The standard form New York Produce Exchange Time Charter (“NYPE”) has been an industry favourite for just over a century, and its 2015 makeover is seeking to continue this. 

The NYPE

The NYPE first took its place as the pre-eminent dry cargo time charterparty in 1913, with periodic revisions ever since. The Baltic & International Maritime Council (“BIMCO”) is the driving body behind the standard form contract, as currently supported by the Association of Ship Brokers & Agents (“ASBA”) and the Singapore Maritime Foundation (“SMF”). Arguably the most successful of such revisions was in 1946 (commonly referred to as “NYPE 46”) and remains widely used today, including in the Middle East. The document's last revision was in 1993 (“NYPE 93”) and did well to gain market traction against its popular predecessor.