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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Petron Corporation, Philippines
- London Commodity Brokers - England
- MS Steel International - UAE
- Australian Coal Association
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
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