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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, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
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