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BW Shipping to offer vessel trust IPO

BW Shipping to offer vessel trust IPO

Singapore: BW Shipping is reported to have hired Morgan Stanley and Citigroup to handle an initial public offering of a new shipping trust, reports Reuters. The trust will be based on BW Shipping's fleet of 51 vessels, which range from supertankers to drybulk vessels.

The company will be the fourth shipping trust to be listed on the Singapore stock exchange, which has seen popularity as listed companies are exempt from tax on income earned though ship leases.

BW Group, which owns BW Shipping, also controls BW Offshore and BW Gas - both of which are listed in Oslo.

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