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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- McConnell Dowell - Australia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
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