The US-based tanker owner and operator DSS Holdings has completed the merger of its business and operations with product tanker business of Greece-based Capital Product Partners.
As a result of the USD 1.65 billion merger, a new company, Diamond S Shipping Inc. (DSSI) has been formed.
Diamond S is now one of the largest publicly listed owners and operators of crude and product tankers in the world. Its common stock has begun regular-way trading on the New York Stock Exchange.
“The CPLP merger provides us the scale necessary to compete at the top end of the global energy shipping business,” Craig H. Stevenson, Jr., CEO of Diamond S, commented.
“In addition, we are listing in the public market at what we see as a cyclically opportune time that makes us well-positioned for future industry consolidation, with one of the world’s largest tanker fleets, a cost-efficient management platform and a sound balance sheet,” Stevenson added.
Diamond S Shipping Inc. now owns and operates 68 vessels on the water, including 15 Suezmax vessels, one Aframax and 52 medium-range (MR) product tankers.