“By maintaining well-established time charter principles and adapting them to the specific characteristics of CO2 transport, CO2TIME 2026 aims to reduce contractual uncertainty and support owners, tenants, financiers and project developers entering this market,” says Nicholas Fell, Chair of BIMCO’s Documentary Committee.
The charter agreement includes a set of provisions that reflect the operational realities of CO2 transport. Commitments and costs are also allocated by reference to the party controlling the relevant operational decision, providing a practical framework for day-to-day operations.
Source: BIMCO
