BIMCO SUPPLYTIME 2017: A Modern Update To An Established Form

Authored by Richard Eglington and Stephen Mackin

SUPPLYTIME 2005, the standard form of charterparty for offshore vessels, has undergone an update to modernise and improve the form. At first glance, the revised 2017 form is very similar to its predecessor; however, it contains some important changes, some of which are more apparent than others.

The changes reflected in the revised 2017 form not only aim to provide a more balanced contract, from what has traditionally been seen as an owner friendly form, but also update the form to reflect modern practices and developments in case law. The overriding aim of the 2017 form is to "make it as appealing to Charterers as it is already to Owners"[1]. This article looks at some of the key changes contained within the 2017 form.