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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Greenwich’s DSS Holdings to be merged into new tanker company

DSS Holdings LP, a Greenwich-headquartered owner and operator of medium-range product and Suezmax crude tankers, has entered into an agreement to merge its operations with the crude and product tanker business being spun off by Capital Product Partners LP, an international owner of tanker, container and dry bulk vessels.

The newly merged company will be called Diamond S Shipping Inc. and will retain DSS’ Greenwich headquarters and management team. Diamond S Shipping Inc.’s asset portfolio will consist of the combined product and crude tanker fleet of merged entities, totaling 68 high-quality tankers with an average age of 7.8 years, including 52 product tankers and 16 crude tankers.

Diamond S Shipping is expected to be listed on the New York Stock Exchange – DSS is privately held and Capital Product Partners is NASDAQ listed.

“This transaction will occur at an opportunistic time in the cycle and creates one of the largest, highest quality fleets and best capitalized public shipping companies in the market,” said DSS CEO Craig Stevenson Jr. “We are confident that this unique combination will create significant shareholder value through the cycle by using our cash flow to invest in the business via acquisitions and returning capital back to our shareholders.”