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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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Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Parliament of New Zealand
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