Tuesday, May 12, 2015

Dry Bulk Freight Operator and Ship Management Group Partner Up

New 50/50 Joint Venture Will Control Vessels
Shipping News Feature

CYPRUS – Greek based dry bulk freight specialist Diana Shipping and Malaysian headquartered Wilhelmsen Ship Management (WSM) have established a new 50/50 ship management joint venture named Diana Wilhelmsen Management Limited (DWM), which will be run from Limassol, Cyprus. The new company will initially provide management services to a limited number of vessels of Diana Shipping’s fleet when the joint venture commences operations in the second quarter of this year, and may in the future provide management services to unaffiliated third party vessel operators. Vice President of WSM Europe and the Americas, 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 several further dry bulkers including a Kamsarmax vessel during the second quarter of 2015, a new-building Capesize during August 2015, two new-building Newcastlemax’s and a new-building Kamsarmax vessel during the second quarter of 2016. 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. Chairman and Chief Executive Officer of Diana Shipping, Simeon Palios, commented:

“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.”