High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
BRUSSELS, Jan 20 (Reuters) – Belgian crude oil shipping group Euronav said on Tuesday that it was going ahead with its plan to list shares on the New York Stock Exchange in a public offering worth some $175 million.
Euronav had announced its intention to list in September but postponed the plans in October, citing unfavourable market conditions.
The company said on Tuesday that it would list 13.55 million shares and would continue to trade on both the Brussels and New York markets.
Its shares traded at 11.165 euros on Tuesday before being suspended by the regulator pending the announcement, giving the company a valuation of around $1.5 billion.
Euronav said it would use the net proceeds to increase its working capital and may buy additional vessels.
The underwritten public offering is managed by Deutsche Bank, Citigroup, JP Morgan and Morgan Stanley as joint book runners and DNB, SEB and Evercore Group as senior managers. (Reporting by Robert-Jan Bartunek; editing by Barbara Lewis and Keith Weir)
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