Greek owner Stamatis Molaris’ Product Shipping has officially withdrawn a plan for initial public offering (IPO) on the Nasdaq.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