Tag Archives: noble group

STAR ???? Hello Star

Noble’s Star Gasoline Trader Sinenko Said to Join Gunvor

Gunvor Group Ltd. has wooed Noble Group Ltd.’s star gasoline trader to join its expanding U.S. operations as an exodus from the struggling Asian trading house continues amid asset sales and a debt restructuring.

Dmitri Sinenko, one of Noble’s top performing oil traders, has agreed to join Gunvor’s U.S. operations… -Bloomberg

 

 

There is a few myths and misconceptions in the presser starting by STAR ??? Hello star.

On the cash-flows statement basis the U.S pipeline trade is absolutely what has killed any ray of hope for Noble of breakeven and paying back the borrowing base. https://noblegroupresearch.wordpress.com/?s=oil+liquids

 

The ‘Co-Stars’

.

In our book, the co-stars Dmitri  https://noblegroupresearch.wordpress.com/tag/dmitri/ and Jeffrey “Chief Relaxation Officer ” Frase, simply put, are synonyms of two high overheads.

.

Noble Americas Oil Liquids was Noble’s last hope and they have bet everything on the same horse.

Noble Group Business

For the records they were given a blank card and what they did with it was roulette “double the stakes or quit” losing million dollars in negative cash flows per day depending on how you read how Noble torture its operating income from supply chain and  non-cash mark-to-market unrealised observable positions or its (bogusphysical turnover.

.

If you want to know the real story of Noble Group, it is pretty simple:  in trading you can’t be just a second or a third, it cannot and won’t work.

.

.

“Even with massive refineries shutdown of a historical proportion in the wake of Harvey flooding, Dmitri has not break-even, was losing Noble Americas Corp. half a million a day on his pipelines trades.”

.

A 3rd or a 2nd won’t make it. It’s not enough. You need to get everything right and 10/10, or the market will grind you down to the ground.

.

the Noble Files 高贵组文件 研究

Advertisements

Noble’s “Reverse Working-Capital”…

All traders share an aspiration to borrow OPM and most of them, one day, will trade with money they aren’t eligible. Noble fell very young in the powder pot.

At one point in the time, Noble Group certainly received liquidity that they didn’t qualify for–Now the same banks are scrambling to unwind Noble’s balance sheet.

From FT

“Noble said the lower than expected sale price for its gas and power assets reflected the conversion of working capital into cash and a revaluation of trading positions due to “market volatility”.

“Mercuria had paid $102m for the business and deposited a further $83m in an escrow account”. 

“That figure is much less than the $261m Noble estimated it would be paid for the business last month when it asked shareholders to approve the sale”.

  • The conversion of working capital to cash assets is the portion attributed to the Gas/power unit on Noble Group Q3’s consolidated Balance sheet, Statements of Cash-Flows and Income statement.

.

  •  $76,000,000 of Noble Gas & Power valuation was the working capital attributed to third parties or Banks (payables finance, inventory finance, receivables finance).

.

  • Mercuria has paid the agreed price on the BUs to the seller minus this reverse-supplied capital by third-parties e.g restating the sales and actual P&L of Noble Gas & Power.

 

Mercuria Noble Group value breakdown.png

 The unit was marked by Noble at $394M in 1H-2017.

  • The $185M paid by Mercuria for Noble Gas & Power also suggests that Noble self-estimated the BU at more than twice its net asset value.

“Under a deal agreed in the past couple of weeks, Mercuria has given Noble access to $400m of its unutilised credit lines in return for a fee and information about its trading positions in coal and iron ore, according to people with knowledge of the arrangement.”

To avoid confusion, Mercuria isn’t altruistically given access but is tentatively placing the deal externally for a 200-250bps fee, contingent to 80/20 banks money and two leveraged funds money-without any risk or fiduciary relationship to the related parties we muse.

These funds are not first-payee loss in the case of a total loss / get whacked.

(EFA and Inoks Capital) target 1000-1200bps net returns in Asia trade finance coveting borrowers who do not have a credit rating  / or that banks just don’t want as clients (the rotten fish).

Cost of capital is cheap, albeit distorted by low rates. 

Noble Group is the perfect designated candidate: has destroyed its credits and its WACC represents the best uncorrelated opportunity on a risk-adjusted basis.

(Except for two minor details).

  1. The counterparty in the transaction contemplated by the funds doesn’t trade for a profit.
  2. Doesn’t generate cash as the banks unwinding the counterparty’s balance sheet.

