New Tufton-backed shipowner Stainless Tankers set to list in Oslo

A new player in the chemical tanker arena will be listed on the Norwegian over-the-counter market following an initial public offering backed by UK-based Tufton Investment Management.

The Oslo-based Stainless Tankers has raised around $67m to buy a fleet of seven 20,000 dwt stainless steel chemical tankers.

The ships will be managed by Tufton, which has around $1bn of assets under management and be placed in Womar’s pool.

“Our fleet of J19 tankers gives investors unique exposure to a shipping segment that benefits from strong fundamentals and a favourable outlook,” said Alex Karakassis, Stainless Tankers CEO.

Andrew Hampson and Paulo Almeida, Tufton CEO and CIO respectively, said: “Whilst Tufton has been active in the Norwegian capital markets for a couple of decades and Tufton funds were co-founders of Hafnia Tankers and pre-IPO shareholders of Gram Car Carriers, this is the first time Tufton shareholders have directly sponsored an IPO in Oslo.”

Fearnley Securities and Clarksons Securities acted as joint book-runners and managers in connection with the private placement. Macquarie arranged the company’s loan facility.

Fearnleys Securities said all ships are Japanese built with an average age of about 15 years. Four of the vessels will trade in the spot market, while three of the vessels will conclude their existing time charters before entering the spot market.