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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
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