Diana JV with WSM

May 10, 2015

 Dry bulk shipping company Diana Shipping and Wilhelmsen Ship Management (WSM) have joined forces in a new 50/50 joint venture named Diana Wilhelmsen Management Limited (DWM).

 
DWM, to be based in Limassol, Cyprus, and will commence operations by the end of June. It will begin operations by providing management services to "a limited number of vessels of Diana Shipping's fleet" and ultimately plans to provide management services to unaffiliated third-party vessel operators.
 
“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’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.” says Håkon Lenz, Vice President WSM Europe and the Americas.
 
 “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,” says Simeon Palios, Chairman and CEO of Diana Shipping Inc.
 
Diana Shipping Inc.’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. 
 
Wilhelmsen Ship Management (WSM) is a part of Wilhelmsen Maritime Services, a Wilhelmsen group company. WSM is one of the world’s largest third party ship manager with a portfolio of more than 450 vessels and 11,000 active seafarers.
 

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