Noble Group Ltd News

Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO.

Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse, comes days after Goldilocks, an Abu Dhabi Financial Group equity fund - a leading shareholder of Noble - filed a lawsuit in Singapore against the firm and some of its former and current senior executives, including Elman, alleging they inflated Noble's assets. Singapore-listed Noble said it planned to resist any and all allegations or claims made against it.

Struggling commodity trader Noble Group Ltd said it would sell to Bianca Corp a Kamsarmax dry bulk carrier for $24 million in cash. The Hong Kong registered ship has a capacity of 81,499 deadweight tons. Built in 2015, the vessel, Ocean Integrity, is employed to service external customers as well as Noble Group's internal freight requirements. "The consideration for the Proposed Disposal shall be US$24 million payable on completion of the Proposed Disposal and will be satisfied in cash. The Consideration was arrived at after arm’s length negotiations between NGL and the Buyer, on a “willing buyer willing seller” basis, and taking into account, inter alia, the valuation of the Vessel and the Vessel’s specifications and age," said a statement from the company.

No signs identify a barren field in northeastern Brazil that was meant to be the center of one of China's most ambitious agricultural forays into South America. In 2011, Chongqing Grain Group Corp announced plans to build a soy crushing plant, railways and a giant inland storage and transportation hub to export goods back to China. The total price tag: $2 billion. Yet today, the company has only managed to bulldoze a 100-hectare area on which the crushing plant might one day stand. Even that project is on hold, though, and shrubs are starting to grow back on the cleared terrain. The stalled plans are an example of the difficulties facing once-promising Chinese investments here.