Maritime Capital sets S$1.24-S$1.46 IPO price range -source

SINGAPORE, June 18 (Reuters) - Maritime Capital Shipping, which is looking to raise $300 million in a Singapore initial public offering (IPO), plans to sell its shares at an indicative price range of S$1.24 to S$1.46 a share, a source briefed on the deal told Reuters.

The Hong Kong-based shipping firm is engaged in the transport of dry bulk commodities and has a fleet of 18 small vessels, which it plans to expand to as much as 30 by 2009 with cash raised from the sale of the shares, according to its prospectus.

Some of its existing shareholders -- mostly offshore investment funds -- will sell shares, while the company will also sell new shares in the IPO.

Singapore's capital market has been luring shipping and offshore oil services companies, boosting its status as one of Asia's premier maritime centre.

But shipping companies are trading at a discount to the broader market because of concerns about global economic growth and slower trade. (Reporting by Saeed Azhar; Editing by Daryl Loo)