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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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Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
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- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- The University of Queensland
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
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