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