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Diamond S Shipping acquires 30 medium-range product tankers from Cido Shipping for $1 billion

August 2011

Client(s) Diamond S Shipping, LLC

Jones Day advised global energy-focused shipping company Diamond S Shipping in its acquisition of companies owning 30 medium-range refined product carriers from Cido Shipping of Hong Kong. In connection with the transaction a group of investors led by First Reserve Corporation, WL Ross & Co., and China Investment Corporation will invest approximately $1 billion into Diamond S. The Cido transaction will be financed by $600 million of equity and bank financing provided by Nordea Bank Finland and DnB Nor Bank ASA.

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