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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, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
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