Diana Shipping said it will invest $50m in a new company created to invest in containerships.

The Greek shipping line said the investment is equivalent to an interest of nearly 38% of the common shares of the new company.

The proceeds raised are expected to be used primarily to invest in containerships over the next 12-18 months.

Diana Shipping’s wholly owned management company will also enter into certain agreements with the new company at the closing of the investment, scheduled for 19 February.

The company has agreed not to invest in any other containerships, while the new company has agreed not to invest in dry bulk carriers.