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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

10 October 2015
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NYPE 2015
TIME CHARTER
November 6th 1913 – Amended October 20th 1921; August 6th 1931, October 3rd 1946; Revised June 12th 1981, September 14th 1993, June 3rd 2015.

The Baltic and International Maritime Council (BIMCO1) has announced that they can distribute the first revision of the New York Produce Exchange Time Charter (NYPE) since 1993. This revised form is a collaboration between the copyright holder – the Association of Ship Brokers and Agents (ASBA), BIMCO and the Singapore Maritime Foundation (SMF) over the past three years.

The revised NYPE is the first international shipping form that is a collective effort spanning the globe involving ASBA, BIMCO and SMF. With the extensive global industry stakeholder consultation, we believe that the end product is a contract that better meets user needs and will see quick acceptance and adoption.

Mr. Michael Chia, Chairman of SMF

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.

Feedback was also solicited from a series of worldwide consultations last year. SMF’s role in this revision was to ensure that Asian views were considered, and SMF organised and hosted the consultation for Asia in Singapore on 8 July 2014, where members of the drafting team explained the changes and improvements to the form and received feedback from the industry. Similar consultation sessions were arranged by BIMCO in London, UK and ASBA in Stamford, Connecticut, USA. The draft form was also posted on the BIMCO website for all stakeholders to review during the second quarter of 2014.

In addition, SMF had also worked closely with BIMCO earlier on to prepare a new Singapore Arbitration Clause for incorporation into the BIMCO Standard Dispute Resolution Clause to appear in all BIMCO contracts. The recognition of Singapore as an official seat of arbitration to represent Asia for disputes arising under BIMCO contracts was a defining milestone of Singapore’s international recognition as a key node of the global maritime network. It was also a boost for the development of Singapore as a global maritime arbitration centre.

For more information on the NYPE 2015 form, please refer to the press release from BIMCO attached at Appendix A, which is also accessible via the following link: https://www.bimco.org/en/News/2015/10/15_NYPE_revision_press.aspx.

1 BIMCO is the world’s largest international shipping association, with 2,300 members in around 130 countries. Its members represent around two-thirds of the world’s commercial fleet.

Download Press Release

About Singapore Maritime Foundation

The Singapore Maritime Foundation (SMF) was established on 27 January 2004 to facilitate dialogue and cooperation among maritime stakeholders from the public and private sectors. As the bridge between the public and private sectors, SMF aims to provide the industry with a clear and representative voice, and spearhead projects to boost its development.

SMF also organises and participates in a host of maritime events to strengthen the Maritime Singapore brand. To date, SMF has significantly benefitted from strong support from all sectors of the industry which has enabled the organisation to reach out directly to the community for new areas of work to improve the current maritime ecosystem.

For details, please visit www.smf.com.sg.

Media Contacts

Singapore Maritime Foundation
Regina Lim
Senior Manager
(65) 6325 0227
Cheryl Lim
Executive
(65) 6325 0226
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