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