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Blue Ocean Maritime Income nixes London IPO

Shipping’s struggle to garner stock market investor traction has suffered another setback with a maritime investment vehicle putting the skids on a London IPO.

Ship financier Blue Ocean Maritime Income (BMAR), which last month announced it was aiming to raise $250m in the UK capital, has postponed its listing citing limited interest from investors.

“[C]urrent market conditions represent a challenging background in which to raise capital for the strategy and the level of confirmed orders for the issue by the closing date is below the minimum net proceeds required,” the company noted in a release yesterday.

The board said it would continue to engage with potential investors with a view to proceeding with the issue at a later date.

The company’s investments were due to be overseen by Svein Engh, managing director of hedge fund EnTrust Permal, part of Legg Mason.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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