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Sanko Steamship to relist in Tokyo

Sanko Steamship to relist in Tokyo

Tokyo: One of the world's largest shipping companies plans to relist on the Tokyo Stock Exchange as early as next year, 24 years after it left the exchange following one of the most damaging of financial fallouts seen in the history of shipowning.
Sanko will be the first Japanese shipping firm to be listed since Kawasaki Kisen Kaisha went public in TSE's second section in 1995.
In the current fiscal 2007 (ending in March 2008), Sanko expects to post an operating profit larger than Y80 billion on sales of Y225 billion, both the highest on record. This will put its operating income margin at well over 30%, one of the highest in the Japanese shipping industry.
A high proportion of ships on the spot market, a recent dramatic entrance into the offshore market, and a willingness to front up to half the financing of its newbuilds with its own funds are what separate Sanko from the big three (NYK, MOL and K Line) in Japan.  Under the shrewd leadership of president Takeshi Matsui since 2000 Sanko has transformed itself to one of the most agile and profitable shipping firms in Asia, and despite the bearish sentiments in the shipping market right now, Sanko's IPO will undoubtedly be a smash hit.  [25/01/08]

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