Bulker giant Polaris Shipping is considering taking its long-awaited initial public offering to Singapore, company executives say.
Privately owned Polaris has been an IPO candidate since 2013 but was previously thought to favour a listing in its homeland given the expectation for greater liquidity on the Korea Exchange.
While details of the listing have yet to be confirmed, the Singapore Stock Exchange is now being actively considered by the company, an executive says.
Reports by Bloomberg today suggest a $100m float is being weighed up. However, TradeWinds is told Polaris is eyeing between $150m and $250m from the move, subject to pricing.
From that sum $100m is likely to be directed towards its newbuilding orderbook, which Clarksons places at 18 vessels – including 17 ships in Vale’s ‘Guaibamax’ project.
All of those ships are under construction at Hyundai Heavy Industries’ Ulsan shipyard.
Polaris is in contact with local underwriters for the listing, which is hoped to take place in the first or second quarter of next year, the executive says.
Should the listing be completed, Polaris would be one of the largest public dry cargo owners globally by fleet value.
Its trading fleet of 34 bulkers is worth north of $1bn, with its newbuildings priced at $1.4bn, according to VesselsValue.
Data from the online service places Wisdom Marine Lines as the largest public dry cargo owner by fleet value presently, with its 105 ships worth $2.2bn. This poisitions it ahead of Pan Ocean, which has 73 ships of $2.1bn.
Star Bulk and Golden Ocean are the largest public dry cargo owners listed outside of Asia, VesselsValue says. They are the only two western companies in the top 10.
Data from the company at the start of this year places Polaris as the world’s largest owner of VLOC tonnage ahead of China Cosco, ICBC, China Merchants and Berge Bulk.
At the beginning of this year it was also the largest South Korean shipowner, with Sinokor, Pan Ocean and SK Shipping and SM Group making up the top five.
