Scorpio Tankers Plans IPO to Buy Vessels

18 February 2010 (Last Updated February 18th, 2010 18:30)

Scorpio Tankers said it is plans to sell up to $150m of stock in an initial public offering to increase its fleet from the existing two. The company, which has not set a price or size for its deal, said it also expects to list on the New York Stock Exchange under the symbol STNG.

Scorpio Tankers said it is plans to sell up to $150m of stock in an initial public offering to increase its fleet from the existing two.

The company, which has not set a price or size for its deal, said it also expects to list on the New York Stock Exchange under the symbol STNG.

Scorpio Tankers’ vessel revenue declined 25% to $21.8m in the first nine months of the year due to declining spot market rates.

The company’s net income also fell 85% to $1.7m.

Scorpio Tankers is an offshoot of Scorpio Group, a Monaco-based shipping company.