Commodity Giant News

Singapore-listed commodity giant Noble Group (NGL)  has announced it has entered into a memorandum of agreement to sell a Kamsarmax-size dry bulk carrier to Cypriot company Ocean Liberty Marine Ltd and Transmed Shipping Ltd for US$24 million in cash. The vessel, called the Ocean Vision, is currently mortgaged to a financial institution. According to sources, part of the proceeds from the sale will go towards paying down the amount owned under the relevant facility. "The proposed disposal does not impact the proposed debt restructuring under the restructuring support agreement, as announced by the company on 14 March 2018," said a statement from Noble.

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry, just big merchants seek to fill a void being left by Wall Street banks. The study, "The Economics of Commodity Trading Firms," comes as U.S. regulators mull new restrictions on banks' physical commodity trading, a crackdown some large energy companies say would rob them of credit-worthy, transparent counterparties and leave them at the mercy of shadowy and risky firms.