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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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Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
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- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- The University of Queensland
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
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