Angeliki Frangou’s Navios Maritime Containers has postponed a proposed IPO in the US, joining a growing list of failed Wall Street moves for shipping over the past three years.
The company has announced that it has ceased marketing its proposed US IPO and is developing a plan to pursue a direct listing on the US stock exchange.
In an earlier announced IPO plan, Navios intended to raise up to $121m and use the proceeds to partially finance the acquisition of five containerships.
Navios Maritime Containers will be requesting to resume trading on Norway’s OTC market on September 17.
Earlier this week another Greek owner, Stamatis Molaris’ Product Shipping, withdrew a plan for its IPO on the Nasdaq, citing adverse market conditions as the main reason. A couple of months ago, GoodBulk from Monaco also ditched New York listing plans. Frangou’s exit means there has been no US shipping IPO since 2015.