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Diana Shipping in joint venture with Wilhelmsen Ship Management

Staff writer |
Diana Shipping and Wilhelmsen Ship Management have established a new 50/50 joint venture named Diana Wilhelmsen Management Limited (DWM).




Diana Wilhelmsen Management Limited will initially provide management services to a limited number of vessels of Diana Shipping's fleet when the joint venture commences operations later in the second quarter of this year and may in the future provide management services to unaffiliated third party vessel operators. The DWM office will be located in Limassol, Cyprus.

Chairman and CEO of Diana Shipping Inc., Mr. Simeon Palios, stated: "Diana Shipping is excited to partner with WSM in creating a world class ship management company. This joint venture will provide Diana Shipping with an expanded capability to provide high quality management services to vessels in its fleet, while creating an opportunity to further enhance shareholder value through increased revenues by eventually providing management services to unaffiliated third party vessel operators."

Vice president of WSM Europe and the Americas, Mr. Håkon Lenz, stated: "With our joint venture, we see the best from two well established organisations. WSM's excellent quality and proven experience within ship management, coupled with Diana Shipping's global ship operating experience, truly brings forward an exciting new formula. We aim to deliver a well-driven and efficient operating model for our partner, Diana Shipping."

Diana Shipping's fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax).

The company also expects to take delivery of one Kamsarmax dry bulk vessel during the second quarter of 2015, one new-building Capesize dry bulk vessel during August 2015, two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of the company's fleet, excluding the five vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 7.1 years.


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