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