Wilbur Ross and First Reserve selling down Diamond S Shipping stakes

Wilbur Ross and First Reserve selling down Diamond S Shipping stakes

New York-listed Diamond S Shipping has announced the launch of an underwritten secondary offering of 4,021,604 shares belonging to private equity firm First Reserve and 660,870 belonging to Wilbur Ross’s WL Ross & Co as the selling shareholders.

The two firms expect to grant the underwriter, Pareto Securities, a 30-day option to purchase up to an additional 702,371 common shares in total, with Diamond S Shipping not receiving any proceeds from the sale or issuing any new shares.

Diamond S Shipping shares are currently priced at $15.28 on the NYSE, making the First Reserve sale worth around $61.45m and the WL Ross sale worth around $10.1m. First Reserve currently has around 8.1m shares in the company, while WL Ross has around 9.7m.

Diamond S Shipping owns a fleet of 66 tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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