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