DSX plots expansion

Greek bulker operator Diana Shipping has been added to the growing list of US-quoted shipowners that have turned to the capital markets for cash to fund fleet expansion.
Wells Fargo expects to see DSX add up to a dozen bulkers to its fleet by year-end.

Wells Fargo expects to see DSX add up to a dozen bulkers to its fleet by year-end.

New York-listed Diana on Monday announced plans to sell Series B Cumulative Redeemable Perpetual Preferred Shares in a public offering underwritten by Morgan Stanley, Deutsche Bank and UBS Securities.

“The company plans to use the net proceeds of the offering for general corporate purposes, which may include the repayment of debt and the acquisition of vessels,” it told investors in a statement.

If all goes according to plan the Athens-based owner of 36 bulkers and four newbuildings intends to list the perpetual preferred shares on the New York Stock Exchange under the ticker “DSXPRB”.

In a prospectus filed with securities regulators Diana noted it is on the lookout for vessels with carrying capacities of 70,000-dwt or more but noted it would consider “other classes” too if it determines they “present favorable investment opportunities”.

When Michael Webber of Wells Fargo Securities upgraded shares of the owner from “underperform” to “outperform” earlier this month the equity analyst told clients that he expects to see the company add up to a dozen bulkers to its stable by year-end.

Diana Shipping Inc
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