Oslo-based operator Western Bulk has initiated the process of seeking a listing on Euronext Growth in the third quarter of this year as it remains confident on the outlook for the dry bulk sector.
The company, which is currently registered on Euronext NOTC, a marketplace for unlisted shares, has bounced back in the black with a profit of $9m in the first half of the year against a $2.9m loss in the prior-year comparable period.
In connection with the listing, the company said it might raise a smaller amount of new equity for working capital purposes to allow for growth and scale on investments made in recent years.
Western Bulk has retained Arctic Securities and DNB Markets as financial advisors in connection with the listing process.
“Based on current market levels, the second half of 2021 is likely to see further strengthening of results, with net profit after tax for the full year of 2021 expected to reach between $40m and $50m,” the company said.