Diana Shipping is looking to take back as much as $10m worth of its own company.
The New York-listed bulker owner has begun a tender offer to buy up to 2.74 million outstanding common units at $3.65 per share.
The offer will expire 11 December, unless extended or withdrawn, Simeon Palios-led Diana Shipping said.
"The board of directors determined that it is in the company’s best interest to repurchase shares at this time given Diana Shipping’s cash position and stock price," the Athens-based owner said in a statement.
