FORM 6-K / A

                       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 February 2007

                        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): ________.



This amendment no. 1 to Form 6-K amends the 6-K filed on February 23, 2007 by
Diana Shipping Inc. (the "Company") for the sole purpose of incorporating this
report into the Company's F-3 (File no. 333-139306) that was filed with the
Commission on December 13, 2006. No changes have been made to the press release
dated February 21, 2007 attached as Exhibit 1.



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. on February 21, 2007 announcing its financial
results for the year ended December 31, 2006 and declaring a cash dividend of
$0.46 per share for the fourth quarter of 2006.


                                                                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. REPORTS FINANCIAL RESULTS
             FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2006
                                       AND
                  DECLARES CASH DIVIDEND OF 46 CENTS PER SHARE
                         FOR THE FOURTH QUARTER OF 2006


ATHENS, GREECE, February 21, 2007 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $19.4 million for the fourth quarter of 2006, compared to net
income of $13.9 million reported for the same period of 2005.

     Voyage and time charter revenues were $35.2 million for the fourth quarter
of 2006, compared to $24.0 million for the same period of 2005. This increase
was due to the growth in the number of vessels in the Company's fleet and to
increased time charter rates.

     Net income for the year ended December 31, 2006, amounted to $61.1 million
compared to net income of $65.0 million for the same period of 2005. Net income
available to common stockholders during the period, after the non-recurring
preferential deemed dividend of $20.3 million relating to the purchase of Diana
Shipping Services S.A. on April 1, 2006, was $40.8 million. Voyage and time
charter revenues were $116.1 million for the year ended December 31, 2006,
compared to $103.1 million for the same period of 2005.

Dividend Declaration

     The Company has declared a cash dividend on its common stock of $0.46 per
share, based on its cash from operations during the fourth quarter of 2006. The
cash dividend will be payable on or about March 14, 2007 to shareholders of
record as of March 7, 2007. The Company has 53.05 million shares of common stock
outstanding.

     "We are pleased that our earnings per share performance has continued its
positive sequential trend during the year 2006. EPS rose during 2006 to US$0.37
in the fourth quarter, up from US$0.32 in the third quarter, US$0.28 in the
second quarter (before the non-recurring preferential deemed dividend), and
US$0.26 in the first quarter. We believe that our strategy of expanding our
fleet, while maintaining a flexible chartering policy that permits the Company
to benefit from the dynamic nature of the freight market, has driven our strong
results and enabled us to continue increasing our dividend for the fourth
quarter of 2006 to 46 cents per share," said Simeon Palios, Chairman and Chief
Executive Officer of Diana Shipping Inc.


Fleet Employment Profile

     Currently Diana's fleet is employed as follows:

               Sister
 Name          ships(3)    Year Built       DWT            Employment (1)            Charter Expiration(2)
 ----          --------    ----------       ---            --------------            ---------------------
                                                                  
Nirefs           A          2001          75,311      4TCs Average(4) + 4.5%     Oct 23, 2007  -  Jan 23, 2008
Alcyon           A          2001          75,247             $22,582             Oct 15, 2007  -  Feb 15, 2008
Triton           A          2001          75,336             $24,400             Oct. 17, 2009 -  Jan 17, 2010(5)
Oceanis          A          2001          75,211             $17,000             Apr 19, 2007  -  Jun 19, 2007
Dione            A          2001          75,172             $28,500             Nov 7, 2007   -  Jan 17, 2008
Danae            A          2001          75,106             $30,000             Apr 5, 2007   -  Apr 24, 2007
Protefs          B          2004          73,630         4TCs Average(4)         Jan 04, 2007  -  Mar 4, 2007
Calipso          B          2005          73,691             $26,750             Dec 21, 2007  -  Feb 21, 2008
Clio             B          2005          73,691      4TCs Average(4) +$850             Feb 28, 2007
Thetis           B          2004          73,583             $25,000             Aug 3, 2007   -  Oct 18, 2007
Naias            B          2006          73,546             $21,000             Jun 28 , 2007 -  Sep 28, 2007
Erato            C          2004          74,444             $30,500             Nov 9, 2007   -  Jan 9, 2008
Coronis          C          2006          74,381             $27,500             Jan 18, 2009  -  Mar 18, 2009
Pantelis SP      -          1999         169,883             $47,500             Jan 25, 2008  -  Mar 25, 2008(6)
Sideris GS       D          2006         174,186            $41,000(7)           Oct 17, 2010  -  Jan 16, 2011(8)
Semirio          D          2007         175,000            $41,000(9)           Apr 30, 2011  -  Jul 30, 2011(8)
Hull H1107(10)   D          2010         177,000                -                              -
Hull H1108(10)   D          2010         177,000                -                              -
                               Total:  1,841,418

