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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Minerals Council of Australia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
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