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