Hong Kong's Cetus Maritime Launches $175 Million Financing Plan in Preparation for Oslo Listing

en.Wedoany.com Reported - On November 10, Hong Kong-based dry bulk shipping company Cetus Maritime launched a $175 million pre-IPO private placement, planning to issue approximately 95.6 million new shares at $1.83 per share, with a planned listing on Euronext Growth Oslo around November 18. Eastern Pacific Shipping-affiliated investment entities, Songa Capital, Albemarle Shipping Fund and DNB Asset Management have expressed subscription intentions totaling $106.5 million, and subscription interest from other investors is also sufficient to cover the planned offering size.

The placement also includes an upsize option of up to $25 million. Based on the offering price of $1.83 per share, the financing size corresponding to Cetus Maritime's offering is approximately $175 million. Prior to completion of the placement, the company's valuation is approximately $239 million; after taking into account the planned fleet acquisition transactions, the valuation is approximately $307 million. The above valuations are on a transaction pricing basis and do not represent actual market capitalization following listing.

Investors expressing subscription intentions include Eastern Pacific Shipping investment entities associated with Israeli shipping investor Idan Ofer, Songa Capital under Norwegian shipowner Arne Blystad, and Albemarle Shipping Fund co-founded by Magnus Halvorsen. The four major investors have collectively expressed $106.5 million in subscription intentions, while the remaining placement shares have attracted subscription interest from other investors. Clarksons Securities, DNB Carnegie and Nordea are serving as underwriters for the placement and listing.

The IPO fundraising proceeds in parallel with Cetus Maritime's fleet expansion plan. Prior to listing, the company plans to acquire 13 Handysize and Supramax bulk carriers from Hong Kong-listed Seacon Shipping Group, and to acquire Syngrace, which holds construction contracts for 3 Handysize bulk carriers. The total consideration is estimated at approximately $172.5 million, of which approximately $72.5 million will be paid in cash and the remainder settled through the issuance of approximately 37.3 million new Cetus Maritime shares. Seacon will thereby become a significant strategic shareholder of Cetus.

Following completion of the acquisitions and the planned vessel sales, Cetus Maritime's fleet is expected to reach 42 vessels, including 34 vessels already in operation and 8 newbuildings. The newbuildings are scheduled for delivery progressively from 2027 to 2028. The company's operating fleet is concentrated in Handysize and Supramax bulk carriers, carrying cargoes including steel, grain, agricultural products, minerals and forest products.

Cetus Maritime was formed in 2023 through the merger of Asia Maritime Pacific and Hamburg-based dry bulk company HBC Hamburg Bulk Carriers, and subsequently merged with Chile's Nachipa in 2024, gradually expanding its dry bulk fleet and operating business. The IPO fundraising will proceed in parallel with the pre-IPO vessel acquisitions.