Diana Shipping buys 38pc stake in start-up box ship venture

GREEK bulk carrier owner Diana Shipping plans to invest US$50 million in a new start-up company whose core business activity will be the acquisition of containerships.

The investment is equivalent to 38 per cent of the common shares in the new company that is valued at $132 million, reports Newark's Journal of Commerce, adding that Diana's wholly-owned management company is to have signed an administrative and vessel management agreement with the new company following the closing of its investment on February 19.

Athens-based Diana Shipping executives will also hold executive positions in the new company, the report added without providing further details.

(Source: www.schednet.com)