Tank coatings and...Heading in white #.# in light color 1Q15 earnings per diluted share $0.00 ROCE...

Tank coatings and

your ticket to trade7 July 2020 • 15:00-15:45 BST

Part of

Marine Coatings

Webinar Week

7-9 July 2020

Panellist documents:

Page 2: Johnny Eliasson, Chevron Shipping

Page 26: Michael Aamodt, Safinah Group

© 2016 Chevron Corporation

Tank coatings and your ticket

to tradeJohnny Eliasson

Hull & Coatings Engineer

June 2020

2© 2016 Chevron Corporation

Tank coatings and your ticket to trade

Crude Oil Tanks

SOLAS – PSPC mandated

Epoxy coated top and bottom

Temperature as loaded increase with depth of the oil source

Product Tankers

Generally epoxy or novolac epoxy coated tanks

Large commodity parcels; CPP (clean petroleum products), gasoline, diesel

Chemical Tankers

Epooxidized Resorsinol or Novolac epoxy coated (or bimodal), zinc silicate

Stainless steel

High end chemicals; EDC, Methanol, Styrene, 1000s other


Tank coatings and your ticket to trade

Troublesome Cargoes

Just to mention a few cargoes with specific issues

EDC Swell epoxies, vapor space risk in zinc and SS

Ethanol Mainly end user concern – odor test

Methanol Extreme solvent, shrinkage in epoxy coatings

Styrene Retention

Di-chloropropene HCl in vapor space, zinc & SS high risk

Other chlorinated solvents HCl in vapor space, zinc & SS risk

Palm Fatty Acid Destillate Crude varying amounts of inorganic/organic acids

Crude edible oils Free fatty acid content

Vinyl Acetate Monomer Absorbes and formes acetic acid inside coating

Other acetates Risk depending aliphatic size

Latex Hard to clean, amoniak

Many more ….. It is very complex …. To know what each

commodity is and what it does to a lining, including stainless steel is critical


Tank coatings and your ticket to tradeTroubles

It can go badly wrong

Phosphoric acid damaged SUS316L

cargo tank

Zinc silicate tank coating swelling after

VAM cargoes


Tank coatings and your ticket to tradeTank Handling & Cleaning Critical

To know how to clean is critical

Pre-load cleaning and cleanliness

requirements

Post discharge cleaning

To know how to handle each cargo

safely and effectively is critical

Load requirements

Cargo requirements in voyage

Discharge requirements

To know is to succeed!

Where is his PPE?


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2015 2017

<$12 per BOE $12 – $17 per BOE $17 – $25 per BOE

$25 – $35 per BOE >$35 per BOE

• Percentage of

high margin barrels

increasing

• Volume growth increases

operating cash flow

• ~$25 / BOE average

cash margin in 2017

*Estimated after tax cash margin at $60/bbl in 2015 and $70/bbl in 2017

Cash margin growth*

Net production MMBOED


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Safinah Group Presentation 1

Drivers that have resulted in the current “low absorption” type epoxy tank linings

7th July 2020 – Riviera Maritime Webinar

Dr. Michael Aamodt, Consultant, Safinah Group

Safinah Group are coatings and engineering experts

2

We have been in existence for 21 years and pride ourselves on being technical and thought leaders in the area of coatings for Marine, Protective and Yacht markets globally.

We have a worldwide reputation for creating and delivering innovative and effective solutions to coating issues and engineering challenges which reduce costs, extend asset lifespan and improve quality.

Our mission is to service the world-wide needs for professional consulting services in the heavy duty coatings and technical and engineering sectors by the provision of timely independent, expert advice and support.

Chemical Tanker Market

• Growth in seaborne trade resulted in larger ships meaning more stress

• Increased carriage of methanol in coated tanks

• Significantly more activity • in refurbishment

3

Average growth 7% / year

• Cargo Challenge• Methanol• Ethylene Dichloride

• Cleaning Challenge• Styrene• Benzene• MtBE• EDC• Veg Oils• CPP

Market DriversOwner / Operator Perspective

Operational Flexibility/Efficiency• Greater number of cargoes• Fewer restrictions between cargoes• Quicker cleaningTank Cleaning Level• Better analytical techniques• Tighter specifications• More high specification cargoesTank cleaning options being removed• In practice a banning of Methanol washingCosts and emissions are key• Maximize earnings and minimize downtime

4

Technology Options

• Phenolic Epoxy (Epoxy Novolac)• Broadest chemical carriage capabilities• - Absorbs and retains cargoes• - Cleaning headache• - Contamination risk• - Recovery time and cycling restrictions

• Zinc Silicate• Excellent resistance to pure chemicals• - Limited by range of pH• - Very rough surface

• Stainless Steel• Does not absorb or retain cargoes• Expensive and uneconomical for many trades

5

Source Absorption-Retention in Tank Coatings – Jotun 2012

Latest Generation of tank Coatings

Features• Low absorption coatings• Siloxirane• Bi-modal

• Low absorption and quick desorption coatings• Solvoxirane

6

Benefits• High X-link density and tight network• Extended chemical resistance• Zero or very low cargo absorption• Reduced conditioning/cycling restrictions• Easy clean benefits & faster turnaround time

To be managed• Post / heat curing• Application parameters• Lab versus field• Track record• Cargo guide understanding / practicality• Operational conditions• Overcleaning

Tank coatings and...Heading in white #.# in light color 1Q15 earnings per diluted share $0.00 ROCE...

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