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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, 23 May 23
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Saturday, 20 May 23
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Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
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Saturday, 20 May 23
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Showing 101 to 105 news of total 6871 |
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- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
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- Cement Manufacturers Association - India
- Australian Coal Association
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- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
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- Merrill Lynch Commodities Europe
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- Ind-Barath Power Infra Limited - India
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- GAC Shipping (India) Pvt Ltd
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- Billiton Holdings Pty Ltd - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
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- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
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- Bulk Trading Sa - Switzerland
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- Bhatia International Limited - India
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- Minerals Council of Australia
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- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
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- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
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- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
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