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