BP Amoco Shipping and BIMCO Develop a New Tank Charterparty

Thursday, June 01, 2000
Last week it was announced that BP Amoco Shipping and BIMCO had developed a new charterparty, as the BIMCO Documentary Committee gave its approval to a new standard tank time charterparty, code named BPTIME3. BP Amoco Shipping, which has a long tradition of developing tank charterparties, saw it as its objective to draft a new time charterparty applying clear language and striking a good balance between the two parties. "We wanted to draw up a charterparty that is easy to read, easy to use and reflects the interests of both parties," said Adrian McMahon, BP Amoco Shipping's Manager Chartering and Operations. "We felt that in order to ensure that the right balance was struck it was important to bring the ship owners into the process, and we therefore took the unusual step of approaching BIMCO. BIMCO was chosen because of its tradition of producing standard documents for the industry and its expertise in time charters in all sectors of the shipping market." The BIMCO Documentary Committee, renowned for its documentary expertise, was approached in the spring of 1999. BIMCO and BP Amoco Shipping have worked hard to ensure that the new form not only meets the stringent expectations of the industry, but will also conform to the high standards required of all documents which gain BIMCO's stamp of approval. Particular attention has been paid by BIMCO and BP Amoco Shipping to the often contentious issues of cancellation, speed and performance, delivery/redelivery, and dispute resolution, with a fresh and innovative approach taken to these provisions.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Tanker Allision on the Piscataqua River

The U.S. Coast Guard says it is continuing to monitor the condition of the chemical tanker Chem Venus, after it allided with three unoccupied, moored sailboats

NAT Takes Delivery of Suezmax, Earnings Capacity Up

Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan.

BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down

BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1089 sec (9 req/sec)