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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, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
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