BIMCO and ASBA update model tanker charterparty after nearly 50 years
- ASBATANKVOY is the only standard form independent of any oil major
- Original wording now seen as ‘outdated’
- 2025 iteration ‘up to date with modern tanker trade’
New York named as default arbitration venue
BIMCO and the Association of Ship Brokers and Agents (USA) have released an updated version of ASBATANKVOY, the only standard tanker charterparty not associated with any oil major.
The template is widely regarded as a fair balance between the interests of owners and charterers and has been widely used since it was first published nearly 50 years ago.
But changes have become necessary to reflect the evolution of the tanker trade in subsequent decades, according to BIMCO, the shipowner trade association based in Copenhagen.
The revision addresses more recent commercial practices and regulations governing safety, security and marine environment protection, including oil pollution.
However, the broad outlines should still be recognisable to users, as requested by respondents to an initial consultation exercise, the two sides said.
“The original edition of ASBATANKVOY has become outdated since it was published by ASBA in 1977. The 2025 edition brings the form up to date with modern tanker trade,” BIMCO said on its website.
Throughout the process of updating the form, a joint BIMCO/ASBA subcommittee 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,” said Stephen Harper, head of legal at BW Group and the co-chair of the subcommittee.
In particular, arbitration provisions have been updated. In line with BIMCO’s Law & Arbitration Clause 2020, it now includes four named arbitration venues: New York, London, Singapore and Hong Kong. Contrary to the original form, the 2025 edition includes New York as a default venue.
It is also envisaged that the updated form will reduce the need for rider clauses, limiting the risk of inconsistency with standard provisions and thereby increasing contractual and legal certainty.
The ASBA is a non-profit independent membership trade association, established in 1934, that brings together member shipbrokers, agents and affiliates with offices in the US and Canada.
It holds copyright on ASBATANKVOY and several other of the world’s most widely used charterparty forms.
