ASBATANKVOY, one of the most widely used tanker charter parties in the world, will create the basis when BIMCO and the Association of Ship Brokers & Agents (USA), Inc. (ASBA) start to jointly develop a charter party especially for use in the gas tanker trade.
BIMCO’s Documentary Committee adopted that work must be conducted jointly with ASBA to set out the standard gas voyage charter party at its meeting on 14 May in Athens. The charter party will be named ASBAGASVOY. Earlier in 2019, ASBA’s Board announced that it fully supports the joint development with BIMCO of ASBAGASVOY.
Commenting on the development of the charter party, Søren Wolmar, chairman of ASBA’s Documentary Committee, said:
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
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ASBATANKVOY was created as a balanced document, aiming to maintain the balanced nature also in ASBAGASVOY. The new form will maintain the clauses from ASBATANKVOY, which are relevant to the tanker trade, while at the same time replacing specific oil tanker clauses with clauses addressing the special nature of the gas tanker trade, such as in relation to presentation of the vessel.
For his part, Stephen Harper, Head of Legal, Shipping at BW Group and BIMCO co-chair of the subcommittee, mentioned that a gas tanker charter party will be particularly useful for BIMCO’s membership, which includes many gas tanker operators. He explained that this collaboration ensures that BIMCO’s contracts and clauses include an updated and balanced gas tanker charter party form, which owners and charterers can use.
The new form has the goal to be used from chartering tankers for LPG, anhydrous ammonia and chemical gases. LNGVOY, a voyage charter party for the carriage of LNG, was published jointly by BIMCO and the International Group of LNG Importers (GIIGNL) in 2016.
The first meeting of the subcommittee will take place on 25 June 2019.
