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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- The University of Queensland
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- VISA Power Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
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