Greek Billionaire-Backed Oil Tanker Owner Falls After Oslo IPO

Crude tanker-owner Capital Tankers Corp.’s shares fell in their Oslo debut on Tuesday, as the closure of the Strait of Hormuz has disrupted global oil transit and markets.

The firm, backed by Greek billionaire Evangelos Marinakis’s Capital Maritime & Trading Corp., raised about 4.2 billion Norwegian kroner ($440 million) in the share sale to fund new ships. The stock fell as much as 12% to 118 kroner per share in its debut on Oslo’s growth exchange. The company sold 31.05 million shares at 134 kroner apiece in its initial public offering, with an additional 4.65 million available to be sold as part of a customary overallotment option.