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)."

12 West Capital Increases Position in Diana Containerships

Joel Ramin's hedge fund firm 12 West Capital has filed an amended 13D with the SEC regarding its position in Diana Containerships (DCIX).  Per the filing, 12 West now owns 26.1% of the company with over 19.28 million shares.  This is up from the 18.85 million shares they owned at the end of the first quarter.

The filing indicates that Ramin's hedge fund purchased DCIX shares throughout June, with most of the recent buying coming at the end of the month at prices between $2.2040 and $2.4181.

Shares of Diana Containerships have continued to fall and currently trade around $1.91.

Per Google Finance, Diana Containerships is "a global provider of shipping transportation services through its ownership of containerships. The Company's vessels are employed primarily on time charters with liner companies that are carrying containerized cargo along shipping routes. Each of the Company's vessels is owned by its separate wholly owned subsidiaries. The commercial and technical management of its fleet, as well as providing administrative services relating to the fleet's operations, are carried out, by its wholly owned subsidiary, Unitized Ocean Transport Limited (UOT). The Company's fleet consists of approximately seven panamax and four post-panamax containerships with a combined carrying capacity of 52,359 twenty-foot equivalent units and a weighted average age of 11.2 years. The Company's vessels include Sagitta, Centaurus, Santa Pamina, Cap Domingo, Puelo, Pucon and Cap Doukato, among others.." 

12 West Capital Discloses Diana Containerships Position

Joel Ramin's hedge fund firm 12 West Capital has filed 13D with the SEC regarding shares of Diana Containerships (DCIX).  Per the filing, the hedge fund now owns 22.4% of the company with over 16.4 million shares.

This is a newly disclosed position for 12 West and the filing was made due to activity on July 29th. 

The 13D breaks down some of 12 West's recent purchases in the open market in late June at around $2.52 per share and then via a private placement purchase at the end of July at $2.51.

12 West also has previously disclosed a stake in Euroseas.  You can view additional portfolio activity from 12 West Capital here.