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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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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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Showing 906 to 910 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
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