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