rss icon Subscribe
desktop mobile

Noble Group Sells Four Vessels to Cut Debt

Photo: Noble Group

By Aiswarya Lakshmi

Hong Kong-based struggling commodity trader Noble Group will sell four dry bulk carrier vessels for about $95 million, as it looks to cut debt to keep its business running, reports Reuters.

According to company statement, net proceeds from the disposal, following repayment of bank loans associated with the ships and other costs, will amount to about $30 million.
Noble said the sale of the vessels was expected to close next year between March 10 and May 31 and would not significantly impact the operations of the freight business.
Once Asia's largest commodity trader, Noble Group's decline since 2015 has been marked by losses, concern it won't be able to pay its debt, and accusations from Iceberg it inflated the value of some contracts, said a Bloomberg report.
Meanwhile, Iceberg Research made a fresh attack on Noble Group saying that its balance sheet may still mask problems and that the company's bid to restructure its obligations won't lead to a turnaround.
In a letter addressed to Noble's creditors, the research outfit also said that Noble Group does not have good traders, that it is overly optimistic on the valuation of its remaining assets, and that the group's liabilities have been "drastically undervalued".

Nov 28, 2017

 

Finance

Cruise Ship Construction: China Rising

3.jpg

China earns cruise newbuild business, aims for ship financeWhile China has steadily built

Danaos Corporation Refinances USD 2.2bln in Debt

Image: Danaos Corporation

Danaos Corporation, a leading international owner of containerships, has reached an agreement

Schulte Group Confirms Cypriot Connection

(Photo: Courtesy Helix)

The Cyprus shipping sector continues to make news, as Dr. Heinrich Schulte, the chairman of the

Legal

Vessel Response Plans: A Primer for the US Waterfront

(U.S. Coast Guard photo by Tom Atkeson)

Congress enacted the Oil Pollution Act of 1990 (OPA 90) a mere 17 months after the disastrous oil

China to Cut US Oil Imports Amid Trade Spat

© Igor Groshev / Adobe Stock

Chinese oil buyers will keep taking crude from the United States through September

Danaos Corporation Refinances USD 2.2bln in Debt

Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.

Maritime Apps