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