BIMCO's Shipman Clause is Published
In addition to the publication of the clause for time charterparties, BIMCO have also released its FuelEU Maritime Clause for SHIPMAN 2024.
The clause broadly follows the structure of the time charterparty clause and seeks to transfer the responsibilities from the “company” as defined by the Regulations to the shipmanagers.
In particular, the clause states:
- The owners will provide all relevant underlying information and data relating to the Partial FuelEU Report.
- The managers will prepare, submit and maintain FuelEU Monitoring Plans.
- The owners are to keep the managers updated on the fuels supplied to the vessel and provide any associated documents/certificates required under the Regulations.
- The managers will then monitor, record and calculate the Compliance Balance of the vessel, and also the projected balance taking into account any surplus or borrowing.
- Any potential exposure to a FuelEU penalty will also be monitored by managers and owners will provide security for any exposure to managers.
- Owners remain responsible for decisions relating to banking, borrowing and pooling of the Compliance Balance, and will instruct managers accordingly.
- The parties are free to agree a fee for the services or otherwise include them in any annual management budget.
There are also now explanatory notes available with the Clause, in the link above.