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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, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
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- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
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