Investor Relations

Tufton sponsors IPO of Stainless Tankers ASA

Tufton is very pleased to announce that on 21 March 2023, Stainless Tankers ASA ("Stainless Tankers" or the "Company") completed a private placement of 13,400,000 new shares, each with a nominal value of NOK 10 and a subscription price of USD 5.00 (equivalent to a NOK 51.66 subscription price at the date of the general meeting's resolution to issue the new shares), raising gross proceeds of USD 67,000,0000 (the "Private Placement"). Following the Private Placement, the Company has a total of 13,500,000 shares outstanding and a market capitalization of NOK 708,608,250 based on the USD/NOK exchange rate of 10.4979 published by Norges Bank on 21 March 2023. Stainless Tankers will be listed on the NOTC as of today under the ticker “STST”.

Andrew Hampson and Paulo Almeida, Tufton CEO and CIO respectively, 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.”

Alex Karakassis, Stainless Tankers CEO, said, “We are very pleased to bring our company to the market. Our fleet of J19 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.”

Fearnley Securities AS and Clarksons Securities AS acted as joint bookrunners and managers in connection with the Private Placement. Advokatfirmaet Simonsen Vogt Wiig AS acted as the Company's Norwegian legal counsel in connection with the Private Placement. Macquarie Group acted as arranger of the Company’s loan facility.

About Stainless Tankers

Stainless Tankers will provide seaborne transportation of chemical cargoes worldwide. The Company is acquiring a fleet of seven stainless steel chemical tanker vessels, each with an approximate total carrying capacity of 20,000 dwt. The fleet is managed by Tufton, with a primary focus on maximizing earnings and distributing excess operating cashflows to shareholders.

About Tufton 

Tufton is a leading investment manager focused on the shipping industry, with c. $1.0 bn of assets under management across a number of funds, including London-listed Tufton Oceanic Assets Limited (SHIP.LN).