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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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- Mercuria Energy - Indonesia
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- India Bulls Power Limited - India
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- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
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- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
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- Ministry of Transport, Egypt
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- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
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- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
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- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
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- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
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- London Commodity Brokers - England
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- The University of Queensland
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- Star Paper Mills Limited - India
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- CNBM International Corporation - China
- Anglo American - United Kingdom
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- Manunggal Multi Energi - Indonesia
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- Sinarmas Energy and Mining - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
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- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
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- Siam City Cement - Thailand
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- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
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- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
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- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
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- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
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- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
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- Bulk Trading Sa - Switzerland
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- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
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- Wood Mackenzie - Singapore
- Economic Council, Georgia
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- Indika Energy - Indonesia
- SMC Global Power, Philippines
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