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