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Tuesday, August 20, 2019

Jpmorgan News

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China Trade Data Calms Jittery Investors

Stronger-than-expected Chinese export data helped push global stock markets higher on Thursday following a volatile week that had investors scrambling for safety on fears of a worldwide economic pullback.Investors were encouraged by data showing Chinese exports rose 3.3% in July from a year earlier, beating an expected decline of 2%. Chinese imports fell less than forecast, despite the U.S.-China trade war.Markets reacted sharply on Monday after China let its currency weaken beyond 7 yuan per dollar, a surprise move that investors took as retaliation for U.S.

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Hopes for U.S.-China Trade Truce Boost Markets

Risk appetite returned to world markets on Thursday following a media report the United States and China have tentatively agreed to a truce ahead of a highly-anticipated weekend meeting of the two nations' leaders in Tokyo.The South China Morning Post (SCMP), citing sources, said Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.On Wednesday, U.S. President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend…

World Shares Higher on US-China Deal Hopes

Global shares rose on Monday amid growing optimism the United States and China will reach a trade agreement as soon as this month.U.S. President Donald Trump and Chinese President Xi Jinping might seal a formal trade deal around March 27, given progress in talks between the two countries, the Wall Street Journal reported on Sunday.The two nations have imposed tit-for-tat tariffs on billions of dollars worth of each others' goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S.

File Image: AdobeStock / © Redindie

World Shares Higher on US-China Deal Hopes

Global shares rose on Monday amid growing optimism the United States and China will reach a trade agreement as soon as this month.U.S. President Donald Trump and Chinese President Xi Jinping might seal a formal trade deal around March 27, given progress in talks between the two countries, the Wall Street Journal reported on Sunday.The two nations have imposed tit-for-tat tariffs on billions of dollars worth of each others' goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S.

(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.

© victor217 / Adobe Stock

Asian Shares, Oil Fall as US-China Trade Spat Escalates

Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.

(File photo: Port Corpus Christi)

Corpus Christi Gearing Up to Handle US Shale Export Boom

Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports only recently have revamped operations to handle exports including accepting…

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American Club Celebrates Its Centenary

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JPMorgan Chase & Co. The American Club was founded in February, 1917.

Oil & Gas Photo Petro China oil

JPMorgan sees Sharp Rise in Precarious O&G Loans

JPMorgan Chase & Co disclosed on Friday that its "criticized" loans to the oil and gas industry more than doubled in the first three months of the year. Criticized oil and gas loans, which are defined by regulators as doubtful, substandard or deserving of special mention, rose to $9.7 billion at the end of March from $4.5 billion at the end of December, according to a quarterly filing the company made with the U.S. Securities and Exchange Commission. Of the criticized loans, $8 billion were still performing, according to the filing.

Image by Mbella

Chinese Shipyard Turns Into Car Parking

To cope up with so much financial strain, Hong Kong-based shipbuilders China Ocean Industry Group – formerly known as China Ocean Shipbuilding Industry Group – is literally being turned into a parking lot, reports Bloomberg. China Ocean Industry Group Ltd., which dropped “shipbuilding” from its name in March, acquired a car-park operator last year to meet an estimated shortage of 50 million parking spaces in the world’s most populous nation. The company plans to build and operate 100…

Photo: CMA CGM

NOL Deal Cements CMA CGM's World Status

French container shipping giant CMA CGM is to buy Singapore's Neptune Orient Lines for $2.4 billion, making its biggest-ever acquisition to help it to ride out a severe market downturn. The takeover, which the companies expect to proceed in mid-2016 following anti-trust approvals, would cement family-owned CMA CGM's spot as the world's third-largest container shipping line by handing it market leadership on busy trans-Pacific routes. The acquisition of state-controlled Neptune crowns a recovery for CMA CGM and its founding Saade family…

Photo: CMA CGM

CMA CGM Secures Bank Funding for NOL Takeover

CMA CGM has secured the necessary financial backing to proceed with an acquisition of Singapore's Neptune Orient Lines (NOL), Reuters reports, citing two people said to be familiar with the matter. The French shipping giant is reported to have received “firm commitment” from lenders HSBC, BNP Paribas and JPMorgan to bankroll the deal. A takeover of NOL would boost the world's third biggest container line's position on transpacific routes at a time when operators are struggling with overcapacity and low freight rates.

