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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
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