In one of his first big moves since taking the reins at Stolt-Nielsen, CEO Udo Lange has decided to put a planned IPO of Stolt Tankers on hold.
Lange, who took over from Niels Stolt-Nielsen last month, revealed the decision to shelve the listing of the world’s largest operator of chemical tankers during an earnings call yesterday, citing the need for both a supportive tanker market and the IPO market to be available for Stolt Tankers’ listing.
“Whilst we have started to see some activity in IPOs, we still view the IPO market as too soft,” Lange said, adding: “In addition, we want to see the IPO market appropriately valuing the tankers business.”
