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