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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Planning Commission, India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
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