Linklaters Llp News

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.

EURONAV announces that it has raised $125 million in total in gross cash proceeds through a private placement of 10,556,808 new shares to institutional investors selected through an accelerated book build offering. Following strong demand, Euronav decided to upsize the initial offering from $100 million to $125 million. All of the newly issued shares were placed at a price of €8.70 per share (or $11.84 at the current EUR/USD exchange rate of 1.3610), at a 3% discount to the previous day’s closing price. The new shares represent 8.05% of the new total number of outstanding shares.