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Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
 KNOWLEDGE TO ELEVATE
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.
There is currently no standard form of LQE available in the market and while LQEs have long been a feature of ship financing transactions, the lack of a standard form means that the wording of an LQE may often vary significantly from one transaction to another. In most cases, an LQE will be beneficial to all parties involved, namely by preserving the charterers’ uninterrupted use and enjoyment of a ship – and thereby ensuring a regular income for the owner – and an opportunity for the lenders to secure rights of their own, e.g. in relation to appointing a replacement owner.
“By bringing together all the relevant stakeholders, we are planning to develop a balanced standard that can be used in various types of structures, as always with the possibility of the parties tailoring it to their specific needs,” says Catherine Smith of Hong Kong based Wah Kwong, who is chairing the drafting team.
The LQE will complement BIMCO’s existing suite of ship financing and leasing standards, SHIPTERM and SHIPTERM S (for bilateral and syndicated term loan facilities) and SHIPLEASE (for ship sale and leasebacks). A standard Shipmanagers’ Letter of Undertaking is also available from BIMCO.
At its first meeting on 7-8 September, the drafting team in charge of the project discussed the scope and objectives of the project. The overall aim is to develop a standard that is workable both for time and bareboat charter contexts as well as leasing. Several versions might be developed, namely in the form of unilateral and multilateral party LQEs. The standard will not cater for more complex project financings and similar structures as these will typically be very deal specific and therefore have to be tailormade.
The team also includes Sarah Jane Thompson of BHP in Singapore, Gitte Vannus Kragelund of Danish Ship Finance in Copenhagen, Jay Shi of CMB Financial Leasing Co., Ltd. in Shanghai, Olga Petrovic of Linklaters in London and Gerald Morrisey of Holland & Knight in New York.
The drafting team will continue its work on 24-25 October.
Source: BIMCO
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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
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