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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, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
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- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
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