We think concerned investors would like to develop a discussion with their private wealth advisers.

Among other things EFA and INOKS disclose very little the break-down of their funds other than a monthly return or geographies. This is perhaps the only real “informational advantage” that the “trade finance funds” have.

The Noble Files 贵族档案

Nothing good out of Noble camp

“Salad Dressing”

On Dec 31th 2016, the coal and gas PnL is up by about $500M with no reason, simultaneously the MTM on Commodity Contracts was also up by the tune of $500M ?!

Negative CFO -900M for Q4 told a different story than their P\L that we can only tell.

In the past we have expressed reservations about the uncertainty surrounding the outcome of Nobles Financials as well as the risk that financial losses would continue.

gative CFO -900M for Q4 tells a different story than their P\L that we can only tell.

To us there should be no excuse for non-performance. Its toleration shows the kind of risk management that Noble had.

In commodity trading, the unfolding of the Tradetocash is plainly and simply the bread and butter.

When the firm is questioned, and it’s unclear from the answers they give how they make the bread plus this firm doesnt show the butter : there is a problem and it should be stopped.

“At Astra Oil Trading N.V, “ASTRA” we had to least produce enough steam for $1.6M (to cover our 8 salaries, office overheads and misc expenses…) before making any profit in our pockets. It was the low-hanging food set by the line manager”.

On day one, I was told my raison d’être: we hire and pay you specifically for one reason, protect the cheese“.

Until December 31th, at 15 to Midnight it was like skating on the thin ice over a lake“.

A First class Operator in Conmodity Trading.

Via http://wp.me/p3k7lL-62i

This time Noble (來寶集團) will work for itself, not for the banks…

Last year we predicate that refinancing Noble (來寶集團) would be a lose-lose deal in which everyone would end up looking bad.

 

“At some points the Banks must get out, must unload the RCF risk with the red pill and it means that Noble will work for the Banks”.

“This is the equity offering of a company with very questionable or no prospects, transferring risks to retail investors”.

In short, this is a lose-lose deal in which everyone ends up looking bad”.

Refinancing Noble: a Lose-Lose Deal

March 16, 2016 

–  the Noble Files 高贵组文件 研究

The only thing we got wrong in 2016 is that some Banks would still accept to refinance the liabilities of Noble (來寶集團) on the back of an equity raising.

The investors have eaten the red poison pill and we simply overestimated their level of sophistication.

Can anybody look back and say it was good to let Noble raise more than 1.2B in equity offering and bonds ?

  • The 750M bond raised is traded at 40c on the dollar.
  • Equity investors who also subscribed to the 500M share rights issue at 0.20/share are now at 0.03…


Success can’t be imposed on this circus.

As of Q1-2017, Noble Group (來寶集團) had $3,4B of marked-to-market fair-value gains on derivatives and commodity contracts.

What does the $3.4B MtM figure represents ?-this MtM is not contracts that can be liquidated to cash.

Given that the Operating loss is created by a mismatch between the level of profits booked on these derivatives and commodity contracts and their underlying expected cash-flows, the real nature of this MtM can be viewed as an expensive liability that Noble (來寶集團) has to roll-out.

Noble (來寶集團) has even pushed back against guidelines in Singapore for disclosing information on its executives’ remuneration.

Perhaps Noble (來寶集團) needs to raise another 2B to pay coming debt retirement (reassure the lenders that they refinance the fair to arrive net equity on a future solvency basis) – as the book doesn’t generate positive cash-flow since 44 months.

It is no longer a working capital shortfall that we observe but the liquidation of a trader  (virtually silent in the physical market)…

Lenders will choose to roll up credit. IF not, they precipitate a restucturing which is told to be not in the interest of the 2020 and 2018 bond holders (FT).

 noble group fate.png

It should be pretty clear.

This time Noble (來寶集團) will work for itself, not for the banks.

On the road show, Noble has asked the permission to decrease its net equity.

It wants to set its own “term sheet” and its covenants to be relaxed, exactly the opposite wanted by the other side.

4 Banks are long with a $1.5B exposure left with this intermediate situation :

 

 

the Noble Files 高贵组文件 研究

Banks Chasing the”tails” in Hong Kong -The Noble Group (來寶集團)

Noble Group (來寶集團) has no or few audited flow supporting their 48B$ sales of commodities.

According to the industry, their turnover, by any account, would appear as vastly overstated.

