Singapore based restructured shipowner and operator Noble Group sold 2013 built post-panamax bulk carrier 93K DWT MV Ocean Topaz for about $14.53 million. After the sale of MV Ocean Topaz, restructured Noble Group is getting nearer to exiting shipowning. According to market veterans, MV Ocean Topaz is worth around $16.85 million. 2013 built post-panamax bulk carrier 93K DWT MV Ocean Topaz was sold to Chinese shipowners. Newbuilding post-panamax bulk carrier price tag is around $61 million. Previously, Noble Group sold 2010 built post-panamax bulk carrier 93K DWT MV Ocean Ruby for about $13.20 million to German bulker giant Oldendorff. After the sale of the latest post-panamax bulk carriers, restructured shipowner and operator Noble Group has left with three (3) debt-free bulk carriers:
- MV Ocean Garnet 93K DWT 2010 built
- MV Ocean Sapphire 93K DWT 2012 built
- MV Aqua Vision 180K DWT 2011 built
Restructured giant trader Noble Group has an overall asset-light shipping policy. Noble Group has focused on covering the commodities trader’s shipping requirements through short and long-term charters. In 2018 and 2019, Noble Group has sold 11 ships. In December 2018, New Noble Group was formed from the ashes of Old Noble Group. Creditors have taken over 70% of New Noble Group, with 20% held by shareholders of Old Noble Group and 10% by the management of New Noble Group.
In February 2019, a court hearing has been scheduled in Bermuda to wind up the Old Noble Group following its $3.5 billion debt restructuring. Noble Group explained that the liquidation is a procedural process. Singapore based trader and bulk carrier owner Noble Group was financially restructured at the end of 2018. New Noble Group is being formed with substantially all of the assets and business of Old Noble Group being transferred. Old Noble Group now has no business or significant debts. Noble Group explained that the liquidation of Old Noble Group will have no impact on the business or financial status of New Noble Group. Noble Group’s Creditors have taken over 70% of the New Noble Group entity, with 20% held by shareholders of the Old Noble Group and 10% by the management. Noble Group’s bond and bank debt had fallen into default and sold some of its dry cargo fleet over 2018.
Noble Group is planning to sell 2013 built post-panamax dry bulk carrier 93K DWT MV Ocean Topaz. Noble Group continues as an asset-light dry bulk operator as more ship sales are lined up in the near future. After restructuring, New Noble Group gives priority to Singapore-based Noble Chartering instead of ship owning. According to Noble Chartering CEO Michael Nagler, restructured Noble Group offloads bulk carriers as the company exits ship owning. After offloading MV Ocean Topaz, Noble Chartering fleet would be three owned ships. Singapore-based Noble Chartering is the shipping arm of the restructured Noble Group. According to VesselsValue, MV Ocean Topaz worth around $17 million. Recently, Noble Chartering sold 2010 built post-panamax dry bulk carrier 93K DWT MV Ocean Ruby to German dry bulk carrier giant Oldendorff Carriers for $13.2 million.
Noble Chartering’s remaining fleet is up for sale. 2010 built post-panamax dry bulk carrier 93K DWT MV Ocean Garnet, 2012 built post-panamax dry bulk carrier 93K DWT MV Ocean Sapphire, 2011 built capesize dry bulk carrier 180K DWT MV Aqua Vision are all on the sales block. In 2017, Noble Chartering decided to sell all ships in the fleet as part of an overall asset-light shipping policy. Noble Group focused on covering shipping requirements through short and long-term chartered tonnage. Since 2017, Noble Chartering sold 11 dry bulk carriers. Noble Chartering CEO Michael Nagler explained that the company will expand time-chartered tonnage. Currently, Noble Chartering operates a fleet of 38 bulk carriers ranging in size from supramax to capesize. In the first five months of 2019, Noble Chartering moved 8 million tonnes of cargo, mainly coal, iron ore, and grain.
Noble Chartering has been responsible for moving in-house cargoes. Additionally, Noble Chartering has been building up a third-party cargo portfolio for several years. Omega Management Pte is a ship-management company originally formed to handle the technical management of Noble Group’s owned ships. Omega Management Pte offers a full spectrum of commercial and technical management services for third parties.
Singapore based restructured New Noble Group is looking for new banking and trade finance partners after its rebirth in December 2018. Totally New Noble Group has been formed from the ashes of Old Noble. Noble Group was a commodity trader and bulk carrier owner. Old Noble Group’s all of the assets and business being transferred. Creditors have taken over 70% of the New Noble Group, with 20% held by shareholders of the Old Noble Group and 10% by Noble’s management. New Noble Group had started operations with a strong liquidity position including more than $525 million of cash and 3 year committed trade finance and hedging facility following the successful refinancing. New Noble Group’s management continues to actively engage with new and prospective banking and trade finance partners as part of ongoing efforts to diversify working capital funding. New Noble Group’s BOD and management are focused to make sustainable profit and consolidate a position in Asia. New Noble Group comprises commodities management business under the name of Noble Trading Company and Noble New Asset Company. Noble Trading Company’s long-term annual EBITDA target for 2019 is between $175 million to $200 million remains unchanged. Noble Trading Company’s trading volumes are targeted to reach between 75 million and 80 million tonnes in 2019.
Singapore-listed Noble Group has sold one of its 2015 built kamsarmax dry bulk carrier 82K DWT MV Ocean Integrity for $24 million. Currently, Singapore-listed Noble Group is restructuring its debt which is about $3.4 billion. MV Ocean Integrity was one of 4 dry bulk carriers Noble Group was set to sell in a deal in 2017 that deal was ultimately failed. Noble Group has sold a number of assets to strengthen its balance sheet. Singapore-listed Noble Group missed a coupon payment on a $750 million bond and the company is very close to reaching final terms with the Ad Hoc Group in respect of a proposed restructuring of Noble Group’s unsecured liabilities.
Commodity Trader giant Singapore listed Noble Group is taking more cautious in chartering dry bulk carriers. In 2016, Noble Group carried less iron ore cargo. In the first 6 months Noble Group commodity volume dropped to 112 million tonnes due to reducing counterparty risk. The shipping market is still trading below operating costs and in Q2 2016 capesize bulk carriers TCE is over $8,000 per day. In H1 2015, Noble Group was on green $169.2 million but in H1 2016 months on red $14.4m. Commodity Trader Noble Group profiting in ship operations but also exiting of certain businesses.
Singapore-listed Noble Group appointed William Randall and Jeff Frase as two Chief Executive Officers. William Randall is currently president of Noble Group and a board director in Hong Kong. Jeff Frase is currently president of Noble Americas and head of oil liquids in CT USA. CEO Yusuf Alireza has played a critical role in the successful sale of Noble Agri and has secured the recently announced re-financing of Noble Group. Noble Group is the 5th largest charterer in the shipping market according to fixture volume.