As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500…
Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million…
Sovcomflot Gets $149m Credit Facility for LNG Carrier
Russian maritime shipping company Sovcomflot has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank, KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.Russian shipowner specializing in petroleum and LNG shipping said that the funds will be used towards financing the construction of a new generation 174…
Saudi Aramco, Petronas tap Banks for Jumbo Financing
Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.The two state energy companies borrowed $8 billion from a large consortium of international banks…
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn.
China Cash Boosts African FLNG Projects
China aims to become lowest-cost seller of FLNG plants; its shipyards to build floating plants for African projects. China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s.
U.S. Crude Below $50 On Inventory Build
U.S. crude oil stocks hit record high 528.4 mln bbls; oil prices recover some ground after huge sell-off. Oil prices fell more than 2 percent on Thursday, extending the biggest falls this year as record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts. Crude oil stocks in the United States, the world's top oil consumer…
Gunvor Signs $1.67bn Loan Refinancing
Swiss oil and energy trader Gunvor Group has signed a $1.67 billion revolving credit facility to refinance a US$1.15bn facility from November 2015 and a US$85m facility from November 2014, the company announced on Thursday. The financing, which represents a 30 percent increase in total available facilities, will be used for general corporate purposes and working capital requirements.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility…
Oil Falls on Persistent Glut Fears, China Data Supports
Crude futures dipped towards $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery. Losses were capped by slightly better-than-expected Chinese economic data reflecting government efforts to stabilise growth as well as a drop in Chinese domestic production. Brent crude futures were down 16 cents at $47.21 a barrel at 1140 GMT…
Noble Group Targets $500 mln cash call, Founder to Step Down
Chairman Richard Elman to step down within 12 months; moves comes just days after CEO quit. Noble Group is raising about $500 million from a deeply discounted share issue, cutting jobs and losing its Chairman Richard Elman who is stepping down, capping a tumultuous week for the embattled commodities trader. Friday's announcement of the planned departure of Elman…
Van der Veer Elected to Statoil Board
In a meeting in the Corporate Assembly of Statoil ASA on 17 March 2016, Jeroen van der Veer was elected as a new member of Statoil's board of directors. Van der Veer was the Chief Executive Officer in the International oil and gas company Royal Dutch Shell Plc (Shell) in the period 2004 to 2009, when he retired. Van der Veer thereafter continued as a non-executive director on the board of Shell until 2013.
Statoil Reccommends Van der Veer for BoD
The nomination committee in Statoil (OSE:STL, NYSE:STO) recommends that the company's corporate assembly elects Jeroen van der Veer as a new member of Statoil's board of directors. Van der Veer was the Chief Executive Officer in the international oil and gas company Royal Dutch Shell Plc (Shell) in the period 2004 to 2009, when he retired.
Trafigura Launches US$4.275bn Loan Refinancing
Commodity trading house Trafigura has launched syndication of a US$4.275bn multicurrency revolving credit facility to refinance its existing US$5.3bn flagship European facility that was signed in March 2015. The loan comprises a 364-day tranche and a three-year tranche. A London bank meeting will be held on January 20 and the financing is expected to close in late March, the company said on Thursday.
Glencore Launches Loan Refinancing
Global diversified natural resource company Glencore has launched senior syndication of a refinancing of a US$8.45bn, one-year revolving credit facility that it signed in May 2015, banking sources said on Thursday. The facility supports the company's trading activities. A company spokesman confirmed that the refinancing was underway. Normally the company would begin the refinancing process in April…
Oil Up on OPEC Price Optimism
Weaker dollar, OPEC demand outlook support. Oil futures rose towards $48 a barrel on Monday as OPEC said it expected global demand to remain strong next year, while weak Chinese trade data and concerns over rising supplies weighed. A weaker dollar further supported oil, with Brent crude for December delivery up 53 cents at $47.95 a barrel by 1145 GMT, after falling more than 4 percent last week. December U.S.
MET Holding Gets Syndicated Market Loan
Swiss-based energy sales and trading group MET Holding AG signed a 400 million euro syndicated market loan with five banks late last month, ING Bank , one of the participating banks said in a statement on Monday. The other four participating banks are Credit Suisse AG , Citibank Europe Plc., Hungary's OTP Bank and UniCredit Bank Hungary Zrt.
Bankrupt OW Bunker Subsidiary Owed $329 mln
Dynamic Oil Trading (Singapore), a subsidiary of bankrupt ship fuel supplier OW Bunker, is owed $329 million and its liquidators said on Friday they are investigating the company's dealings with another Singapore-based marine fuel firm. OW Bunker, once the leading supplier of marine fuel oil with a 7 percent market share, filed for bankruptcy…
KPMG, PwC Work Together on OW Bunker Debts
The liquidators of OW Bunker Far East KPMG has agreed to work with PricewaterhouseCoopers on the collection of monies owed to the marine fuel company, which has an outstanding debt of $330 million, a press release said on late Monday. OW Bunker, once the leading supplier of the marine fuel oil with a 7 percent market share, filed for bankruptcy…
Dorian LPG Lands Debt Financing for Newbuilding Program
Dorian LPG Ltd. a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), today announced that is has received commitments for up to $761 million of debt financing for its VLGC newbuilding program. ABN AMRO Capital (USA), LLC ("ABN AMRO") is acting as Global Coordinator, and Citibank, NA, London Branch ("Citibank") is acting as Export Credit Agency Coordinator. The financing has four separate tranches.
