Greek Shipping Company Diana Shipping Diversifies into LPG Ships

Greek dry bulk shipping company Diana Shipping has decided to diversify its business by investing into new vessel types – liquefied petroleum gas (LPG) ships.

On March 21, 2025, the company revealed it would become a strategic partner and invest in a newly established joint venture, Ecogas Holding, 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.

As informed, the first vessel is expected to be delivered in the first quarter of 2027 and the second in the fourth quarter of 2027.

No further details on the investment have been disclosed.

Diana Shipping’s fleet currently comprises 37 dry bulk vessels—4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax units.

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.

The two 81,200 dwt methanol dual fuel Kamsarmaxes, worth $46 million each, were ordered in February last year.

The combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is currently approximately 4.1 million dwt with a weighted average age of 11.39 years.

Diana’s ships are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes along worldwide shipping routes.