Charter Party Agreement Crude Oil

Posted on Sep 14 2021 - 1:05am by Ed

With increasing economic flexibility, modern oil chartering also imposes significant obligations on the shipowner. There are more and more rules for the ship and the products it wears. The modern charter takes into account the increasing regulation of the shipowner and transport of dangerous cargoes such as oil - International Ship and Port Safety Code (ISPS), SOLAS and other national and international regulations on maritime navigation, which increase compliance requirements (corporate and legal) and penalty requirements. This is a new unique course, which provides an unprecedented guide to the seven forms of oil charter widely used in the oil industry: ASBATANKYOY (1969), BPVOY4 (1998), BPVOY5 (2015), EXXONMOBILVOY 2005, EXXONMOBILVOY (2012), SHELLVOY5 (1987), SHELLVOY6 (2005). The parties are increasingly trying to cover all the eventualities that may arise during the trip, for example: The work of the professional in the oil industry - merchant, operator, contracts, mooring and stand money professionals and internal consultants - requires familiarization with all these forms. Freight remains calculated on the basis of the time it takes to complete the journey with a loading and unloading time. The oil charter then carefully attributes the financial risk of delay and attributes the risk of obstacles that are not under the control of the parties - bad weather, traffic jams, strikes, piracy, fires, terrorist attacks, etc. - by its conditions of execution of the period of immobilization and payment of parking fees.