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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- White Energy Company Limited
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