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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- The University of Queensland
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
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