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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Minerals Council of Australia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
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