Crude Carriers, a newly formed shipping business incorporated in the Marshall Islands to focus on the crude tanker industry, filed and announced terms for its IPO on Monday. The Capital Maritime-managed company plans to raise $270 million by offering 13.5 million shares at a price range of $19-$21. Crude Carriers, which has entered into agreements to acquire three modern vessels for roughly $264 million, plans to list on the NYSE under the symbol CRU. UBS Investment Bank, BofA Merrill Lynch and Wells Fargo Securities are the lead underwriters on the deal, which is expected to price next week (week of Mar. 8). Crude Carriers follows two other companies to recently submit filings with the SEC: Baltic Trading (BALT), which filed terms on Friday, Feb. 26, and Scorpio Tankers (STNG), which filed its S-1 on Wednesday, Feb. 17.
