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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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Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
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- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
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- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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