Shipowner body Bimco is labouring to draw up a standard industry time-charter clause for trading under new carbon emission regulations due to take effect on 1 January but will not deliver before November.
That means charters going into the new year will not get the benefit of the much-anticipated Carbon Intensity Indicator (CII) clause.
When a shipowner sells the use of a vessel under a time charter, it is essentially giving the charterer the right to dictate where it goes and at what speed.
