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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, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- The University of Queensland
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
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