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 Today

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

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Fincantieri Launches Nuclear Waste Vessel for Russia

New semisubmersible floating platform will be used to transport special material decommissioned by the Russian Navy    Itarus, the new semisubmersible floating

Crowley Opens Government Services Office

Crowley Maritime Corp. has opened a new government services office in downtown Norfolk, Va. to help the company better serve government agencies such as the Military Sealift Command (MSC) and the U.

Interview: Mike Petters - President & CEO, HII

Last month Mike Petters, president and CEO of Huntington Ingalls Industries (NYSE:HII), was honored by the Coast Guard Foundation at the 35th Annual Salute to the United States Coast Guard,


When Conducting Investigations Consider 'Privileges'

Whether voluntarily or as required by the International Safety Management Code, the American Waterways Operators’ (AWO) Responsible Carrier Program, or some other rule or regulation,

Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector.  The new report – the 19th annual floater

North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million,

Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Sonar Winch
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: 0.0739 sec (14 req/sec)