World News
Hapag-LLoyd Confirms Commitment to IPO Plans
Despite market uncertainty, Hapag-Lloyd has publicly reaffirmed its decision to launch its initial public offering (IPO) this year, Reuters reports.
"There will never be a perfect time ... one should not be too dependent on (the market)," said CEO Rolf Habben Jansen.
"From a company perspective, it is a good time."
Several companies have backtracked or curtailed plans to list as market downturns and major scandals such as Volkswagen's tampered emissions tests have rocked their respective industries.
However, Jansen said that he expects shipping's downturn to improve in two-to-three years, and although further cost cutting is yet to come, the company does not expect to lay off any more of its workforce.
"We have been posting profits for two quarters and managed the integration of CSAV (Chilean peer Vapores) better and faster than expected," he said.
"Those are strong arguments in talks with investors."
Last month, Ship & Bunker reported that industry speculation has pegged Hapag-Lloyd's IPO for mid-November, where the company is expected to sell 20 percent of its shares for an estimated $500 million.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 598.50 | 2.50 | 690.50 | 3.50 |
| Rotterdam | 525.00 | 0.50 | 685.50 | 2.50 |
| Houston | 546.50 | 8.50 | 676.50 | 8.00 |
| Fujairah | 586.00 | 3.50 | 765.00 | 5.50 |
| Global 20 Ports Average | 598.00 | 2.00 | 758.50 | 1.50 |
| Global 4 Ports Average | 564.00 | 3.50 | 704.50 | 2.00 |
| Global Average Bunker Price | 645.00 | 2.00 | 814.00 | 2.50 |
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