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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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Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
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- IEA Clean Coal Centre - UK
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- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
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- New Zealand Coal & Carbon
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- Lanco Infratech Ltd - India
- Parliament of New Zealand
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- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Romanian Commodities Exchange
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- Wilmar Investment Holdings
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
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- Rashtriya Ispat Nigam Limited - India
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- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
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- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
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- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Planning Commission, India
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- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
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- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Thiess Contractors Indonesia
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- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
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- Alfred C Toepfer International GmbH - Germany
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- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Meralco Power Generation, Philippines
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- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Latin American Coal - Colombia
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