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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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Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
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- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
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