Big Deal $ 1.6 billion in shipping: Marinakis and W. Ross join forces

Mk an international strategic alliance, modifying the data on maritime transport, was known a few hours ago. In fact, the Capital Product Partners L.P. the interests Evangelos Marinakis merges the company's tanker fleet with Diamond S Shipping by Wilbur Ross, US Department of Commerce, and is one of the largest tankers in the world. The transaction is valued at $ 1.65 billion. It's one of the most important and impressive offers of recent years. More specifically, Capital Product Partners LP (CPLP) joins the fleet of tankers in its fleet of 25 vessels equipped with the Diamond S Holdings LP fleet, creating one of the largest tankers in the world, with 68 high-quality tankers. The total value of the transaction is valued at $ 1.65 billion.

The CPLP will divest 22 MR tanks and three Suezmax tanks to a new company, which in turn will merge with Diamond S Shipping while distributing the common shares of the new company to all CPLP shareholders.

CPLP shareholders will receive a premium of about 11% of the net worth of the fleet, this merger allowing Diamond S to import directly into the NYSE. According to banking circles, this premium is one of the highest paid to a listed transport company. It should also be noted that Evangelos Marinakis, Gerasimos Kalogloratos and Gerasimos Ventouris will participate in the new joint venture.

DSS Holdings LP, with which Capital Product is one of the leading shipping companies operating in the tank sector, managing a total of 33 medium tankers and 12 Suezmax tankers.

It should also be mentioned that Diamond S is in the interest of US Secretary of Commerce, Wilbur Ross and other major US investors, and is under the direction of the US Department of Commerce, WR Ross & Co.

It is therefore an agreement that, in addition to its importance, impresses at the same time in an impressive way the appreciation and recognition enjoyed by Evangelos Marinakis and his companies in the global financial markets and, of course, in maritime transport.

Capital Product Partners, which has been in business for over ten years since its introduction to NASDAQ, is fully recognized in the US financial markets because, despite the volatility of the transportation markets, it has paid off since its introduction and has one of the best most powerful balance sheets on the market.

After joining the CPLP tanker fleet, Diamond S Shipping is expected to become the leader in the crude oil and refinery markets, benefiting from a large, balanced shipyard of 68 high-clbad tankers with an average of Age less than 8 years old.

The new company is expected to be listed on the New York Stock Exchange. The board of directors. the company will be composed of 7 members, three of whom will be appointed by WR Ross & Co and two by Capital.

Once the agreement is concluded, Capital Product Partners will become a container and dry cargo management company with an average age of 6.6 years.

All of its vessels will be chartered for the medium and long term with a remaining charter period of 5.3 years, thereby enhancing the predictability of cash flow for its shareholders. Capital Product will also continue to maintain a strong balance sheet and focus on growth with the acquisition of long-term charters.

Craig Stevenson, Managing Director of DSS Holdings, said, "Our organization is pleased to establish one of the largest publicly traded tanker companies in the world with CPLP, which will take place at a very good Tanks market and will create one of the largest and most efficient fleets as well as one of the best capitalized transportation companies in the market.We look forward to taking advantage of the 39, experience and reputation of CPLP for the future development of the company "

Jerry Kalogloratos, CEO of CPLP, said: "We are particularly excited about the merger with Diamond S. This transaction represents a strategic step in creating added value for our shareholders and we Unite our fleet of tankers to Diamond S Shipping, with excellent management and excellent track record in the field of navigation "