Bimco adopts FuelEU maritime and ETS clauses for ship transactions
Bimco's documentary committee has adopted the FuelEU maritime clause and an ETS clause for inclusion in memoranda of agreements (MoAs) regarding the sale and purchase of ships. These clauses address the complexities of the FuelEU maritime regulation and the EU emissions trading system (EU ETS), providing clarity for both parties in ship transactions. Stinne Taiger Ivø, Bimco's deputy secretary general, highlighted the need for contractual clarity amid evolving regulations.
The FuelEU maritime clause details the seller's compliance responsibilities at delivery, including the disclosure of verified compliance balances and price adjustment mechanisms. After delivery, buyers assume full responsibility for compliance. The ETS clause outlines the allocation of greenhouse gas emission allowances, requiring sellers to meet reporting obligations before transfer of ownership. The clause also includes indemnity provisions, protecting buyers from liabilities related to pre-delivery non-compliance, reflecting a collaborative effort to provide practical solutions in response to regulatory changes.