The Baltic and International Maritime Council has formulated a standardized term sheet for bilateral financing for ships and plans to develop another version for syndicates, senior council officials said late last week.
BIMCO’s shipping and bunker standard contract forms and clauses are used across the world, but this is the first time the council has ventured into standardizing documents for ship financing.
Its next form will aim to standardize the terms and conditions for relationships among a group of lenders who come together as a syndicate, said Francis Sarre, chairman of the BIMCO sub-committee that developed the term sheet on bilateral financing.
The initiative comes at a time when thousands of shipping companies are seeking the cheapest possible credit to expand or renew their fleets before new norms on ballast water management and sulfur emissions are implemented.
“A large volume of global shipping finance is done by syndicates and we are aiming to develop the new term sheet in less than two years,” Sarre said.
His sub-committee comprises five representatives each from banking and ship-owning companies and three from law firms.
BIMCO is the largest international shipping association with more than 2,200 members. Global cumulative shipping finance runs to billions of dollars.
“The majority of lending is syndicated but small owners prefer bilateral loans,” Sarre said.
The bilateral term sheet called Shipterm is already available and can be used as a base to develop the new form for syndicates, he said.
The bulk of the spadework has been done in the bilateral Shipterm but details have to be added to cater to syndicated ship financing, Christian Hoppe, a general counsel with BIMCO said.
“Legwork has been done, though actual drafting of the new form for syndicates is yet to start,” Hoppe said, adding there is overwhelming support from stakeholders to formulate the new document.
Specific terms and conditions governing the relationship between the lead arranger and other members of the syndicate, the rules to be followed if a syndicate member exits, and if they can be replaced and under what conditions, are some of the issues that will be considered while devising the new form, Sarre said.
BIMCO’s initiative is significant not only because it has ventured into this segment for the first time, but also against the backdrop of global economic conditions, where obtaining finance for ships has become challenging.
After the global economic recession a decade ago, commercial banks are more focused on their bigger and financially healthy customers, Kenneth Hvid, President and CEO of global shipping company Teekay said last month at the Sea Asia conference in Singapore.
“To obtain ship financing has been further complicated, not least for small and medium-sized shipping companies that are already struggling,” BIMCO President Philippe Louis-Dreyfus said in a foreword to the bilateral Shipterm form.
Sanctions, Negative Interest Rates
While drafting the bilateral term sheet, members of the BIMCO sub-committee grappled with several contentious issues.
“A number of provisions are spelled out in the final document while others are in bullet form to serve as a checklist” for the bilateral parties to develop, said Denmark-based Hoppe.
A case in point is the provision of sanctions, wherein banks have varying and particular views on drafting or wording, and it is best not to guide with specifics, he said.
In case of negative base rates, the base rate shall be as agreed between the parties under the bilateral term sheet.
“We do mention the negative base rates but don’t say how it should be agreed upon, leaving it to both the parties,” Hoppe said.
Negative interest rates are applied in certain currencies and markets but there is no agreed approach in the bilateral loan market on how they should be determined and whether it can be fixed at a rate below zero.
The banks that were represented in the sub-committee that finalized the bilateral Shipterm included Deutsche, Citi, HSBC and ICBC. Deutsche Bank has since left the subcommittee ahead of the drafting of the syndicated term sheet but sources said its exposure to consortium-based lending is limited.
“Many banks may not have committed to the Shipterm but have supported it and this will help it to gain market recognition for direct or indirect use,” one subcommittee member said.
Banks do not have to be members of BIMCO to use the form but it strengthens its relationship with the world of finance, Hoppe said.
Banks typically use their own in-house forms for ship financing and BIMCO’s new long form gives them an option to use a standardized version as a starting point for a loan agreement, he added.
The new form can be used for financing or refinancing, and for one or more new or second hand vessels.
“All parties involved will save time and money by having a shorter, simpler and more balanced starting point for their negotiations than most of the individually drafted standards available today,” Louis-Dreyfus said.
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6 Ways to employ Platonic Touch for Introverted Men
There are two types of people these days, “Huggers” as “neo huggers, folks who fall into the “no hugger” Category are not as eager to initiate platonic touch as a “Hugger” is going to. Platonic touch is described as any kind of touching that is non sexual, possibly a hug, a good solid ha definitendsha good solidke, Or a healthy five. for some introverted men, Platonic touch may not come as naturally as it may look for others, and also okay. If you looking for natural ways to initiate more platonic touching in your connections, Try these six helpful suggestions.
1. Participate in competitive group events Building camaraderie with others is an alternative way to practice engaging in platonic touch. Competitive events such as non-elite sports, Game nights, Trivia at a neighborhood bar, And other group activities are all opportunity to not only bond with others, But also gain a sense closeness through platonic touching. These activities provide a natural feeling way to add in simple actions like a high five to celebrate a winning game or a hug to greet a friend. When you part of a team, You all [url=https://qpidnetworkreviews.blogspot.com/]qpid network[/url] going after a common goal. closing in on that goal, distinct as a group, Is intriguing and fun. Lean into the enthusiasm and bring your team into a huddle or give a reassuring touch on your coworker arm to inform them you are happy to see them at the company holiday party.
2. Attend sports Similar to group events, sporting events are also full of excitement and celebration, Which types of flooring segue into platonic touching. that provide a high five after a big play, Cheering your team on while giving an amiable shoulder squeeze to a fellow fan, And putting your arm around your buddy when singing along to the fight song are common occurrences of platonic touching that are all natural and well received in this type of setting. Even if you not completely more comfortable with touching quite yet, When all others around you is hugging, raised fiving, grinning, entertaining, And enjoying themselves, You able to feel encouraged to engage in those behaviors as well.
3. Lend a helping hand an alternate way to step outside of your comfort zone with platonic touching is by offering to help a stranger. Perhaps an older woman needs help exiting the bus or seems unsteady on her feet as she is crossing the street. Offering your hand in a helpful way will make you feel good about doing a kind deed and assist you to practice being consistent with platonic touching in a “Low limits” planet. Set a goal to offer help each time you recognize someone in need. this could put a smile on both of your faces!
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5. put on your dancing shoes What more fun than dancing, visit a dance class, day friends to a salsa bar, Or take ball room dance lessons. authorities that dance is for everyone! Whether you have no rhythm or you decide yourself a seasoned pro, dance, especially with a partner, Can be a wonderful way to practice platonic touch. There are all kinds of dance and assorted types of venues, From honky tonk square dancing to dancing the night away on the party area with friends. Ask a woman to dance and lead her to the party area with your hand gently on the small of her back. Hold her hands in yours and sway to the background music. not before long, You feel sweeping a stray piece of hair out of her eyes!
6. Volunteer your time to a business Just as lending a helping hand to someone in need makes us feel good, volunteering our time does as well. Volunteering is a great probability to engage in platonic touch. Many enterprises appreciate able bodied participants who can help package meals, find out donations, Or build homes in the event you may be less fortunate. Working together as a team alongside other volunteers for a common goal of helping others is pleasurable and bonds you together. People enjoy giving their time to profit their community in a positive way; Doing so makes them feel good and that feeling naturally leads to hugging, Hand shakes, wonderful fives, And fist lumps.
Conclusion on the best ways to practice platonic touch A large part of becoming confident with something that makes you feel uneasy is practice and consistency. Seek out ways to provide platonic touch into your everyday life and don shy away from outings and events such as games and volunteering. The more you encourage yourself to engage in platonic touch, The sooner it will become a regular part of your social relationships.
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