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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Australian Coal Association
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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