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Thursday, June 20, 2019

Barclays News

Prasanta Roy (Photo: Sailors’ Society)

​​​​Sailors’ Society Appoints New Director

Maritime Charity Sailors’ Society welcomes Prasanta Roy as its new director general.Roy, who has 25 years of experience in leadership and governance within the banking and finance industry, is stepping down as a trustee of the charity to take the key role.Sandra Welch, previously the Society’s deputy CEO and director of program, has been promoted to chief operating officer. She will continue to head up global program delivery as well as taking on additional responsibilities across the operations of the Society…

(File photo: Port of Long Beach)

Automating Freight Forwarding Must Be Done Strategically, Says iContainers

Automation is one of the hottest topics in freight forwarding, especially among the new digital freight forwarders, all wanting to transform this immense and complex world of ocean freight with technology.But these claims of ‘disrupting’ the industry have raised questions, especially in relation to their impact. Studies published by Barclays and more recently, Transport Intelligence, noted the lack of an impact from this ‘disruption’ - as claimed by many of these new digital freight forwarders.The opportunities are there.

(Photo: DP World)

DP World Markets Eight-year Euro-denominated Bond

Dubai's port operator DP World has started marketing an eight-year euro-denominated bond, a document by one of the banks leading the deal showed.The transaction would add to the expected issue of 10-year sukuk, or Islamic bonds, and 30-year conventional notes that the company started marketing to investors earlier on Tuesday.DP World, rated Baa1 by Moody’s and BBB+ by Fitch, has given initial price guidance of around 185 basis points over mid-swaps for the euro-denominated notes, the document showed.Barclays, Citi, HSBC, and Societe Generale are arranging the deal, which is expected to price l

(Photo: DP World)

DP World Plans 10-year Dollar Sukuk, 30-year Conventional Bond Sale

DP World, the Dubai logistics group and one of the world's biggest port operators, will meet fixed income investors ahead of a planned 10-year benchmark dollar sukuk offering, a document issued by one of the banks arranging the potential issue showed on Monday.The company has hired Barclays, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Société Générale and Standard Chartered Bank as joint bookrunners for the planned sukuk, or Islamic bond.

Manfredi Lefebvre D’Ovidio (left) shakes hands with Richard D. Fain after signing a deal that gives Royal Caribbean a 66.7 percent stake in Silversea (Photo: Silversea Cruises)

Royal Caribbean Buys $1 Bln Stake in Silversea Cruises

Royal Caribbean Cruises Ltd (RCL.N) said on Thursday it would buy a 66.7 percent stake in privately owned Silversea Cruises for about $1 billion to add ultra-luxury and expedition cruises to its fleet.Silversea Cruises, which has nine ships, sails to destinations including Antarctica, the Arctic and Greenland, with most of its tickets selling for more than $5,000.In contrast, the most expensive cruises run by Royal Caribbean under its Azamara Club Cruises brand cost around $3…

© iamchamp / Adobe Stock

Data Overload: Commodity Hedge Funds Close as Computers Dominate

"Chocfinger" made his name and his money by taking bold bets on cocoa markets. But after nearly four decades of trading, sometimes winning, sometimes losing, Anthony Ward threw in the towel. Ward blames the rise of computer-driven funds and high-frequency trading for forcing him and some other well-known commodities investors to close their hedge funds and look for opportunities where machines can't make a difference. While computerised trading is not new, Ward and others argue…

Wan Ching Chiang (Photo: LISCR)

Liberian Registry Strengthens Asia Team

The Liberian Registry has announced strategic new appointments in a number of key areas within the Asian regional offices operated by its US-based manager, the Liberian International Ship & Corporate Registry (LISCR). Wan Ching Chiang has been promoted to Registrations Manager for the Liberian Registry in Singapore. Chiang is embarking on her fifth year with the Liberian Registry, which she joined as Registrations and Corporate Coordinator. In her new role, she will be overseeing…

Mark Whitworth (left) and Andrew Percy MP Photo Peel Ports

Northern Powerhouse Partnership Meet at Liverpool

Peel Ports has hosted the inaugural meeting of the Northern Powerhouse partnership at the Port of Liverpool today (8 December). The initiative is creating a new network to help grow the Northern economy and aims to champion the area’s strengths and promote local developments. Topics at the first meeting included transport and connectivity, the government’s industrial strategy, quality of life improvements and how partners can work together to support the Northern Powerhouse programme.

