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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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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
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