BIMCO has adopted a new standard time charter party, CO2TIME 2026, designed specifically for the maritime transport of liquefied carbon dioxide (LCO₂), marking a significant step in supporting the fast-evolving carbon shipping sector.
The contract form has been developed in response to the rapid growth of carbon capture, utilisation and storage (CCUS) projects, which are driving demand for a clear and standardised legal framework governing the seaborne movement of CO₂. CO2TIME 2026 is the first time charter party tailored exclusively for liquefied CO₂ transport, while also offering flexibility for use with other liquefied gases such as LPG.
According to Stinne Taiger Ivø, Deputy Secretary General and Director of Contractual Affairs at BIMCO, the new form is designed to balance innovation with familiarity. It combines established gas shipping practices with provisions addressing the unique technical, operational and regulatory challenges associated with CO₂ carriage.
Nicholas Fell, Chair of BIMCO’s Documentary Committee, said the form builds on well-known time charter principles, helping reduce contractual uncertainty for shipowners, charterers, financiers and project developers entering the emerging CO₂ transport market.
CO2TIME 2026 incorporates provisions reflecting the operational realities of CO₂ shipping, with liabilities and costs allocated based on which party controls specific operational decisions, creating a practical and balanced framework for day-to-day operations.