Major Revision Of NYPE Time Chapter Party

BIMCO has today jointly issued the first revision of the New York Produce Exchange Time Charter (NYPE) since 1993, following three years of intensive discussions between BIMCO, copyright holder the Association of Ship Brokers and Agents (ASBA) and the Singapore Maritime Foundation (SMF). Key features of NYPE 2015 include: -A choice of trip or period charter. -Optional Not Always Afloat But Safely Aground (NAABSA) provision. -Choice of cargo readiness at delivery port or first load port. -Obligation on owners/charterers to restrict further employment immediately prior to delivery/re-delivery that might delay the ship. -Owners to provide and maintain Certificates of Financial Responsibility for oil pollution as required at the start of the charter period. -Detailed bunker provisions for period and trip charter options covering quantities and prices; bunkering operations and sampling; quality and liability; fuel testing; and low sulphur fuels. -Updated and clarified hire payment provisions relating to grace period, suspension and withdrawal consistent with recent legal decisions. -Detailed and clarified speed and performance clause. -A broad choice of law and arbitration options – New York/US law; London/English law; Singapore/Singapore or English law; or a free choice agreed by the parties. Plus, additional clauses dealing with a range of current issues: -hold cleaning/residue disposal in accordance with MARPOL; -International Maritime Solid Bulk Cargoes (IMSBC) Code; -hull fouling; -electronic bills of lading; -slow steaming; -piracy; -ISM/ISPS Codes; -ballast water exchange regulations