Hong Kong shipowner Parakou Tankers Inc (PTI) has abandoned its planned merger with Cambridge Capital Acquisition Corp which would have seen it listed on NASDAQ.

PTI announced plans to merge with the NASDAQ-listed bank cheque company in December last year but said on Thursday final terms could not be agreed upon.

“Despite investor interest in the product tanker sector, we were not able to achieve the desired outcome through the current structure,” said Por Liu chairman and ceo of PTI said. “As a fully integrated industrial shipping company, engaged in the seaborne transportation of liquid petroleum products with a current fleet of eight modern MR product tankers, we remain committed to growing our company through other sources.”

The merger would have provided an $81.3m warchest for expansion.

Commenting on the outlook for the product tanker market Liu said: “The fundamentals of the product tanker market remain strong. Following the favorable trend started at the end of last year, the sector spot market has improved significantly in the first quarter of 2015, reaching its highest levels since the financial crisis in 2008. While MR ton-mile demand should continue to increase, supply also should be limited, which we believe will allow charter rates to strengthen."