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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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Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
Thursday, 11 June 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 ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
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- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Posco Energy - South Korea
- GMR Energy Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
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