BIMCO and the Association of Ship Brokers & Agents (USA) Inc. (ASBA) have today published the much-anticipated ASBATANKVOY 2025 together with the accompanying ASBATANKBILL 2025. This is the first major overhaul of the well-recognised tanker charter party form since its inception in 1977. This update is set to assist the market involved in tanker trade, reflecting nearly five decades of industry evolution.
ASBATANKVOY 2025 is the product of an extensive collaboration involving shipowners, charterers, brokers, P&I Clubs, legal experts, and other key industry players.
The goal? To modernise the form while preserving its well-known balance and fairness.
Stephen Harper, Head of Legal - Shipping at BW Group and BIMCO Co-chair of the subcommittee, emphasised the significance of this update: "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 new ASBATANKVOY 2025 includes new provisions that address the latest operational advancements, legal and regulatory changes, communication practices, and environmental considerations. Notably, the arbitration provision now features four named venues: New York, London, Singapore, and Hong Kong, with New York as the default.
Søren Wolmar, Senior Partner at Quincannon Associates, Inc. and ASBA Co-chair of the subcommittee, highlighted the form's enduring legacy: "Since its introduction in 1977, the ASBATANKVOY charter party has been recognised for carefully balancing the interests of owners and charterers. With ASBATANKVOY 2025, our subcommittee has succeeded in maintaining this balance while modernising the form".
This update is expected to assist the industry by reducing the need for extensive additional rider clauses and enhancing legal certainty. BIMCO and ASBA extend their heartfelt thanks to all stakeholders who contributed to this landmark revision.
BIMCO is grateful to the subcommittee for their considerable time, effort and commitment in producing the ASBATANKVOY 2025 and ASBATANKBILL 2025:
Søren Wolmar, ASBA and Quincannon Associates (ASBA Chairperson), Stephen Harper, BW Group (BIMCO Chairperson), Li Xuhua, COSCO Shipping Energy Transportation Co., Ltd., Heather Johnson, Chevron, Randell Geuy, UNIPEC America, Patrick Brennan, Poten & Partner, Chris Young, Dietze & Associates, Magne Andersen, Nordisk Defence Club, Molly McCafferty, American Club, Richard J. Reisert, ASBA and Clark, Atcheson & Reisert LLP, Dimitris Dimopoulos, INTERTANKO and Merete L. Greisen, BIMCO Contractual Advice.
Read more and access the updated ASBATANKVOY 2025, ASBATANKBILL 2025 and the Explanatory Notes.
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