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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Economic Council, Georgia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
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