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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).

The joint venture 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.

“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,” noted Chairman and Chief Executive Officer of Diana Shipping Simeon Palios.

“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,” Vice President of WSM Europe and the Americas, Mr. Håkon Lenz went on to say.