• 2010 June 1 06:55

    Ningbo port plans $1.9 bln Shanghai IPO

    Ningbo Port Co plans to raise about $1.9 billion in mainland China's second-largest IPO this year, braving a Chinese market already staggering from a slew of large fundraisings and Beijing's tightening measures.
    Analysts say Ningbo Port, which competes with bigger rival Shanghai International Port (Group) Co  , could also face headwinds due to waning investor enthusiasm for transport stocks and the uncertainty of the global economic recovery.
    "It's a pretty mature market where growth potential is relatively limited. Business prospects are also clouded by the euro crisis, which may hurt exports," said Yu Jianjun, analyst at Huatai Securities Co.
    Ningbo's IPO announcement comes as mainland firms, including China's biggest lenders rush to raise cash from the stock market.
    Bank of China  starts selling 40 billion yuan in convertible bonds this week, and smaller rival Bank of Communications   nears a rights issue plan to raise up to 42 billion yuan in Shanghai and Hong Kong.
    More Chinese banks are expected to push ahead with their fundraising plans this year to boost their coffers after a lending spree last year.
    The Shanghai market .SSEC has already seen 331 billion yuan worth of fundraising so far this year, close to the 352 billion yuan raised by Chinese companies through IPOs or additional share sales for all of 2008. It has dropped nearly 20 percent since mid April.
    But Ningbo is unlikely to hold back from its IPO plans.
    "Ningbo Port has been waiting for an IPO for ages, so I think it will still go ahead with the capital raising, although it may have to compromise on its offer price amid weak market conditions," Yu said.
    Zhang Qiusheng of Galaxy Securities Co said the local government of China's eastern province of Zhejiang, where Ningbo Port is located, are also keen for an IPO soon.
    The government, a shareholder in the port, desperately needs money to build new ports to gain market share, he said.
    HONG KONG EYED
    Ningbo Port plans to issue 2.5 billion A shares denominated in yuan CNY=CFXS, or 18.8 percent of its expanded share capital, for a listing on the Shanghai Stock Exchange, it said in a draft prospectus for the A-share initial public offering (IPO).
    Its Shanghai share offer will fall just below the $2.3 billion IPO by Huatai Securities (601688.SS) launched in February but lag far behind a $30 billion IPO planned by Agricultural Bank of China  in China and Hong Kong in the near term.
    Ningbo Port also aims to issue 2.35 billion Hong Kong-listed H shares, although it has yet to work out the details, it said.
    "H-share issue should bear a price no less than that for A shares, although final pricing will depend on market conditions," Ningbo Port said, adding it has appointed China International Capital Corp (CICC) as the Shanghai IPO's lead underwriter.
    Proceeds from the Shanghai IPO would be mainly used to develop port projects but also to buy port-related machinery and supplement working capital, it said in the prospectus published late on Monday on the Chinese stock regulator's website, www.csrc.gov.cn.
    The regulator, the China Securities Regulatory Commission, would review Ningbo Port's Shanghai IPO application on Friday, it said in a statement.
    Ningbo Port, one of the busiest in China, chiefly handles containers, iron ore and crude transportation as well as logistics.
    China's benchmark Shanghai Composite Index ended down 2.4 percent on Monday at 2,592.1 points, continuing a downtrend since mid-April that has been fueled by concerns over further tightening policies from Beijing for the real estate sector.

2024 May 2

18:07 World’s most environmentally friendly tug fleet delivered to HaiSea Marine
17:38 SOHAR Port and Freezone sings agreement with METCORE for Mass Flow Meter Implementation
17:23 Unifeeder launches China Gulf Express
16:59 Allseas receives T&I contract for Gennaker offshore wind farm
16:30 CMA CGM’s newest container vessel visited the HHLA TK Estonia terminal
15:46 DP World introduces new rail route from China to Turkey
14:32 Hybrid technology to optimise energy use and cut emissions for Matson Navigation Company’s new LNG-powered container ships
13:54 Bureau Veritas awards AiP for TotalEnergies’ Skipe V2 tool
13:24 Hapag-Lloyd launches first dry container tracking product “Live Position”
12:58 Europe’s ports have €80 billion investment needs for the next 10 years
12:15 MABUX: Bunker Outlook, Week 18, 2024
11:42 APSEZ FY24 net profit jumps 50%
11:19 Tristar Eships to manage its carbon footprint with Wartsila’s Decarbonisation Services
10:48 Topsoe awarded contract to support FEED study for new low-carbon ammonia plant in Louisiana, US
09:26 Maersk posts Q1 2024 results

