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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
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Showing 31 to 35 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Posco Energy - South Korea
- Minerals Council of Australia
- White Energy Company Limited
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
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