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