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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0868 sec (12 req/sec)