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Initial Public News

30 Jun 2023

United Maritime Sells Its Last Tanker, Buys a Bulk Carrier

© momentscatcher / Adobe Stock

Greek shipping company United Maritime Corporation announced it has entered into an agreement with an unaffiliated third party for the sale of its remaining LR2 tanker vessel, the 2008-built Epanastasea. The vessel is scheduled to be delivered to its new owner by mid-August 2023. The vessel’s gross sale price is $37.5 million, and the transaction is subject to customary closing procedures.In addition, the company said it has entered into an agreement to acquire a Panamax dry bulk vessel built in 2011 in Japan, with a cargo carrying capacity of 76,361 dwt and will be renamed Exelixsea.

24 Mar 2023

ADNOC Eyes June Listing of Marine & Logistics Unit

©ADNOC

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services (ADNOC L&S), said the sources, declining to be named as the matter is not public.HSBC was appointed as joint global coordinator on the syndicate this week…

11 Feb 2022

Aker Clean Hydro, Kuehne & Nagel in CO2-free Container Shipping Pact

©MAGNIFIER/AdobeStock

Norway's Aker Clean Hydro and Swiss logistics group Kuehne & Nagel on Friday announced a cooperation to boost carbon-neutral container transport at sea, banking on hydrogen as one of the fuels that will make it possible.The partnership comes as Europe is trying to establish a flourishing hydrogen industry to help CO2-intense sectors, such as steel, construction and transport, cut emissions and wean off fossil fuels.As part of the cooperation, Aker Clean Hydro, which is majority-owned by conglomerate Aker ASA via green technology subsidiary Aker Horizons…

09 Feb 2022

Wave Energy Developer Plots Strong Growth Plan in '22, IPO in '23

INGINE Business Development Director Dae Hyun Kim. Photo courtesy INGIE

South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee…

22 Nov 2021

ADNOC Weighs IPO of Logistics, Marine Services, and Shipping Unit

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC L&S) has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.A deal could follow after testing investor appetite and market conditions, they said.ADNOC declined to comment when contacted by Reuters on Sunday.Gulf oil producers are looking at sales of stakes in energy assets…

17 Sep 2021

Hyundai Heavy Industries Shares Jump Above IPO Price on Debut

(Photo: Hyundai Heavy Industries)

Hyundai Heavy Industries' shares closed 86% above their initial public offering (IPO) price on their trading debut in South Korea on Friday.The shipbuilder, one of the largest in the world, raised $935 million from its IPO, with much of the proceeds set to fund investments in new technology.A total of 1,633 domestic and foreign institutional investors placed bids to acquire shares earlier this month, valuing total bids at 1,130 trillion won ($962.3 billion), according to Hyundai Heavy.The institutional book for the IPO had been 1,836 times covered - the second-largest for an IPO in South Korea

15 Sep 2021

Marine Battery Firm Corvus Plans 4Q IPO

File Image - Credit: Corvus Energy

Marine battery maker Corvus plans an initial public offer (IPO) in the fourth quarter, aiming to list its shares on the Oslo Stock Exchange, its top executive said on Wednesday.The company, which assembles battery cells into giant batteries for ships such as ferries, cruise vessels, tug boats, [and offshore support vessels] expects the global market for such solutions to be worth $10 billion in 2030."We see that already ... the backlog is three times what it was a year ago," Chief Executive Geir Bjoerkeli told an energy conference."To take that growth…

22 Jul 2021

World's Largest: Sunseap to Build $2B Floating Solar Farm in Batam, Indonesia

Sunseap's previous floating solar project - Credit: Sunseap

Singapore's Sunseap Group says it plans to spend $2 billion to build the world's largest floating solar farm and energy storage system in neighboring Indonesian city Batam, which will double its renewable power generation capacity.The floating photovoltaic system is expected to have a capacity of 2.2 gigawatt-peak (GWp), and will be located on the Duriangkang Reservoir in Batam Island spanning around 1,600 hectares, Sunseap said in a statement.The company and Batam Indonesia free zone authority…

25 Jun 2021

Pertamina Shipping Unit to Spend $4 Billion on Fleet Upgrades

Indonesia's state oil company Pertamina's new unit, Pertamina International Shipping (PIS), is looking to spend $4 billion in the next seven years to refurbish its fleet of vessels and upgrade terminals, a top official said on Friday.The new unit plans to replace 23 vessels and expand its fleet, to ensure compliance with the latest International Maritime Organization standards and eventually serve other regional companies, said its director of business planning, Wisnu Medan Santoso."There are many oil and gas players in ASEAN who do not have their own shipping arm, we see this as an opportunity," Wisnu told Reuters, referring to countries of the Association of Southeast Asian Nations."We have a large captive cargo, we have a large economy of scale.

