Global Oceanic Carriers (GO) is seeking to raise 43 million pounds ($81 million) next month when it becomes the first Greek shipping company to list on London's junior AIM share market. GO, a newly formed shipping firm involved in ownership, chartering and management, said it would use the proceeds to buy three dry bulk ships and is in talks to buy another two vessels.
The new shares sold in the initial public offering (IPO) will represent about 70 percent of GO's market value, expected to be about 62 million pounds.
The company said it plans to build a fleet for long-term charter revenue, tapping into strong Asian demand for commodities shipping. Dry bulk ships carry large cargoes that can be easily stowed in a single hold, such as iron ore, coal and grain.
GO said about 2.5 billion tonnes of dry bulk cargo was transported by sea in 2004, up 25 percent from 1999, leading to a shortage of ships.
The founder and chief executive of GO is Vassilis Vintiadis, owner of Niva Shipping, a 27-year-old Greek shipping firm mainly focused on China and India. Niva will advise GO on broking, chartering and building.
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