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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Indika Energy - Indonesia
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- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
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- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
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- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
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- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Thai Mozambique Logistica
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- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
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- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
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