The Baltic and International Maritime Council (BIMCO) has introduced the first standard contract designed specifically for shipping liquefied CO2 (LCO2).
The new agreement, CO2TIME 2026, is a time charter party developed to support the emerging market for CO2 transport. The launch comes as carbon capture, utilization and storage (CCUS) projects begin moving from early-stage development to deployment.
Shipping is expected to play a key role in connecting CO2 capture sites with storage locations. Thus, the new contract aims to provide a structured framework for companies entering this growing sector.
Supporting a Developing CO2 Transport Market
CO2TIME 2026 was developed by BIMCO’s Documentary Committee and is based on existing gas shipping practices.
Rather than creating a new model from scratch, the contract adapts established time charter principles to reflect the specific requirements of CO2 transport.
“CO2 transport is a developing trade with a unique risk profile,” said Stinne Taiger Ivø, Deputy Secretary General at BIMCO. She noted that the contract is designed to address technical, operational and regulatory challenges while maintaining a familiar structure for industry participants.
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The agreement includes provisions tailored to CO2 shipping, including how responsibilities and costs are allocated between parties depending on operational control.
At the same time, it introduces a level of flexibility, allowing the contract to be used for other liquefied gases if needed. By standardizing contractual terms, the framework aims to reduce uncertainty for shipowners, charterers and project developers.
“CO2TIME 2026 aims to reduce contractual uncertainty and support owners, charterers, financiers and project developers entering this market,” said Nicholas Fell, Chair of BIMCO’s Documentary Committee.
The development reflects growing momentum behind CO2 transport infrastructure, particularly in Europe and Asia, where carbon capture projects are expanding.
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