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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, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
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