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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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Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
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