Search results

Show:
Results found: 38
Commodity trading giants hunting for investors find few takers
19 February 2019

Trade finance funds: Confidence dips on Shinhan retreat
Trade finance funds: Confidence dips on Shinhan retreat
Daniel Pembrey
8 January 2019

Shinhan Capital’s recent redemptions and BAF Capital’s winding down of BLTFF have focused attention on inefficiencies in the trade finance fund market. The extent of the ripple effect on investor confidence has yet to be seen, but it is likely there will be some casualties among less specialist fund managers that have entered the trade space.

Finding sense and sensibility in global commodities
Finding sense and sensibility in global commodities
Jonathan Bell
28 November 2018

Making sense of the bigger picture of the state of the global commodity markets is no easy task. But here, Jonathan Bell meets up with a long-time friend and real commodity guru in Geneva - Jean-Francois Lambert, former head of HSBC commodity finance, and now founder and managing partner of Lambert Commodities.

China-US trade punches
China-US trade punches
Jonathan Bell
8 August 2018

Last week's announcement that China plans to impose tariffs on up to $60 billion worth of US goods points to a heating up of the trade war between the two countries. Jonathan Bell takes a closer look at the worsening situation and The Week That Was...

Oil trading: The wrong kind of slick investment?
Oil trading: The wrong kind of slick investment?
Callum Burroughs
7 August 2018

Rising oil prices dampened trader’s profits last year as the market moved from contango to backwardation, and many of the larger houses are already starting to diversify away from the sector. Added to growing ESG awareness among shareholders and lenders, and electric vehicle uptake – what some traders are losing on oil, they are looking to replace long term with metals, LNG, and renewables.

Trade wars: Cash for traders in a stormy climate?
Trade wars: Cash for traders in a stormy climate?
Jean-Francois Lambert
1 August 2018

Jean-Francois Lambert, founder of Lambert Commodities, outlines the potential impact of trade wars and protectionism on commodity trading houses, and how the current geopolitical turmoil could prove to be a boon for savvy traders.

TXF Commodities Amsterdam 2018: Lambert on the maturing LNG market
TXF Commodities Amsterdam 2018: Lambert on the maturing LNG market
Daniel Pembrey
27 June 2018

Jean-Francois Lambert, founder of Lambert Commodities, discusses the maturing LNG market, the sizeable disruptions caused by sanctions and maintains metals will be a very interesting space going forward.

Dragged over the coals
Dragged over the coals
Daniel Pembrey
20 February 2018

Despite the endless stream of PR statements about banks exiting coal-related lending, none can actually track where the proceeds of loans to commodity traders go. When are banks going to come clean about the loopholes in their coal-related lending policies and start a useful debate about coal finance?

Understanding oil prices: A tale of two charts
Understanding oil prices: A tale of two charts
Jean-Francois Lambert
8 February 2018

In the first of a regular column on the commodities markets, Jean-François Lambert, CEO of Lambert Commodities reflects on crude oil dynamics

 Expert views: Understanding oil prices, a tale of two charts
Expert views: Understanding oil prices, a tale of two charts
Katharine Morton
7 February 2018

In the first of a regular column on the commodities markets, Jean-François Lambert, CEO of Lambert Commodities reflects on crude oil dynamics

Sugar reshuffle: Traders set to profit from EU quota change
Sugar reshuffle: Traders set to profit from EU quota change
Callum Burroughs
11 July 2017

In anticipation of changes to the EU’s sugar production quota in October, European sugar producers and refiners are gearing up for a more competitive market place. Commodity traders are set to benefit - if they can access the necessary financing.

Commodity trade tech: The new key to making the margins
Commodity trade tech: The new key to making the margins
Callum Burroughs
16 June 2017

The changes that technology will bring to the commodities space are manifold. What can commodity trade finance expect from new technology and, more importantly, is it ready for it?

Commodities lending: Blind man's buffer?
Commodities lending: Blind man's buffer?
Callum Burroughs
12 June 2017

Systemic risk - not yet. But as more of the commodities market becomes concentrated in the hand of a few large traders, are bank exposure limits a workable buffer to an increasingly sophisticated set of market risks?

Noble: Bridging the liquidity gap
Noble: Bridging the liquidity gap
Callum Burroughs
15 March 2017

Following a $1bn-plus loss turnaround in 2016, Noble is back in the debt market with a major refinancing of facilities closed last May. Can the struggling trader up its borrowing, reduce its cost of debt and trade its way back to significant profits in 2017?

