World News
Hapag-Lloyd Aims for $500m From IPO
Hapag-Lloyd has confirmed that it is looking to raise $500 million from its IPO later this year, Bloomberg reports.
Roughly $400 million will reportedly aim to come from institutional and retail investors such as Kühne Maritime and Compañía Sud Americana de Vapores (CSAV), both of which will invest $50 million each, according to the company.
"This move will give us better access to the capital markets which will enable us to further invest in our business to become more competitive," said CEO Rolf Habben Jansen in separate reports.
The company said that it has plans to funnel the raised funds into ship and containers investments.
Industry experts also suggest that Hapag-Lloyd has been carefully adjusting IPO volumes in response to uncertainty in the market.
"Caution was the imperative," said an unnamed source.
"Hapag's shareholders opted to float the smallest possible stake to avoid offering more than investors are willing to buy and having to scrap IPO plans."
Last week, Ship & Bunker reported that the company looks to be targeting mid-November for its IPO, with valuations currently pegged at around $5.6 billion.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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