BIMCO and the Association of Ship Brokers & Agents (USA) Inc. (ASBA) have recently updated ASBATANKVOY, the only tanker form not affiliated with an oil major. This revised version of the voyage charter party takes into account changes in the tanker trade, commercial practices, and regulations that have occurred since its last revision. The original ASBATANKVOY was published in 1977 and has become outdated due to significant shifts in the modern tanker industry and regulatory framework concerning safety, security, and environmental protection.
The 2025 edition of ASBATANKVOY has been developed in collaboration with key stakeholders in the tanker industry, including companies like COSCO and Chevron. The updated form aims to reflect the current realities of the tanker trade while still maintaining the essence of the original version. Various provisions have been inserted or updated to ensure that the form remains relevant and effective, reducing the need for additional rider clauses that could potentially lead to inconsistencies in contractual terms.
One significant update in the 2025 edition is the arbitration provision, which now includes four named arbitration venues – New York, London, Singapore, and Hong Kong. New York has been added as a default venue, providing parties with more clarity and flexibility in resolving disputes. The comprehensive nature of the updated form is expected to streamline the chartering process and enhance contractual and legal certainty by minimizing the need for additional clauses and ensuring consistency between standard provisions.
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