BIMCO Adopts Annex Addressing Methanol Bunkering
The Documentary Committee of BIMCO has officially adopted a Methanol Annex to its Bunker Terms 2018, marking a significant step in the maritime industry’s shift towards alternative fuels. This new annex introduces updated definitions and emphasizes the importance of sustainability certification, aligning with regulations like FuelEU Maritime. It aims to enhance the safety and environmental standards in methanol bunkering, reflecting ongoing developments in the sector.
Key Features of the Methanol Annex
The Methanol Annex is designed to meet the evolving needs of the maritime industry by incorporating new definitions that address the complexities of the current bunkering landscape. According to Nicholas Fell, Chairperson of BIMCO’s Documentary Committee, the annex was developed through extensive consultation with industry stakeholders and technical experts. This collaborative approach ensures that the annex aligns with both practical and legal requirements for using methanol as a marine fuel.
One of the key features of the annex is its ability to specify greenhouse gas (GHG) intensity limits, fossil comparators, and methodologies for emissions calculations through the Election Sheet. This flexibility allows parties to tailor their agreements to meet specific regulatory requirements and operational needs. As the industry anticipates future regulatory changes, the annex is structured to adapt accordingly.
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Given the hazardous nature of methanol, the annex also addresses safety concerns by mandating closed or remote sounding procedures for methanol bunkering operations. This requirement aims to protect crew members involved in the bunkering process, ensuring their safety while handling this toxic substance.
Stinne Taiger Ivø, Deputy Secretary General & Director of Contracts at BIMCO, highlighted that the Methanol Annex builds on the momentum of the LNG annex adopted earlier this year. She noted that BIMCO is committed to developing and standardizing supply terms for emerging fuels, with plans for an Ammonia Annex in the future and a Biofuels Clause for Time Charter Parties expected later this year. This ongoing effort underscores BIMCO’s dedication to supporting the maritime industry’s transition to more sustainable fuel options.
