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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, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
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