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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
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