BIMCO and the Association of Ship Brokers & Agents (USA) Inc. (ASBA) announced the release of the updated ASBATANKVOY voyage charter party, the only dedicated tanker form not associated with an oil major.
The revision addresses changes in the tanker trade, commercial practices, and regulations since its last update in 1977.
Stephen Harper, Head of Legal - Shipping at BW Group and BIMCO Co-chair of the subcommittee, stated, “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.”
The updated charter party includes several new or revised provisions aimed at reflecting current industry practices while maintaining the structure of the original 1977 form.
Søren Wolmar, Senior Partner at Quincannon Associates, Inc. and ASBA Co-chair of the subcommittee, noted, “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.”
The arbitration clause has been updated to include four named venues: New York, London, Singapore, and Hong Kong, with New York designated as the default venue, differing from the original form.
The comprehensive nature of the updated form is expected to reduce the necessity for additional rider clauses, thereby minimizing the risk of inconsistencies and enhancing contractual and legal certainty.
BIMCO is the world's largest international shipping association, with over 2,000 members in more than 130 countries, representing 62% of the world’s tonnage. Its global membership includes ship owners, operators, managers, brokers, and agents. BIMCO operates as a non-profit organisation.
ASBA (Association of Ship Brokers & Agents (USA) Inc.), established in 1934, is a non-profit independent membership trade association that brings together member ship brokers, agents, and affiliates with offices in the United States and Canada.