Diana Shipping's rising stock price has prompted the shipowner to adjust the pricing of its tender for its shares and extend the offer by nine days.
The pricing has been increased by 15% from $3.25 to $3.75 per share.
Diana's current share price was trading on the New York Stock Exchange today at $3.73 as of 11:10am (EST), some way above Diana's previous tender price.
The offer was originally set to expire on 16 July, but has been extended until the close of trading in New York on 25 July.
Ioannis Zafirakis, Diana's director, chief strategy officer and secretary, told TradeWinds don't call it a buyback.
"Share buyback programmes do not give you the opportunity to invest truly in your own company," Zafirakis told TradeWinds by phone on Thursday.
"The only thing they give you is an attempt in the short term to raise your stock price, compared to the tender offer that allows you to really invest," he said.
Diana's share price has increased by 25% over the past 30 days, much like its peers, as TradeWinds has reported.
The New York-listed company aims to take back two million shares or 2% of its outstanding common stock in the tender offer, which was launched on 14 June.
The extension will "allow additional time for stockholders to tender their shares", Diana said in a statement.
