Aker American Shipping listed on Oslo exchange
Aker American Shipping, a new shipowning and shipbuilding company spun off by the Scandinavian Kvaerner group, started trading on the Oslo stock exchange today, completing the company's initial public offering.
In early trading, Aker American Shipping’s stock was 68 Norwegian crowns ($10.30), higher than its IPO price of 65 crowns.
Aker American Shipping will, through wholly owned U.S. subsidiaries, build, own and bare boat charter out vessels to U.S. vessel operators in accordance with the U.S. Jones Act. The vessels will be constructed at Kvaerner Philadelphia Shipyard in Philadelphia, whose ownership Aker American Shipping took over from Kvaerner.
On June 30, Kvaerner said the market value of Aker American Shipping would be about $275 million. The investors subscribed for a total of 67.3 million shares, meaning the IPO was four times oversubscribed. About 50 percent of the subscribers were international investors.
Aker American Shipping has entered into contracts for bareboat charter of 10 product tankers to Overseas Shipholding Group.