Timechartering

Timechartering can be sub-divided between period timecharters – perhaps involving several years – and trip timecharters, for one or several trips. There are no charterparty forms designed purely for trip charters, an employment technique that has become particularly popular during recent years, trip charters being negotiated on standard timecharter forms and adapted slightly where appropriate. Although considerably fewer in number than the wide choice available for voyage chartering, there is an adequate number of dry-cargo timecharter forms for use in the industry, although by far the largest number of deep-sea dry-cargo trips and periods are fixed on the basis of the New York Produce Exchange (NYPE) Charterparty, first drawn up as long ago as 1913. It has been updated since, most notably in 1981, when it was renamed ASBATIME. Nonetheless, by that time the 1946 version had become widely used and, to the basic printed text, many charterers had added over the years numerous side-clauses. It transpired that few charterers were prepared to abandon their NYPE 1946 + side clauses charterparty and so, despite the availability in the ASBATIME of a neater, more up to date charterparty incorporating many of the previous NYPE clauses, and standard rider additions, the ‘market’ remains wedded to the NYPE 1946 c/p. It has again been revised in 1993 and renamed New York Produce Exchange Time Charter (NYPE 93) incorporating many of the side clauses commonly used in conjunction with the 1946 version, in the hope that this will create a more suitable replacement. While it is still too early to confirm that it is generally replacing the earlier versions, there is no doubt that it has met with great market interest. For convenience we will examine the elements of a time charterparty based on the ASBATIME (Appendix 4:4), students will also find the NYPE 93 form enclosed in the appendices.