Shipping Tycoon Livanos Tied to New Investment Firm
Former senior Goldman Sachs and HSBC banker Matthew Westerman is launching a private investment firm alongside a former colleague and a Greek shipping tycoon, he said on Friday.Westerman will partner his former Goldman Sachs colleague Julian Metherell and Peter Livanos, who owns Greek shipping company Ceres Hellenic, in a new firm called MW&L Capital Partners.The trio will invest in small-to-medium sized targets based on knowledge built up in their respective careers covering financial services, oil and gas, and shipping, Westerman said."We think there is a gap in the market for long-term capital; ours is not '5 year fund money' so we don't have money burning a hole in our pockets and we can afford to be flexible and supportive of management when we see an opportunity…
Rig Count a Predictor for US Q2 Production
The falling number of rigs drilling for oil in the United States is pointing to a decline in U.S. oil production in the second quarter, Goldman Sachs analysts said on Monday. Rig count in the United States fell by 56 last week to 866, the fewest since March 2011, according to oil services firm Baker Hughes. "The current rig count is pointing to U.S. production declining slightly sequentially in the second quarter of 2015," analysts at Goldman Sachs said in a report. Oil prices fell on Monday, with U.S. crude dropping nearly 3 percent to a six-year low of $43.57 a barrel as the dollar hit fresh highs and spare oil storage capacity runs low around the world. Reporting By Jacob Gronholt-Pedersen
Royal Caribbean Prices Public Offering
Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments. As previously announced, the company intends to use the net proceeds of the offering for general corporate purposes, including capital expenditures. The offering will be made to investors in the U.S. by managing underwriters Goldman, Sachs & Co., Merrill Lynch & Co., Banc of America Securities LLC, William Blair & Company, A.G.
Royal Caribbean Responds to Referral Decision
Royal Caribbean Cruises Ltd., was notified of the decision by the Secretary of State for Trade and Industry to refer its proposed merger with P&O Princess to the Competition Commission for further review. Royal Caribbean believes strongly that the proposed merger will deliver significant consumer benefits, as well as shareholder value. Richard Fain, Chairman and Chief Executive of Royal Caribbean, said: "We have never taken regulatory approval for granted. This referral in no way detracts from our determination to complete the merger on the agreed timetable". Goldman Sachs International and Cazenove & Co. will not be responsible to anyone other than Royal Caribbean for providing the protections afforded to customers of Goldman Sachs International and Cazenove & Co.
Should OPEC Worry About Contango and Backwardation?
"Backwardation is the solution" to OPEC's problem of how to raise output and revenues without sparking another shale boom, according to the influential oil research team at Goldman Sachs. Backwardation would allow low-cost oil producers in OPEC to sell their output at a higher price linked to the spot market while curbing growth from shale firms that sell at prices linked to the forward curve. Goldman's strategy aims to "share growth" between OPEC and shale firms to avoid another repeat of boom and bust in oil prices ("Backwardation is the solution", Goldman Sachs, May 22). The plan exploits differences in pricing behaviour between low-cost producers in OPEC that do not hedge and higher-cost shale drillers that hedge a substantial portion of their output.
Oil Refiner Bound to Goldman, Deutsche Fee Agreements - NY Judge
CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire investor Carl Icahn's 2012 tender offer for the oil refiner, a New York state judge has ruled. The banks had each sued CVR in 2012, claiming CVR had hired them to provide financial advice on Icahn's ultimately successful tender offer for its stock, and agreed to the fees based on the size of the transaction. In May 2012…
CMA CGM Invests in NYSHEX Market
CMA CGM, a world leader in container shipping, is pleased to announce its participation in the first ever New York Shipping Exchange (NYSHEX) fundraiser, the first digital marketplace for ocean freight contracts. This investment is made alongside Hapag Lloyd, GE Ventures and Goldman Sachs, for a cumulative investment of $13 million. It is carried out through CMA CGM Ventures, the corporate venture structure recently created by the CMA CGM Group and dedicated to investments in innovative technologies.
