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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
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