Maritime Capital plans USD 261 million IPO

June 23, 2008

June 23rd (Steel Guru) – Bloomberg reported that Hong Kong dry bulk shipping line Maritime Capital Shipping Ltd is planning to raise about USD 261 million in an initial share sale in Singapore to buy more vessels.

According to an e mail to investors, Maritime Capital Shipping Ltd plans to sell existing and new shares at between USD 1.24 to USD 1.46 apiece. But the e mail did not include how many shares will be sold. Pricing is scheduled on July 3rd 2008 and shares will be offered to retail investors the following day.

Maritime Capital wants to almost double its fleet size to as many as 30 vessels, according to the company’s prospectus. Rising demand from emerging countries, such as China and India for iron ore and coal have increased the need for more vessels to support economic growth.

UBS AG is the sole arranger of the share sale.

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