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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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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- Karbindo Abesyapradhi - Indoneisa
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- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
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