Stalwart, led by Elmira Shipping executives Dimitrios Souravlas and Ekaterini Lanara, is running at a fractional loss for 2013 but finished 2012 in the black, its prospectus said.
In the first nine months of 2013, the five ships which will form its IPO trading fleet recorded a deficit of $334,711, the document showed.
This compares with a profit of $692,799 in the same period of 2012, a year in which it finished with a gain of $58,807.
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