Thu 14 Jan 2010, 17:08 GMT

Andatee China IPO scheduled for next week


Andatee China Marine Fuel Services is set to make its NASDAQ debut in seven days.



China's Andatee China Marine Fuel Services (ACMF) is set to make its stock market debut on the NASDAQ exchange next week, according to market reports.

The Dalian-based bunker supplier is one of two Chinese ADRs (American Depository Receipts) expected to be listed on the US stock exchange on Thursday 21st January, with the other being China Hydroelectric (CHC), a small hydropower plant operator.

Andatee China is offering 2,500,000 shares of its common stock as American Depositary Shares (ADSs). ADSs are U.S. dollar-denominated equity shares of a foreign-based company available for purchase on an American stock exchange.

The initial public offering price for the shares have been estimated at between $6.00 and $8.00 per share. Andatee China will be listed under the symbol "AMCF".

Andatee China Marine Fuel Services Corp. is engaged in the production storage and distribution of blended marine fuel. The company's operating business Dalian Xingyuan Marine Bunker Company Ltd. supplies mainly 180-centistoke (cst) and 120-cst product to small and medium-sized fishing vessels and cargo ships in the provinces of Liaoning, Shandong and Zhejiang.

Dalian Xingyuan was founded in 2001 and currently operates three bunkering tankers and one specialized oil supply wharf.

The company sources its petroleum products mainly from the Dalian Petrochemical Branch China National Petroleum stock company and other local refineries.

According to Dalian Xingyuan, the company supplies over 250,000 tonnes per year in Dalian to customers such as Dalian Shipping Ring Group and Sinopec. Its short term goal is to attain annual sales of 350,000 tonnes within the next two years and has set itself the long-term objective of selling between 500,000 tonnes and 1 million tonnes per year, achieving an annual sales income of 4 billion Yuan and becoming a major fuel oil player in northeastern China.


BIMCO ETS BARECON clause 2026 graphic. BIMCO adopts ETS clause for bareboat charters, delays biofuel provision  

BIMCO’s Documentary Committee has approved an emissions trading compliance clause while requesting further work on a biofuel charter provision.

SALEFORM 2025 standard form graphic. BIMCO and Norwegian Shipbrokers’ Association launch SALEFORM 2025 ship sale contract  

Updated agreement addresses banking changes, compliance requirements and environmental regulations affecting vessel transactions.

Everllence H2 test engine. Everllence develops hydrogen test bench for marine engines  

German engine maker upgrades Augsburg facility under HydroPoLEn project backed by federal maritime research funding.

CMA CGM Osmium vessel. CMA CGM names 13,000-teu methanol-fuelled containership in South Korea  

CMA CGM Osmium to operate on Asia–Mexico service as part of the carrier’s decarbonisation strategy.

NorthStandard logo. NorthStandard publishes biofuel guide as marine insurance claims emerge  

White paper addresses quality issues and compliance requirements as biofuel testing volumes surge twelvefold.

Clean Maritime Fuels Platform (CMFP) logo. Maritime fuel platform calls for EU shipping ETS revenues to fund clean fuel deployment  

Clean Maritime Fuels Platform urges earmarking of national emissions trading revenues for renewable fuel infrastructure.

Seatransport 73m SLV Lloyd’s Register grants approval for hybrid nuclear power design for amphibious vessels  

Classification society approves Seatransport’s concept integrating micro modular reactors with diesel-electric systems.

Everllence ME-LGIE engine. Everllence and Vale partner on ethanol-powered marine engine development  

Brazilian mining company to develop dual-fuel ethanol engines based on ME-LGI platform.

India flag. Emvolon highlights biomethanol as a solution to unlock India’s biogas potential  

Company says distributed biogas-to-biomethanol production could bridge rural feedstock with maritime fuel demand.

Grande Svezia vessel. Grimaldi's Grande Svezia makes inaugural Le Havre call with ammonia-ready design  

Second of 10 new-generation PCTCs features 5 MWh battery system and cold ironing capability.





 Recommended