Product Shipping withdraws Nasdaq IPO

Product Shipping withdraws Nasdaq IPO

Greek owner Stamatis Molaris’ Product Shipping has officially withdrawn a plan for initial public offering (IPO) on the Nasdaq.

The company’s original IPO plan filed in August 2014 was to raise at least $100m to support its fleet renewal and trim debt.

Product Shipping cited “adverse market conditions” as the main reason for the cancellation of the IPO plan.

Product Shipping was incorporated in the the Marshall Islands in 2014 as a tanker operator, and the company’s fleet consists of 10 product tankers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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