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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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Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
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- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- PTC India Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Parliament of New Zealand
- Minerals Council of Australia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
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