P&O To Float Bulk Carrier Unit For $190M

Tuesday, June 13, 2000
Peninsular and Oriental Steam Navigation Co. (P&O) expects its Associated Bulk Carriers unit to carry a price tag of around $190 million when it floats on the Oslo Stock Exchange in July. Shares in ABC, one of the world's largest independently owned operators of Capesize bulk carriers, will be priced at between 40 and 65 Norwegian crowns, according to the prospectus for the issue. Peter Smith, P&O director of corporate affairs, said ABC's relatively young fleet means it could use its newfound currency of shares to seek out potential acquisitions in a shipping industry ripe for consolidation. "There isn't a need for them to invest heavily, so they have the strength now to go out and make the most of their market-leading position," he said. Average revenues have increased to $16,500 per ship per day from a low point of around $5,500 in 1999. ABC made a loss in 1999, but is now trading profitably, P&O said. ABC has a fleet of 22 dry cargo vessels ranging in size from 110,000 to 210,000 dwt, with an average age of seven years -- one of the youngest fleets in the world. It serves mostly steel producers and power utilities as well as suppliers of iron ore and coal. Christiana Markets, a division of Christiana Bank, is lead manager for the initial public offering.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

NASSCO Opens Bremerton Repair Facility

General Dynamics NASSCO celebrated the grand opening of its new location in Bremerton, Wash., yesterday. The facility will support the company’s recently-awarded contract to repair and maintain U.

NASSCO Opens New Facility for Naval Repair

General Dynamics NASSCO opened a new location yesterday in Bremerton, Wash. to support the company’s recently-awarded contract to repair and maintain U.S. Navy

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1164 sec (9 req/sec)