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