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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs