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Record-setting IPO boom may spell scanty profits
S.Korean companies likely to raise about $30 billion in 2021 IPOs 3 HOURS AGO
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South Korean stock markets are on course to set a new record in the IPO volume with new issues estimated to exceed 30 trillion won ($27 billion) for the entire year of 2021, more than five times its previous record of 5.9 trillion won set in 2017. We may never see such an unprecedented boom in the IPO market again in the next decades, said a domestic brokerage company s investment banking head.
The IPO bonanza is expected to spur more money inflows into stock markets in a lack of alternative investments in the ultra-low interest era, and help the listed companies finance their business growth.
Ship Orders Surge as Carriers Rush to Add Capacity
Global shipyards that were retrenching and consolidating in a faltering maritime market barely more than a year ago are now flush with new orders, boosted by efforts by shipping lines to add capacity to meet resurgent consumer demand in Western economies.
Orders for new container ships in the first five months of this year were nearly double the orders for all of both 2019 and 2020, according to London-based maritime data provider VesselsValue Ltd., with the biggest gains going to shipyards in South Korea and China.
The order tally has been so strong that some yards have stopped giving quotes for new vessels and are trying to renegotiate existing orders for more than 20 ships as the price of steel plates used to build vessels has doubled since the end of 2020, according to people involved in those deals.
South Korean shipyards have brought home more orders than the full year of 2020 in the first five months as their order book gets fatter and fatter amid fast migration to cleaner-fuel sea transport. Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity of Hyundai Heavy Industries Group, has added 1.36 trillion won .
Samsung Heavy Industries Co., one of three Korean shipyard majors, has become the first company to operate an LNG production, storage and delivery technology pilot test plant for shipbuilding and offshore business, cementing its leadership in the global LNG vessel industry. Samsung Heavy Industries on Wednesday celebrated the completion of the construction of its LNG .