CPLP Completes DSS Holdings Merger
Greek shipping company Capital Product Partners (CPLP) has completed its merger of crude and product tanker business with businesses owned by tanker owner and operator DSS Holdings.
A new company named Diamond S Shipping Inc has been formed which could be the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operators.
Common stock of Diamond S Shipping has begun regular-way trading on the New York Stock Exchange yesterday, March 28.
CPLP further announced that it has completed its 1-for-7 reverse unit split. CPLP common units will continue to trade on a split-adjusted basis on NASDAQ under the same ticker symbol “CPLP”.
Jerry Kalogiratos, Director and Chief Executive Officer of Capital GP LLC, said: “We are pleased to see this strategic transaction completed and wish Diamond S best of luck as a listed entity. This transaction allows CPLP to reshape its business with a modern fleet with remaining charter duration of more than five years, providing CPLP unitholders with increased stability and cash flow visibility. Importantly, with this transaction completed, we are looking forward to expanding our asset base again with modern vessels employed under medium- to long-term charters with a view to growing our long-term distributable cash flow.”
Capital Product Partners, a Marshall Islands master limited partnership, is an international owner of container and drybulk vessels. CPLP currently owns 11 vessels, including ten neo panamax container vessels.