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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
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