Global shipping association BIMCO is advancing the development of a new contractual addendum designed to support energy-saving retrofit projects across the shipping industry, according to Ship & Bunker.
A Standard Framework for Retrofit Investments
As reported by Ship & Bunker, the proposed addendum would establish a standardised contractual basis for retrofit projects undertaken with the goal of improving fuel efficiency, reducing emissions, and boosting overall vessel performance. The initiative reflects the growing pressure on shipowners and operators to modernise ageing fleets in line with increasingly stringent environmental regulations.
Central to the document is a cost-benefit sharing mechanism intended to align the interests of both shipowners and charterers when committing to such upgrades. As BIMCO stated in a statement published on its website: “The upcoming addendum will include a cost–benefit sharing mechanism, encouraging both owners and charterers to invest in energy-saving retrofit projects by clarifying how risks, costs, and performance outcomes are allocated.”
Stakeholder Consultation Phase Underway
Ship & Bunker reports that the drafting process has now progressed to the point where BIMCO is preparing to enter a formal industry consultation phase. Stakeholders wishing to participate in the review process and provide feedback on the draft text have been directed to contact Carl Lindahl at BIMCO. The draft document will be distributed to registered participants once it is ready for review.
The move signals BIMCO’s continued effort to develop practical contractual tools that help navigate the complex commercial and technical dynamics of vessel decarbonisation — a priority that continues to gain urgency across the maritime sector.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
