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Shipping IPOs Sail Into Rough Waters.(NEW ISSUE AMERICA)
Byline: AMY REEVES
Do you like ships? Good, because apart from one company held over from last week, that's all the IPO market is offering this week.
Golden Energy Marine and StealthGas are both newly formed Greek shippers whose initial public offerings will fund the building of their fleets.
Golden Energy is on track for a fleet of 21 vessels, while StealthGas has nine and plans to get nine more.
StealthGas is the more specialized of the two. As the name suggests, it ships liquid petroleum gases for companies such as Dow Chemical and Statoil. The ships are specially designed for the product.
"It's a little more of a niche play," said analyst Sam Snyder of Renaissance Capital. "It's not your average run-of-the-mill shipping company."
StealthGas also has an exceptionally young chief executive: 27-year-old Harry Vafias, scion of the Vafias family, which owns Greek shipping giant Brave Maritime. StealthGas plans to buy its nine new ships from Brave. The fleet will be managed by another Vafias company, Stealth Maritime.
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