First Greek shipping company to float in London

The London stock market is to see the listing of its first Greek shipping company, Goldenport Holdings, which hopes to float with a valuation of up to $390m (£220m).

A number of Greek shipping tycoons have already taken their business to international markets, especially New York, but Paris Dragnis, the founder and chief executive of Goldenport, is to be the first to come to London.

The company is looking to raise about £80m, in an offering handled by HSBC. The money will be used to pay down debt - which stands at $70m - and give Goldenport the financial resources to buy more ships. Mr Dragnis, who owns the whole company, will not be selling any of his shares in the listing.

Mr Dragnis has more than 30 years experience in shipping. While he is among the major Greek players in the sector, he is by no means among the very biggest. Greeks dominate the industry internationally, with about 27 per cent of the market, measured by volume of shipping.

The top Greek shipping magnates are generally thought to be the Haji-Ioannou family (one of whom, Stelios, started easyJet in the UK). They have 67 ocean-going vessels, according to a US Department of Commerce report published last year. That survey ranked Mr Dragnis at No 21 but he has sold ships since then.

Goldenport owns and operates a fleet of 17 vessels that transport cargo worldwide. The company ships "dry bulk" - goods such as grain and coal - and it has container ships.

For the six months to the end of June, Goldenport reported revenues of $42.5m and net profits of $22.6m. It said the second half of this year is expected to be broadly similar to the first six months. The company said it planned to pay about half its profits as an annual dividend.

Goldenport is chaired by Chris Walton, the former finance director of easyJet, although the Goldenport business is unrelated to the family shipping interests of Stelios. Mr Walton was at easyJet for its flotation in 2000.

Goldenport has not put a valuation on the business but analysts have said they expect to value it at between $340m and $390m.