{"id":26605,"date":"2021-03-31T19:53:00","date_gmt":"2021-03-31T16:53:00","guid":{"rendered":"https:\/\/www.al-sindbad.net\/international-seaways-to-buy-diamond-s-shipping-in-416-million-deal\/26605\/"},"modified":"2021-03-31T19:53:00","modified_gmt":"2021-03-31T16:53:00","slug":"international-seaways-to-buy-diamond-s-shipping-in-416-million-deal","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/international-seaways-to-buy-diamond-s-shipping-in-416-million-deal\/26605\/","title":{"rendered":"International Seaways to Buy Diamond S Shipping in $416 Million Deal"},"content":{"rendered":"<p><\/p>\n<p>Tanker operator International Seaways Inc said on Wednesday it will buy Diamond S Shipping Inc for about $416 million, as it aims to expand its crude shipping capacity and create one of the largest U.S.-listed tanker companies.<\/p>\n<p><\/p>\n<p>Diamond S shareholders will receive $10.17 per share, or 0.55375 shares, of International Seaways\u2019 stock for each share of Diamond S common stock held, representing a premium of about 5.9% to Tuesday close.<\/p>\n<p><\/p>\n<p>International Seaways, which will become the second largest U.S.-listed tanker company by vessel count after the deal, will also assume Diamond S\u2019 net debt of about $565 million.<\/p>\n<p><\/p>\n<p>The all-stock transaction with an enterprise value of about $2 billion is also expected to help save in excess of $23 million in costs annually.<\/p>\n<p><\/p>\n<p>The deal, set to close by the third quarter, will also add to International Seaways\u2019 earnings and cash flow per share immediately, the companies said.<\/p>\n<p><\/p>\n<p>Shares of Diamond S rose 4.2% in premarket trade.<\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><em>(Reporting by Rithika Krishna; Editing by Rashmi Aich)<\/em><\/p>\n<p>maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tanker operator International Seaways Inc said on Wednesday it will buy Diamond S Shipping Inc for about $416 million, as it aims to expand its crude shipping capacity and create one of the largest U.S.-listed tanker companies. Diamond S shareholders will receive $10.17 per share, or 0.55375 shares, of International Seaways\u2019 stock for each share &hellip;<\/p>\n","protected":false},"author":1,"featured_media":26606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1156,1202,1437,1148,1291,1703,62],"class_list":["post-26605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-buy","tag-deal","tag-diamond","tag-international","tag-million","tag-seaways","tag-shipping"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/26605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=26605"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/26605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/26606"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=26605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=26605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=26605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}