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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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Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
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- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
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