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