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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1062 sec (9 req/sec)