NEW YORK, N.Y. (Reuters) — Commodities trading house Gunvor has hired at least seven Noble Group Ltd. biofuel traders, including John Skrinar as the North American head of renewables, four sources familiar with the matter said Jan. 19.
Noble, once Asia’s biggest commodities trader, has been winding down oil trading operations amid heavy losses and high debt. It sold its American focused oil business to Vitol and many key traders in London and Singapore are also leaving to join competitors.
The United States corn ethanol industry has been grappling with overcapacity, limiting profitability in the biofuels sector. Noble in December agreed to sell an ethanol plant in South Bend, Indiana, to Mercuria Investments for about US$18.5 million.
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Skrinar was previously managing director of global renewable fuels at Noble, according to his LinkedIn profile.
A majority of the Noble biofuels traders joined Skrinar at Gunvor earlier this year, the sources said.
Gunvor began building its U.S trading operations 2016, expanding outside its core markets in Europe, Asia and Africa. The company has hired several traders to launch a crude oil desk in Houston, Texas, and beefed up its Canadian trading desk.
