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