(Greg Millar – Splash 24/7)
When Diamond S shares begin trading later this month, it will mark the largest shipping debut on Wall Street since Gener8 Maritime’s IPO in June 2015. It will also put the spotlight back on the Chinese business ties of US commerce secretary Wilbur Ross.
NASDAQ-listed Capital Product Partners (CPLP) is in the process of spinning off its tankers and merging them with Connecticut’s Diamond S Shipping LP (DSS LP). According to an SEC filing late Monday, CPLP owners should receive units in the combined entity, Diamond S Shipping Inc, on March 27. The merged company’s stock should begin regular trading on NYSE the following day under the ticker symbol ‘DSSI’.
WL Ross & Co will be the largest shareholder, with 24.3%; First Reserve will own 20.5%; CarVal Investors, 6.5%; Chengdong Investment Corp – controlled by the state-owned China Investments Corp (CIC) – 6.5%; and CPLP CEO Evangelos Marinakis, 6%. Click here to read more.