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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
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