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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, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
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- Banpu Public Company Limited - Thailand
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- TeaM Sual Corporation - Philippines
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- White Energy Company Limited
- Planning Commission, India
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- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
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- Malabar Cements Ltd - India
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- Kumho Petrochemical, South Korea
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- Therma Luzon, Inc, Philippines
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- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
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- Bulk Trading Sa - Switzerland
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- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
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- Ministry of Mines - Canada
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- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Neyveli Lignite Corporation Ltd, - India
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- Electricity Authority, New Zealand
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- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
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- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
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- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
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- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Minerals Council of Australia
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- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
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- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
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- SMC Global Power, Philippines
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
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- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
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