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

Legal

IACS and European Commission Hold Joint Workshop to Kick Off European Shipping Week

The International Association of Classification Societies (IACS) held a joint workshop in Brussels with the European Commission to kick off European Shipping Week, the association announced today.

Cosco Boxship Detained Over Illegal Arms

Colombian authorities detained a vessel operated by China's largest shipping group for illegally transporting thousands of cannon shells, about 100 tonnes of gunpowder

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

Finance

Ten Migrants Die in Mediterranean, a Thousand Rescued

At least 10 North African migrants died when their rubber boat overturned in the southern Mediterranean while almost a thousand more from a total of seven vessels

Access to Brazil's Itajai Port to Open as Truck Protest Ends

Protesters have agreed to open access to Brazil's main poultry exporting port of Itajai in Santa Catarina state, the port said on Wednesday, ending a lingering

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Fuels & Lubes

EC Study on LNG as Shipping Fuel Reveals Industry Backing

As efforts to combat climate change increase worldwide, pollution stemming from maritime shipping presents a particular challenge.     The study on the perception

Oil Storage at Sea Stalls as Profit Play Fades

Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday.

Interview: Nakilat's Samir Bailouni

SGMF Membership - Uncovered: An interview with Samir Bailouni, Nakilat The Society for Gas and Marine Fuel (SGMF) recently interviewed one of its members, Samir

 
 
Maritime Careers / Shipboard Positions Maritime Security Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.0973 sec (10 req/sec)