Diana Shipping Inc. Announces Expansion of Previously Announced Joint Venture for Offshore Wind Service Vessels
ATHENS, Greece – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced the expansion of its joint venture, Windward Offshore, for the acquisition of offshore wind service vessels (CSOVs). The joint venture, in collaboration with Blue Star Group GmbH & Cie. KG, SeaRenergy Offshore Holding GmbH, and SeraVerse GmbH, has exercised its option to acquire two additional newbuilding CSOVs from VARD.
With this expansion, Windward Offshore now has contracts in place to acquire a total of four CSOVs. The deliveries of the vessels are scheduled to take place between the third quarter of 2025 and the third quarter of 2026, marking a significant milestone in the company’s future growth and commitment to serving the offshore wind industry.
Diana Shipping Inc., renowned for its fleet of dry bulk vessels, currently operates 40 vessels. These include 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax, and 9 Ultramax vessels. The combined carrying capacity of this fleet stands at approximately 4.5 million deadweight tons (dwt), with a weighted average age of 10.59 years.
Recognized for its comprehensive shipping transportation services, Diana Shipping Inc.’s vessels are primarily engaged in short to medium-term time charters and transport a range of dry bulk cargoes worldwide. Commodities such as iron ore, coal, grain, and other materials form a significant part of the cargo transported by the company.
The decision to expand the joint venture for the acquisition of additional CSOVs underscores Diana Shipping Inc.’s commitment to capitalize on the growing demand for offshore wind services. As the renewable energy sector continues to thrive, offshore wind farms require specialized service vessels for maintenance, crew transfer, and equipment transportation. The expansion allows Diana Shipping Inc. to further position itself as a key player in supporting the offshore wind industry.
The announcement by Diana Shipping Inc. showcases the company’s strategic planning and vision to diversify its operations and leverage opportunities in the renewable energy sector. By aligning itself with industry leaders and acquiring state-of-the-art vessels, Diana Shipping Inc. demonstrates its dedication to sustainability and environmental stewardship.
This expansion of the joint venture represents a significant step forward for Diana Shipping Inc. and its partners, highlighting their collective commitment to driving the growth and development of the offshore wind sector. As the demand for renewable energy continues to rise, the importance of efficient and reliable offshore wind service vessels becomes crucial for maintaining and expanding existing wind farms.
With the acquisition of additional CSOVs on the horizon, Diana Shipping Inc. is well-positioned to contribute to the success and expansion of the offshore wind industry. The company’s continued focus on innovation, collaboration, and sustainable practices positions it as a key player in the global shipping sector and a trusted partner for the offshore wind energy sector.
For more information on Diana Shipping Inc. and its fleet, please visit the company’s website at www.dianashippinginc.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements are based on information currently available to Diana Shipping Inc. and are subject to various risks and uncertainties concerning the company’s operations and business environment. These factors include, but are not limited to, the effects of the global economic downturn, increased competition, fluctuations in charter rates, and the demand for dry bulk shipping capacity. Diana Shipping Inc. does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Press Contact:
Diana Shipping Inc.
Email: info@dianashippinginc.com
Phone: +30 210 947 0100
