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.