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