Wilhelmsen Ship Management (WSM) and Diana Shipping Inc. (Diana) have agreed to establish a 50/50 joint venture named Diana Wilhelmsen Management Limited (DWM).

“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.

With the office residing in Limassol, Cyprus, the company will commence operations in the second quarter of 2015. Initially DWM will run and manage a selected group of Diana dry bulk vessels servicing all parts of the world.