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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, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
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- White Energy Company Limited
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- The University of Queensland
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
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