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