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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
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