BIMCO, an international shipping body representing about 60% of the world's merchant shipping tonnage, announced October 13 it had developed a new Carbon Intensity Indicator (CII) clause for Voyage Charter Parties.

The CII is a measure of how efficiently ships can transport passengers or goods in the form of grams of CO2 emitted per cargo-carrying capacity and nautical mile, according to DNV, the planet’s largest vessel classification society providing services to over 13,000 ships.

The clause, which aims to create more collaboration between charterers and shipowners to cut carbon emissions, was adopted by BIMCO’s Documentary Committee October 11.

“The new CII clause focuses on course adjustment and speed reduction and includes commercial elements such as data sharing. Throughout the process, drafts were shared with the Documentary Committee and a sounding board consisting of charterers and traders for consultation and comments,” said Stinne Taiger Ivø, the director of Contracts and Support for BIMCO.

BIMCO’s other carbon clauses include the EEXI Transition Clause published in December 2021 as well as the Emissions Trading System Allowances (ETSA) Clause for Time Charter Parties, which was published in May 2022.