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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
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