Diana Shipping joins IPO Shipping Fleet
Diana Shipping on Tuesday filed to sell 12.375 million shares at $15-$17 each in a bid to raise up to $210 million in its initial public offering. It's the latest in a series of shipping companies to float shares in the U.S. market. Based in the Marshall Islands and Athens, Greece, Diana Shipping is going public via underwriter Bear Stearns. The operator of dry ships that transport iron ore, grain and coal plans to trade on the New York Stock Exchange under the symbol DSX. On Feb. 3, DryShips (DRYS, Trade) shares rose 12 percent over their $18 offering price in their debut in Wall Street's most recent shipping IPO. The stock is trading near $23. IPOs from Arlington Tankers (DRYS, Trade), Top Tankers (TOPT, Trade) and Hornbeck Offshore (HOS, Trade) have also kicked off in the past year.
Teekay Shipping Chairman Steps Down
Teekey Shipping Corp. said its chairman, Axel Karlshoej, will resign from the board because of work demands at his company, Nordic Industries. Karlshoej will be replaced by C. Sean Day, a member of the board and consultant to the trust group that holds about 45 percent of Teekay’s shares. Teekay also said it expanded the board to nine members from eight, appointing Leif O. Hoegh to the ninth position in conjunction with Teekay’s acquisition of Bona Shipholding Ltd.