Stalwart Tankers Postpones U.S. IPO

Posted by Greg Trauthwein
Thursday, April 10, 2014
BSS Force (Image: Stalwart Tankers)
Greece-based chemical transportation company Stalwart Tankers Inc has postponed its U.S. IPO plans due to "market conditions," an underwriter told Reuters.
 
The company filed with U.S. regulators in February to raise up to $100 million in an IPO of its common stock.
 
Stalwart Tankers later said it expected to price its IPO of 12.5 million common shares at between $11 and $13 per share.
 
The decision to postpone the IPO comes on the heels of Greece returning to the bond market on Thursday, with investors hungry for high returns scooping up its debt in a 3-billion-euro ($4.16-billion) deal that could mark the beginning of the end of its bailout.
 
Stalwart Tankers, which operates a fleet of more than 1,000 mid-size stainless-steel tankers, listed Jefferies LLC, Wells Fargo Securities and Global Hunter Securities as lead underwriters to its offering.
 
The company said it intended to list on the New York Stock Exchange under the symbol "STST".
 
 
(Reporting by Avik Das in Bangalore; Simon Jennings)
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

How Difficult is it to Obtain a Jones Act Waiver?

The American Salvage Association’s Jon Waldron provides the ultimate cabotage primer. There always seems to be constant chatter about waiving the Jones Act. In reality,

Will Congress Pass Any Maritime Legislation in 2014?

Following its usual summer break over August 2014, Congress came back from its five-week summer recess and spent a whopping eight days or so back in session before recessing once again,

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

News

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1239 sec (8 req/sec)