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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
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