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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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Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Romanian Commodities Exchange
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
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