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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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Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
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- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
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