BIMCO (the International Shipping Organization) approved two new contracts on October 8, 2026, during an online meeting of its Documentation Committee, aimed at helping manage operational and legal challenges in the maritime transport industry. These contracts include the updated RECYCLECON contract and the 2026 Energy Consumption Reduction addendum.
RECYCLECON Contract and Facilitating Ship Recycling
The RECYCLECON contract provides a modern legal framework for the sale of ships for safe and environmentally friendly recycling. This updated contract is designed to reflect the requirements and principles of the Hong Kong Convention and also updates the commercial and documentation arrangements between sellers, buyers, and recycling facilities. Given that a large number of ships are approaching the end of their operational life in the coming years, the approval of this contract comes at a critical time.
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2026 Energy Consumption Reduction Addendum and Support for Charterers
The 2026 Energy Consumption Reduction addendum provides a flexible framework for agreeing on how to allocate costs, time, and benefits related to the installation of energy-saving equipment during time charters. This initiative allows ship owners and charterers to agree on the costs and benefits arising from the installation of energy-saving equipment.
Response to Sanctions and Risks of Electric Vehicles
The committee also discussed a proposed clause regarding restrictions on the sale and resale of tankers in response to European Union sanctions. Given the complexity and abundance of sanctions, BIMCO is working to provide clauses that translate legal requirements into balanced and practical contractual terms. A proposed clause for the transport of electric vehicles was also reviewed, reflecting the increasing number of new and second-hand electric vehicles.
Modernizing the Framework for Heavy Cargo Transport
BIMCO is also updating HEAVYLIFTVOY, the voyage charter contract for the mid-range heavy cargo sector. This form is designed for the transport of specialized or project cargo and focuses on loading and unloading, readiness, waiting time, and delays.
Finally, BIMCO is developing the WINDSEACON contract, the first standard contract specifically for the transport and installation of offshore wind turbines, aimed at improving efficiency, reducing transaction costs, and supporting investment in renewable energy infrastructure.
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