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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Parliament of New Zealand
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
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