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