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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- MS Steel International - UAE
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
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