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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, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- The University of Queensland
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Australian Coal Association
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
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