market folly

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.."