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BIMCO AND ASBA DEVELOP GAS TANKER CHARTER PARTY

Monday, May 27, 2019 

Asbatankvoy, one of the most widely used tanker charter parties, will form the basis when BIMCO and the Association of Ship Brokers & Agents (USA), (ASBA) begin to jointly develop a charter party specifically for use in the gas tanker trade.

BIMCO’s Documentary Committee endorsed that work should be undertaken jointly with ASBA to develop the standard gas voyage charter party at its recent meeting. The charter party will be codenamed Asbagasvoy. Earlier this year, ASBA’s Board gave its full support to the joint development with BIMCO of Asbagasvoy.

“I am pleased that ASBA and BIMCO come together on this important project. BIMCO is a natural partner in our strategy to create a standard charter party for the gas tanker industry which has the potential to enjoy the same wide recognition as Asbatankvoy,” said Søren Wolmar, chairman of ASBA’s Documentary Committee and ASBA co-chair of the subcommittee that will be developing the new charter party.

The reason for the success of Asbatankvoy is that it was created as a balanced document, and the intention is to maintain the balanced nature also in Asbagasvoy. The new form will maintain the clauses from Asbatankvoy, which are generally relevant to the tanker trade, while replacing specific oil tanker clauses with clauses addressing the specialised nature of the gas tanker trade e.g. in relation to presentation of the vessel.

“A dedicated gas tanker charter party will be particularly useful for BIMCO’s membership, which includes many gas tanker operators. By joining forces with ASBA, we can make sure that BIMCO’s contracts and clauses include an updated and balanced gas tanker charter party form, which owners and charterers can easily use,” said Stephen Harper, Head of Legal, Shipping at BW Group and BIMCO co-chair of the subcommittee.

The new form is intended for use of chartering tankers for LPG, anhydrous ammonia and chemical gases. LNGVOY, a voyage charter party for the carriage of liquefied natural gas, was published jointly by BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) in 2016. Representatives of Clarksons, Nordisk Legal Services, Petredec and Thomas Miller P&I (Europe) will be part of the development work.

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