Diana Shipping is making another round of buybacks, this time for up to 1.4 million shares.
The Athens-based, New York-traded bulker owner announced the $3.55 per share offer Friday.
The company 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.
At the open Friday, Diana was trading at $3.41 and have fluctated between $2.41 and $4.44 for the last year. Over the last month, Diana shares peaked at $3.48.
The offer expires 4 October.
Diana last launched a tender offer in mid-June, seeking to repurchase 2 million shares for $3.25. On 11 July, the company raised the offer to $3.75.
In total, 2.6 million shares were tendered, with the company spending $7.5m in aggregate, or $2.88 per share, on the buyback.
