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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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Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
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- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- White Energy Company Limited
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
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