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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Planning Commission, India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- PTC India Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
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