Japanese trading house giant Mitsubishi Corporation will fold its Singapore-based, 2011-founded dry bulk subsidiary Diamond Star Shipping into a newly established Singapore subsidiary of Mitsubishi’s MC Shipping as part of an overhaul of its shipping operations.
According to European shipping database Equasis, the Diamond Star Shipping fleet is made up of 15 Singapore-flagged bulkers in the handymax to kamsarmax range, while MC Shipping is listed with 18 predominantly Panamanian flagged ships ranging in size from handysize to newcastlemax.
MC Shipping has recently opened an office in Singapore with a view to consolidating the company’s bulker operations under one roof.
Mitsubishi has a number of Diamond-related shipping brands in Singapore including Diamond Tanker and LNG player Diamond Gas International. Mitsubishi in Japanese translates as three diamonds, which is the basis for its famous logo.