The new company will be called Diamond S Shipping Inc., and will be one of the largest shipping companies. It will also be listed on the New York Stock Exchange and will have its headquarters in Greenwich, Connecticut.

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Capital will continue as a master limited partnership, with a fleet under medium- to long-term charters. It will also take part in asset acquisitions across different shipping segments, in order to grow its per unit distributable cash flow.

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.

Finally, the new company will have a total of 68 tankers, while Capital will contribute 22 MR tankers and 3 Suezmaxes.