Shortly before Goldman Sachs Group Inc. officially sold off the last of its coal assets, two of its top commodities traders left the bank to strike out on their own.
It seemed a bit retrograde. Global priorities were shifting toward cleaner sources of energy. Investors, activists and regulators were starting to paint financial institutions as enablers of carbon pollution and encouraging them to rethink their coal industry ties.
For Peter Bradley and Spencer Sloan, the timing was perfect. In its first eight years, Javelin Global Commodities has grown to an equity value of more than $1 billion and become the biggest exporter of US coal, according to commodities shipping data and people familiar with the company’s operations who requested anonymity when speaking on confidential matters. Reports of coal’s demise turned out to be premature and, when Europe tried to wean itself off Russian gas after Vladimir Putin’s invasion of Ukraine, Javelin was well-positioned to supply it from elsewhere. Last year was a record in terms of profits for Javelin, the people familiar said, far surpassing the $194 million the company made in 2021.
I think I would delete Emron off my resume but other than that good on them....The demise of coal on the world stage has been greatly exaggerated.
Funny how virtue signaling over the Ukes is now proving a windfall for Javelin.....Never let a crisis go to waste, right?
World Leaders in Commodities | Javelin Global Commodities
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