Crude Slips, Gasoline Jumps in Storm's Choppy Wake
Goldman Sachs says 23 pct of U.S. refining capacity is shut. Crude oil slid and gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages. Refineries with output of 4.1 million barrels per day (bpd) were offline on Tuesday, representing 23 percent of U.S. production, Goldman Sachs said. Restarting plants even under the best conditions can take a week or more. "It will be a while before operations can return to normal and the U.S.
Traders Look to Asia Products for U.S. Options
Traders adding U.S. port options to cargoes for flexibility. Traders are scrambling to find oil products in Asia to ship to the United States and Latin America after Hurricane Harvey shut almost a quarter of U.S. refining capacity, several trading and shipping sources told Reuters on Wednesday. Many are also asking for ships to have a U.S. option added to their original destination to allow for flexibility in sending the cargoes across the Pacific, shipbrokers said. At least one oil products tanker…
Asian Traders Mull U.S. Crude Liftings in Harvey's Wake
Harvey closed nearly a quarter of U.S. refining capacity; helping to push WTI-Brent spread to widest in two years. Some oil traders in Asia are looking to snap up crude cargoes from the United States after Hurricane Harvey closed U.S. refineries, denting local demand and pushing out the price spread between U.S and Atlantic Basin crude benchmarks. Hurricane Harvey barrelled into the U.S. Gulf of Mexico coast around 10 days ago, closing nearly a quarter of the nation's refining capacity, although some of that is now coming back online.
Goldman Sachs to Handle Daewoo Sale
Goldman Sachs was picked to manage the sale of Daewoo Shipbuilding and Marine Engineering Co Ltd., according to a Reuters report, kicking off a deal expected to attract in excess of $4b. The sale is poised to become the biggest M&A transaction in South Korea this year, as the state-run Korea Development Bank (KDB) and other banks are putting up their 50.4 percent stake in the world's third-largest shipbuilder. The deal has reportedly drawn interest from a number of Korean companies, including steel giant POSCO.
Goldman Sachs Reported Out of Daewoo Sale
Goldman Sachs Group Inc. is out as co-adviser of the sale of Daewoo Shipbuilding & Marine Engineering Co., according to a report on Bloomberg. According to the Bloomberg report, Korea Development Bank reversed its earlier decision to have Goldman be a preferred bidder as co-adviser of the sale of a 50.4 percent stake in Daewoo Shipbuilding, as the bank and Goldman apparently failed to reach an agreement on terms of the contract. (Source: Bloomberg)
KDB to Sell Daewoo Shipbuilding
Korea Development Bank (KDB), which has been looking for a lead manager to replace Goldman Sachs, said it would sell Daewoo Shipbuilding & Marine Engineering on its own, Korea Times reported. Deloitte Anjin is known to have already made contracts with Hanwha and Doosan, potential bidders for the shipbuilder. Hence, the consulting firm had to drop the proposal from KDB due to conflicting interests. KDB, the largest shareholder of the shipbuilder, had selected Goldman Sachs as the lead manager of the sale, but cancelled after finding out that it had invested in a Chinese shipbuilder. As Daewoo had supplied submarine and other vessels to the Navy, there was concern about possible military technology leakage once Goldman Sachs took the deal.
Asian Floating Storage Declines as Crude Market Tightens
Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude.
Caterpillar's Rich Moore to Speak at Goldman Sachs 2014
Caterpillar Inc. Director of Investor Relations Rich Moore will speak at the Goldman Sachs 2014 Industrials Conference on Thursday, November 13. He is scheduled to speak at 11:20 a.m. Eastern Time. No presentation materials will be available. The event will be webcast in real-time and available to the public at http://cc.talkpoint.com/gold006/111214a_ae/?entity=27_YBH7YN4. Listeners should go to the website at least 30 minutes before the live event to register and to download and install any necessary audio software. The webcast will be available for replay for 90 days; no transcripts from the presentation will be made available.
