World News
Hapag-Lloyd Pushes Back IPO Date After Maersk Line Lowers Guidance
Hapag-Lloyd is pushing its IPO back one week due to lost investor confidence following Maersk Line's announcement that it would be lowering its profit guidance for 2015, Reuters reports.
Despite having issued a statement earlier this week saying that its 2015 outlook remains unchanged, some investors pulled out of the offering after Maersk Line's warning was released, according to unnamed sources.
"The order book had been more than one time subscribed," said one of the unnamed sources.
"Now the main goal is to get investors to come back who have shied away due to Maersk."
The listing is now expected for November 6, 2015, with sources also saying that Hapag Lloyd may drop its price even further in a bid to win back support.
Ship & Bunker previously reported that any weakness or volatility in the market had likely already been priced into the carrier line's IPO price, which was scaled back earlier this month.
Hapag Lloyd had originally sought to quell fears by confirming that EBITDA margin in September was expected to be in line with what was described in its IPO prospectus, with the company also forecasting a high single-digit EBITDA margin for the full fiscal year.
Ship & Bunker reported earlier this week that Maersk Line had blamed the anemic container shipping sector and ongoing low freight rates for its lowered guidance.
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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