The world's largest shipping association, BIMCO, has launched CO2TIME 2026, the industry's first standard charter party tailored to the carriage of liquefied carbon dioxide (LCO2). The release arrives as carbon capture projects shift from concept to execution and shipping is increasingly expected to link capture sites with storage hubs.
Adopted by BIMCO's Documentary Committee, the new form is designed to support carbon capture, utilisation and storage (CCUS) projects, particularly across Europe and parts of Asia where infrastructure is being built to move and store captured emissions. The growing pipeline of CCUS hubs has placed maritime transport at the heart of the emerging CO2 value chain.
Stinne Taiger Ivo, BIMCO deputy secretary general and director of contractual affairs, said CO2 transport carries a unique risk profile yet remains closely connected to established gas shipping practices. '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,' Ivo said.
Rather than starting from scratch, BIMCO anchored the form in existing gas tanker chartering principles, adapting them to the operational realities of LCO2 transport. The approach gives owners and charterers a recognisable framework while addressing temperature, pressure and purity-control requirements unique to liquefied carbon dioxide cargo.
Industry stakeholders expect the standard contract to shorten negotiation cycles and accelerate investment decisions as the LCO2 fleet expands. Compliance pressure from IMO decarbonisation targets and the EU emissions trading system is incentivising shipping's faster integration into the broader CO2 value chain.
Key Takeaways:
1. BIMCO has launched CO2TIME 2026, the first standard time charter party for liquefied CO2 transport.
2. The form was adopted by BIMCO's Documentary Committee and tailored for CCUS projects.
3. It builds on existing gas tanker chartering principles, adapted to LCO2 technical requirements.
4. Carbon storage infrastructure in Europe and Asia places shipping at the heart of the CO2 value chain.
5. Compliance pressure from IMO and EU regulations is driving rapid LCO2 fleet expansion.
