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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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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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Showing 926 to 930 news of total 6871 |
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- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Planning Commission, India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
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