BIMCO has launched CO2TIME 2026, the first standardized time charter party specifically designed for the maritime transport of liquefied carbon dioxide. By adapting established gas tanker principles to the unique technical and regulatory needs of the CCUS sector, the framework aims to reduce contractual uncertainty for owners, charterers, and financiers entering the emerging carbon trade.
Bagsværd, Denmark | April 30, 2026 – In a landmark move for the maritime energy transition, BIMCO’s Documentary Committee has officially adopted CO2TIME 2026, the industry’s first-ever time charter party specifically engineered for the maritime transport of liquefied carbon dioxide (LCO₂).
As Carbon Capture, Utilisation, and Storage (CCUS) projects accelerate globally, the shipping industry has faced a vacuum in standardized contractual frameworks. CO2TIME 2026 arrives to fill that void, providing a blueprint for the emerging “CO₂-as-a-commodity” market.
A Specialized Framework for a Unique Cargo
While CO₂ transport is a burgeoning sector, it carries a unique risk profile that distinguishes it from traditional LNG or chemical shipping. However, the operational parallels to the gas tanker industry allowed the drafting committee to create a hybrid solution.
- Design Intent: The form provides a familiar time charter structure while integrating specific technical, operational, and regulatory safeguards necessary for CO₂.
- Built-in Flexibility: Although designed for LCO₂, the drafting ensures enough versatility for the form to be adapted for other liquefied gases, such as LPG.
“CO₂ transport is a developing trade, CO2TIME 2026 has been designed to bridge this gap by providing a familiar time charter structure while addressing the specific technical, operational and regulatory challenges associated with CO₂ carriage.” said Stinne Taiger Ivø, Deputy Secretary General & Director of Contractual Affairs at BIMCO.
Core Objectives: Stability and Standardization
For financiers and project developers, the primary hurdle in CCUS infrastructure has been contractual uncertainty. By utilizing well-established gas tanker principles, BIMCO aims to lower the barrier to entry for new stakeholders.
Nicholas Fell, Chair of BIMCO’s Documentary Committee, emphasized the importance of this continuity: “By retaining 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, charterers, financiers and project developers entering this market.”
Key Operational Provisions
The new charter party isn’t just a theoretical exercise; it is built for the practical realities of the sea. Key features of the document include:
- Risk Allocation: Liabilities and costs are strictly allocated based on which party controls the relevant operational decision.
- Operational Control: Clear guidelines for day-to-day operations to ensure safety in handling a cargo that requires precise pressure and temperature management.
- Commercial Readiness: The framework is designed to satisfy the rigorous requirements of project financiers who need long-term predictability in the CCUS value chain.
Why It Matters for the Industry
As the world moves toward Net Zero, the ability to transport captured carbon from industrial hubs to offshore storage sites is critical. CO2TIME 2026 represents the “missing link” in the logistics chain, transforming CO₂ shipping from a niche experimental venture into a commercially viable, standardized trade.
By leveraging the DNA of the gas shipping sector, BIMCO has ensured that the maritime industry is not just reacting to the energy transition, but actively building the infrastructure to lead it.
About BIMCO
BIMCO (Baltic and International Maritime Council) is the world’s largest international shipping association, representing the interests of shipowners, operators, and charterers. Established in 1905, BIMCO is renowned for its global leadership in maritime policy, legal, and operational matters.
With over 2,000 members from more than 120 countries, BIMCO plays a pivotal role in shaping the future of global shipping. The organization provides a wide array of services, including the development of standardized contract forms, operational guidelines, and policy advocacy to ensure the continued growth and sustainability of the shipping industry.
BIMCO is at the forefront of the maritime industry’s efforts to meet the decarbonization challenge, collaborating with international organizations, regulatory bodies, and stakeholders to develop practical solutions that align with global emissions reduction goals. Through initiatives like the Biofuel Clause and other sustainability efforts, BIMCO is helping its members navigate the evolving regulatory landscape and transition to greener, more sustainable maritime operations.
Source: BIMCO