Noble Group expects to report a loss of between $90m and $115m in the third quarter, the company has confirmed in a regulatory filing.
“The net loss in was primarily driven by restructuring expenses, net finance costs and losses from discontinued operations,” it said.
Noble said global commodity prices have been strong over the first nine months of 2018, supported by both growth in demand and factors affecting supply such as production cuts and economic sanctions.
However, it said its performance for the quarter continued to be impacted by “liquidity constraints and the availability of competitive trade finance” to support its operations.
“The constraints are expected to be alleviated by the new trade finance facility to be made available upon the completion of the restructuring,” it said.
Singapore-listed Noble won approval from shareholders in August for a $3.5bn debt restructuring to ensure its survival.
Last week Noble filed for Chapter 15 protection in the US aimed at providing a shield for its assets during the reorganisation.
However, sources closely connected to Noble Chartering, told TradeWinds that the filing had “not affected day-to-day operations” and that it continues to fix ships and pay daily hire.
“Noble is going to great lengths to reassure charterers, vessel owners and brokers that it is business as usual and that all vessel commitments will be honoured,” a Singapore chartering broker said.
