General Maritime: Going Public

By Urs M. Dür

Leave it to tankers to be different: The US stock markets have not had the best year and while, IPOs are rare these days, tanker shares are near their peaks. The consensus amongst analysts is that the tanker market has promise while the global economy is showing weakness. Relative to earnings, even when one considers their cyclicality, they appear inexpensive. So, the proverbial “window” is open for tanker IPOs.

With everybody else, Marine Money believes that the New York based General Maritime Ship Holding IPO (7million shares in a $15 – $19 range) – with a modern 15 Aframax and 5 Suezmax fleet – will price in the next 30 days. So there are really two ‘questions’ which need to be answered: Will it get done and at what price?

This is only an excerpt of General Maritime: Going Public

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