BIMCO Launches Addendum to Unlock Investment in Energy-Saving Retrofits
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On 8 October, BIMCO adopted the Energy Saving Device Retrofit Addendum 2026, a new contractual framework that allows shipowners and charterers to agree on how they will split the costs, timing and benefits of installing energy-saving technology on a vessel during a time charter. The tool seeks to address a common commercial problem: when the shipowner pays for the equipment, some or all of the operational benefit from fuel savings may accrue to the charterer during the charter period.
A long-standing commercial misalignment
According to Stinne Taiger Ivø, Deputy Secretary General and Director of Contracts and Support at BIMCO, the addendum addresses a long-standing commercial challenge, as energy-saving technologies have become increasingly sophisticated, but investment in retrofit projects has been hampered by this misalignment of interests between shipowners and charterers. This lack of alignment reduced the incentive to move forward with projects that could otherwise generate significant fuel savings and environmental benefits.
A flexible, technology-neutral framework
Rather than imposing a single commercial model, the new framework is flexible and allows each retrofit project to be negotiated according to its specific characteristics. Being technology-neutral, it can be applied to a wide range of existing and future solutions, such as wind-assisted propulsion, hull modifications and other fuel-efficiency technologies, and it also allows for adaptation to present and future environmental regulatory schemes.
Regulatory and cost context
The launch comes amid growing pressure on the shipping industry to cut emissions and improve energy efficiency, with schemes such as the European Union Emissions Trading System, FuelEU Maritime and the extension of the UK Emissions Trading Scheme to domestic maritime activity, all adding new costs and incentives tied to vessels' energy performance. This comes on top of rising fuel prices following disruptions in the Middle East, which are expected to keep climbing over the long term as the industry transitions to low-carbon fuels.
Nicholas Fell, Chairman of BIMCO's Documentary Committee, noted that the aim was to create a practical contractual tool to help unlock investment in retrofit solutions and support the industry's decarbonisation efforts. Representatives of shipowners, charterers and P&I interests took part in developing the addendum, along with a panel of industry experts specialising in retrofit technologies and vessel performance. BIMCO said the contractual text will be available shortly.
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