The oslo 8: OSE Shipping Equity Values

Since Stelmar successfully completed its IPO in New York last spring a lot of the focus on the public shipping sector has moved in the same direction. Since then even more companies have raised capital in New York either through IPOs or a secondary/ADR listing. The Athens Stock Exchange is still not open to shipping companies under a set of rules shipowners are happy with, Copenhagen is as silent as ever, and the same can be said for Stockholm, London, Amsterdam, and Milan. In Asia there is only small interest with sporadic activity.

So what about Oslo? Has the “World’s Shipping Bourse” lost all its glory and is now only an underpriced, illiquid disaster waiting to happen? We think not. There are still shipping companies worth nearly $5 billion listed in Oslo and although there have been no new IPOs or significant secondary listings for years it would be wrong to disregard it completely. There is still a good mix of non- tanker shipping companies that we feel is worth a second look.

On the coming pages we have taken a sharp look at 8 companies listed in Norway. We will give you a brief description of their current valuations and give a few hints of what should or should not be done to help bring foreign institutional investors back to Oslo.

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