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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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Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
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- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
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