12 West Capital Exits Diana Containerships & Euroseas Positions ~ market folly

Monday, November 28, 2016

12 West Capital Exits Diana Containerships & Euroseas Positions

Joel Ramin's hedge fund 12 West Capital has filed two 13D's with the SEC regarding shares of Diana Containerships (DCIX) and Euroseas (ESEA). 

Per the filings, 12 West no longer owns any shares of either company as of November 17th.  Shares of DCIX and ESEA spiked massively in mid-November (422% and 172% respectively) and it looks like the fund took advantage of that to liquidate its positions.

They sold DCIX shares at $6.26, $5.51 (weighted average), and $4.89 on November 17th and 18th.

Per Google Finance, Diana Containerships is "engaged in the business of ownership of containerships. The Company is engaged in the seaborne transportation industry through the ownership of containerships and operates its fleet through Unitized Ocean Transport Limited (UOT), a subsidiary of the Company. UOT provides the Company and its vessels with management and administrative services. The Company's fleet consists of approximately seven panamax and over six post-panamax containerships with a combined carrying capacity of approximately 66,440 twenty-foot equivalent unit (TEU) and a weighted average age of over 9.7 years. The Company's vessels include SAGITTA, CENTAURUS, PAMINA, CAP DOUKATO and PUCON."

Per Google Finance, Euroseas is "engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company's operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. The Company has a fleet of 12 vessels, including Kamsarmax drybulk carrier, Panamax drybulk carriers and Handymax drybulk carrier, Intermediate containerships, Handysize containerships, and Feeder containerships. The Company’s five drybulk carriers have a total cargo capacity of 351,272 deadweight tons (dwt), and its seven containerships have a cargo capacity of 11,828 twenty-foot equivalent units (teu)."

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