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Greek shipping company Stalwart Tankers files for U.S. IPO

Friday, 14 Feb 2014 | 6:26 PM ET

Feb 14 (Reuters) - 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 stock.

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.