The Greek shipping community is turning its attention to Euronext Athens.
Safe Bulkers, owned by Polys V. Hajioannou, made the first move. The company pursued a secondary listing of its shares, as it already trades on the NYSE. It was followed by Star Bulk Carriers, which is listed on Nasdaq. Under the leadership of Petros Pappas, the company took the step through both a secondary listing and the issuance of 4.4 million new shares. The offering attracted €656.3 million, while the company raised more than €100 million.
Euronext’s management, both in Athens and at group level, aims to establish Greece as a shipping capital-markets hub. Euronext N.V. Chief Executive Officer and Chairman Stéphane Boujnah made this clear at the ceremony marking Star Bulk’s debut on Euronext Athens.
Athens can become a “natural meeting point” between Greek businesses and European and international capital, with shipping at the forefront of the effort, Boujnah said.
“Greece belongs to Europe. Europe is incomplete without Greece. Shipping belongs to Greece. The Greek stock market is incomplete without shipping companies,” he said.
Talks with shipping groups
According to information obtained by “Naftemporiki”, talks with other Greek shipping companies about listings on Euronext Athens are underway. At least seven shipping companies are currently examining the possibility of listing on the Greek stock market.
Market sources closely following developments told “Naftemporiki” that the performance of Star Bulk and Safe Bulkers shares over the coming months could play an important role in decisions by shipping companies that have expressed interest in the prospects of the Greek stock market.
The same sources said talks are also underway with major Greek shipping groups that do not currently have a company listed on any stock exchange.
Well-informed sources said the issue is also being discussed at an institutional level within the Greek shipping industry. Market circles said there are currently some companies that view the prospect positively, others that are keeping the Euronext Athens option on the table, while some have already ruled it out.
The importance of creating a shipping hub on the Greek stock market is also being emphasised by the heads of the two companies that have already taken the step and opened the way.
Star Bulk Carriers CEO Petros Pappas said: “This move is something bigger than us: it is the creation of a shipping ecosystem in the Greek capital market. I hope that soon we will see other shipping companies join this effort, as well as the creation of a shipping index on Euronext Athens. Twenty years ago, we started in the United States with eight ships. Today, we continue in Athens with 145 ships.”
Safe Bulkers Chairman Polys Hajioannou expressed a similar view. The head of the company, which was the pioneer in the move, stated: “Our goal is to actively contribute to transforming Athens into a leading shipping financial centre within the Euronext platform. This dual listing creates a bridge between international capital markets and regional investors, while also strengthening confidence in the long-term prospects of the Greek and European capital markets.”
Source: Naftemporiki