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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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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
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- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
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- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- The University of Queensland
- PTC India Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
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- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
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