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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
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