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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, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
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- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Australian Coal Association
- Xindia Steels Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
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