The NYPE 1946 form had not been updated or revised for over 30 years. The first attempt came from the Association of Ship Brokers & Agents (USA) Inc. (ASBA), New York in 1977. ASBA consulted with BIMCO and the Chamber of Shipping as interested parties, and a revised form was published by ASBA in 1981 known as “Asbatime”. Unfortunately, although ASBA had adopted a technique of including a list of suggested and optional clauses in the attached printed Rider for overcoming the so-called “rider syndrome” so inherent with the 1946 form, Asbatime did not succeed in replacing NYPE 46 in the market as the latter continued to be widely used with an ever-increasing number of rider clauses, more often than not poorly drafted. Out of such a practice of deletions, amendments and of 40–50 riding clauses an increase of litigation and arbitration arose during the long period reaching up to the 1990s. There was a demand in the market for a better and modern NYPE form.

To that effect ASBA, BIMCO and FONASBA joined forces in 1992 in undertaking a general revision of the NYPE/Asbatime Charter. Such revision work has now been completed and the resulting form is the New York Produce Exchange Time Charter, Code Name: “NYPE 93”, marked “Revised September 14th, 1993”, being officially approved by the Board of Governors of ASBA and adopted by the Documentary Committee of BIMCO as a “recommended” form and also by the Chartering and Documentary Committee of FONASBA.

The new form incorporates references and particulars required by modern ship technology and precise specifications over issues which needed to be clarified (e.g., duration of the charter, delivery, on-off hire survey, dangerous cargo/cargo exclusions, trading limits, performance of voyages, bunker prices, redelivery/termination of charter, off-hire, drydocking, general average, lumpsum payment for crew overtime, reference to waybills together with bills of lading, stevedore damage and cleaning of holds).