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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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Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
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- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- The University of Queensland
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
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