US – Two new flotations hit the New York Stock Market this week, the first such shipping company initial public share offers since the crisis in bulk and container shipping started to bite. Baltic Trading, a dry bulk company whose details we published in February, and a new oil tanker group, Crude Carriers Corporation, a Marshall Islands registered Greek initiative, both achieved their launch targets but prices were at the bottom end of their estimates.
Baltic sold for $14 a share after an offer range of $14 to $16 bringing in a reported $228.2 million, this is in addition to the $75 million being injected by Genco Shipping and Trading. The Greek company launch fetched a reported $256.5 million after underwriters said 13.5 million shares went for the lower price on a predicted $19 to $21 range. At the close Baltic shares were at $13.91 after a high of $14.15.
Meanwhile Genco, whose boss Peter Georgiopoulos is believed to be the driving force behind the Baltic launch, have announced that it has reached an agreement to extend the time charter for the Genco Hunter, a 2007-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11.0 to 13.5 months at a rate of $21,750 per day, less a 5% third-party brokerage commission.
The time charter is expected to commence following the expiration of the vessel's current time charter on or about April 1, 2010 and is subject to the completion of definitive documentation. Genco now has approximately 61% of its fleet's estimated available days secured on contracts for the remainder of 2010.
