A new standardized time charter party, named CO2TIME 2026, has been published to specifically govern the maritime transportation of liquefied carbon dioxide (LCO2). This initiative responds to the rapid expansion of carbon capture, utilization, and storage (CCUS) projects worldwide, which necessitates a tailored contractual framework for CO2 shipping.
The development of CO2TIME 2026 reflects the evolving landscape of decarbonization efforts and the increasing importance of LCO2 as a transported commodity. Previously, such shipments might have relied on adapted existing charter parties, which were not ideally suited for the unique characteristics and regulatory requirements of LCO2 transport.
For freight forwarders and shippers involved in CCUS projects, this new charter party provides much-needed clarity and standardization. It is expected to streamline contract negotiations, reduce legal complexities, and offer greater certainty regarding liabilities and operational procedures for LCO2 voyages. This standardization could also facilitate the growth of dedicated LCO2 shipping fleets and services, potentially impacting future capacity and pricing in this niche market.