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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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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Minerals Council of Australia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
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