Mitsubishi to fold Diamond Star Shipping in Singapore

Mitsubishi to fold Diamond Star Shipping in Singapore

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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