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Another IPO bombs: Mark Harris limps away from SGX

Another IPO bombs: Mark Harris limps away from SGX

Singapore: Maritime Capital Shipping, led by former Pacific Basin head Mark Harris, has nixed plans for a listing in Singapore. The handysize bulk player becomes the third shipping line in a month to cancel IPO talk, following Wah Kwong of Hong Kong and Isreal's ZIM.

Mark Harris said: "Unfortunately, the performance of the global equity markets has deteriorated sharply in the last few days and equity markets have closed for IPOs, regardless of the underlying fundamentals of the company.

"Despite this our business remains strong, is growing quickly and, with the full support of our existing shareholders, we remain confident about our future prospects."

Harris' fleet totals 18 ships, including one on order, and he was looking to gain anwhere from US$260m to $300m from the listing. The proceeds were to have been spent on buying up to 12 more vessels. [3/7/08]