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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
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