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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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- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
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- Parliament of New Zealand
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- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
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- Orica Australia Pty. Ltd.
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- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
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- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- White Energy Company Limited
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
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