Diamond S Shipping plans to acquire 30 petroleum tankers using $600 million from a group of investors including a company founded by Wilbur Ross Jr., Forbes reports. In addition to the investment, Diamond also plans to take out bank loans to help pay for the tankers.
The deal, which would quadruple Diamond's fleet of refined product carriers, will close in the third quarter. Diamond is buying the tankers from Cido Tanker Holding Co. The first delivery is scheduled for January.
Ross, founder of WL Ross & Co., said it's an "excellent time" to invest in the global shipping business.
"We have been looking for the right opportunity in the shipping industry for some time," Ross said in a statement.
Diamond S Shipping is based in Greenwich, Conn.
The deal, which would quadruple Diamond's fleet of refined product carriers, will close in the third quarter. Diamond is buying the tankers from Cido Tanker Holding Co. The first delivery is scheduled for January.
Ross, founder of WL Ross & Co., said it's an "excellent time" to invest in the global shipping business.
"We have been looking for the right opportunity in the shipping industry for some time," Ross said in a statement.
Diamond S Shipping is based in Greenwich, Conn.