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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, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
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Thursday, 19 March 20
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In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
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Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
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- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
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- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- White Energy Company Limited
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
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