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Shipping company Celtic Tankers has begun trading on PLUS Markets.

Celtic Tankers has admitted some 1.99 million ordinary shares of 10p each to trading, but did not raise any money from the admission.

Edinburgh-based Celtic Tankers, which sold its last remaining vessel in late 2006, is considering options such as chartering vessels from third parties and chartering them onwards, or investing in one or more vessels. The firm also intends to use its cash resources to acquire stakes in shipping companies and lending funds on an arm’s length basis to other shipping businesses.

While the directors admit that specific opportunities have yet to be identified, they are nonetheless confident that they will arise in the coming months, given the buoyancy of the shipping market.

The directors of Celtic Tankers decided to take the company onto PLUS to give a market to its shareholders.

Celtic Tankers’ managing director is William Thomson, who is also MD of PLUS-quoted company Forth Tankers. Forth Tankers posted net profits of £36,000 on a turnover of £778,000 for the six months ending September 30, 2006. 

Mazars Corporate Finance is Celtic Tankers’ corporate adviser.

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