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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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Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Economic Council, Georgia
- The University of Queensland
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
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