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