Principal Maritime Tankers Files for IPO of up to $100m

MarineLink.com
Wednesday, April 09, 2014

 Principal Maritime Tankers Corp, which is backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock.

UBS Investment Bank was underwriting the IPO, the company told the U.S Securities and Exchange Commission in a preliminary prospectus on Wednesday.

Principal Maritime owns tankers used to transport crude oil and petroleum products. The company had 12 modern Suezmax tankers as of March 31, according to the filing.

The company, formed in February, intends to list its common stock on the New York Stock Exchange under the symbol "PMAR."

The filing did not reveal how many shares the company planned to sell or their expected price.

Net proceeds from the offering would be used to reduce outstanding debt under its credit facility, the Southport, Connecticut-based company said in the filing.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Long Beach Picketers Not Striking -Port CEO

Port of Long Beach CEO Jon Slangerup issued a statement addressing the status of picketing truckers at the harbor, pointing out that the demonstration is not a strike.

E-Procurement Streamlined via the Cloud

Marine Procurement Solutions (MPS) has built an electronic platform that aims to enhance the purchasing cycle for the maritime industry. MPS provides software,

IMO Forum Aims to Rebuild Somalia's Maritime Sector

A three-day Stakeholders Forum will be held April 27-29 to review draft guidelines for the establishment of a Somalia Maritime Administration, coordinated and funded

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Finance

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

Baltic Index Flat on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Monday on muted shipping activity.   The overall index,

Milaha Reports Improved Net Profit for Q1

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs.

News

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

Long Beach Picketers Not Striking -Port CEO

Port of Long Beach CEO Jon Slangerup issued a statement addressing the status of picketing truckers at the harbor, pointing out that the demonstration is not a strike.

Baltic Index Flat on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Monday on muted shipping activity.   The overall index,

Government Update

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

IMO Forum Aims to Rebuild Somalia's Maritime Sector

A three-day Stakeholders Forum will be held April 27-29 to review draft guidelines for the establishment of a Somalia Maritime Administration, coordinated and funded

EPA Promotes Green Initiatives at Port of Houston

U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy visited the Port of Houston April 24 to highlight grants aimed at improving air quality. The port will receive about $900,

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.2008 sec (5 req/sec)