21 Jun 2021

Freight Tech Startup Forto Raises $240 Million in Softbank-led Round

© Kalyakan / Adobe Stock

Forto has raised $240 million from investors led by Softbank (9984.T), the freight technology startup said on Monday, and will invest in expanding its platform for organizing trade shipments between China and Europe.The five-year-old Berlin firm offers a single platform for managing the journey of a shipping container from origin to destination - a task long handled with pen, paper and post-it notes, said Forto CEO and co-founder Michael Wax.“A shipment from Shanghai to a warehouse in Berlin should not be more difficult than a payment via Paypal or Stripe today…

15 Jun 2021

Deutsche Bank Set for $1 Bln Windfall from Zim Bets

© Nobilior / Adobe Stock

Deutsche Bank is on course to make up to $1 billion on a long-shot bet on Israeli shipping firm Zim after it surged in value on the back of record-high global freight rates, Bloomberg reported on Tuesday.Citing unnamed sources familiar with the matter, the report said that Mark Spehn, a distressed debt trader at the German bank, had wagered less than $100 million over the past five years on building a position in the company through bond and bank loans as shipping rates fell. Zim recovered to float on the stock market on Jan.

28 May 2021

Kevin Short Named CEO of Mintra

Kevin Short (Photo: Mintra)

Norwegian maritime and offshore training software firm Mintra said it has appointed Kevin Short as CEO. Short, who has been chief commercial officer since 2018, takes over the leadership role from Scott Kerr following his decision to join the firm’s board of directors.“In these post-Covid times and as we slowly return to a world that can be considered more normal, there are tremendous prospects for both digital learning and human capital management software. We know that how things worked before – people constantly travelling to training facilities – will not be the same going forward.

06 May 2021

Hyundai Heavy Industries Applies for IPO Approval

Credit: Jasmine Halki/Flickr - CC BY 2.0

South Korean shipbuilder Hyundai Heavy Industries Co Ltd applied for preliminary approval for an initial public offering, Korea Exchange said on Thursday.The company, currently wholly owned by Korea Shipbuilding & Offshore Engineering, was separated from Korea Shipbuilding in 2019.Hyundai Heavy reported a 2020 operating profit of 32.5 billion won on revenue of 8.3 trillion, Korea Exchange said in a statement.(Reporting by Joyce Lee; editing by Jason Neely)

19 Apr 2021

Inside the Red-Hot Offshore Wind Energy Market

Louis Dreyfus Armateurs owned SOV Wind of Change. Photo courtesy Cemre Shipyard

As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale, World Energy Reports (WER), in its report “2021 The Year When Offshore Wind Takes Off in the United States,” shows the anticipated growth trajectory. Service Operations Vessels (SOVs), which can commission and/or maintain turbines…

15 Mar 2021

Edda Wind Orders Two More Offshore Wind Support Vessels. Plans IPO

Credit: Wilhelmsen

Norwegian offshore wind vessel owner Edda Wind has ordered two additional Commissioning Service Operation Vessels (CSOV), as it expects long-term growth for the renewable energy sector. The company is also set for an initial public offering, which is aimed at helping finance its growth.The company, owned by Wilhelmsen and Østensjø, and which owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind farms…

04 Mar 2021

Subsea Miner DeepGreen to Go Public Via $2.9 Billion SPAC Deal

(File photo: DeepGreen)

DeepGreen Metals, an EV battery metals maker, said on Thursday that it will be acquired by blank-check firm Sustainable Opportunities Acquisition Corp in a $2.9 billion deal.The deal will consist of a $330 million private investment from investors along with Allseas, adding to the list of existing strategic investors such as Maersk Supply Service and Glencore.Vancouver-based DeepGreen intends to produce metals from polymettalic rocks, found in deep oceans, for use in batteries…

01 Mar 2021

Satellite Data Company Spire to Go Public in Latest SPAC Space Deal

© GreenOak / Adobe Stock

Satellite data company Spire Global Inc said on Monday it has agreed to go public through a merger with blank-check acquisition firm NavSight Holdings Inc at a $1.6 billion valuation.It is the latest example of a special purpose acquisition company (SPAC) merging with a company in the space industry, following deals for the likes of space tourism company Virgin Galactic and rocket startup Astra.Spire said it expects the deal will provide it with up to $475 million in proceeds.

