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