BIMCO ANSWERS QUESTIONS ON COMPLEXITIES OF CII CLAUSE

Dec 23, 2022 | Maritime regulatory news

BIMCO published its CII Operations Clause for Time Charter Parties in November, following adoption of the clause by its Documentary Committee.

As a result, BIMCO members and industry stakeholders have been providing feedback on application of the clause. The BIMCO CII clause was developed to help address the commercial complexities of the CII regulation entering into force on 1 January 2023. The regulation was adopted at the IMO despite attempts by the industry to point out the potential pitfalls of the CII formula.

Since the publication of the CII clause, BIMCO has held talks and met with members and stakeholders to seek feedback.

David Loosley, BIMCO Secretary General and CEO said: “We have received constructive comments, both positive and negative, from many of our members. This insight is invaluable for already published clauses and the development of future clauses. We will continue to seek solutions to help our members operate commercially in a complex regulatory environment.”

Following recent dialogue with members, BIMCO understands that many stakeholders are still struggling to interpret the complexities of the CII regulation. BIMCO is offering comprehensive training along with free webinars to explain how the clause works in practice and how to understand the CII regulation. As the CII regulation enters force, BIMCO will continue to monitor developments.

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