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