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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, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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Showing 1021 to 1025 news of total 6871 |
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- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
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