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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
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