another-drybulk-fleet-owner-seeks-to-float

Another dry-bulk fleet owner seeks to float

Maritime Capital and a group of pre-IPO shareholders take on the challenging market to raise up to $300 million.

By Anette Jönsson

June 19, 2008

Maritime Capital Shipping has begun bookbuilding its Singapore initial public offering with the aim of raising up to $300 million for the acquisition of new ships. One-third of that money will go to a group of existing shareholders who will be recuperating part of their investments made in the company over the past year.

Set up by former Pacific Basin CEO Mark Harris in April 2007, Maritime Capital owns a fleet of 18 dry-bulk ships which it charters out to ship operators on contracts ranging from six months to five years. It currently has 14 vessels with three more scheduled to be delivered in July and one in March next year. The plan is to...

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