Diana Shipping has made a bold move into the ultramax sector with a $330m strike for nine vessels from the fleet of private owner Sea Trade Holdings.
The cash-and-shares deal announced on Thursday sees Diana take out what appears to be Connecticut-based Sea Trade’s entire fleet, while increasing its own stable by roughly a quarter.
The sales come after Sea Trade’s early plans to launch a public company in New York did not result in a completed initial public offering.
