Safe Bulkers’ decision to pursue a dual listing in Athens was a strategic move of particular significance both for the company and for the Greek shipping community, Chairman Dr. Lukas Barmparis said.
Speaking at the event “Navigating Success: Capital Market Opportunities for Shipping Companies”, organised by Piraeus Bank, Euronext Athens and Fearnleys Securities, Barmparis said Athens now has the prerequisites to develop into a major European maritime capital markets centre, building on its position as Europe’s largest shipping hub.
Safe Bulkers, controlled by shipping entrepreneur Polys V. Hajioannou, became the first shipping company to secure a dual listing on Euronext Athens while maintaining its primary listing in New York.
Barmparis said the move forms part of the company’s long-term strategy to strengthen its market position. Safe Bulkers operates a fleet of about 45 vessels and is carrying out a renewal programme that includes 23 newbuild ships.
According to Barmparis, the Athens listing provides access to European investors and is expected to enhance the stock’s liquidity.
The executive also highlighted Euronext’s footprint in the European shipping sector. According to the exchange operator, its markets currently host 39 listed shipping companies with a combined market capitalisation of 38.7 billion euros, while listed shipping bonds, primarily through the Oslo market, amount to 4.7 billion euros.
The figures help explain why Mathieu Caron, Head of Primary Markets at Euronext, described Athens’ integration into the Euronext network as an opportunity to create a new European stock market hub for shipping.
“Euronext now connects eight stock exchanges, more than 1,900 listed companies and a combined market capitalisation exceeding 7 trillion euros, providing access to the largest pool of liquidity in Europe,” Caron said.
For shipping companies, that advantage is tangible rather than theoretical. Euronext describes itself as Europe’s leading stock exchange venue for shipping listings, supported by a specialised ecosystem of investors, advisers and analysts, as well as the OBSHX – Oslo Shipping Index.
According to data presented at the event, shipping issuers listed across the Euronext network attract 656 institutional investors from 29 countries, with 46% coming from the United States, 36% from Norway, 8% from the United Kingdom and the remaining 10% from other markets.
Piraeus Bank CEO highlights new funding opportunities
On his part, Christos Megalou, Chief Executive Officer of Piraeus Bank, underscored the significance of the current moment for Greek shipping, saying that linking the world’s largest shipping nation with Europe’s largest stock exchange network creates new opportunities for raising capital.
“The Greek market no longer operates as a peripheral exchange but as a mature, internationally recognised and investable market,” Megalou said.
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