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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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- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Georgia Ports Authority, United States
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