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