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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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Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
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- Aditya Birla Group - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
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