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SAFETY4SEA

Capital, DSS conclude merger

by The Editorial Team
March 29, 2019
in Shipping
capital

Above image is used for illustration purposes only / Credit: Capital Ship Management

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Diamond S Shipping Inc. announced that the merger of the business and operations of DSS Holdings and the crude and product tanker business of Capital Product Partners has been completed. Diamond S common stock began regular-way trading on the New York Stock Exchange on March 28.

Diamond S Shipping now owns and operates 68 vessels on the water, including 15 Suezmax vessels, one Aframax and 52 medium-range (MR) product tankers. It is considered is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other production in the international shipping markets.

Commenting on the merger, Craig H. Stevenson, Jr., CEO of Diamond S, mentioned:

The CPLP merger provides us the scale necessary to compete at the top end of the global energy shipping business. 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

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Capital Product Partners and DSS Holdings entered into the transaction agreement in the end of 2018, in order for Capital to spin off its crude and product tanker business into a separate company, which merged with DSS’ businesses and operations.

Capital will receive $23 million in consideration in the form of about 3% incremental ownership in Diamond S Shipping Inc. Based on the transaction Capital unitholders will initially own 33% and DSS equity owners will initially own approximately 67% of the new company.

In addition, Capital will contribute its product and crude vessels, $10 million in cash and associated inventories to Diamond S Shipping Inc. and distribute Diamond S Shipping Inc.’s common shares on a pro rata basis to all record holders of its common and general partner units.

Capital, DSS conclude mergerCapital, DSS conclude merger
Capital, DSS conclude mergerCapital, DSS conclude merger
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