Greater China

Franbo enjoys solid IPO

Taipei: Kaohsiung-based bulk shipping firm Franbo Lines launched its IPO today, with a view to add three bulk carriers from the capital raised. Investors showed a strong appetite for the offering. The listing price in Taipei was NT$12, it opened at NT$13.8 and by the end of this morning shares had rised in value to NT$14.7.

The company is expected to sign a contract with Japanese company Exeno Yamamizo to build three 16,500 dwt bulk carriers costing $20m each. The ships will be chartered to Exeno Yamamizo after delivery.

Franbo said it is looking to actively expand its fleet and increase long-term charter contracts.

Currently the company owns seven vessels, five on charter and two self-operated. [09/10/14]

Franbo Lines plans to expand fleet

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