The creation of a new company of OceanPal Inc., which will operate as a portfolio company with three bulk cargo ships spin-off from Diana Shipping’s fleet, was carried out by Diana Shipping Inc., the Nyse-listed shipping company of the Palios family. The new company has applied for the listing of its common shares on the Nasdaq Capital Market.
The three ships are the oldest in Diana Shipping’s fleet. Along with the ships in the new company, Diana Shipping will contribute $ 1 million in working capital and will sell all of OceanPal shares to Diana Shipping shareholders, who will also receive preferred shares of OceanPal Inc. Diana Shipping also announced that in parallel with the completion of the spin-off transaction, it will distribute a dividend of $ 0.10 per share.
Commenting on the spin-off transaction, the CEO of Diana Shipping, Ms. Semiramis Paliou, stated that the divestment of 100% of the common shares of OceanPal Inc., “represents a significant return on value to our shareholders, reflecting the company’s ability to Diana Shipping’s management also believes that the creation of “a separate listed bulk carrier company focusing on older ships with shorter charter times will further enhance shareholder value by providing greater exposure to the short-term charter market.” while allowing Diana Shipping to continue to focus on long-term growth. Finally, the dividend of $ 0.10 per share for the current quarter represents a good indication of the Company’s ability to pay dividends on a quarterly basis at current market levels.
Diana Shipping Inc., the Nyse-listed shipping company of the Palios family, announced that it has set up a new company, OceanPal Inc., which will operate as a portfolio company with three bulk dry cargo ships detached from Diana Shipping’s fleet. The new company has applied for the listing of its common shares on the Nasdaq Capital Market.
The three ships are the oldest in Diana Shipping’s fleet. Along with the ships in the new company, Diana Shipping will contribute a working capital of $ 1 million while it will sell all OceanPal shares to Diana Shipping shareholders. The CEO of Diana Shipng, Semiramis Paliou, stated that the divestment of 100% of the common shares of OceanPal Inc. represents a significant return on value to its shareholders, reflecting the company’s ability to take advantage of the strong dry bulk market.
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