- The FuelEU Maritime Regulation is a part of the EU’s “Fit for 55” package intended to fight climate change by reducing greenhouse gas emissions in shipping.
- It aims to achieve a reduction in the EU’s net greenhouse gas emissions by at least 55% by 2030.
- It supplements the EU Emissions Trading System, CII ratings and other decarbonisation initiatives.
BIMCO has introduced the FuelEU Maritime Clause for SHIPMAN 2024, which aims to align contractual frameworks with the requirements of the EU’s FuelEU Maritime regulation, which takes effect in 2025.
The clause is tailored for integration into BIMCO’s SHIPMAN ship management agreement, which covers crew, technical, commercial and insurance arrangements of a ship. The new FuelEU clause serves as an optional add-on for other contracts.
FuelEU Maritime Clause for SHIPMAN
The clause establishes key definitions, including ‘Compliance Balance,’ ‘FuelEU Database,’ and ‘FuelEU Document of Compliance,’ and outlines the roles of owners, managers, and verifiers in ensuring compliance. It also specifies requirements for monitoring, reporting, and verifying greenhouse gas (GHG) intensity data in accordance with the regulation.
The clause mandates managers to prepare and update FuelEU Monitoring Plans, submit compliance reports, and handle associated penalties. Owners are required to supply supporting documentation, including bunker delivery notes and other verification materials. Provisions address the handling of compliance balances, penalties, and security measures.
The clause supports operational compliance, detailing procedures for data submission, verification, and the management of penalties or surplus balances under the FuelEU framework. Termination clauses are included to safeguard obligations that extend beyond the duration of the agreement.
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Source: BIMCO