Agri traders look to provide supply chain value
Agri traders look to provide supply chain value
Callum Burroughs
6 January 2017

Smithfield Foods, one of the US’s largest pork producers, is purchasing grains and grain elevators directly from farmers and steadily removing traders from parts of their supply chain. Agri traders have to demonstrate value to producers as companies look to minimise expenditure.

Vitol and NIOC seal first Iran pre-payment deal since sanctions
Vitol and NIOC seal first Iran pre-payment deal since sanctions
Callum Burroughs
5 January 2017

Commodity trader Vitol has secured the first major contract between a trader and Iran since the easing of EU sanctions in early 2016. The agreement continues the trading house’s recent record of using pre-payments in politically challenging markets to guarantee long-term access to large volumes of oil.

Commodity finance 2016: agri traders suffer, bankers prosper
Commodity finance 2016: agri traders suffer, bankers prosper
Callum Burroughs
20 December 2016

As we approach the end of a year that has made the headlines for a variety of reasons, many surprising, shocking and unexpected events have also played out in the commodity financing space. From shifts in commodity prices, new players within the industry and changes in trade flows, this year has surpassed many expectations, with 2017 set to continue the trend.

Lenders retain Cofco confidence despite Nidera issues
Lenders retain Cofco confidence despite Nidera issues
Callum Burroughs
19 December 2016

Agricultural trader Nidera has had a string of problems in recent years as it continues its integration into Cofco Agri. However, lenders are still confident that Cofco Agri will be fully integrated in the new year and are positive about its future.

Glencore surges past rivals to sign unexpected Rosneft deal
Glencore surges past rivals to sign unexpected Rosneft deal
Callum Burroughs
16 December 2016

Commodity trader Glencore has stolen a march on its rivals, securing an unexpected deal with state-owned Russian oil company Rosneft. The Switzerland-based trading house will gain crucial volumes of Russian oil rounding off a resurgent year for the previously ailing trader.

Back to business as usual for Glencore
Back to business as usual for Glencore
Callum Burroughs
8 December 2016

Following a tough 2015 which saw the share price of commodity trader Glencore drop dramatically, signs of improvement have been evident in 2016. The resumption of dividend payments and a reduction of net debt have reaffirmed a belief that the commodity house has finally bounced back.

Gunvor seals European borrowing base as it cuts Russia ties
Gunvor seals European borrowing base as it cuts Russia ties
Callum Burroughs
24 November 2016

Long associated with the Russian market, Gunvor has made large strides in recent years to refocus its global activities. Following the purchase of a Rotterdam refinery earlier this year the Swiss trader has secured structured financing for its European operations.

Trump towers over trade finance
Trump towers over trade finance
Callum Burroughs
17 November 2016

Donald Trump’s election last Tuesday may have only surprised pollsters but there was a mixed reaction in the trade financing space. The potential effects of Trump’s mooted policies will be felt across world trade and could potentially spell trouble ahead for the industry.

Food for thought: Can agricultural traders feed the world?
Food for thought: Can agricultural traders feed the world?
Callum Burroughs
3 November 2016

When the famous Scottish novelist Robert Louis Stevenson opined, “Don't judge each day by the harvest you reap but by the seeds that you plant,” he encapsulated the need for long-term thinking and deliberation over both moral issues and the value of planning ahead. Today’s agricultural market faces significant challenges through population growth and climate change but efforts made today could help feed the world of tomorrow.

Trafigura deepens Rosneft ties with Essar acquisition
Trafigura deepens Rosneft ties with Essar acquisition
Callum Burroughs
26 October 2016

Commodity trader Trafigura has taken big steps into the Indian market with their downstream acquisition of Essar Oil alongside sanctioned oil producer Rosneft. The strengthening relationship between Russia and India provides a backdrop to a deal which further demonstrates the potential of the Indian sub-continent to provide value in a low oil price environment.

Traders ‘adapt to thrive’ amid commodity slump
Traders ‘adapt to thrive’ amid commodity slump
Callum Burroughs
18 October 2016

Commodity houses have seen a difficult year for trading as a prolonged slump in prices without the contango opportunities that existed in 2015 has seen them look to find value in alternative markets. Efforts to refocus their business interests has seen a change in geographic exposure and commodity types.

Commodity financiers ‘cautious’ of China risks
Commodity financiers ‘cautious’ of China risks
Callum Burroughs
21 September 2016

Following the Financial Times’ Asia commodities summit in Singapore, questions have been asked about the over-supply of particular commodities and high debt levels in China’s economy. A weakening demand for commodity financing overall and regional disparities in growth have contributed to a more cautious approach from lenders.