At an average of 10 days shipment and with cost of the goods sold of $48.58B FY16, the average inventory in transit recorded by Noble would have to be at least $1.256B. The the audited number was only $2.6M FY16.

FY2016 The average transit time of Noble was now 0,019 days, either implying that Noble has used scuds to ship the company  or that the corporation had a COGS inflated by 10 to 15 times in 2016.

Noble Group inventory in-transit

Noble Group Ltd. Financial Statements 31 December 2016

As of May 2017 the company had YTD losses (330) Millions in operating cash-flows but self-assessed itself with a net equity of $3.849B while of this net equity is tied to the fair value gains of its derivative and long-term commodity contracts.

Iceberg Research, the research firm has challenged Noble Group (來寶集團) over mark-to-market accounting of these contracts.

Bankers know that the last 24 months have been punctuated by a series of catastrophes, credit downgrades and bizarre resignations at Noble.

CEO ex-GS Alireza, Mr. Elman and Noble Group’s chief financial officer Robert van der Zalmin in particular who has stepped down from his position after taking a leave of absence for “health reasons”.

Traders (smart money) have also left at the right time. (Fabrizio,Steve Bader, Paolo B, Ted, Doug M..)

As of Q1-2017, Noble Group (來寶集團) had $3,4B of marked-to-market fair-value gains on derivatives and commodity contracts.

What does the $3.4B MtM figure represents ?-this MtM is not contracts that can be liquidated to cash.

noble group enron

Mark-to-market (M-t-M)

To mark-to-market is to calculate the value of a financial instrument (or portfolio of such instruments) at current market rates or prices of the underlying.

http://www.risk.net/definition/mark-market

Example for illustrative purpose:

On 1 Jan 2017: Noble buys 2,000,000 MT for June 2019 delivery at $59/mt. It turns immediatly in the derivatives market and sells the equivalent of 2,000,000 MT of paper contracts. This is the Coal API2 Argus futures contracts.

This is the Coal API2 Argus Futures Contracts.

COAL API2.png

Timeline

1 Jan 2017: Noble has a +MtM of 0 (Contract price is $59 and the Argus Futures is at $59)

1 Feb 2017: The Argus Coal API2 futures is at $64,25. The +MtM on the coal contract is +$10,5M

20 March 2017: The Argus API2 Futures dropped to $59,25/MT The +MtM on the coal contract is +$500K

1 May 2017: The Argus API2 settled at 62,55 and the +MtM on the coal contract is now +$7,1M

Noble Group MtM on Coal contract:

mtm coal noble group.png

The 2,000,000 MT of Coal produces a MtM gains between $500K and $11.5 millions.

seanergy-maritime-capesize

Capezize Ship

In order to produce $3.4B of MtM gains one would have to buy not 2,000,000 MT of coal , as in this example, but nearly 958 million metric tons – the equivalent of 6937 Capezize cargoes Richards Bay-Qingdao, China or 5 voyages per week for the next 13 years… plus an equivalent position in the derivatives.

This represents a considerable tonnage even for the largest firms of the industry (Cargill, Rio Tinto, BHP, Vale, Anglo American) put all together.

According to BP statistical review of word energy 2016, the world coal production was 786.1 million tonnes (2015)…

An inevitable conclusion is that Noble uses a mountain of derivatives to maintain its MtM coal pile or … something else

Back-of-the-envelope calculations suggest that the $3.4B MtM mark used by Noble Group(來寶集團)  translates to coal hedges at 479 USD/MT– The Argus APi2 CIF Rotterdam futures in the $60s/mt.

So…. Accounting fraud …. ?

Won’t  be the first time…

These days Noble is looking to refinance a $3.849B net equity. which has more the financial substance of a “Fair-value to-arrive equity” (sic)

This happens at a moment when Noble has just screwed up both its recent fixed income investors and shareholders.

The thing that frightens banks the most is not having a good risk management process in place because it opens the possibility of financial losses and frauds. A trader with no risk management is like playing roulette; double or quits.

Fraud is the worst nightmare for any bank specialized in commodity lending, but some will always chasing the“tails” in Hong Kong no matter what.

the Noble Files 高贵组文件 研究

Noble Group: Anatomy of a Zombie Trader

Noble Group Says Listing Top Execs’ Pay Would Hurt Its Standing…

Noble Group Ltd., the embattled commodity trader, has pushed back against guidelines in Singapore for disclosing information on executives’ remuneration.

What  would hurt more Noble Group’ standing than the compensation of their Managing Directors that the company has refused to advertise in an exchange query: It’s shaky financials.

