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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Australian Coal Association
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