Shares of dry bulk carrier Diana Shipping fell Thursday after the company priced an offering of 10.5 million shares at $17, 5.9 percent below the stock's Wednesday closing price.
Shares of Athens, Greece-based Diana were at $17.57 early Friday after falling 3.5 percent to $17.43 in midday trading Thursday on the New York Stock Exchange at more than 10 times their average volume. They closed at $18.06 Wednesday.
The stock has traded in a 52-week range of $9.50 to $20.79, and gained 14.2 percent since the start of the year.
The previously announced offer includes 8.3 million shares offered by the company and 2.3 million from certain shareholders. The underwriters were granted an option to purchase an additional 1.6 million shares from the company to cover over-allotments.