MEMBER ALERT Shipowners Claims Bureau, Inc., Manager One Battery Park Plaza 31 st Fl., New York, NY 10004 USA Tel: +1 212 847 4500 Fax: +1 212 847 4599 https://www.american-club.com American Club Member Alert – June 4 , 20 20 1 JUNE 4, 2020 USE OF TANKERS AS FLOATING STORAGE — LEGAL ISSUES In light of current uncertainties in the oil markets, many shipowners have opted to deploy their vessels as floating storage units. Law firm Reed Smith has recently issued a guidance document, Use of Tankers as Floating Storage—Arising Legal Issues highlighting a range of risk considerations for shipowners using tankers for floating storage. Your Managers recommend that Members take note of this information and be guided accordingly. They also wish to thank Reed Smith for their permission to reproduce this guidance.