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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Ministry of Transport, Egypt
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- SMC Global Power, Philippines
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- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
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- PTC India Limited - India
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- Lanco Infratech Ltd - India
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- Coalindo Energy - Indonesia
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- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
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- Power Finance Corporation Ltd., India
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- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Australian Coal Association
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- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
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- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
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- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
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- SMG Consultants - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
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- Indonesian Coal Mining Association
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- Bhoruka Overseas - Indonesia
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