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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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Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
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