Cetus Maritime secures major share placement ahead of Oslo listing
Cetus Maritime Holdings Limited has successfully placed shares worth approximately $200 million ahead of its planned listing on Euronext Growth Oslo, advancing a capital-raising programme linked to fleet expansion, newbuilding commitments and debt reduction.
According to the company’s stock exchange announcements dated November 13, 2026, the private placement involved the conditional allocation of approximately 108.5 million shares at NOK 17.44 per share, equivalent to around $1.83. The total transaction value reached approximately NOK 1.89 billion, including an over-allotment arrangement.
The transaction comprises 95 million newly issued shares, representing approximately $174 million in gross proceeds for Cetus, alongside 13.5 million existing shares made available through a share-lending arrangement with major shareholder Pacific Transportation Asia (PTA). The over-allotment is supported by a 30-day greenshoe option, which could result in the issuance of additional new shares if exercised.
Clarksons Securities and DNB Carnegie acted as joint global coordinators and joint bookrunners, with Nordea Bank serving as joint bookrunner. DNB Carnegie also acts as stabilisation manager for the transaction.
Fleet expansion linked to capital raising
The placement forms part of Cetus Maritime’s preparations for its planned admission to Euronext Growth Oslo, where trading is expected to begin around November 18, 2026, under the ticker CTUS, subject to the applicable completion conditions.
The company intends to use the proceeds to finance vessel acquisitions, meet equity commitments associated with newbuilding payments, reduce fleet-related debt and support general corporate and working capital requirements.
A central element of the expansion strategy is the proposed acquisition of interests involving 13 Handysize and Ultramax vessels from Seacon Shipping Group, together with the acquisition of Syngrace Limited, which holds shipbuilding contracts for three additional Handysize vessels.
The transactions involve approximately $72.5 million in cash consideration and the issuance of approximately 37.3 million Cetus shares to Seacon. Their completion remains subject to the relevant transaction and listing conditions.
Following the planned acquisitions and a separate vessel disposal, Cetus expects its fleet to comprise 42 vessels, including 34 vessels on the water and eight newbuildings scheduled for delivery during 2027 and 2028.
The company had previously disclosed indications of subscription interest totalling $106.5 million from four investor groups: an affiliate of Eastern Pacific Shipping, Albemarle Shipping Fund, Songa Capital and DNB Asset Management. These were indications of interest at the launch of the offering rather than confirmation of their final individual allocations.
Insider allocations and ownership arrangements
In a separate mandatory notification of trade, Cetus disclosed allocations of new shares to entities associated with two senior executives.
Asia Logistic Investment Limited, a company associated with Chief Executive Officer and interim Chief Commercial Officer Mark Young, was allocated 546,448 new shares. Following the private placement, Young is expected to hold an indirect interest in 10,140,316 shares.
Cetus Maritime (BVI) Limited, associated with Managing Director of Finance and Treasury Emma Joan Cawood, was allocated 54,644 new shares, bringing her expected indirect holding to 256,147 shares.
The company also confirmed that Pacific Transportation Asia had lent 13.5 million existing shares to DNB Carnegie to facilitate the over-allotment. During the share-loan period, PTA’s holding will temporarily decline from 112,298,854 shares to 98,798,854 shares, pending the return of the borrowed shares or other settlement of the stabilisation arrangement.
PTA is associated with several members of Cetus Maritime’s board, including Chairman Richard Owen Pyvis and directors Peter Jae Sun Min, Jakob Bergholdt and Michael Tønnes Jørgensen.
The transaction also introduces a broader shareholder structure involving existing owners, institutional investors and Seacon Shipping Group. Assuming full exercise of the greenshoe option, PTA is expected to retain approximately 40.6% of Cetus, while Seacon’s anticipated holding would be approximately 14.3%, including its participation in the private placement.
Cetus has also indicated that it may consider transferring its listing to the main market of Euronext Oslo Børs within 12 months of its initial admission, subject to the necessary approvals and market conditions.
The successful placement represents a significant step in Cetus Maritime’s planned fleet expansion and public-market entry. However, the expected listing and associated vessel transactions remain dependent on the satisfaction of their respective completion requirements.