Goldman Sachs head of oil and ags Robijns to retire
Goldman Sachs' head of oil and agricultural trading, Karl Robijns, is retiring from the firm, an internal memo seen by Reuters showed. London-based Robijns, who first joined Goldman as an oil trader in 1998, has headed the bank's global oil, refined products, and agricultural trading since last year. "Karl has had a substantial commercial impact on our market-leading commodities franchise," said the memo from Goldman's co-heads of securities - Isabelle Ealet, Ashok Varadhan and Pablo Salame. Robijns is the latest high-profile commodities executive to leave a bank, as the industry wrestles with lower profits, increased regulation and reduced volatility in the sector.
Oil Rises on Record Indian Imports, Hopes of Output Caps
Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market. Global benchmark oil futures, the Brent and U.S. West Texas Intermediate (WTI) contracts, have both risen more than 10 percent since the end of September on prospects major crude producers would freeze or cut production to stem an oversupply in the market. However, doubts remain as to the intentions of major suppliers such as Saudi Arabia and Iran and the effectiveness of any agreement in reining in output from record highs. Brent crude futures were up 26 cents at $52.67 a barrel by 1115 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents to $51.02 a barrel.
Ensco on Industry Panel at Goldman Sachs Conference
Ensco's CEO and President Carl Trowell will participate on an industry panel at the Goldman Sachs Global Energy Conference in Miami on Wednesday, 7 January 2015. Investor materials to be used during the conference will be available on Ensco’s website at www.enscoplc.com the morning of the event.
Steel, Aluminum Tariffs a 'Bad Idea' -Morgan Stanley CEO
Morgan Stanley's top executive said on Wednesday that potential tariffs on steel and aluminum that U.S. "The biggest issues this country faces are not trade deficits, they're fiscal deficits," Chief Executive Officer James Gorman told CNBC. Gorman said that imposing tariffs on a country or ally that the United States sells a lot of goods to is not the "best way to move forward." He added that there may be retaliation from other countries due to the tariffs. "You can't be unilateral with these things," he added.
Digital Marine Solutions Names Østergaard Executive Chairman
Digital Marine Solutions AS (DMS), the parent company of C-Map, has appointed Paul Østergaard as executive chairman. Together with the DMS board of directors and the C-Map leadership team, Østergaard will develop and implement the company’s strategic plan and lead the company in achieving its growth targets for 2017 and beyond. Østergaard began his career as an officer with the Danish Royal Guards and then spent five years with ship-owner J. Lauritzen in commercial and operational roles in Denmark and Brazil.
Macquarie, Goldman Sachs to Buy HES International
Infrastructure funds managed by Macquarie and Goldman Sachs have agreed to buy Dutch port terminals operator HES International from owners Riverstone and The Carlyle Group, they said on Tuesday. Terms were not disclosed. Reuters reported in February that Macquarie and Goldman funds were poised to buy HES for around 2 billion euros ($2.45 billion). HES is one of the largest diversified port terminals businesses in Europe with 18 dry and liquid bulk terminals. Reporting by Toby Sterling
Share Holders Okay Macquarie, Goldman Sachs to Acquire HES International
Riverstone Holdings and The Carlyle Group jointly announce that they intend to sell HES International to a consortium of Macquarie Infrastructure and Real Assets (MIRA) & Goldman Sachs. Macquarie European Infrastructure Fund 5, which is managed by MIRA, and West Street Infrastructure Partners III (WSIP), which is managed by the Merchant Banking Division of Goldman Sachs, have reached an agreement in principle with Riverstone Holdings and The Carlyle Group to acquire HES International.
Oil Steady, Supply Outlook Unclear
Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0.4 percent, at $54.97 a barrel by 11:43 a.m. EST (1643 GMT). U.S. West Texas Intermediate crude for January rose 6 cents, or 0.1 percent, to $51.96 per barrel on its last day as the front-month. "Implied U.S. output increases...will offset a significant portion of the planned OPEC production cuts especially since we don't anticipate sustained strong compliance," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.