The sponsors and underwriters are expected to confirm as early as tomorrow (Wednesday) that the ambitious plan has hit the rocks.
A combination of volatile financial markets and a difficult tanker market wrecked the Universal IPO plan.
But there are still hopes of salving something from the wreckage with Universal Maritime possibly moving forward with private funding instead.
Universal Maritime’s application to list on the Oslo exchange was approved three weeks ago so the failure of the deal at this late stage is embarrassing.
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