Diamond S Shipping Completes 30-Tanker Acquisition

press release
Friday, October 14, 2011

Diamond S Shipping announced today that it has completed the acquisition of 30 medium-range product tankers and related charters from Cido Shipping of Hong Kong.

 

The product tankers, built between 2007 and 2010, are under long-term charters with a number of global shipping companies, including A.P. Moeller, d'Amico, Hyundai Merchant Marine, Overseas Shipholding Group and ST Shipping.  The tankers are being added to Diamond S' fleet of ten new buildings now under construction, with the first delivery scheduled for January 2012. A group of institutional investors led by WL Ross & Co. and First Reserve Corporation, and including China Investment Corporation, Fairfax Financial Holdings Limited, Morgan Creek Capital Management and PPM America Capital Partners, have committed almost $1.0 billion of equity capital to Diamond S.  Diamond S has also arranged $1.075 billion of debt financing from a consortium of banks led by Nordea Bank Finland and DnB Nor Bank ASA.

 

"With a powerful balance sheet and one of the youngest large fleets in the industry, Diamond S is uniquely positioned to be one of the world's leading crude and product ocean transportation companies," said Craig H. Stevenson, Jr., Chief Executive Officer of Diamond S.  "We intend to take full advantage of increasing demand by major energy companies for environmentally secure, fuel-efficient vessels in the global fuel business," Stevenson added. "We see the global shipping industry as being in an inflection point," said Wilbur Ross, Jr., Chairman of the Board of Diamond S and founder of the WL Ross & Co. investment firm.  "Well-capitalized shipping companies like Diamond S will see many opportunities as the industry consolidates and begins to recover to take advantage of growth in the Eastern hemisphere and rapidly changing demand dynamics in the Western hemisphere," Ross said.

 

"We are pleased to support Craig in the successful execution of this next stage of expansion as he continues to build and diversify a best in class fleet," said Timothy Day, Managing Director of First Reserve Corporation.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Technology

Cathelco Supply BWT System for Cable Laying Vessel

Cathelco have supplied a ballast water treatment (BWT) system for the C.C. Pacifique, a steel barge which is being converted into a cable laying vessel for Coastal Carriers BV of the Netherlands.

Denmark Adopts Digital Ship Certification

As of June 24, 2016, ships flying the Danish flag are being digitally certified, making Denmark one of the first countries to put an end to the 100-year-old tradition

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

Contracts

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Wärtsilä to Power Two Indian Dredgers

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Mergers & Acquisitions

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1020 sec (10 req/sec)