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22 May 2019 The on-line newspaper devoted to the world of transports 05:06 GMT+2

November 28, 2018

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Capitals Product Partners and Diamond S Shipping agree the fusion of the fleets of tankers

Operation of the value of 1,65 billion dollars

The Greek Product Capital Partners LP (CPLP) and the American Diamond S Shipping (DSS) has tightened a binding agreement based on which the CPLP will put into effect the scorporo of own activities in the segment of the oil tankers and the product tanker having conferred them to a new quoted society that in its turn will be melted with the activities of the DSS within an operation of share exchange whose estimated value is of 1,65 billion dollars.

The new company will maintain the denomination Diamond S Shipping Inc. (DSSI), will have center to Greewich, in Connecticut, and it is previewed will be quoted to the Stock exchange of New York. 33% of the capital of the DSSI will be stopped by the shareholders of the CPLP and 67% will be of property of the shareholders of the DSS, whose main shareholder is the bottom of private equities WL Ross & Co. LLC (Invesco Ltd.).

The new company, that it will be guided by management of the American DSS, will have a fleet of 68 ships, of which 16 oil tankers and 52 product tanker, of the medium age 7,8-year-old. If the entire fleet of 34 ships of the current DSS will be conferred to the DSSI, after the cession of its tankers the CPLP will continue the activity with a fleet constituted from 10 portacontainer and from a rinfusiera.

CPLP and DSS have evidenced that the new Diamond S Shipping will be the third greater company in the quoted segment of the product tanker in Stock exchange.

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