Cetus Maritime considers Oslo listing alongside planned fleet acquisition
Cetus Maritime Holdings Limited is considering a potential listing on Euronext Growth Oslo as the dry bulk shipping company prepares a proposed fleet acquisition involving vessels and shipbuilding contracts from Seacon Shipping Group Holdings Limited.
The company has not made a final decision on the listing. Any admission to trading would depend on the submission of an application, approval from the Oslo Stock Exchange and prevailing market conditions.
The proposed transaction, which Cetus expects to complete before a potential listing, involves the acquisition of 13 Handysize and Ultramax bulk carriers from Seacon, together with Syngrace Limited, a vessel-owning subsidiary holding shipbuilding contracts for three Handysize vessels.
Proposed acquisition to expand dry bulk fleet
The planned acquisition would add 16 vessels and newbuilding contracts to Cetus Maritime’s platform, comprising 13 Handysize and Ultramax vessels and three Handysize shipbuilding contracts.
According to the company, the transaction forms part of its fleet modernisation strategy and is expected to introduce additional modern, fuel-efficient vessels into its operations.
The purchase price would be determined using the gross asset value of the vessels, based on the average of two independent broker valuations dated 30 June 2026. Financial indebtedness, long-term lease liabilities and other balance sheet adjustments would also be taken into account.
Cetus expects to settle the consideration through a combination of cash and newly issued shares. Under the proposed structure, Seacon would become a strategic cornerstone shareholder in Cetus Maritime.
The acquisition remains a planned transaction and has not been announced as completed.
Fleet expected to reach 43 vessels
Following completion of the proposed acquisition and delivery of vessels currently on order, Cetus Maritime expects to operate a fleet of 43 bulk carriers.
The projected fleet includes 35 vessels currently on the water and owned, leased or chartered by the group, alongside eight newbuildings under construction, with deliveries scheduled between 2027 and 2028.
Cetus operates primarily in the Handysize and Ultramax segments, transporting commodities including steel products, grains, agricultural products, concentrates and forest products. Its business model combines owned and chartered-in tonnage, with a focus on spot market and short-term charter employment.
According to the company, no individual cargo category accounts for more than 15% of its annual cargo volumes, while no single customer represents more than 5% of its overall business.
The group traces its origins to Oriental Steamship Limited, established in 2004. Its current structure was formed in January 2023 following the merger of Asia Maritime Pacific and HBC Hamburg Bulk Carriers.
Cetus has not confirmed a timetable for the proposed Oslo listing. Both the potential admission to trading and the planned acquisition remain subject to further developments.
