Universal eyes $800 IPO

Universal Tankers is reported to be looking to launch an initial public offering (IPO) in Singapore worth $800m.

The privately-owned company is a joint venture between Ocean Tankers parent Hin Leong Group and PetroChina.

DBS, HSBC and Standard Chartered are reported to be the banks leading the IPO process, according to Reuters.

Universal Terminal is the largest independent petroleum storage terminal in Singapore and one of the largest commercial storage complexes in Asia.

Located on Jurong Island, it offers 2.36m-cbm of storage capacity with 78 storage tanks and 15 jetties including two which can berth fully laden VLCCs.

Built over a span of 22 months, the terminal began commercial operations on 1 January 2008.