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BIMCO and ASBA have jointly revised the ASBATANKVOY voyage charter party, the only major tanker form not affiliated with an oil major.
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The 2025 edition reflects significant changes in the tanker industry, regulations, and commercial practices since the original 1977 version.
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Key updates include new clauses aligned with modern legal, environmental, and operational standards, while maintaining the original form’s balance between owners and charterers.
In a major update to one of the tanker industry’s most relied-upon contracts, BIMCO and the Association of Ship Brokers & Agents (ASBA) have released the 2025 edition of ASBATANKVOY, the widely used voyage charter party form for tankers. This revision marks the first major overhaul since the original version was introduced in 1977, bringing the form in line with current commercial practices and international maritime regulations.
Balancing Tradition and Modernization
While maintaining the familiar structure and balance between shipowners and charterers that made ASBATANKVOY a global standard, the 2025 version introduces critical updates:
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Enhanced environmental and safety compliance provisions.
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Alignment with current security protocols and oil pollution prevention standards.
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Updated operational practices, communication methods, and regulatory frameworks.
According to Stephen Harper, BIMCO Co-chair and Head of Legal at BW Group, the revised form reflects broad industry collaboration, including inputs from major stakeholders such as COSCO and Chevron.
Modern Arbitration and Fewer Rider Clauses
A major revision includes an updated arbitration clause similar to BIMCO’s Law & Arbitration Clause 2020, listing four preferred venues: New York (default), London, Singapore, and Hong Kong. This provides increased flexibility and neutrality for dispute resolution.
Additionally, the modernized structure minimizes the need for rider clauses—previously used to modify the standard form—thereby reducing legal ambiguities and ensuring better contractual consistency.
Industry Recognition and Impact
As the most used independent tanker charter form globally, ASBATANKVOY has long been valued for its impartiality. The 2025 edition reinforces that position while addressing emerging challenges and opportunities in a rapidly evolving maritime sector.
Søren Wolmar, ASBA Co-chair, summarized:
“With ASBATANKVOY 2025, we have modernized without disrupting the trusted balance. It’s a charter party fit for today’s tanker trade and tomorrow’s expectations.”
This update is expected to be widely adopted across the tanker shipping industry, marking a pivotal step in aligning maritime contracting with contemporary legal and environmental realities.
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Source: BIMCO
