Dubai bulker owner Tomini Shipping is eyeing fleet expansion after listing on the Norwegian over the counter (NOTC) market this week.
It described the move as a "key milestone in Tomini’s growth journey."
The company, which has 12 ultramaxes operational and three kamsarmaxes on order, listed on Tuesday and trading began on Wednesday morning.
Tomini is not listed anywhere else.
The company told TradeWinds it chose Oslo as it is "the most significant market" for shipping and the maritime industry after New York.
"Tomini Shipping felt the Oslo OTC was the best fit particularly given our sector – dry bulk," a spokeswoman added.
The plan is to raise money through share issues.
"Certainly that is the idea and Tomini’s intention. Now that we are listed, Tomini Shipping will be tracked by investors. When the market is right we will approach the capital markets," she said.
“Our ambition is to meet global transportation needs through expanding our fleet with the latest eco-friendly, technologically advanced vessels, which are able to deliver exceptional services to our global client network," said chairman Imtiaz Shaikh.
"With our experienced management team and highly motivated employees, Tomini Shipping is ready to lead the way.”
The company pledged to continue to look for new investment and acquisition opportunities that fit its existing business platform.
Its trio of new ships are due from the Taizhou Kouan shipyard in China in 2020 and 2021.
NOTC is an unregulated marketplace owned and managed by the Oslo Stock Exchange.
Last month, Empire Product Tankers listed on the NOTC. It is believed to be a spin-off from Stamatis Molaris' Empire Navigation group.
Long journey from Pakistan to Dubai
Tomini, which has been contacted for further information on its plans, is majority owned by Shaikh and his family and has a history dating back 65 years.
The company was founded as a liner operator in 1952 in Karachi, Pakistan, as the shipping arm of the family cotton trading business.
The fleet was nationalised in 1974 and the family moved to London, setting up in the tweendecker sector.
Tomini moved to Dubai in 2004.
Commercial management of the fleet of modern vessels has been handled through Alpina Chartering in Denmark for the last 40 years.
It says its business philosophy is built on trust and building deep relationships that focus on long-term cooperation with its partners and clients.
Last year, the company told TradeWinds it was in discussions with Chinese leasing companies to secure $100m in financing to cover six bulkers it had on order at Chinese yards.
It was talking to two leasing companies at that time.
The financing was intended to cover three 64,000-dwt vessels being built at Cosco Shipping Heavy Industry's Yangzhou yard and the three Kouan ships.
In December 2018, the company lined up a $50m deal with the leasing arm of China Construction Bank (CCB) to cover four recently delivered ultramax bulkers.
