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CMA Shipping 2011

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IPO Renaissance in Indonesian Shipping

Indonesia is one of Asia’s fastest growing economies and more shipping companies are hoping to take advantage of this rising optimism by taking a shot at the domestic IPO market. According to the local press, as many as four shipping companies are planning to launch their share offerings in the first half of 2011.

Among them, perhaps arguably the most exciting would be PT Buana Listya Tama’s share offering. The Indonesia and Singapore listed PT Berlian Laju Tanker (“BLT”) is reportedly planning to spin off this wholly owned subsidiary to raise up to USD 120 million. Eddy Sugito, Director of the Indonesian Stock Exchange (“IDX”), confirmed market rumours that the company has already submitted its IPO documents for approval. PT Danatama Makmur, JP Morgan Securities, Deutsche Bank and Standard Chartered Securities are said to be the appointed underwriters.

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