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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
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Showing 31 to 35 news of total 6871 |
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- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
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