P&O To Delay ABS Stock Floatation

Monday, June 26, 2000
Peninsular & Oriental Steam Navigation Co. is indefinitely postponing the planned flotation of its Associated Bulk Carriers (ABC) unit because of stock market conditions. Shares in the business would have been listed on the Oslo Stock Exchange in an initial public offering next month, valuing it at around $187.9 million. But the group said in a statement it had decided not to go ahead with the flotation for the time being, because of market conditions in Oslo. he decision reversed P&O's plans to bring the float forward on the back of a recovery of the bulk shipping market, which has been depressed over past two to three years. ABC is one of the world's largest independently owned operators of Capesize bulk carriers and has a fleet of 22 dry cargo vessels ranging in size from 110,000 to 210,000 dwt. Under the float, on which P&O is being advised by Christiania Markets, P&O was due to sell between 17.7 million and 20.3 million shares.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0864 sec (12 req/sec)