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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
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