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