Danish shipping fuel supplier OW Bunker confirms IPO plan

marinelink.com
Wednesday, March 05, 2014

Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion.


Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday, confirming what sources familiar with the matter had told Reuters on Monday.

The company, which has a share of around 7 percent of the global shipping fuel market, said it planned to sell new stock as well as some of the shares owned by its major shareholder, private equity group Altor. It did not say how much it planned to raise.

The company also posted full-year 2013 results showing revenue up more than 20 percent to $16.99 billion and net profit up almost 50 percent to $63.4 million.

"Given OW Bunker's growth and earnings track record over the years, we believe that the company is an ideal IPO candidate," Deputy Chairman Soren Johansen said.

OW Bunker said it believes it can grow volume by around 10 percent in 2014 and aims to increase profit by at least the same amount.

Wednesday's earnings report was "very strong," analysts at Alm Brand Bank said in a note.

Other leading players in the industry include World Fuel Services Corp, Chemoil Energy and Aegean Marine Petroleum Network.

Altor has owned OW Bunker since buying its parent Wrist Group in July 2007. No indication was given on the price Altor paid, although local media said it could have been anywhere between 1 billion Danish crowns ($184.2 million) and 2 billion.

Carnegie and Morgan Stanley are coordinating the IPO, while Nordea is also joint bookrunner. ABG Sundal Collier is co-lead manager.

Danish business services firm ISS A/S said on Monday it plans to raise around 7.69 billion Danish crowns from an IPO in Copenhagen. ($1 = 5.4303 Danish crowns)

 

Reporting by Teis Jensen and Ole Mikkelsen

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Canadian Pipeline Expansion Continues

Kinder Morgan Energy Partners said on Friday that crews have resumed survey work related to its Trans Mountain pipeline expansion project in the Vancouver suburb of Burnaby,

Orlando Ashford is President, Holland America Line

Holland America Line announced today that effective Dec. 1 Orlando Ashford will join the company as president to lead the award-winning cruise line's brand and business,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

Fuels & Lubes

Environmental Groups: IMO Polar Code Too Weak

The International Maritime Organization (IMO) today adopted the Polar Code aimed at regulating shipping in Polar Regions. Several environmental groups have criticized

Cost to Fuel Ships Falls

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1013 sec (10 req/sec)