U.S. Shipping Partners plans $125 million IPO
Tanker and barge operator U.S. Shipping Partners, based in Edison, N.J., is planning an initial public offering for 6.1 million common units at an expected price range of $20.25 to $22.25 per unit, Reuters reported.
The company plans to list its shares on the New York Stock Exchange under the symbol “USS.”
According to Hoovers online, U.S. Shipping Partners had sales of $80.5 million in 2003 and provides coastal services between the Gulf of Mexico and the Eastern Seaboard of the United States for refined and specialty petroleum products. The company operates a fleet of six integrated tug barges and two parcel tankers.