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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, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
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- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
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- Merrill Lynch Commodities Europe
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- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
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- Planning Commission, India
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- Coalindo Energy - Indonesia
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- Heidelberg Cement - Germany
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- Romanian Commodities Exchange
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- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
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- Trasteel International SA, Italy
- Goldman Sachs - Singapore
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- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
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- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
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- Rio Tinto Coal - Australia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
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- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
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- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
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- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
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- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
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- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
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- The Treasury - Australian Government
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- Australian Coal Association
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- Electricity Authority, New Zealand
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- Billiton Holdings Pty Ltd - Australia
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- Timah Investasi Mineral - Indoneisa
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- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
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- McConnell Dowell - Australia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Interocean Group of Companies - India
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- GVK Power & Infra Limited - India
- Economic Council, Georgia
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- Ministry of Transport, Egypt
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- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
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- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
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- White Energy Company Limited
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
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