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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
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