Cetus Maritime lands $175M backing for Oslo listing
What's the deal? Hong Kong dry bulk company Cetus MaritimeDealroom has a profile for this one. Try Dealroom → has secured $175 million in a private placement as it prepares to list on Euronext Growth Oslo later this month. Eastern Pacific ShippingDealroom has a profile for this one. Try Dealroom →, Songa Capital, the Albemarle Shipping Fund, and DNB Asset ManagementDealroom has a profile for this one. Try Dealroom → committed a combined $106.5 million, and Cetus said further interest covered the full offering before launch.
The terms: Cetus plans to issue roughly 95.6 million new shares at $1.83 each, with an option to add another $25 million. That values the company at about $239 million before the raise and its planned fleet acquisition. Clarksons Securities, DNB CarnegieDealroom has a profile for this one. Try Dealroom →, and NordeaDealroom has a profile for this one. Try Dealroom → are managing the placement and listing.
What's the endgame? The listing follows a $133.6 million deal with Hong Kong-listed Seacon Shipping Group covering 13 handysize and ultramax bulkers, plus three newbuild contracts. After the acquisition and a planned vessel sale, Cetus expects a fleet of 42 ships — 34 in operation and eight newbuildings due in 2027 and 2028. Seacon, which takes 70% of its consideration in new Cetus shares, will become a substantial shareholder.
Why now? Stronger 2026 dry-bulk rates, including year-on-year gains in Handysize and Supramax markets, support the timing. Cetus aims to begin trading around November 18.
What could go wrong? The placement and listing remain conditional on equity financing, shareholder approvals, and completion of the Seacon deal. Forecasts also point to moderating rates and fleet growth ahead.
The signal: Cetus joins a wave of shipping listings on Euronext Growth Oslo, where tanker owners Capital TankersDealroom has a profile for this one. Try Dealroom → and TrafiguraDealroom has a profile for this one. Try Dealroom →-backed Volare each raised roughly $500 million in private placements this year. Its smaller, acquisition-linked raise is a test of whether investor demand holds for a company formed only in 2023 from the merger of Asia Maritime Pacific and Hamburg Bulk Carriers.
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Image credit: Cetus Maritime
