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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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Showing 1041 to 1045 news of total 6871 |
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- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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