Greek shipping company Alma Maritime Limited has decided to apply to the US Securities and Exchange Commission (SEC) to withdraw its initial public offering, filed on March 12, 2010.

Namely, the company’s Chief Financial Officer Stewart Crawford said that the move was prompted “as a result of adverse market conditions.”

The company had filed in 2010 to raise an amount of some USD 225 million through the sale of its shares.

Alma Maritime owns a fleet of ten vessels, consisting of five Capesize bulk carriers, four double-hull Suezmax tankers and one product tanker.

The fleet’s combined carrying capacity stands at some 1.5 million dwt.