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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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Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
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- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
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