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