(www.MaritimeCyprus.com) The FuelEU Maritime Regulation is a part of the EU’s “Fit for 55” package intended to fight climate change by reducing greenhouse gas emissions in shipping. It aims to achieve a reduction in the EU’s net greenhouse gas emissions by at least 55% by 2030. It supplements the EU Emissions Trading System, CII ratings and other decarbonisation initiatives. It is a complex regulation that requires immediate attention and careful planning from all industry stakeholders. Recognising this, BIMCO has taken proactive steps to ensure the clause is practical, commercial and balanced between the owners and the managers.
The adoption of this clause is the result of a comprehensive collaborative process between owners, managers and legal experts. The clause is designed to be flexible and adaptable to the varying needs of industry players, offering solutions for most scenarios and commercial relationships. The parties may wish to consider amending the clause to suit their particular circumstances.
Under the clause, the parties acknowledge that the vessel shall comply with the regulation while the third-party ship managers who take up responsibilities under the International Management Code for the Safe Operation of Ships and Pollution Prevention (ISM) are the responsible compliance entity though they do not have control over the supply of fuels and energy. This calls for a contractual solution where the owners are to provide security corresponding to the managers’ exposure while, in return, maintaining full control over banking, borrowing and pooling.
The BIMCO BIMCO FuelEU Maritime Clause for SHIPMAN 2024 is available to download below:
Source: BIMCO
For more Guidance and Resources on FuelEU, click HERE
For more info on EU Emissions Trading System, click HERE
