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.