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Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
 KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefined and refined oil products of all types. As such there is a now growing demand for oil tankers to be used as floating storage.
Potential issues to consider
Owners who receive requests to use their vessel for floating storage should give consideration to the following issues which may arise:
Degradation of the cargo in long term storage, this can be due to a number of factors such as gum formation, bacterial growth, instability of the cargo, settlement of sediments, stratification of component ingredients, etc. It is advisable at the pre-fixture stage, or if already on charter as soon as voyage instructions are received to carry out a thorough risk assessment to ensure that the vessel is designed and capable of storing the cargo for the periods required without any change in specifications that may result in the cargo being rejected by receivers. From a Club cover perspective, it is worth noting that Club cover could potentially be prejudiced where it is evident that the vessel was not fit to carry and store the cargo on board. It is therefore advisable that Members adequately protect themselves either with an indemnity from Charterers or additional cover where possible.
Requests from charterers to mix additives, conditioners into the cargo(es) should be properly investigated to ensure that no deterioration occurs as a result of the same. Any such requests should always be recorded in writing and an indemnity sought from the charterers for any liabilities arising from their request. Any such operation should also comply with all relevant SOLAS regulations and we would recommend using the INTERTANKO Cargo Additive Clause*.
Cargo leeching into cargo tank coatings with adverse effects. Paint manufacturers should be consulted and guarantees sought where possible before agreeing to carry cargoes for prolonged periods to avoid off-spec claims, and to preserve a right of recourse against paint manufacturers, if possible.
Cargo loss due to evaporation, leaks, etc. Some product cargoes are known to have inherent qualities such that the cargo evaporates over a period of time resulting in cargo shortages. It is recommended that Members consider this and allow for any shortages by incorporating a customary allowance in the CP and an indemnity from Charterers for any claims by a third party for losses within the agreed allowance.
Extra costs incurred due to heating/circulation of cargo, port dues, supply / generation of fresh water, supply of provisions at remote locations etc.
Maintenance of safe anchorage position.
Precautionary measures
The following precautionary measures should be considered:
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Prior to loading and/or discharge a qualified surveyor shall inspect and issue a cleanliness certificate for all tanks / piping and certify that they are fully compatible with the intended cargo(es).
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Any contamination to be verified by a chemist’s analysis. Such chemist to be agreed upon by all parties
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Allocation of any survey costs to be agreed prior to loading
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Cargo quantities to be determined by pre-agreed independent surveyors
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Anchor cable should be ranged at regular intervals to prevent excessive wear.
We would recommend that the Charter party incorporates appropriate protective clauses – Members may wish to use the BIMCO” Storage Clause in Clause 21 in BPTIME 3 as a starting point. The clause is simple and provides charterers the option to use the ship for floating storage within agreed geographical limits.
Additionally, we would recommend, as a minimum, that owners incorporate:
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BIMCO Hull Fouling Clause for Time Charter Parties to avoid potential disputes about the ship’s subsequent performance and allocate responsibility for costs for hull cleaning.
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Any agreement to use the ship for floating storage purposes should be limited in duration (number of days) depending on the characteristics of the cargo being stored.
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Members may also wish to consider obtaining an indemnity from Charterers for loss, damage or delay due to storage exceeding the agreed number of days.
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Bill of lading Clause making it sufficiently clear that any Bill of Lading (negotiable / non-negotiable) will be endorsed with the words: “Cargo(es) loaded on ( insert date ) stored on board. Carrier makes no representation regarding the quality or quantity of the cargo on board”.
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Ensure that any contract for carriage and/or storage of the cargo stipulates that such carriage or storage is subject to the Hague-Visby Rules.
The above is intended as a precis of common issues that may arise and is not intended to be a comprehensive listing of issues that may arise. If Members have any specific queries, they should contact their underwriter or the loss prevention department.
Members are reminded that there is no cover in respect of liabilities which would not have been payable by the Member if the contract of carriage had incorporated the Hague Rules, the Hague-Visby Rules, or similar rights, immunities and limitations in favour of the Carrier.
Source: Standard Club
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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
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