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