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