CEO and President Carl Trowell

Ensco to Present at Barclays CEO Energy-Power Conference

Ensco (NYSE: ESV) announced today that CEO and President Carl Trowell will present at the Barclays CEO Energy-Power Conference in New York City on Wednesday, 7 September 2016, beginning at 10:25 AM EDT. Investor materials to be used during the conference will be available on Ensco’s website at www.enscoplc.com the morning of the event. A live webcast will be available at the time of the presentation in the "Investor Relations" event section of the Company's website www.enscoplc.com.

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge. The blow to investor confidence and the uncertainty the vote has sparked could keep the Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks. The traditional safe-harbor assets of top-rated government debt, the Japanese yen and gold all jumped.

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EMC Unveils New Suite of Global Marine VSAT Services

EMC today announced a new global Ku-band VSAT package of connectivity and content for ships at sea, optimized for the next-generation high-throughput satellite (HTS) networks that are now being deployed. “Designed with crew welfare as a top priority, the new EMC VSAT platform offers a combination of services and capabilities never before available from a single marine VSAT supplier,” said Gilles Gillesen, president of EMC’s commercial shipping business unit. EMC’s patented SpeedNet technology solves the age-old problem of latency in web access at sea.

Stella North Drill Centre Manifold Installation Operations Photo Ithaca Energy

Ithaca Energy Completes RBL Redetermination

Ithaca Energy Inc. announced having successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $100 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area in the third quarter of 2016. The Company commenced deleveraging the business in 2015 with net debt reducing from a peak of over $800 million in the first half of 2015 to $630 million at 31 March 2016. Following…

L - R The Master Carman, Mr Mark Griffiths; The Rt. Hon The Lord Mayor of London, Alderman the Lord Mountevans; Patrick Walters, Group Commercial Director, Peel Ports; Mark Whitworth, Chief Executive, Peel Ports

Peel Ports Wins Carmen Award

Peel Ports has been recognised for its commitment to environmental stewardship in the delivery of its Manchester Ship Canal project by the prestigious and historic Carmen Awards. The awards, which honour exceptional achievement in industry and individual enterprise, praised the business’ revival of the historic trade route and Victorian engineering masterpiece to build a sustainable platform for modern day growth in the North West. Previous winners include the Highways Agency for the Hindhead Tunnel project and The Mayor of London’s Barclays Cycle Hire Scheme.

Photo: ZIM Integrated Shipping Services Ltd

Zim plans Wall Street IPO

Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO, according to two people with knowledge of the matter, says the report. The IPO is planned for the first half of 2016. The shipping company, controlled by billionaire Idan Ofer’s Kenon Holdings Ltd., is planning to list shares by the first half of next year…

Blackstone President Tony James Photo by Blackstone

Juicy Yields on Energy Bonds Attracting PE Firms

Crude price volatility may not have completely closed the funding doors for US high-yield energy companies as private equity firms and new funds prepare to snap up juicy yields on offer after a recent slump in the sector's bonds. In a likely sign of things to come, GSO Capital Partners, the alternative asset manager owned by Blackstone, last week deployed cash by providing a large order for CrownRock's US$350m high-yield bond - the first such E&P offering in months. The move came…

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Chinese Stocks & Dollar Were Stars, Oil Big Loser

China and the United States headed the list of 2014 top-performing equity markets among larger economies while markets elsewhere ended the year on a wary note as another sharp drop in oil and worries about Greece's future drove profit-taking. The U.S. dollar on Wednesday added slightly to gains that have made it the year's star major currency. Some European bond yields added to a string of all-time lows following a surprisingly sharp fall in Spanish inflation on Tuesday. European stocks wrapped up the year 4 percent higher overall…

Investors Gamble Forest Preservation Will Pay Off in Carbon Markets

Some private investment companies are looking to profit from preserving forests in developing countries, betting that the emissions reductions can be sold in future carbon markets. London-based Permian Global said on the sidelines of U.N. climate talks in Peru this week that it will invest $100 million in projects to avoid deforestation in Latin American countries. Permian and other investment companies, such as Hong Kong-based InfiniteEARTH and Brazil's Biofilica, are hoping that a new U.N.

