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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, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Planning Commission, India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
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