Greek bulk shipping company to invest US$50 million in boxships

DIANA SHIPPING, a Greek bulk shipping company, has announced that it will pay US$50 million for a minority stake in a new company that is expected to buy containerships over the next 12 to 18 months, reports The Associated Press.

Diana Shipping's wholly owned management company would also enter into administrative and vessel management agreements with the new company, and certain Diana Shipping executives would also hold positions as executives of the new company.

As part of the venture, Diana Shipping won't invest in containerships via other entities, while the new company won't invest in dry bulk carriers, said the AP report, adding that as part of the venture, Diana Shipping won't invest in containerships via other entities, while the new company won't invest in dry bulk carriers.

Athens-based and New York-listed Diana Shipping's website said it. is a global provider of shipping transportation services. The company specialises in transporting dry bulk cargo, including iron ore, coal, grain and other materials along worldwide shipping routes.

(Source: www.schednet.com)