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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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Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
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- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Parliament of New Zealand
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
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