Morgan Stanley and George Economou Look to Sell Stakes in Heidmar

Monday January 9, 2017

Morgan Stanley and George Economou are in negotiations for the sale of their respective stakes in oil tanker group Heidmar, Financial Times reports.

While Economou says the sale process "still has some way to go," a deal is reported to likely be announced over the coming weeks.

The sales are said to be the latest action by banks to reduce holdings in companies that store, transport, or process commodity cargoes.

Filings in the U.S. show the value of Morgan Stanley's commodities inventories has been reduced to under $200 million from $10.3 billion in 2011.

Last year, Ship & Bunker reported that U.S.-based Castleton Commodities International LLC (CCI) was acquiring Morgan Stanley's Global Oil Merchanting business in a deal estimated to be worth more than $1 billion.