On March 21, Diana Shipping Inc. , a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that the Company agreed to become a strategic partner and invest in a newly established joint venture, Ecogas Holding AS, with an 80% equity interest in a transaction for the construction of two 7,500 cbm semi-refrigerated LPG newbuildings, with an option for two additional vessels.
Delivery of the first vessel is expected in the first quarter of 2027 and of the second vessel in the fourth quarter of 2027.
Ecogas Holding AS was formed by Diana Shipping and Spanish tanker company Tradewind Tankers, according to Fearnley Securities, which arranged the deal.
The investment is Diana Shipping’s second diversification move since it established the Windward Offshore joint venture in 2023, which will own and operate offshore wind commissioning service operation vessels (CSOVs). Four CSOVs have been ordered from the Norwegian Vard shipyard, a subsidiary of Italian shipbuilding group Fincantieri.
Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax). The Company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt with a weighted average age of 11.39 years.