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Maritime Capital Partners pushes ahead with IPO

Maritime Capital Partners pushes ahead with IPO

Singapore: Despite a rocky financial market that has led competitors such as Israeli liner company ZIM to put its $500m listing plans on hold, Mark Harris-led Maritime Capital Partners (MCP) has filed a preliminary prospectus for its IPO with the Monetary Authority of Singapore (MAS).

The handysize bulker outfit, which owns a fleet of around 14 vessels, is said to be aiming to raise roughly $300m from its initial public offering.

Harris, the former boss of Pacific Basin, made his announcement just one day after ZIM pulled its potential Hong Kong IPO ambitions and barely two weeks since Hong Kong's Wah Kwong shelved plans for a return to the local bourse.

Harris will, no doubt, be pushing a similar sales pitch to the one that made Pacific Basin such an attractive offering, namely operating in a niche market with a young fleet and limited newbuild berths for handysizes on the horizon.  [17/06/08]


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