Diana Shipping to invest in containerships

Diana Shipping to invest in containerships    Dry bulk shipping company Diana Shipping Inc. said it plans to invest $50 million in a new project involving the formation of a company expected to invest in containerships over the next 12 to 18 months.
   Details were not available, but Diana said it would take a minority stake in the project, with the balance being raised in a private offering to institutional and accredited investors. Diana Shipping’s wholly owned management company would also enter into administrative and vessel management agreements with the new company, and certain Diana Shipping executives would also hold positions as executives of the new company.
   Diana said it would agree not to invest in containerships via other entities as long as the administrative agreement or any of the vessel management agreements remain in effect, while the new company would agree not to invest in dry bulk carriers.
   The proposed investment is subject to the completion of fundraising on acceptable terms.