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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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Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
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