FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2006
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Diana Shipping Inc.
Pendelis 16
175 64 Palaio Faliro
Athens, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release
issued by Diana Shipping Inc. (the "Company") on December 18, 2006 announcing
that the Company has entered into a time charter contract with Cargill
International S.A. for its Panamax dry bulk carrier, the Triton.
Exhibit 1
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
For Immediate Release
---------------------
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
Email: ed.nebb@eurorscg.com
DIANA SHIPPING INC. ANNOUNCES LONG TERM TIME CHARTER
CONTRACT FOR MV TRITON
ATHENS, GREECE, December 18, 2006 - Diana Shipping Inc. (NYSE: DSX), a global
shipping company specializing in the transportation of dry bulk cargoes, today
announced that it has entered into a time charter contract with Cargill
International S.A. for its Panamax dry bulk carrier, the Triton, for a minimum
33 to maximum 36 months period at a gross daily charter hire rate of $24,400.
The charterer has the option to employ the vessel for a further 11-13 month
period at a daily rate based on the average rate of four pre-determined time
charter routes as published by the Baltic Exchange. The optional period, if
exercised, must be declared on or before the end of the 30th month of employment
and can only commence at the end of the 36th month.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
"This new long term fixture demonstrates the strong relationship our Company has
developed through the years with first class charterers such as Cargill. The
duration and hire level of this time charter contract are the result of the
flexible chartering policy we have consistently pursued. This policy has allowed
us to take advantage of the strong spot market earnings while at the same time
helping to protect the fleet cash flow from unexpected declines in rates. It is
worthwhile noting that the minimum expected gross revenue from this latest
fixture is US$23.5 million, which is more than the Company paid in 2001 to
acquire the mv Triton and already brings the 2007 charter employment cover to at
least 60%."
The Triton is a 75,366 dwt Panamax dry bulk carrier built in 2001.
About the Company
-----------------
Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation
services. The Company specializes in transporting dry bulk cargoes, including
such commodities as iron ore, coal, grain and other materials along worldwide
shipping routes. Diana Shipping Inc. priced its initial public offering of
common stock on March 17, 2005.
Cautionary Statement Regarding Forward-Looking Statement
--------------------------------------------------------
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "except," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "will," "may," "should," "expect" "pending and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping capacity, changes in
our operating expenses, including bunker prices, drydocking and insurance costs,
the market for our vessels, availability of financing and refinancing, changes
in governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
# # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DIANA SHIPPING INC.
(registrant)
Dated: December 19, 2006 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
SK 23159 0002 732218