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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, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Minerals Council of Australia
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