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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, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
Tuesday, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
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- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
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