BIMCO’s Documentary Committee has adopted a new time charter party which has been developed specifically for the maritime transport of liquefied carbon dioxide (LCO₂). The form, CO2TIME 2026, responds to the rapid development of carbon capture, utilization and storage (CCUS) projects and the need for a standardized contractual framework for maritime transport.
CO2TIME 2026 is the first time charter party designed specifically for the carriage of liquefied CO₂. While firmly focused on the emerging CO₂ trade, the form has been drafted with sufficient flexibility to allow its use for other liquefied gases, such as LPG.
“CO₂ transport is a developing trade with a unique risk profile but at the same time, it is closely connected to already 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,” said Deputy Secretary General & Director of Contractual Affairs at BIMCO, Stinne Taiger Ivø.
A key objective of the drafting committee was to build on familiar concepts from the gas tanker sector.
“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,” said Nicholas Fell, Chair of BIMCO’s Documentary Committee.
The charter party includes a range of provisions reflecting the operational realities of CO₂ transport. Liabilities and costs are also allocated by reference to the party controlling the relevant operational decision, providing a practical framework for day‑to‑day operations.
