C. Lanara: Stalwart Tankers NYSE listing postponed

Catherine Lanara and Dimitris Souravlas have postponed their Stalwart Tankers shipping company listing in the NYSE.

According to the latest information, the fact that they failed to achieve a value of 11-13 dollars per stock during the introduction of the company was the reason the project was halted.

Their initial goal was to raise 100 million dollars, but the share price during the IPO was going to be lower than desired.

To bridge this gap, according to sources, there was a thought to issue more shares than originally planned.

The company has a fleet of chemical tankers. From the money derived from the stock market, around 31 million would be given to pay off loans for 5 second-hand ships, 35 million would be used to procure 20% of the value of four newly built ships of 25.000 tons each for which it has already signed a “letter of intent” with the South Korean shipyards.

Also, additional funds would be given for the procurement of five second-hand ships holding between 19.000 to 25.000 tons each.