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A decisive blow that changes the data of the international navigation was announced a few hours ago.
In particular, Capital Product Partners LP (CPLP) of Evangelos Marinakis merges the company's tanker fleet with the Diamond S Shipping by Wilbur Ross, US Department of Commerce.
This creates one of the largest publicly traded tanker companies in the world through a $ 1.65 billion transaction. For example, NASDAQ's Capital Product Partners (CPLP) is implementing one of the largest and most impressive offers in recent years.
As is now known, the company is combining a fleet of tankers, a total of 25 vessels, with the Diamond S Holdings L.P fleet, creating one of the largest tankers in the world, with 68 high-quality tankers.
The CPLP will allocate 22 MR tankers and three Suezmax tankers to a new company, which will merge with Diamond S Shipping, and distribute the 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. It should also be noted that in the new joint venture, besides Evangelos Marinakis, Gerbadimos Kalogloratos and Gerasimos Ventouris will participate.
According to estimates from banking and stock market players, this premium is one of the best paid by a listed transport company.
It is to highlight that DSS Holdings LP, with which Capital Product has reached an agreement, is one of the major shipping companies operating in the tanker sector, managing a total of 33 medium-range 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 leading US investors, and is managed by the US Department of Commerce, WR Ross & Co.
As can be seen, it is an agreement that, in addition to its importance as such, is revealed in the most striking way. the appreciation and recognition enjoyed by Evangelos Marinakis on the international scene and its companies in global financial markets and of course in shipping. Capital Product Partners, nearly ten years after its introduction to NASDAQ, enjoys full recognition in the US money markets. It should be noted that, despite the volatility of the shipping markets, the company pays dividends as soon as it is introduced and has one of the most powerful balance sheets in the market.
Diamond S Shipping, after its merger with the CPLP tanker fleet, is expected to be Leading company in the crude oil and refining markets, benefiting from a large and balanced shipyard composed of 68 high quality oil tankers with an average age of less than 8 years. The new company is expected to be listed on the New York Stock Exchange. On the basis of the agreement, 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.
Average age of ships
At the end of the agreement, 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 in the medium and long term, with a remaining term of 5.3 years, thus increasing 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 tanker companies in the world with CPLP, which will take place at a very good moment in the tank market. and will create one of the largest and most successful fleets as well as one of the best capitalized transportation companies in the market.We look forward to taking advantage of the experience and CPLP's reputation for the future development of the company. "
Jerry Kalogloratos, CEO of CPLP, said: "We are particularly excited about this merger with Diamond S. This transaction represents a strategic step for the opportunity to unite our tanker fleet with Diamond S Shipping, with excellent management and excellent track record in shipping. "
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