UK investment manager Tufton has sponsored the Oslo IPO of a newcomer on the chemical tanker scene.
Stainless Tankers (STST) is acquiring a fleet of seven 20,000-dwt stainless steel carriers and was due to list on the over-the-counter market on Wednesday.
The vessels have not been identified, but they will be managed by Tufton.
The London group is listed with seven chemical tankers of between 19,000 dwt and 21,000 dwt, built from 2005 to 2009.
The IPO was carried out through a placement of 13.4m shares priced at $5 each, raising proceeds of $67m.
Sources familiar with the transaction said Tufton shareholders invested $10m out of the $67m raised.
Andrew Hampson, chief executive of Tufton Investment Management, and chief investment officer Paulo Almeida, said: “Tufton is very pleased to have sponsored the successful IPO of STST.
“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.
“We look forward to managing STST for the maximum benefit of all shareholders and further participation in the public capital markets.”
Almeida told TradeWinds: “We sponsored the first shipping fund ever in London in 2017 with Tufton Oceanic Assets, and now a unique stainless steel tanker pure play.
Big investor interest
“Even in the current market turmoil there is significant investor interest for well-structured shipping deals with strong sponsors.”
STST is run by chief executive Alex Karakassis.
He said the fleet of J19-type tankers gives investors unique exposure to a shipping segment that benefits from strong fundamentals and a favourable outlook.
“We would like to thank all our investors for the trust they placed in us, and also welcome Womar as our future commercial partner,” he said.
Fearnley Securities and Clarksons Securities acted as joint bookrunners and managers.
Macquarie Group acted as arranger of the company’s $65m loan facility.
Tufton has $1bn of assets under management.
