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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, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
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- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
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- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
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- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
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- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
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- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Sojitz Corporation - Japan
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