Choppy Waters For Shipping IPOs

 |  Includes: DSG, LPG, QSP, STST
by: Renaissance Capital IPO Research

Seven maritime transportation companies have filed to for an IPO so far this year, one more than the six that have gone public in the past two years. Yet today's postponement of Stalwart Tankers raises concerns for the industry, especially given that Diamond S Shipping Group postponed its IPO in March. The recent valuation pushback of the IPO market could delay or eliminate the plans of the other five transporters. Not all shipping IPOs are the same, however, as vessels carrying liquefied natural gas and liquefied petroleum gas have generally performed better than their oil and dry bulk counterparts.

Maritime transportation IPOs filed this year
Company (Ticker) Backer Vessel Type Deal Size ($mm) LTM Sales ($mm)
Principal Maritime Tankers (PMAR) Apollo Crude oil tankers $100 $85
GasLog Partners (GLOP) GasLog (GLOG; 2012 IPO) Liquefied natural gas carriers $150 $64
Quintana Shipping (Pending:QSP) Riverstone/Carlyle Dry bulk vessels $100 $31
Nordic American Offshore (NAO) Nordic American Tankers Offshore rig supply vessels $115 $1
Dorian LPG (NYSE:LPG) Scorpio Tankers/SEACOR Liquefied petroleum gas tankers $175 $39
Stalwart Tankers (Pending:STST)** Individuals Chemical tankers $150 $26
Diamond S Shipping Group (Pending:DSG)** WL Ross Refined product tankers $150 $178
Click to enlarge
** Postponed