A consortium of China Investment Corporation (CIC), First Reserve and WL Ross & Company are investing a total $1 billion in Diamond S Shipping, The Wall Street Journal reports. The equity investment in the private shipping company will help fund its acquisition of 30 tankers.
Fairfax Financial Holdings, Morgan Creek Capital Management and PPM Capital Partners are the other investors in the Diamond deal. Connecticut-based Diamond is buying 30 medium-range carriers to transport oil-refined products from Hong Kong’s Cido Tanker Holding.
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