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QEL and QEL (SHORTFORM) are two standard Quiet Enjoyment Letters (QELs) for use in ship financing transactions. The two QELs are intended for bareboat and time charter parties as well as ship leasing structures and complement the suite of BIMCO term sheets for ship financing ( SHIPTERM and SHIPTERM S ) and ship sale and leaseback transactions ( SHIPLEASE ). Copyright in both the QEL and QEL (SHORTFORM) is held by BIMCO.
QEL and QEL (SHORTFORM) are two standard Quiet Enjoyment Letters (QELs) for use in ship financing transactions. The two QELs are intended for bareboat and time charter parties as well as ship leasing structures and complement the suite of BIMCO term sheets for ship financing ( SHIPTERM and SHIPTERM S ) and ship sale and leaseback transactions ( SHIPLEASE ). Copyright in both the QEL and QEL (SHORTFORM) is held by BIMCO.
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.
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.
BIMCO’s Board of Directors has pointed to Nick Fell, Executive Vice President Corporate Services & General Counsel at BW Group in Singapore, to take up the role as chairperson of BIMCO’s Documentary Committee in summer 2021.
BIMCO is setting up a sounding board with the aim to engage a broad group of stakeholders in the process of drafting a sale and leaseback term sheet, as the sale and leaseback market continues to expand.
The latest BIMCO digital Bulletin is now ready for you to read and enjoy.
Documentary Committee Chairman Francis Sarre of CMB has, after six years in the driver’s seat, passed over the reins of BIMCO’s contracts and clauses approval body to Nick Fell of BW Group. Fell takes over as Chairman at a time when the industry needs strong contractual solutions, not least due to the COVID-19 pandemic.