Pic: Neptune Orient Lines Ltd

CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg. The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co. for loans to back an offer for NOL. CMA CGM is the third largest container company in the world and has 8.8 per cent of market share according to container analyst Alphaliner. NOL was started as Singapore’s national shipping line…

Mercuria Expanding with ex-OW Bunker Staff

Swiss trading house Mercuria has moved to become a significant player in the marine fuel market by hiring a team of close to 40 former employees from the once-largest supplier, traders and sources close to the matter said on Tuesday. The bankruptcy of Denmark's OW Bunker, which had controlled around 7 percent of the global shipping fuel market and employed more than 600 people, has given Mercuria an opportunity to beef up its business shortly after it acquired the physical commodities unit of JPMorgan Chase & Co.

JPMorgan Hires Former Glencore Crude Trader

JPMorgan Chase & Co has hired Edwin Tay, formerly with Glencore, as a senior crude oil trader in Singapore, industry sources said on Wednesday. Tay starts with the U.S. bank in January, they said. JPMorgan declined comment. JPMorgan completed the sale of its multibillion-dollar physical commodities unit to Mercuria last year. The divestment was due to rising regulatory and political pressure in the United States while the bank wanted to focus on its core business of lending. Reporting by Florence Tan

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BP's 3Q Interim Dividend for 2014

The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

In Gazprom Deal, JPMorgan Takes on Business

When JPMorgan Chase & Co agreed to lead a $700 million bond offering for Russian gas producer Gazprom OAO, it was doing business that some U.S. banks are afraid to do, several lawyers and a banker said. Gazprom faces U.S. sanctions after the U.S. government widened its restrictions against Russia in September. U.S. companies are prohibited from providing goods or technology to Gazprom and others, although they can provide financial services to the companies, meaning JPMorgan obeyed the law in underwriting bonds for the company. Gazprom announced pricing for the deal on Thursday.

Photo courtesy Fincantieri

Fincantieri Files for Milan IPO

Italy's Fincantieri said on Tuesday it had filed a request to list its shares on the Milan bourse, as state lender Cassa Depositi e Prestiti (CDP) moves to offer private investors a minority stake in the ship building company. The disposal of Fincantieri - wholly owned by CDP, which in turn is controlled by Italy's treasury - is part of a new wave of privatisations the Rome government announced at the end of last year. Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit CIB are global coordinators of the offering.

Arsenal Considers Selling Logistics Business

Private equity firm Arsenal Capital Partners is considering a sale of its business that helps U.S. oil and chemical companies reclaim import taxes, a partner at the firm said. Timothy Zappala told Reuters that other options for the company, Charter Brokerage, included buying businesses in the same sector that would make a good fit with Charter. He declined to put a price tag on Charter but a source familiar with the matter said it could be valued at up to $500 million. Charter, which has annual net revenue of about $65 million to $70 million, is the largest U.S.

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.

Alex Goulandris, Chief Executive Officer, ESS

LITASCO to use Upgraded eSDS solution from ESS

Lukoil group companies will be the first new customers to use ESS’s upgraded and much improved eSDS Solution for compliance with REACH/GHS requirements. Electronic Shipping Solutions, the leading shipping eDocs provider, is pleased to announce that several members of the LITASCO Group have signed up to use its electronic Safety Data Sheet (eSDS) Solution. LITASCO will take advantage of the recently released upgrade to the eSDS Solution, featuring an improved user interface and eSDS sending process, further reducing the workload on users to meet REACH /GHS requirements.

Photo courtesy Morgan Marketing & Communications

Emery W. Harper, 1936-2009

On Monday, October 26th, Emery W. Harper passed away following complications from surgery, leaving his spouse/partner Louis (Luigi) Terruso and his daughter Caroline (Carrie). Harper practiced law for 45 years, representing the full spectrum of clients with major interests in the shipping industry. He founded the Maritime Finance Committee of the US Maritime Law Association, was Chair of the Admiralty Committee of the Association of the Bar of the City of New York and the International Section of the American Bar Association.

Mini-Cruise Ships Sold

Marcon International, Inc. of Coupeville, Wa. reported that the sales of the two U.S. flag mini-cruise ships Wilderness Discoverer (ex- Mayan Prince) and Wilderness Adventurer (ex- Spirit of Adventure, Caribbean Prince) have concluded. Both vessels were sold by creditors JPMorgan Chase to private Pacific Northwest interests for Alaskan operations to begin in May 2011. The vessels will be operated under a new small ship adventure brand called InnerSea Discoveries, which is designed to be more adventuresome and appealing to a broad spectrum of younger-minded and experiential travelers.