BIMCO and ASBA Publish Updated Oil Tanker Charter Party

BIMCO and the Association of Ship Brokers & Agents (USA) Inc. (ASBA) have revised ASBATANKVOY, the only dedicated tanker form not associated with an oil major. The updated version of the voyage charter party addresses several changes to the tanker trade, commercial practices and regulations since its last revision.

Initially published in 1977, ASBATANKVOY had become outdated and was in need of revision to bring it up to speed with the latest changes to regulatory frameworks, commercial practices and other developments in the tanker trade. 

One of the key revisions relates to the arbitration provision which now caters for four named arbitration venues; New York, London, Singapore, and Hong Kong. In contrast to the original form, the latest version includes New York as a default venue.

Commenting on the 2025 revisions, Stephen Harper, Head of Legal - Shipping at BW Group and BIMCO co-chair of the subcommittee, said: 

“The 2025 edition brings the form up to date with modern tanker trade. Throughout the process of updating the form, the joint BIMCO/ASBA subcommittee has worked closely with a wide representation of the tanker industry, including COSCO and Chevron. The result is the product of consultations with many stakeholders who have advised the subcommittee on what the industry needs”.

With the 2025 edition having being comprehensively updated, BIMCO and ASBA have stated that ‘it should not be necessary to add as many rider clauses to ASBATANKVOY 2025 as compared with the 1977 edition. The reduced need for such clauses in ASBATANKVOY 2025 will limit the risk of inconsistency between standard provisions and rider clauses thereby increasing contractual and legal certainty’. 

Søren Wolmar, ASBA co-chair of the subcommittee, commented: 

“Since its introduction in 1977, the ASBATANKVOY charter party has been recognised for carefully balancing the interests of owners and charterers. For this reason, it has become the most widely used independent tanker voyage charter party in the world. 

With ASBATANKVOY 2025, our subcommittee has succeeded in maintaining this balance while modernising the form by incorporating the latest operational advancements, legal and regulatory developments, communication practices and environmental considerations”.

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