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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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Showing 826 to 830 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
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