Blue Ocean Maritime Income, a closed-ended company which intends to operate as an investment trust, is to launch an initial public offering (IPO) on the London Stock Exchange (LSE).
The IPO will be by way of a placing and offer for subscription targeting the issue of 250 million ordinary shares at an issue price of USD1.00 per Ordinary Share.
A prospectus in connection with the IPO has been published.
The objective of the Company will be to generate long-term, sustainable shareholder returns, predominantly in the form of income distributions, from direct lending and similar financing opportunities to vessel owners and operators, and other maritime businesses.
Svein Engh, Portfolio Manager, Blue Ocean Maritime Income, says: “Shipping is a large and diverse industry, which creates many significant investment opportunities. While we continue to see capital inflow to direct lending vehicles and investment funds in sectors such as real estate or infrastructure, the maritime financing sector is in a different position; values are low, and the competition is limited, resulting in attractive risk-adjusted yield opportunities.”
“The banking dislocation is driving our opportunity and we are stepping into the area where banks used to be very active but are now restricted due to Basel regulations and other factors. As a non-bank lender, we can construct our portfolio in a countercyclical manner in the privately-owned segment of the shipping market. We are completely focused on the industry, with our team of shipping experts having a combined 60 years of experience.”
Roger Harle, Senior Vice President at EnTrustPermal, adds: “We are delighted to announce the proposed IPO of Blue Ocean Maritime Income plc. With Svein’s experience in this sector, along with the support from the investment team, we have the opportunity to target high-quality maritime assets in the private market.”
“We believe this is a unique and compelling investment opportunity, providing investors the chance to access an often-overlooked market, through a highly experienced investment team.”
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