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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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Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
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Showing 51 to 55 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
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