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