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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
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