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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, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
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- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
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- Edison Trading Spa - Italy
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- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Ministry of Mines - Canada
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- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- VISA Power Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
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