BIMCO has introduced a new standard contract aimed at the fast-developing market for shipping liquefied carbon dioxide, as carbon capture projects begin to move from concept to execution. The world’s largest shipping association’s Documentary Committee has adopted CO2TIME 2026, a time charter party designed specifically for the carriage of liquefied CO₂ (LCO₂). It marks the first standard form tailored to this segment, where shipping is expected to play a key role in linking capture sites with storage hubs. The launch reflects growing momentum behind carbon capture, utilisation and storage (CCUS) projects, particularly in Europe and parts of Asia, where infrastructure is being built to move and store captured emissions. “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,” says Stinne Taiger Ivø, deputy secretary general and director of contractual affairs at BIMCO. “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.” Rather than starting from scratch, BIMCO has anchored the new form in existing gas tanker chartering principles, adapting them to reflect the operational realities of CO₂ transport. The aim is to give owners and charterers a framework they recognise, while covering the differences tied to handling liquefied carbon dioxide. “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,” says Nicholas Fell, chair of BIMCO’s Documentary Committee. The contract includes provisions specific to CO₂ shipping, including how responsibilities and costs are split based on which party controls a given operational decision. While focused on CO₂, the form has also been drafted with some flexibility, allowing it to be used for other liquefied gases such as LPG if needed. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });