April 2 – Nottingham Forest owner Evangelos Marinakis, clinging on to hope of a play-off slot for a Premier League place, has sealed a major deal in another part of his business empire with the launch of new corporation, Diamond S. Shipping Inc, on to the New York Stock Exchange.
Diamond S. is formed primarily by the merger of Marinakis’ Capital Product Partners shipping business with that of DSS Holdings, in what is one of the biggest mergers in the global shipping industry, creating a company valued at $1.65 billion.
The merger has created the third largest publicly listed owner and operator of crude oil and oil-product tankers in the world and the fifth largest publicly listed tankers corporation in terms of carry capacity with 68 ships.
“The CPLP merger provides us the scale necessary to compete at the top end of the global energy shipping business,” said Craig H. Stevenson, Jr., CEO of Diamond S. “In addition, we are listing in the public market at what we see as a cyclically opportune time that makes us well-positioned for future industry consolidation, with one of the world’s largest tanker fleets, a cost-efficient management platform and a sound balance sheet.”
Substitute the business environment from shipping to football and it is the sort of quote Marinakis would also like to hear from his management team at Forest come the end of the season.
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