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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, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
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- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
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