Blue Ocean eyes shipping finance with $250m IPO

A new source of ship financing called Blue Ocean Maritime Income (BMAR) is targeting a $250m IPO in London.

JP Morgan Cazenove will handle the transaction, which should see the shares listed on 23 October after the offer closes on 18 October.

The company is owned by US asset manager Legg Mason’s hedge fund subsidiary EnTrustPermal.

It will use the cash to set up a direct lending investment trust to target maritime financing.