The 50 – 50 joint venture will provide management services to a “limited number” of Diana’s vessels when it starts up later in the second quarter, and also offer third party shipmanagement in the future.
“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,” said Simeon Palios, chariman and ceo of Diana.
The joint venture will be based in Cyprus. Diana currently has a fleet of 40 bulkers.
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