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