We would like to share with you an important circular of West of England.

 As it is known that there is a shortage of shore storage areas as worldwide for all kind of petroleum products that are refined or not. Therefore, there is an increasing demand for the use of oil tankers as floating storage.

 The relevant circular, which we have attached, addresses the issues that shall be considered by the owners who decide to operate their vessels as floating storage, the precautions they should take and Club's recommendations in details.

 We would like to urge our clients to notify us of any intention if they were to engage their tankers for oil storage as there could following issues arising.

 

• deviation from already issued bills of lading
• need to revise existing or new charter party terms
• fitness issues to the tanker for long term storage
• cargo evaporation / shortage issues.