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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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Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
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- Savvy Resources Ltd - HongKong
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- Commonwealth Bank - Australia
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- Parliament of New Zealand
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- Star Paper Mills Limited - India
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- Indika Energy - Indonesia
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- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
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- Vedanta Resources Plc - India
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- Sarangani Energy Corporation, Philippines
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- Eastern Energy - Thailand
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- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Central Electricity Authority - India
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- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
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- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Sinarmas Energy and Mining - Indonesia
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- Indian Oil Corporation Limited
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- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
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- London Commodity Brokers - England
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
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- Essar Steel Hazira Ltd - India
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- McConnell Dowell - Australia
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- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
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- Africa Commodities Group - South Africa
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- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
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- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
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