(www.MaritimeCyprus.com) BIMCO and the Association of Ship Brokers & Agents (USA) Inc. (ASBA) have today published the much-anticipated ASBATANKVOY 2025 together with the accompanying ASBATANKBILL 2025. This is the first major overhaul of the well-recognised tanker charter party form since its inception in 1977. This update is set to assist the market involved in tanker trade, reflecting nearly five decades of industry evolution.
ASBATANKVOY 2025 is the product of an extensive collaboration involving shipowners, charterers, brokers, P&I Clubs, legal experts, and other key industry players.
The goal? To modernise the form while preserving its well-known balance and fairness.
Stephen Harper, Head of Legal - Shipping at BW Group and BIMCO Co-chair of the subcommittee, emphasised the significance of this update: "The 2025 edition brings the form up to date with modern tanker trade. Throughout the process of updating the form, the joint BIMCO/ASBA subcommittee has worked closely with a wide representation of the tanker industry, including COSCO and Chevron. The result is the product of consultations with many stakeholders who have advised the subcommittee on what the industry needs".
The new ASBATANKVOY 2025 includes new provisions that address the latest operational advancements, legal and regulatory changes, communication practices, and environmental considerations. Notably, the arbitration provision now features four named venues: New York, London, Singapore, and Hong Kong, with New York as the default.
Søren Wolmar, Senior Partner at Quincannon Associates, Inc. and ASBA Co-chair of the subcommittee, highlighted the form's enduring legacy: "Since its introduction in 1977, the ASBATANKVOY charter party has been recognised for carefully balancing the interests of owners and charterers. With ASBATANKVOY 2025, our subcommittee has succeeded in maintaining this balance while modernising the form".
This update is expected to assist the industry by reducing the need for extensive additional rider clauses and enhancing legal certainty. BIMCO and ASBA extend their heartfelt thanks to all stakeholders who contributed to this landmark revision.
What’s New in ASBATANKVOY 2025
1. Enhanced Dispute Resolution Mechanisms
Clear Arbitration Protocols
Parties can now opt for specific procedural rules under LMAA (London), SIAC (Singapore), or others, avoiding jurisdictional confusion in case of dispute.
Mediation First Approach
The form encourages voluntary mediation prior to arbitration. This lowers legal costs and accelerates resolutions in commercial disagreements.
2. Updated Laytime and Demurrage Provisions
Digital NOR Recognition
Notice of Readiness can now be issued via email or EDI, closing a digital gap and clarifying disputes over notification validity.
Refined Demurrage Framework
New language addresses congested port delays and calculation clarity, reducing friction between owners and charterers over time claims.
3. Cybersecurity and Data Risk Clauses
Defined Cyber Liabilities
The contract now contemplates cyberattacks, including risks to documentation, navigation systems, and cargo handling platforms.
e-Bills of Lading Accepted
Recognition of electronic bills of lading aligns ASBATANKVOY with digital transformation trends across the supply chain.
4. Expanded Force Majeure and Pandemic Provisions
Wider Force Majeure Scope
Pandemics, climate disasters, and sanctions-related disruptions are now explicitly covered, providing certainty during high-impact events.
Risk Distribution Clarity
Parties are given clearer expectations on liability, costs, and delays when dealing with geopolitical or environmental events beyond control.
5. Sustainability and Decarbonization Measures
Alternative Fuels Acknowledged
Bunker clauses now account for biofuels, LNG, and other low-carbon options. This enables proactive charter planning in green corridors.
Carbon Pricing Framework
Anticipates future regulatory costs by introducing an allocation mechanism for carbon levies - a first in standard voyage forms.
6. Refined Liability and Indemnity Language
Pollution Risk Allocation
Updates reflect post-IMO 2020 standards and regional frameworks like the EU Emissions Trading System (EU ETS), making owners more accountable.
Cargo Contamination Controls
Stronger wording around cargo quality, sampling, and testing helps prevent and fairly resolve contamination disputes.
7. Sanctions Compliance and Trade Law Integration
Mandatory Sanctions Clause
Requires compliance with applicable trade sanctions — critical in light of ongoing geopolitical instability and energy sanctions regimes.
Regional Trade Restrictions
Addresses modern risks such as Russian oil price caps and embargoes, offering risk mitigation through defined charter obligations.
Source: BIMCO
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