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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 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
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- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- PTC India Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
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