Yesterday Thomas Damsgaard, BIMCO’s General Manager for the Americas, announced at the annual Insitute of Chartered Shipbrokers Canada Dry Bulk & Commodities Conference in Vancouver, that BIMCO’s Documentary Committee has adopted a CII Operations Clause for Time Charter Parties. The Carbon Intensity Indicator (CII) Clause will help the industry implement new requirements from the International Maritime Organization that take effect January 1, 2023. It assumes that a time charterer takes responsibility for a ship’s emissions because the charterer makes the relevant decisions on the operation of the ship. When entering into the charter party, or incorporating the clause into an existing charter party, the parties are to agree on a specific CII to be achieved each year
