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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- CIMB Investment Bank - Malaysia
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- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
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- San Jose City I Power Corp, Philippines
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- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
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- Indonesian Coal Mining Association
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- Indian Oil Corporation Limited
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- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
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- Rashtriya Ispat Nigam Limited - India
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- MS Steel International - UAE
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- Pipit Mutiara Jaya. PT, Indonesia
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- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
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- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
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- Bhatia International Limited - India
- Goldman Sachs - Singapore
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- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
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- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
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- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
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- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
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