10 Feb 2021

Offshore Services Firm OceanPact Completes $227 Million IPO

Brazil maritime services provider OceanPact Servicos Maritimos has concluded a 1.22 billion reais ($226.51 million) initial public offering, according to a securities filing on Wednesday.OceanPact priced the offer at 11.15 reais per share, at the bottom limit of the indicative range of up to 13.85 reais per share.The company raised 920 million reais in the offering, aimed at expanding its fleet of boats and buying other equipment, while shareholders sold about 300 million reais in shares.($1 = 5.3860 reais)(Reporting by Aluisio Alves; Writing by Jake Spring; Editing by Chris Reese)

26 Jan 2021

Hyundai Heavy Industries Plans IPO for Green Tech Investment

(Photo: Hyundai Heavy Industries)

South Korean shipbuilder Hyundai Heavy Industries Co Ltd said on Tuesday that it plans an initial public offering (IPO) to raise funds toward a 1 trillion won ($905 million) investment over five years into green technology.Hyundai Heavy will issue a stake of about 20% in new shares within the year, the shipbuilder said in a statement.The money will go toward the development and construction of green ships and facilities, advancement of technologies such as dual-fuel propulsion and autonomous sailing ships, as well as toward investments in companies with fuel cell technologies, it said.The ship

08 Oct 2020

Danish Offshore Wind Installation Firm Set for Oslo IPO. Picks New Name

Illustration of SBO's new OWF installation vessel

Danish offshore wind turbine transportation and installation company Swire Blue Ocean (SBO) is getting ready for listing on the Oslo Stock Exchange, to position the company for the next phase of its growth.Also, Swire Blue Ocean, as a subsidiary of Swire Pacific Offshore, will be rebranded and renamed Cadeler. The company said the new name would reflect the company’s Scandinavian maritime heritage "and its commitment to excellence in maritime operations."In connection with the Mikkel Gleerup…

07 Oct 2020

Sovcomflot Shares Drop Below IPO Price Tag in Moscow Debut

(Photo: Sovcomflot)

Sovcomflot's shares fell below their offer price in their market debut in Moscow on Wednesday after the initial public offering (IPO) of Russia's biggest shipping company was priced at the lower end of its range.Sovcomflot's IPO, the first share offering by a Russian state company since 2013, will allow the government to reduce its stake to 82.8% following the sale of new shares worth about $550 million.The deal was priced at 105 roubles ($1.34) per share, at the lower end of the initial guidance of between 105 roubles and 117 roubles per share…

06 Oct 2020

Sovcomflot IPO Expected to Price at Low End of Range

(Photo: Sovcomflot)

Russian shipping company Sovcomflot is guiding investors to expect its initial public offering (IPO) to price at the low end of the marketing range, two bookrunners organizing the transaction said on Tuesday.The first big stock market float by a Russian company in a couple of years comes as wider investor sentiment towards Moscow has turned negative after the poisoning of Kremlin critic Alexei Navalny, protests in Belarus and renewed clashes in Nagorno-Karabakh.Russian assets…

28 Sep 2020

Sovcomflot to Sell up to 17% Stake in Moscow IPO

(Photo: Sovcomflot)

Russia's top shipping company Sovcomflot plans to sell a 15.5%-17% stake in new shares and raise around 42.25 billion roubles ($534 million) in an initial public offering (IPO) on the Moscow Exchange, the company and analysts said on Monday.Sovcomflot's IPO comes at a difficult time for the Russian currency as rising coronavirus cases worldwide threaten an oil price recovery and reduce risk appetite among investors.The rouble was trading close to a 6-month low against the U.S.

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