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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
 BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility.
The QELs will be provided by the lender to the charterer to ensure that the charterer, who does not have a contractual relationship with the lender but only with the owner, can continue to “quietly enjoy” the ship in case of the owner’s default.
In return, the charterer gives a certain number of undertakings, including not to cancel the charter party and to continue to pay amounts due under the charter party. The QELs also offer lenders an opportunity to secure their rights, such as appointing a replacement owner in case of a default.
“The two new forms fill a gap in the market where no such standard form is currently available. They are distinct because they are beneficial to charterers, lenders and owners,” says Nicholas Fell, Chairperson of BIMCO’s Documentary Committee.
The QELs have been developed in a collaborative process involving representatives of owners (Wah Kwong and Oldendorff Carriers), charterers (BHP and Noble Resources International), lenders (Danish Ship Finance), leasing institutions (CMB Financial Leasing Co. Ltd.) and legal experts (Linklaters LLP and Holland & Knight LLP).
“The objective of the subcommittee in charge of the project was to create a balanced standard that reflects market practice and fairly represents the rights and obligations of all parties,” says Catherine Smith, Chairperson of the BIMCO QEL subcommittee.
Two versions of the QEL have been developed: a standard quiet enjoyment letter signed by the lender and agreed by the owner and charterer, and a “short form” version which is signed only by the lender.
The QELs have been drafted for use with bareboat and time charter parties, as well as ship leasing structures, and complement BIMCO’s existing portfolio of term sheets for ship financing and ship sale and leaseback transactions which includes the SHIPTERM, SHIPTERM S and SHIPLEASE term sheets.
Source: BIMCO
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
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- Coalindo Energy - Indonesia
- Planning Commission, India
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- The Treasury - Australian Government
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- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
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- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
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- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Thai Mozambique Logistica
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- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
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- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Australian Coal Association
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
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