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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, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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Showing 1056 to 1060 news of total 6871 |
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- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
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