Nasdaq-listed Diana Containerships will use the money for working capital and vessel acquisitions.

New York-listed parent Diana Shipping is contributing $40m to the shares sale pot, a statement explained.

A further $40m is coming from US investors the company does not identify, while Palios and his family are providing a further $12m.

Houlihan Lokey Financial Advisors worked with the Diana Containerships board to ensure fairness in the private placement.

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