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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- The University of Queensland
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
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