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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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Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
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