Diana Shipping Eyes More Funds for Ship Acquisitions

Image Courtesy: Diana Shipping

Athens-based dry bulk owner Diana Shipping has commenced an underwritten public offering of USD 70 million of common shares in order to fund the acquisition costs of additional dry bulk vessels.

The company said that the acquisitions include two 2013-built Post-Panamaxes and one 2013-built Kamsarmax dry bulk vessel that Diana Shipping agreed to purchase from unaffiliated third parties. These transactions are subject to approval by the board of directors.

Any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes.

The company informed that it intends to grant the underwriters an over-allotment option for a period of 30 days from the closing of the offering to purchase up to an additional USD 10.5 million 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 some USD 20 million of common shares at the public offering price.

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

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