Bulker owner Diana Shipping makes LPG move

Greek bulker owner Diana Shipping has diversified into the gas shipping sector with an investment in a newly established joint venture, building two 7,500 cu m LPG carriers.

The New York-listed company has signed up for 80% in the venture, called Ecogas Holding, which will see the two vessels delivered in 2027 and holds an option for two additional newbuilds at an undisclosed yard.

The jv has been formed with Spanish tanker player Tradewind Tankers, according to Fearnley Securities, which arranged the deal. Tradewind Tankers is listed on shipbuilding databases with a pair of LPG newbuilds booked at China Merchants Jinling Shipyard late last year.

The investment is Diana’s second diversification move since 2023 when it entered a joint venture, Windward Offshore, that will own and operate offshore wind commissioning service operation vessels (CSOVs). The company’s fleet currently counts 37 bulkers and a pair of kamsarmax newbuildings delivering between 2027 and 2028.