Danaos Corp., owned by Yiannis Koustas, is temporarily suspending plans to spin off its dry-bulk fleet and list it through a separate company on the Oslo Stock Exchange.
According to “TradeWinds”, talks between the underwriters and potential investors in Norway did not produce valuation prospects that would satisfy the group, following a decline in bulker freight rates and stock markets last week.
The plan, announced on 9 October, envisaged transferring 15 vessels to a new company and selling a minority stake. The fleet comprises 11 second-hand capesize vessels and four newcastlemaxes under construction in China.
Danaos has not abandoned the prospect of a listing permanently, but the process is not expected to resume immediately. The move was part of the group’s diversification strategy, as it also explores growth in the natural gas sector, starting with its participation in the Alaska LNG project.