Advancing CO2 Transportation Standards
Piraeus, September 11, 2024. At Capital Gas Ship Management, we are actively contributing to an important industry initiative. BIMCO has begun developing a new time charter party, CO2TIME, specifically designed for the maritime transportation of carbon dioxide (CO2). This contract is set to play a critical role in the carbon capture and storage (CCS) market, which is integral to global climate change efforts.
Our own Marcus Dodds, as General Counsel of Capital Group, is leading the drafting team, collaborating with industry experts to create a standard form that addresses the unique aspects of CO2 transport, ensuring fair allocation of rights and responsibilities. “Shipping has a key role to play in CCS and we want to develop a standard form that addresses the unique characteristics of the transport of CO2 whilst fairly allocating the rights and responsibilities of the parties” he said.
The form will also cover technical, commercial, insurance, and regulatory considerations, ensuring it meets the evolving needs of the industry.
With a target adoption date of late 2025/early 2026, CO2TIME will be ready in time for the first commercial CCS projects expected between 2028 and 2030. We look forward to how this initiative will shape the future of maritime CO2 transportation.
Read more and stay informed as we continue to innovate and lead in sustainable maritime solutions.
