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