Feb 14 Greece-based chemical transportation
company Stalwart Tankers Inc filed with U.S. regulators to raise
up to $100 million in an initial public offering of common
The company, which operates a fleet of over 1,000 mid-size
stainless steel tankers, listed Jefferies LLC, Wells Fargo
Securities and Global Hunter Securities as lead underwriters.
Stalwart, which is looking to take advantage of a market
that is in early stages of a recovery from cyclical lows, will
use proceeds from the IPO to repay debt and buy more vessels.
Charter rates for stainless steel tankers have risen by 8.4
percent in 2013, according to Drewry Maritime Research data
cited in the IPO filing. ()
Vice President Ekaterini Lanara and Chief Executive
Dimitrios Souravlas own all of the company's issued and
outstanding common shares.
The filing did not reveal how many shares the company
planned to sell or their expected price.
Stalwart said it intends to list its common stock on the New
York Stock Exchange under the symbol "STST".
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.