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Palmali eyeing London listing in 09

Palmali eyeing London listing in 09
Turkish owner Palmali Shipping could list on the London Stock Exchange by the end of 2009.

Palmali Shipping eyeing London listing in 2009

Turkish owner Palmali Shipping could list on the London Stock Exchange by the end of 2009.

President Mubariz Mansimov told Russian daily Kommersant that 25% of the group could be sold in an initial public offering.

Palmali was established in 1998 by Azerbaijan-born Mansimov, a former Soviet Army officer, ship's cook and shipping agent. He owns 100% of the company.

The owner has quickly built up a fleet of 60 tankers, including two suezmaxes, general cargoships and 17 newbuildings, most of which are booked at Russia's Krasnoye Sormovo. It also has tugs and barges.

This year it won an auction to buy Serbian river-shipping company JRB. It has also signalled an interest in the assets of bankrupt Russian tanker owner Volgotanker.

www.TurkishMaritime.Com.tr

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