The Documentary Committee of BIMCO has adopted a Methanol Annex to its Bunker Terms 2018. The annex is the latest addition to the BIMCO portfolio of contracts and clauses that support the
The Documentary Committee of BIMCO has adopted a Methanol Annex to its Bunker Terms 2018. The annex is the latest addition to the BIMCO portfolio of contracts and clauses that support the maritime industry’s transition towards alternative fuels and decarbonization.
The annex introduces new definitions to reflect ongoing developments in the bunkering landscape. It also targets the increasing importance of sustainability certification which is intended to verify the source and environmental credentials of the fuel under regulations such as the FuelEU Maritime.
“The Methanol Annex has been developed in close consultation with industry stakeholders and technical experts to ensure that it meets the practical and legal requirements of methanol as a marine fuel. It reflects on current industry practices and anticipates future developments in the regulatory area,” says Nicholas Fell, Chairperson of BIMCO’s Documentary Committee.
The annex enables parties to specify GHG intensity limits, fossil comparators and methodologies for calculating emissions via the Election Sheet. The flexible approach ensures that the annex can be adapted to future regulations and allow parties to agree and specify the parameters relevant to their particular contract.
Considering the toxic nature of methanol and the safety hazards involved, sampling and measurements of methanol has been
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