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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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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Planning Commission, India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
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