Enerjen to Introduce IMO 2020 Fuel-Hedging Product This Quarter
- Company comprises former executives from Maersk, Vitol, BofAML
- IMO shipping-fuel rules set to come into effect next January
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Enerjen Capital, a group comprising former executives of A.P. Moller-Maersk A/S, Vitol Group and Bank of America Corp., will introduce a product for shipping companies to hedge their fuel bills ahead of new rules that could roil the oil market next year.
The company -- which has legendary oil trader Andy Hall on its advisory board -- will close the Enerjen Capital IMO 2020 Note offering in February and return profits to investors in early 2021. The note will be made up of a basket of hedging instruments in crude and oil products, but won’t sit on a company’s balance sheet as a derivatives hedge, founders Stephen Schueler, Gus Majed and Jake Greenberg said in an interview in London.