Noble Group has booked gains on these contracts to the tune of 102% of shareholder equity as of April 2017.

The company has unrealistically booked large profits on long-dated contracts ($3.6B), the value of which relies on input assumptions that are not market-observable…

Two small things to worry about Noble’s are the valuation and the uncertainty of the cash realization of these gains.

One of these gains booked is on a 10 years offtake agreement with Sundance Resources (problem: it’s a junior Australian miner with production starting in 2019 (opps!)

Noble has repeated that these contracts were correctly valued. Then in 2016, 48 hours before the publication of their FY15 annual results, Ernst & Young suddenly realized that these contracts had to be impaired by $1.1b.

At least if you were a buyer, you would expect to pay for assets generating positive cash-flows.

Problem is that Noble Group has generated negative cash-flows from the operations to the tune of and -$1600M in 2014, -$600M in 2015, and -$900M in 2016 (and I also reckon that its cash flows from operations didn’t even covered the cash interests expense of its debt service in Q2-2016…)

Noble group has no intrinsic value (by DCF).

It remains difficult to value them and put a ballpark price but no, the current price share doesn’t reflect the accounting issues and net equity issues of the trader.

OCBC bank and many analysts at brokerage houses bave simply stopped the coverage the company. Compliance officers now refuse them to cover the company on reputational risk.

It is also said in the market that the company is likely also good candidate for a downgrade by S&P.

The trader has lost its access to their counter parties in the commodity market because of stricter limitations to deal with them now. (must put down collateral to execute trades that in the past required none)

If one wishes to be very conservative:

Exclude the $1.6B inventory from its liquidity- it belongs not to shareholders but to banks and is used by Noble as the collateral to pony up $5B borrowings with the banks (because Noble Group also celebrates the envied 4th position among the top 10 commodity borrowers in the world…).

The cash realization of these gains:

Noble’s “Net Fair value on commodity and derivative instruments”. End FY 16, the net gain in fair value stands at 2,776,419,000 while end FY 15, it stood at 3,178,351,000.

Noble should have realized approximately 400,000,000 of gains, however cash flow shows its has only realized about 234,234,000 in gains (57% of the amount).

The valuation of these gains:

So one could conservatively remove the fair-value gains from Noble’s net equity computation, or give it a haircut of say 60%) when valuing the company.

Have you hear about something called inverse-leverage

The problem is that it cannot be done because a depreciation net fair value G/L gains on commodity contracts of -19% would render Noble Group insolvent and precipitate the Asian trader into liquidation.

The further that the coal API2 curve goes on the Bloomberg terminal is 5 years… I’m curious how does William Randall, Coal Kingpin Australian brainmaster of Noble Group pulls out a 30 years mark-to-market gains. what’s that !

Do people realize that IF Noble Group contracts were properly valued a long time ago a credentiate trader (such Castelton Commodities) or and investor (like Temasek) could have bought them out.

This said, the thought process at Noble isn’t very different from the rest of the industry peers (Glencore…)

e.g MDs in independent units, under minimal supervision have crafted positions that have bleed into outright wagers. With limited trading views, constantly fight the HQ to punt more working capital.

Their entrance in some commodity markets has been always marked by spectacular moves.

Their tactic has been volume is at any cost, throwing their weight around; (Noble Agri, Noble Americas…)

This has naturally created a pattern of brutal exits.

Noble Group 4th position on the top 10 commodity borrowers

Congratulations to Noble Group who now makes the top 4th position on the top 10 commodity borrowers list

Figure_1

With $5B, Noble Group makes the top 4th position on the top 10 commodity borrowers list. Cautionary tale:  We need to know with some precision what Noble are actually using the money for.

Noble is known remarkbly active in the financing market but less in the commodity market.

The struggled acquisition of Noble Agri by Cofco has shown how difficult it is to impose success to a company’s assets with a substantial booked value despite no acceptable performance and very few financial substance (if not any of it).

 

The Noble Files 贵族档案

More people doubt the revenues of Noble Group.

Noble Group inventory in-transit

Noble Group growth seems very artificial,  volume is at any cost in order to compel name recognition.

A great deal of criticism should be levelled at Noble Group for their lack of financial substance.

How can any trader in the world have an Inventory-in-transit of $2.6M for a  cost of goods sold of $48.524B ?

sales peers noble

If we believed Noble, by its revenues, the Singapore-listed trader would be a trading giant second to Mercuria, (company with traceable flows and assets).

