ShippingWatch

Shipping crisis weakens investor interest

BW Group's cancellation of the IPO of its product tanker carrier BW Pacific could be bad news for Hafnia Tankers and other somewhat new companies with similar ambitions. Things are looking better for Torm, financial sources tell ShippingWatch.

Photo: BW Maritime

BW Group's cancellation of the Oslo IPO planned for its tanker carrier BW Pacific could spell bad news for Danish-based Hafnia Tankers' own IPO plans in New York in the near future. BW's move to cancel the IPO, which was to have generated USD 250 million, also reveals that investors have become picky when it comes to carriers, who are then pressured to offer up something new and extraordinary to attract investment. Especially after so many investors have taken economic hits to their bulk and container investments.

This is the sentiment expressed by various sources and industry figures to ShippingWatch, after Singapore-based BW Group released a brief announcement Friday informing that the IPO was called off due to current challenging market conditions.

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