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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
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