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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
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- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
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- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
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- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
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- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
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