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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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- Salva Resources Pvt Ltd - India
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- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
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- The Treasury - Australian Government
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- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
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- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
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- Karbindo Abesyapradhi - Indoneisa
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- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- VISA Power Limited - India
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- Price Waterhouse Coopers - Russia
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- Star Paper Mills Limited - India
- London Commodity Brokers - England
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- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
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- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
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- Baramulti Group, Indonesia
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- Straits Asia Resources Limited - Singapore
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- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
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- Maheswari Brothers Coal Limited - India
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- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
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- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
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- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
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- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
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