New York-listed Diana Shipping's share buyback offer has been significantly over-subscribed.
The bulker owner said investors had tendered 6.085m shares, compared to the 2.82m it was prepared to repurchase.
It is paying $3.55 each and will spend $10m on a pro-rata basis, it added.
The offer had already been doubled from the original $5m proposal.
The stock closed down 0.29% at $3.43 in New York on Monday.
The company had said the move was in its best interests given its cash position — $121.4m in the bank according to third quarter filings — and share price.
Diana last launched a tender offer in mid-June, seeking to repurchase 2m shares for $3.25 each. On 11 July, the company raised the offer price to $3.75.
In total, 2.6m shares were tendered, with the company spending $7.5m in aggregate.
