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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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Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
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- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Economic Council, Georgia
- VISA Power Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
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- Ministry of Finance - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
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- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
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