World News
Reports: Hapag Lloyd IPO Set For Mid-November
Industry rumours are pointing towards an expected Hapag Lloyd IPO in mid-November, JOC reports.
According to German newspaper Hamburger Abendblatt, the company is expected to sell roughly 20 percent of its shares on the Frankfurt stock exchange, valuating the company at $5.6 billion.
Attempts at previous Hapag Lloyd IPOs have fallen through in the past.
Credit Suisse, Citi and HSBC have reportedly been hired to manage the deal, along with Deutsche Bank, Goldman Sachs and Berenberg.
Separate reports suggest that the industry is looking upon the IPO favourably, especially as the company reported an operating profit of €267.7 million ($299.6 million) in the first half of the year, along with better than expected results from its merger with Compañía Sudamericana de Vapores (CSAV).
In August Rolf Habben Jansen, CEO of Hapag-Lloyd, said that "Our results prove that the merger with CSAV was the right decision and an important milestone in the development of Hapag-Lloyd."
Hapag-Lloyd reportedly declined to comment on the speculation.
Ship & Bunker reported last month that rumours had been pinning the IPO date for September.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 3.00 | 672.00 | 5.50 |
| Rotterdam | 515.50 | 2.50 | 652.50 | 3.50 |
| Houston | 540.50 | 4.00 | 670.00 | 5.00 |
| Fujairah | 542.50 | 1.00 | 747.00 | 3.00 |
| Global 20 Ports Average | 573.50 | 1.50 | 756.00 | 2.00 |
| Global 4 Ports Average | 537.50 | 1.00 | 685.50 | 1.00 |
| Global Average Bunker Price | 624.50 | 0.50 | 801.00 | 0.00 |
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