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