Sinotrans plans to raise $1.3bn in November IPO

Hong Kong: Sinotrans Shipping Limited has announced plans to raise more than $1.3bn for fleet expansion in a November IPO in Hong Kong, reports Reuters. The company, which has applied to the Hong Kong Stock Exchange for approval for the deal, is eager to cash in on the extremely strong bulk market and is likely to indulge in quick vessel purchases. Sinotrans currently operates a dry bulk fleet of about 35 vessels.  [20/09/07]