World News
OW Bunker Confirms IPO Plans
OW Bunker officially confirmed Wednesday that it plans to launch an initial public offering (IPO) in Copenhagen.
The global bunker company described the move as "an important milestone" that would provide a long-term platform to support its future growth.
It did not reveal how much money it plans to raise, but said it will sell new stock as well as shares owned by its current major shareholder, private equity group Altor Equity Partners (Altor).
"Given OW Bunker's growth and earnings track record over the years, we believe that the company is an ideal IPO candidate," said the company's deputy chairman, Soren Johansen.
Sources have said that the company, which is likely valued at around $1 billion and controls about 7 percent of the global shipping fuel market, expects a stock market listing "before Easter."
"Over the years, we have invested in and built a robust and scalable business model, which during the past three years has yielded an average return on equity of over 25%," said OW Bunker CEO Jim Pedersen.
"In 2013, we delivered growth rates above 30% in our key performance indicators: volume, gross profit and profit before tax. In other words, we are in great shape to welcome new owners."
Carnegie and Morgan Stanley are coordinating the IPO, Nordea is acting as joint bookrunner, and ABG Sundal Collier is co-lead manager.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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