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Diana’s spinoff OceanPal surges on first day of trading

Shares of Diana Shipping’s Nasdaq-listed spinoff OceanPal skyrocketed on the first day of trading, closing close to 47% higher.

The trade opened at $3.56 per share and, at one point, reached a staggering price of $10.8, an increase of some 203%. 

The stock then went through ups and downs and eventually closed at $5.22. Meanwhile, Diana Shipping shares were down 5.6% to $4.20.

In October, Diana Shipping decided to spin off three of its older ships into a newly formed vehicle. The New York-listed bulker owner said then that the creation of a separate, publicly-traded dry bulk company focusing on older vessels with shorter-duration charters would further enhance shareholder value by providing greater exposure to the shorter-term charter market.

Shareholders of Diana Shipping received one OceanPal share for every 10 shares of Diana Shipping held on the record date of November 3, 2021. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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