Stolt abandoning Nasdaq listing
While many shipping companies have gone public to raise capital in recent years and more are listing shares on U.S. exchanges, Stolt-Nielsen S.A., long-time veteran of the public markets, said it would drop its listing on the Nasdaq in the United States.
The leading parcel tanker operator said it would as voluntarily delisting its American Depositary Shares (ADSs) from the Nasdaq Global Select Market and terminate its American Depositary Receipt program. It said it would continue to trade on the Oslo exchange in Norway.
“Current trading on Nasdaq accounts for less than 10 percent of the worldwide trading volume of the company’s common shares,” Stolt said in a statement. “Considering the relatively limited trading volume on Nasdaq, the company believes that the costs and expenses associated with maintaining a dual listing, including SEC reporting obligations, outweigh the benefits of continuing such listing and registration.”
The company anticipates the last day of trading of ADSs on the Nasdaq Global Select Market will be May 21.
Stolt-Nielsen is one of the world’s leading providers of transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids. It provides parcel tanker, tank container, terminal, rail and barge services through its wholly owned subsidiary Stolt-Nielsen Transportation Group.
Stolt Sea Farm, wholly owned by the company, produces and markets high quality turbot, sturgeon, and caviar.