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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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- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Planning Commission, India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
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