P&O Plans Associated Bulk Carriers IPO

An initial public offering of Associated Bulk Carriers on the Oslo stock exchange is expected to take place later this year, Peninsular and Oriental Steam Navigation Co. officials said.

P&O said it bought the 50 percent shareholding of joint venture partners Shougang Holding (Hong Kong) Ltd. and Shougang Concord International Enterprises Company Ltd. for a nominal sum, and would hold 100 percent of ABC until the IPO, when it will sell the majority of its holding.

ABC is one of the world's largest independently owned operators of Capesize bulk carriers with a fleet consisting of 22 dry cargo vessels ranging in size from 110,000 to 210,000 dwt with an average age of seven years, P&O said.