However the revenue per employee of Noble’s peers, only brings more questions about the veracity of Noble Group reported revenues and volume.

noble employee per sales

The revenues/employee of Mercuria and Gunvor put Noble Group in the   88.4B$  revenues fork.

At $101M per employee and the sales of Mercuria, Noble would have estimated $8B revenues.

At $4.9M per employee and the sales of Gunvor, Noble would be a $8.4B revenues company.

The audited inventory-in-transit, the level of RMI, and the peers analysis both place Noble as a company with implied revenues 11X to 12X less than the amount reported.

It is not clear how Noble can claim a turnover of nearly $100B per year with an unaudited physical traded volume of 182 million metric tons (2016) and 183 million metric tons (2015).

Noble is known very active in the financing market.

Yet no evidences have suggested that the physical operation of Noble  possesses any of the hallmarks normally associated to one of the largest commodity trader (chartering of ships and by tonnage)…

Noble Group has generated negative cash-flows from the operations to the tune of

-$900M in 2016,

-$600M in 2015

and

-$1600M in 2014.

Worse, the core of its booked net equity which is 102% of fair value gains/losses booked on assets.

How a company with no acceptable performance can still present a net positive equity of $3.92B ?

With $5B, Noble makes the top 4th position on the top 10 commodity borrowers list.

Figure_1.jpg

TXF data

Cautionary tale:   We need to know with some precision what Noble are actually using the money- for ato-arrive net-equity” that the trader has  to continuously re-finance.

The struggled acquisition of Noble Agri by Cofco has shown how difficult it is to impose success to a company’s assets with a substantial booked value despite no acceptable performance and very few financial substance (if not any of it).

Noble is known as remarkably active in the financing market but less in the commodity market.

These anomalies only reinforce our belief that Noble is not even close to one-fifth of the $97 billion sales company it touts to be.

The Noble Files 贵族档案

Noble Group’s “Fair-value to-arrive equity”.

The Net Equity (Assets-Liabilities) is used by lenders to fund a trader.

Noble Group has not built net equity, losing more than $3B in Free-cash-flows over the last 29 months.

This is the loophole:

The backbone of Noble Group’s net equity represents future gains on commodity contracts that are re-evaluated/impaired only once a year under IFRS 13-Fair Value Measurement. Net Fair Value G/L on commodity contracts accounts for more than 102% of Noble Group’s equity.

Not only this FV on G/L can be improperly valued.

Noble has also to fund this “Fair-value to-arrive equity”.

Noble is not worth its book value, or even 62% of its book value. It is worth much less than that, if there is any residual value left. Discussions are only at early stage and due diligence typically takes six months to a year. Any potential investor needs to value the commodity contracts, which are the heart of Noble’s financial manipulations. This includes the fair value gains ($4b, nothing less than 102% of equity) but also importantly the future liabilities ($1.7b). The investor has to make sure that no off-balance commitment is hidden, etc. This is a very lengthy process. After we published our reports, Noble kept repeating that these contracts were correctly valued. Then 48 hours before their 2015 annual results, Noble and its auditor, EY, suddenly realized that these contracts had to be impaired by $1.1b. Oops!…

So are commodities contracts (assets and liabilities) correctly valued now? Of course, they are not. Noble has been battling liquidity issues for months and any trader would have sold these contracts a long time ago if they were valued correctly.

read more

Noble Americas Energy Solutions: Is Noble framing a situation different from the reality ?

If you were sitting on a trading desk like Noble Americas Energy Solutions, expecting power prices to follow record loads last summer, you would have been be sorely disappointed.

In August, Peak power prices for ERCOT, during the record demand, averaged near mid-$40s/MWh, hardly a level one might expect when compared with events in the past as prices were seen moving up and sometimes in the $400s/MWH territory for real-time markets.

header_logo

THE ENDANGERED BUSINESS MODEL OF NOBLE AMERICAS ENERGY SOLUTIONS:

In most cases, when a market is short on supply, this situation presents an opportunity for someone like NAES to step up to fill in a gap.

-Short-term contracts that typically involves scheduling in the day ahead market and selling when the prices are moving up. 

-With respect to volatility, these contracts do not generate profit at a low variance. 

-NAES are also securing the shorts under long-term contracts, selling power to counter-parties assuming that higher electricity prices will materialize over seasons, years.

In a presentation, Noble valued these contracts at a book-value of more than $1.45 billion.

