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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Economic Council, Georgia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
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