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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
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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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- ASAPP Information Group - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
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