Launch of NYPE 2015 – A Joint Effort by ASBA, BIMCO and SMF on the Industry’s Most Widely Used Standard Form of Dry Cargo Time Charterparty

The revision of the New York Produce Exchange (NYPE) time charter party form is a collaboration between the copyright holder – the Association of Ship Brokers and Agents (ASBA), the Baltic and International Maritime Council (BIMCO), and the Singapore Maritime Foundation (SMF) over the past three years.

The NYPE 2015 form is now available on BIMCO’s IDEA2 Charter Party editing system. The revised form reflects changes in commercial practice and recent legal decisions. Recognising that the earlier version was regularly supplemented by various rider clauses added by users, the NYPE 2015 incorporates the most commonly used additional clauses and frequently made amendments into the main body of the contract. This would help users to reduce the risk of overlooking key clauses or adding clauses which might conflict with other provisions.

The NYPE 2015 form incorporates Singapore as one of the three named places for arbitration alongside New York and London. It is updated to align with clauses on the International Safety Management (ISM) and International Ship and Port Facility Security (ISPS) Codes. The NYPE 2015 form also incorporates procedures for slow steaming, hull fouling, piracy and sanctions, amongst others, such that it is in line with current industry practices.

Related links:
BIMCO’s IDEA2 Charter Party Editing System
NYPE 2015 Explanatory Notes
NYPE 2015 Sample Copy