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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
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