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…