The Baltic and International Maritime Council (BIMCO) has introduced the shipping industry’s first standard contract tailored specifically for the transportation of liquefied carbon dioxide (LCO₂), marking a significant step forward in supporting the emerging carbon logistics market.
Named CO2TIME 2026, the agreement is a time charter party designed to facilitate the growing trade in CO₂ transport as carbon capture, utilization and storage (CCUS) projects move from early-stage planning into active deployment.
Shipping is expected to play a central role in linking CO₂ capture facilities with offshore or onshore storage sites. Recognizing this, CO2TIME 2026 provides a structured contractual framework for companies entering this developing sector, helping to streamline operations and reduce commercial uncertainty.
Developed by BIMCO’s Documentary Committee, the contract builds on established gas shipping practices rather than creating an entirely new model. It adapts traditional time charter principles to reflect the specific technical, operational and regulatory requirements associated with CO₂ transport.
“CO₂ transport is a developing trade with a unique risk profile,” said Stinne Taiger Ivø, Deputy Secretary General at BIMCO. She emphasized that the contract addresses key industry challenges while maintaining a familiar structure for shipowners and charterers.
The agreement includes tailored provisions covering responsibility and cost allocation between parties, depending on operational control. It also introduces flexibility, allowing the framework to be applied to other liquefied gases if required.
Nicholas Fell, Chair of BIMCO’s Documentary Committee, said the contract is intended to reduce uncertainty for stakeholders. “CO2TIME 2026 aims to support owners, charterers, financiers and project developers entering this market,” he noted.
The launch reflects growing momentum behind CO₂ transport infrastructure, particularly across Europe and Asia, where CCUS initiatives are accelerating and demand for reliable shipping solutions is rising.