HANSA 05-2019

Schiffstechnik | Ship Technology
offshore market, the Oslo stock markets
offer »soft factors« which during the past
two years have attracted new IPO candidates
like Navios Containers, Good Bulk
or MPC Container Ships.
Flexibility comes at a price …
The main reason for a company to list on
the Oslo markets seems to be the timeand
cost-efficiency of the listing process
and the fast »time-to-market«. It is quite
easy to comply with the regulatory requirements
to list a company in the Oslo
over-the-counter or Merkur market. For
instance, there is no need for an extensive
and costly prospectus.
However, this flexibility comes at a
price: Such a »fast track« approach is not
comparable to a fully-blown public offering
and such stocks can only be offered in
private placements with a limited number
of investors. Consequently, there is limited
liquidity in the stocks.
Once these companies have built a
track record – like MPC Container Ships
did – they still can opt for follow-on private
or public offerings to reach out for
the main market in Oslo. After a successful
start in Oslo, Flex LNG is now rumored
to move further forward to a dual listing
in New York in the next months.
Usually, such a step is accompanied by
a certain change in the ownership structure.
In the beginning of their »listed«
life, these companies attract mainly
opportunistic investors as mentioned
above. A listing in New York, however,
has the advantage of broadening the investor
base as long-term and yield-oriented
investors and even retail investors
can be targeted.
Shipping startups on the move
Recent offerings by Okeanis Eco Tankers
or Hunter Group fall into this category
of »incubator listings«. However,
the rumored IPO of Polaris in Oslo
would be somewhat different. Polaris
owns a fleet of 35 dry bulkcarries in the
water and 17 newbuildings with an asset
value of nearly 2.5 bn $ in aggregate.
Such an IPO would further strengthen
Oslo’s reputation as a specialized maritime
investors hub.
n
Growth stories attract investors
There are well-established and highly
experienced shipping investors in Oslo,
London and New York who are generally
known to be willing to invest in shipping
startups if they feel that the time and
idea is right. These investors aim to invest
mainly in growth stories and market opportunities
of entrepreneurial companies
with a small initial fleet.
© Notos Consult
HANSA International Maritime Journal 05 | 2019 NorShipping
7