Diana Shipping's tender to buy back more than 3.3m of its shares has been oversubscribed by almost two times the number of shares the company offered to buy.

The New York-listed bulker owner last month commenced its plan to repurchase up to 3.33m of its own common shares at $4.50 each.

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A preliminary total of 6,304,388 shares were tendered in the offer, which expired at the close of business in New York on...