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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
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