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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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Showing 866 to 870 news of total 6871 |
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- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
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