Diana Shipping raising $70m to fund vessel acquisitions

Diana Shipping raising $70m to fund vessel acquisitions

Greek dry bulk vessel owner Diana Shipping has announced that it has commenced an underwritten public offering for $70m of common shares.

As part of the offering, entities affiliated with Simeon Palios, the company’s chief executive officer and chairman, executive officers and certain directors, have agreed to purchase approximately $20m of common shares at the public offering price.

Net proceeds from the offering are to be used to fund the acquisition of additional dry bulk vessels, including two 2013-built post-panamax bulkers and one 2013-built kamsarmax bulker. The acquisition of the three vessels is subject to approval by the board of directors of the company.

Broking sources tell Splash the post-panamax pair are likely the 2013-built Grain May and Soya May, which are owned by Foremost and on charter to Bunge.

Wells Fargo Securities and Clarksons Platou Securities are acting as joint book-running managers in the offering and BNP Paribas Securities is acting as co-lead manager.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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