BIMCO: Updated SUPPLYTIME sets new benchmark for offshore charters
BIMCO has published a new edition of SUPPLYTIME, its widely used time charter party for offshore supply vessels. Now in its fourth edition, BIMCO’s best-selling contract has been updated to reflect contemporary shipping practice and legal developments in the offshore sector. It has a purer knock for knock liability regime and is more neutrally balanced than its predecessor.
The first edition of SUPPLYTIME appeared in 1975. It was developed to meet the demand for specialist support vessels to serve a rapidly growing offshore oil and gas exploration and production industry. Since then, SUPPLYTIME has become the benchmark for offshore support vessel agreements – and the industry’s contract of choice.
Ian Perrot, who led the SUPPLYTIME revision project team said:
“Over the past ten years or so we have seen a hardening of the terms and conditions in charterers’ own contracts. This has created a widening gap between SUPPLYTIME 2005 and…
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