Greatship mulls Bombay IPO

Great Eastern Shipping is weighing up whether to jump on the IPO bandwagon and float its offshore arm, Greatship.

Bombay-listed GE is playing its cards close to its chest saying only an IPO is under consideration.

It said: “Any offering and its timing will be subject to market conditions, obtaining necessary shareholder and regulatory approvals.

“There can be no assurance that any offering will happen in a timely manner or at all.”

Greatship has a fleet of 14 anchor handlers and PSVs in the water. It also has a further 11 newbuildings on its books, Clarksons says.

Shipowners have been rushing to list in recent weeks after a long dry spell in the wake of the financial crisis.

Baltic Trading and Crude Carriers completed IPOs in New York earlier this month, while both Alma Maritime and Scorpio Tankers are in the process of going public.

Wilh Wilhelmsen has announced plans to float its shipping and logistics business and offshore owner Dof is hoping to list its Brazilian arm.

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