It is not a coincidence if the Singapore-listed trader, who is at the center of a profit accounting dispute, has hired Morgan Stanley for the disposal of Noble Americas Energy Solutions. 

Why aren’t they de-listed ? 

To facilitate the disposals is the 1ST REASON.

The current market situation in the U.S power is not a compelling business future case for Noble Americas Energy Solutions, (path dependent for the group own survival). 

This should cause a little concern among those who are trying to determine the intrinsic value of NAES currently on the sale block.

They have lost more than $3B in FCF over the last 24 months.

During Q2, the cash-flows from the operations didn’t even covered the cash interests expenses of their debt service.

Given that the trader is not generating cash and cannot expand its borrowing base, we can only assume that they are told that they have to sell Noble Americas Energy Solutions to repay the debtload. 

This is at 20-50% below the advertised book value to hit a bidder => and the house will consequently have to raise a significant shortfall in equity to repay the loans its lenders $3 billion, hence outlining the second and last REASON explaining why the Noble Group counter has remained listed on the Singapore Exchange at the present time.





How the “core assets” (contracts) are now performing ?

products

“One trader in the states keeps making huge money every year on pipeline deals, without him the story of oil liquids as a whole would be completely different.”*

 

  • Oil liquids had an EBIT of $646M in 2015, thanks specifically to three deals on Colonial, Magellan and Explorer pipelines.
  • In the past because they had just to sit  and were making money.
  • Now the majority of these deals are the red, some are losing -1c/gal/cycle, the trader has to keep losing money only to conserve its priority on the lines and fill its contracts until an arbitrage arise.
  • It is publicly known that the value of the lines have dipped into negative values for the shippers like Noble (implying no price arbitrage) –
    e.g

    the Positive MTM Fair Value MTM that the trader has on these commodity contracts has also to be marked down.

  • The trader has no refineries and unlike BP and Shell cannot afford to lose money each day in transportation to regain everything in cracking margins and volume % market share.
  • It is well-known that Noble is Asia’s largest commodity trader but its role in America has remained largely ignored in the public.
  • FYI Noble Oil liquids is shipping in excess of 1 million barrels per day, it is the largest gasoline blender in North America.

 

Knowing that:

  • Noble Oil Liquids operates in the [1 – 1.8] % sub-margin band and accounts for more than 70% of the operating income of the supply chains at Noble.
  • Several traders have cut their bilateral opened-credit lines with the “big swinging dick”.

 

How the “core assets” (contracts) are now performing ? 

Bye Bye positive Cash-Flows; Welcome MTM Gains ?

 

Today Noble’s narratives are muttered, find only why.

Refinancing is reported under-subscribed and on highly disadvantageous terms.

Continue reading Bye Bye positive Cash-Flows; Welcome MTM Gains ?

Profit and Losses (P&Ls) in Real Terms

P&L IN REAL TERMS

You’d expect to have the P&L stated by US$ 100,000 of capital used.

 Noble profitability

Figure-4 Noble Group Profitability per $US 100,000 of capital

Figure 4 tells us that if Noble Group’s profit is too low / expansive in real terms.

In all fairness, Noble Group doesn’t make it and if is was a trade floor at a bank, they’d be cut out.

The commodity trading unit is at least two to three times less than the threshold that a JP Morgan or a Citigroup would set PER $100,000 for their proprietary capital.

Bankers, arguably the experts in risks, do not trade a very-low profitable book and lend money to the cash-addicted company instead of trading directly.

You would also expect to have the P&L PER US$ 100,000 of capital stated in relative terms:

cargill profit

Figure-5 Noble Group Profitability per $US 100,000 of capital vs Cargill

GHOST SHIPS

By all accounts, the physical oil or coal volume traded by Noble Group Ltd. would place them in the world’s largest charterers of ocean-going vessels.

energy-noble-group

Figure 2- Segments Results

Can the commodity trader seriously trade over 3 Million barrel equivalent per day ?

“Don’t kid yourself, with Noble you can easily cut the apple in 4 or 5 “.

 Legendary oil trader

energy fixtures noble group

Figure 3- Top Reported Dirty Spot Charterers for 2015

150 Millions metric tonnes of Oil liquids is a volume greater THAN the SUM of:

ST SHIPPINGShipping arm of Glencore.

CLEARLAKE, Shipping arm of Gunvor.

TRAFIGURA…

CSSA, Shipping arm of Total S.A

and the Shipping arm of BP all combined…