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Greenwich tanker operator to go public via $1.6B merger

November 28, 2018

A Greenwich firm will become among the largest publicly traded oil tanker companies in the world, after reaching a merger agreement with a Greek shipping operator.

Diamond S Shipping will maintain its Greenwich headquarters under CEO Craig Stevenson Jr., while absorbing a fleet of tankers from Athens-based Capital Product Partners in a spin-off and merger that will make DSS a publicly traded company on the New York Stock Exchange.

The companies are valuing the transaction at $1.65 billion. First Reserve, a private equity firm that moved to Stamford from Greenwich earlier this year, will be the second largest shareholder of the newly public Diamond S Shipping.

DSS currently operates more than 40 tankers and will add 25 more from Capital Product Partners, making it the third largest publicly traded tanker company globally.

Capital Product Partners shareholders will receive $23 million in the transaction, with a focus going forward on chartering an fleet of container ships.

Stevenson has led Diamond S Shipping since the company was created in 2007, before that having been CEO of Stamford-based OMI which was sold to that year to a joint venture of industry giant Teekay Shipping and Torm.

Diamond S Shipping filed to go public in 2014 but did not move ahead with a sale of shares, at the time reporting net income of $2.3 million over the first nine months of 2013 on revenue of $134 million.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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