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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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Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
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- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- The University of Queensland
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Minerals Council of Australia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
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