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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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Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
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- Ambuja Cements Ltd - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Deloitte Consulting - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
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