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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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Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
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- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
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