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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, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Cement Manufacturers Association - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- The University of Queensland
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Energy Development Corp, Philippines
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