Singapore bound

John Fredriksen’s bulker outfit Golden Ocean looks poised for a secondary stock listing in Singapore.

Golden Ocean is set for a secondary listing in Singapore

The exact timing of the listing in Singapore is not yet decided, but Golden Ocean said anticipates that it will take place in the near future.

Golden Ocean said it started a process to pursue a secondary listing in Singapore back in November with the aim of tapping into the growing Asian investor market.

“The company already has a substantial operational presence in Asia and views a listing in Singapore as a natural next step in its corporate development.”

Golden Ocean has had a chartering office in Singapore since late 2005. It is run by drybulk industry veteran Anders Zorn.

Golden Ocean Management Asia Pte is a fully integrated part of Golden Ocean’s commercial activities with a focus on local business development.

The move follows a tie-up between the Oslo Bors and the Singapore Exchange to promote the secondary listing of companies on each other’s exchanges.

The agreement, which was signed in early July 2009, look to have achieved little in the way of success, until now that is.

It was aimed at promoting the secondary listing, or dual-listing, of companies on each other’s exchanges.

The initial focus was to be on companies in the energy, offshore and shipping sectors which are key sectors common to both exchanges.

Oslo boasts a total of 136 and Singapore 47 companies in these three sectors with a combined market capitilisation of SGD185bn ($126bn).

Golden Ocean was listed on the Oslo Stock Exchange on 15 December 2004 after being spun-off from Frontline earlier that year.

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