2024 May 1

17:13 Matson picks Kongsberg Maritime's hybrid technology for its new LNG-powered container ships
16:22 All American Marine delivers hydrofoil-assisted tour vessel to Phillips Glaciers
15:24 Corvus Energy to supply ESS for the first Net Zero Subsea Construction Vessel
14:02 Stena Line taps Dennis Tetzlaff as Chief Operating Officer Fleet
12:31 APSEZ secures AAA Rating – India’s first private infrastructure developer with AAA
11:57 Unifeeder continues its expansion in Latin America
10:09 IMO's Legal Committee finalizes new guidelines on seafarer criminalization

2024 April 30

16:14 LR grants AiP to H2SITE’s AMMONIA to H2POWER technology
15:17 IRS partners with MARIN to enhance technical expertise in shipbuilding
13:42 Allseas T&I contract for Gennaker offshore wind farm
12:03 CSSC and QatarEnergy sign agreement for construction of 18 Q-Max class LNG carriers
10:13 First ship departs Baltimore through limited access channel

2024 April 29

17:42 Abu Dhabi leaps a staggering 10 places in 2024 LMC Report
16:19 Norwegian engine builder Bergen Engines joins FME MarTrans initiative
15:13 Hitachi, Chantiers de l’Atlantique to seal French offshore substation contract
14:53 Port of Greenock given vote of confidence with new Türkiye container service
14:09 Aker Solutions ASA:announces first quarter results 2024
13:37 Gasum Group's Q1 sales volumes rose 73% due to higher natural gas volumes
12:14 New Zealand cruise market on track for recovery
11:40 Vitol announces satisfaction of a condition precedent relating to the golden power proceeding
10:41 JERA Energy India begins operations as JERA’s base of operations in the country

2024 April 28

15:13 IACS publishes new recommendation for conducting commissioning testing of BWMS
14:11 Skanska set for South Brooklyn Marine Terminal Buildout (SBMT)
12:27 Philly Shipyard and HD Hyundai Heavy Industries sign MoU
12:03 Equinor to commence second tranche of the 2024 share buy-back programme
10:16 Gebrüder Weiss enlarges logistics center in Budapest
09:37 Opening of MARIN's Seven Oceans Simulator centre (SOSc) in the Netherlands slated for May 2024

2024 April 27

16:36 National Transportation Safety Board: Undetected flooding from a through-hull pipe led to capsizing of dredging vessel
15:49 Chantiers de l’Atlantique picks Brunvoll propulsion for the world’s largest sailing ships
14:31 US Navy announces first MCM MP embarked on USS Canberra
13:42 Interim president Michelle Kruger takes helm at Austal USA
12:17 DEME annnounces start of share buyback program
10:28 Ships with Korean-made LNG containment face key supply chain disruptions

2024 April 26

18:04 Seaspan celebrates 30 years of ship repair in Victoria
17:31 HMM enhances maritime safety with AI technology
17:13 Potential Strait of Hormuz closure threatens 21% of global LNG supply - Drewry
16:42 Van Oord christens two new hybrid water injection dredgers and an unmanned survey vessel in Rotterdam
15:57 CMA CGM announces FAK rates from Asia to North Europe
15:24 MOL announced delivery of LPG dual-fuel LPG/ammonia carrier Aquamarine Progress II
14:53 DP World and Asian Terminals launch new Tanza Barge Terminal in Cavite
14:23 MH Simonsen orders eight hybrid methanol dual-fuel tankers at China’s Jiangxi New Jiangzhou Shipbuilding
13:47 DP World and Malaysia’s Sabah Ports form a partnership to manage Sapangar Bay Container Port
13:22 SCHOTTEL to equip Guangzhou Port Group’s latest e-tug with two RudderPropellers type SRP 360
12:57 FESCO Group proposes a mechanism in favour of Russian logistics operators over their foreign competitors in domestic transport market
12:39 SSK shipyard launches the Project 14400 support ship Nikolai Kamov in the Nizhny Novgorod region
12:33 Six companies start a joint study for the establishment of an ammonia supply chain based in the Tomakomai area of Hokkaido
11:52 European shipowners welcome 40% production benchmark for clean shipping fuels in Europe
11:14 Greek shipowners leaders in the secondary market once again
10:08 MPCC secures ECA-covered sustainable financing for its dual-fuel methanol newbuildings
09:38 Romanian port of Constantza to receive a new oil products terminal

2024 April 25

18:07 MSC collaborates with GSBN to trial integrated safe transportation certification verification process
17:23 China launches construction of cutting-edge marine research vessel
17:06 CMA CGM and Bpifrance launch €200mln fund to decarbonize French maritime sector
16:46 Avenir LNG orders two 20,000 M3 LNG bunker delivery vessels
16:05 Port of Amsterdam revenues up to €190.4 million in 2023