BW Pacific cancels Oslo IPO

Product tanker carrier BW Pacific has opted in a surprise move to withdraw its planned IPO on the Oslo Stock Exchange after the carrier has failed to raise the projected USD 250 million. BW Pacific points to volatile markets and a weak Norwegian krone as decisive factors.

Photo: BW Maritime

Singapore-based product tanker carrier BW Pacific has canceled its Oslo IPO, which was projected to raise USD 250 million. The company has likely failed to do so following the turbulence and sliding rates for listed tanker carriers in recent weeks.

"During the two week roadshow by the project team, led by BW Group CEO Carsten Mortensen, we have received positive reception to BW Pacific as a company.  Nonetheless we are operating against a backdrop of challenging market conditions with unfavorable headwinds," a spokesperson tells ShippingWatch in an email.

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