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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
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