Philip Bird, Senior Director of Moore Stephens Corporate Finance

Confidence High in UK Logistics Sector

The latest U.K. Logistics Confidence Index commissioned by Barclays and Moore Stephens reveals that confidence in the U.K. logistics sector remains high but more controlled over the past six months as familiar challenges persist. The index has risen by almost 36% since its lowest point in late 2012, despite a slight dip in confidence in the latest survey compared to 2013. Almost three-quarters of logistics operators are planning significant capital expenditure over the coming months…

Courtesy : Foster Wheeler

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”) on terms consistent with the merger implementation agreement entered into on March 12, 2014. MDM will become part of the rapidly growing Minerals and Metals group within Foster Wheeler. “This acquisition is part of our strategy to continue to enhance our global capability and capacity in the minerals and metals market.

BP cuts 275 AK Jobs, Divests in Oil Fields

BP will cut around 275 staff and contractor jobs in its Alaska operations in early 2015 following the sale of its interests in four oil fields in the North Slope area, it said on Tuesday. BP, one of the largest oil producers in Alaska, last April announced the sale of the fields to privately held Hilcorp, though it remains committed to developing Alaska's Prudhoe Bay, the largest oil field in North America. BP has a total of 8,300 employees and contractors in Alaska, according to its website.

Barclays Carbon Trader Joins Redshaw Advisors

LONDON, Sept 15 (Reuters) - Barclays' former lead carbon trader, made redundant by the British investment bank last week, has joined a London-based start-up firm founded by a former colleague. Tom Lord, who ran the Barclays emissions desk over the past year, has joined Redshaw Advisors, a carbon trading advisory firm started this year by Louis Redshaw, who was head of the Barclays carbon trading desk between 2004 and early 2013. Lord will take up the role of senior trader at Redshaw Advisors, becoming the firm's fourth full-time employees.

Photo courtesy of Transocean Partners

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.

Descartes Announces Public Offering

Descartes Systems Group today announced the commencement of a marketed, underwritten public offering of 9,500,000 Common Shares. The underwriters will also have the option, at any time not later than the 30th day after the filing of the final prospectus supplement, to purchase up to 1,425,000 additional Common Shares on the same terms and conditions, to cover their over-allocation position, if any. Completion of the offering is subject to market conditions and approval by the Toronto Stock Exchange.

Marathon Petroleum to Buy Hess's Retail Business for $2.87 bln

Refiner Marathon Petroleum Corp said it would buy oil and natural gas company Hess Corp's retail and transport business for $2.87 billion, expanding its network of gas stations and convenience stores along the U.S. East Coast. While Hess has been shedding downstream assets to focus on more profitable shale drilling, the deal offers Marathon a buffer against the volatile refining business by boosting exposure to more stable cash flows from retail. It also provides a guaranteed market for the company's fuel, Marathon's Chief Executive Officer Gary Heminger said on a conference call on Thursday.

Shell Boosts Dividend After Beating Q1 Estimates

Royal Dutch Shell capped a strong first quarter reporting season for oil majors with better-than-expected results which were boosted by gas earnings, while shareholders were rewarded with a higher dividend. Shares in the company were up more than 3 percent at 1303 GMT to be among the top performers in the FTSE 100. Shareholders have urged big oil companies such as BP and Shell to control spending and give back cash because of concerns over rising costs in the oil and gas industry. Shell is planning to divest $15 billion worth of assets in 2014/15 to improve profitability and payouts.

Arctic Oil & Gas - "Alaska 1, Norway 0"

E&P costs have been increasing by 11% per annum for the last five years, according to Barclays Capital, and nowhere are they increasing faster than in remote and harsh offshore environments like Alaska’s OCS or Norway’s north Barents Sea. The governments of Alaska and Norway have taken diametrically opposite courses. Alaska decreased its marginal tax on oil production from 85% to 35%, and BP promptly moved to add two new rigs to its Prudhoe Bay operations. By contrast, the Norwegian government has raised taxes on its oil industry…