Is Cofco set to break open the agri market?
Is Cofco set to break open the agri market?
Callum Burroughs
13 September 2016

Following the complete purchase of commodities traders Nidera and Noble Agri, Cofco, the Chinese state-backed trading house, could be set to move on a market suffering from price difficulties. The acquisitions are part of a trading strategy to ensure that China continues to thrive with greater control over its agricultural imports.

Noble continues asset sales amid restructuring pressures
Noble continues asset sales amid restructuring pressures
Callum Burroughs
5 September 2016

Beleaguered commodity trader Noble Group is continuing its debt restructuring efforts through asset sales and rights issues after a difficult year for the Hong Kong based company. The company is unlikely to go above junk status this year but has made concerted efforts to rectify its difficult market position.

Mercuria seals borrowing base as lenders look to safer structures
Mercuria seals borrowing base as lenders look to safer structures
Callum Burroughs
17 August 2016

Lenders have always been keen to protect their returns but a recent trend towards borrowing base facilities demonstrates a clear preference for stringent security and asset based financing.

Sustainable supply chain management gaining momentum
Sustainable supply chain management gaining momentum
Helen Reid
5 August 2016

Olam’s acquisition of Archer Daniels Midland (ADM)’s cocoa business provides the perfect opportunity to investigate the trader’s track record for sustainable cocoa and palm oil, its particular supply chain management technique, and the way the industry is moving towards ever greater monitoring of sustainable practices.

Trafigura exits Swiss traders' association over transparency
Trafigura exits Swiss traders' association over transparency
Helen Reid
8 July 2016

Trafigura’s exit from the Swiss Trading and Shipping Association demonstrates the effect of past mistakes on its current transparency agenda, and the different priorities and attitudes of big traders towards greater openness.

Cargill and Bunge go against the tide on sustainable palm oil
Cargill and Bunge go against the tide on sustainable palm oil
Helen Reid
28 June 2016

Cargill and Bunge stood out as the only traders not to cut ties with Malaysian palm oil producer IOI after its sustainability certificate was suspended, throwing up questions over the best way to deal with producers infringing sustainability principles in highly complex supply chains.

Messerschmidt leaves Commerzbank to start SCF business at AKA
Messerschmidt leaves Commerzbank to start SCF business at AKA
Hesham Zakai
15 December 2015

Commerzbank’s head of structured commodity trade finance (SCTF) Mario Messerschmidt has brought to an end his fifteen-year tenure at the bank, announcing his departure effective on December 31.

HSBC ousts trade veteran Lambert in GTRF restructuring
HSBC ousts trade veteran Lambert in GTRF restructuring
Oliver Gordon
19 November 2015

HSBC’s highly-regarded global head of commodity & structured trade finance (CSTF), Jean-Francois Lambert, has left the bank. The departure comes as part of a structural review of the UK bank’s global trade and receivables finance (GTRF) division, TXF understands.

Trade finance at the 2014 WTO Public Forum
Trade finance at the 2014 WTO Public Forum
Marc Auboin
27 October 2014

The annual World Trade Organisation (WTO) Public Forum provides an opportunity for dialogue, an exchange of ideas and the conduct of deliberations on major issues in international commerce, between the Geneva-based WTO and a wide range of stakeholders and interested parties across the globe.

TXF Amsterdam - Interview with Jean-Francois Lambert
TXF Amsterdam - Interview with Jean-Francois Lambert
Jonathan Bell
6 June 2014

TXF talks to Jean-Francois Lambert, Managing Director, Global Head of Commodity and Structure Finance, HSBC, at the inaugural TXF Natural Resources and Commodities Finance Conference in Amsterdam.

Commodities industry discusses challenges and opportunities ahead at TXF conference
Commodities industry discusses challenges and opportunities ahead at TXF conference
Hesham Zakai
12 May 2014

Commodity producers, traders and financiers gathered in Amsterdam last week for TXF's inaugural Natural Resources & Commodities Finance conference. Held at the Beurs van Berlage, the country's former agri-commodity exchange, the event featured constructive debate on some of the key themes in the industry today, from risk in Russia to the ramifications of regulation.

JB's weekly round-up - 27 January 2014
JB's weekly round-up - 27 January 2014
Jonathan Bell
27 January 2014

Earlier this month, Dealogic sent out press releases broadcasting their results for the overall trade volumes for 2013, declaring that volumes had fallen by over 30% compared to 2012! Such a declaration, of course, gives a very misleading perspective of the trade finance sector.