BW Pacific has pulled its planned $250m IPO on the Oslo Stock Exchange due to “current market conditions”.

The BW Group tanker company had been expected to start trading today (13 November) on the Oslo Stock Exchange, however, in a brief statement BW Pacific said: “The company has resolved not to proceed with the offering and listing under the current market conditions.”

The offering was expected to be priced at between NOK44 and NOK50 per share, and was planned to raise $250m. The funds would have financed part of its newbuilding programme.

BW Pacific did not say if it plans to revive the IPO at a later date.

It is the second shipping IPO to hit difficulties this month, Hapag-Lloyd went ahead with its early November but only after cutting the amount it planned to raise from $500m to $200m.