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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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- Indian Energy Exchange, India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
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- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
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- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Australian Coal Association
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- Commonwealth Bank - Australia
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- IEA Clean Coal Centre - UK
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- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
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- Goldman Sachs - Singapore
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- Australian Commodity Traders Exchange
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- PNOC Exploration Corporation - Philippines
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- PTC India Limited - India
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- Eastern Energy - Thailand
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- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
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- Mjunction Services Limited - India
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- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
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- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
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- Sree Jayajothi Cements Limited - India
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- Mintek Dendrill Indonesia
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- Ministry of Finance - Indonesia
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- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
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- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Romanian Commodities Exchange
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- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
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- Petron Corporation, Philippines
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- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
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- Siam City Cement - Thailand
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- Petrochimia International Co. Ltd.- Taiwan
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- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
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