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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, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Videocon Industries ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
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