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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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Showing 946 to 950 news of total 6871 |
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- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
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