BIMCO, ASBA to Form Gas Tanker Charter Party

LPG vesselIllustration. Source: Pixabay under CC0 Creative Commons license

Shipping association BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) are to jointly develop a charter party for use in the gas tanker trade.

The companies said that it would be formed on the basis of one of the most widely used tanker charter party, ASBATANKVOY, and would be codenamed ASBAGASVOY.

“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,” said Søren Wolmar, chairman of ASBA’s Documentary Committee and ASBA co-chair of the subcommittee that will be developing the new charter party.

The companies explained that the reason for the success of ASBATANKVOY is that it was created as a balanced document, and the intention is to maintain the balanced nature also in ASBAGASVOY. The new form will maintain the clauses from ASBATANKVOY, which are generally relevant to the tanker trade, while replacing specific oil tanker clauses with clauses addressing the specialised nature of the gas tanker trade e.g. in relation to presentation of the vessel.

“By joining forces with ASBA, we can make sure that BIMCO’s contracts and clauses include an updated and balanced gas tanker charter party form, which owners and charterers can easily use,” Stephen Harper, Head of Legal, Shipping at BW Group and BIMCO co-chair of the subcommittee, said.

The new form is intended for use of chartering tankers for LPG, anhydrous ammonia and chemical gases. LNGVOY, a voyage charter party for the carriage of liquefied natural gas, was published jointly by BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) in 2016.

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