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