Bulk shipping company goes public

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Oslo-based Western Bulk Carriers, one of the world’s largest operators of large dry cargo ships, is due to be listed on the Oslo Stock Exchange later this month in a move that may realize around NOK 1 billion for the company’s owner, investor and philanthropist Christen Sveaas.

Newspaper Dagens Næringsliv (DN) reported that Sveaas and his investment firm Kistefos, now holding 96 percent of Western Bulk’s shares, can free up as much as NOK 993 million by selling down their stakes Western Bulk, which operates bulkers worldwide and has offices in Oslo, Singapore, Seattle, Chile and Monaco.

The plan is to sell off shares in combination with raising NOK 300 million to finance further growth. Western Bulk, which posted pre-tax earnings last year of USD 28.3 million (NOK  169.2 million), has continued to grow through long-term charters that secure the company access to new vessels, reported DN.

newsinenglish.no staff