Double Hull Tankers Cuts IPO Amount

Double Hull Tankers Inc. cut its expected initial public offering (IPO) to 16 million shares at $12 to $13 a share from 20 million shares at $14 to $16, according to a Reuters report.

The newly formed shipping company plans to use the expected offering proceeds of $185.7 million, in addition to its credit line and equity, to purchase seven vessels, according to the filing with the SEC.