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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, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
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- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- OPG Power Generation Pvt Ltd - India
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- Coalindo Energy - Indonesia
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- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Eastern Coal Council - USA
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- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
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- Parliament of New Zealand
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- The Treasury - Australian Government
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
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- Chamber of Mines of South Africa
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- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
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- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
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- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
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- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
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- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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