IPO FILING: Britannia Bulk Holdings (DWT)

Britannia Bulk Holdings Inc. filed to come public via IPO last night, although the range has already been set for the British shipping company.  It plans to sell 8,333,333 shares in a price range of $17.00 to $19.00 per share.  It has also proposed to take the ticker "DWT" on the New York Stock Exchange.

Underwriters are listed as Goldman Sachs, Banc of America, Dahlman Rose & Co., and Oppenheimer.  The underwriting has also been given an over-allotment option of up to 1.25 million shares.

The company is an international drybulk shipping and maritime logistics company in transporting drybulk commodities in and out of the Baltic region.  Its current owned fleet consists of 22 vessels, which includes 13 drybulk vessels, five of which are ice-class, five ocean-going ice-class barges, and four ice-class tugs.  The company has also contracted to purchase an additional six Panamax ice-class drybulk vessels, which are scheduled to be delivered between June 2009 and September 2010.

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Jon C. Ogg
June 5, 2008