ExxonMobil’s New Boilerplate Release: EXXONMOBIL VOY 2005 – A Demurrage Analyst’s Perspective

Recently introduced, EXXONMOBILVOY 2005 (EMV2005) contains a slight reduction in requirements and a subtle change in semantics as compared to its predecessor, EXXONMOBILVOY 2000 (EMV2000). EMV2000, itself a limited update of EXXONVOY 90, was the product of the merger of Exxon and Mobil and published on 1 June 2000. The below provides a brief summary of the differences EMV2005’s laytime / demurrage clauses have as compared to EMV2000’s laytime / demurrage clauses.