The share purchase represents about 2% of the dry bulk shipping company’s outstanding common shares, using funds available from its cash and cash equivalents pool.
Diana Shipping reported in May that it had about $1.2 million in total assets, including cash and cash equivalents.
“The board of directors determined that it is in the company’s best interest to repurchase shares at this time given Diana Shipping’s cash position and stock price,” the Athens, Greece-based shipper said in a statement.
The tender offer will expire at 5 p.m. EST on July 16.
Diana’s stock recently traded up 3.5% to $3.06 a share.
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