----------------
(1)  Gross time charter rate per day.
(2)  Charterers' optional period to redeliver the vessel to owners. (3) Each
     vessel is a sister ship of the other vessels that have the same letter.
(4)  Adjustable every 15 days based on the average of four main pre-determined
     time charter routes, as published by the Baltic Exchange.
(5)  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.
(6)  The vessel has been sold and is expected to be delivered to its new owners
     in July 2007.
(7)  The daily time charter rate will be $46,000 during the first year; $43,000
     during the second year; $39,000 during the third year and $36,000 during
     the fourth year.
(8)  The charterer has the option to employ the vessel for a further 11-13 month
     period, counting from the end of the 48th month, at the daily time charter
     rate of $48,500.
(9)  The daily time charter rate will be $51,000 for the first and second year
     and $31,000 for the third and fourth year. The vessel is expected to be
     delivered to the Company in June 2007.
(10) Expected to be delivered in the second quarter of 2010.





Summary of Selected Financials & Other Data


                                                                Three Months Ended                       Year Ended
                                                                   December 31,                        December 31,
                                                              2006              2005              2006               2005
                                                          --------------    -------------     --------------     -------------
                                                           (unaudited)      (unaudited)        (unaudited)        (unaudited)
                                                                                                      
INCOME STATEMENT DATA (in thousands of US Dollars):
      Voyage and time charter revenues                      $    35,184     $     24,005       $    116,101      $    103,104
      Voyage expenses                                             1,732            1,291              6,059             6,480
      Vessel operating expenses                                   6,226            4,287             22,489            14,955
      Net income                                                 19,425           13,875             61,063            64,990
      Net income available to common stockholders                19,425           13,875             40,796            64,990
FLEET DATA
      Average number of vessels                                    14.4             10.8               13.4               9.6
      Number of vessels                                            15.0             12.0               15.0              12.0
      Weighted average age of fleet (in years)                      3.7              3.8                3.7               3.8
      Ownership days                                              1,321              995              4,897             3,510
      Available days                                              1,321              984              4,856             3,471
      Operating days                                              1,319              980              4,849             3,460
      Fleet utilization                                           99.8%            99.6%              99.9%             99.7%
AVERAGE DAILY RESULTS
      Time charter equivalent (TCE) rate (1)                $    25,323     $     23,083       $     22,661       $    27,838
      Daily vessel operating expenses (2)                   $     4,713     $      4,309       $      4,592       $     4,261

-------------
(1)  Time charter equivalent rates, or TCE rates, are defined as our voyage and
     time charter revenues less voyage expenses during a period divided by the
     number of our available days during the period, which is consistent with
     industry standards. Voyage expenses include port charges, bunker (fuel)
     expenses, canal charges and commissions. TCE rate is a standard shipping
     industry performance measure used primarily to compare daily earnings
     generated by vessels on time charters with daily earnings generated by
     vessels on voyage charters, because charter hire rates for vessels on
     voyage charters are generally not expressed in per day amounts while
     charter hire rates for vessels on time charters are generally expressed in
     such amounts.

(2)  Daily vessel operating expenses, which include crew wages and related
     costs, the cost of insurance, expenses relating to repairs and maintenance,
     the costs of spares and consumable stores, tonnage taxes and other
     miscellaneous expenses, are calculated by dividing vessel operating
     expenses by ownership days for the relevant period.

Conference Call and Webcast Information

       Diana Shipping Inc. will conduct a conference call and simultaneous
Internet webcast to review these results at 9:00 A.M. (Eastern Time) on
Thursday, February 22, 2007. Investors may access the webcast by visiting the
Company's website at www.dianashippinginc.com, and clicking on the webcast link.
The webcast also is accessible at www.viavid.net, by clicking on the Diana
Shipping link under "Events". The conference call also may be accessed by
telephone by dialing 1-877-692-2086 (for U.S.-based callers) or 1-973-935-8599
(for international callers).

       A replay of the webcast will be available soon after the completion of
the call and will be accessible on both www.dianashippinginc.com and
www.viavid.net. A telephone replay will be available by dialing 1-877-519-4471
(for U.S.-based callers) or 1-973-341-3080 (for international callers); callers
must use the PIN number 8431680.




About the Company

         Diana Shipping Inc. 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.

Cautionary Statement Regarding Forward-Looking Statements

       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," "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.

                         (See financial tables attached)








                               DIANA SHIPPING INC.
                                FINANCIAL TABLES
  Expressed in thousands of U.S. Dollars, except share, per day and fleet data

                        CONSOLIDATED STATEMENTS OF INCOME


                                                                 Three Months Ended                        Year Ended
                                                                    December 31,                         December 31,
                                                               2006              2005              2006                2005
                                                           -------------     -------------     --------------     --------------
                                                           (unaudited)        (unaudited)      (unaudited)
                                                                                                      
REVENUES:
  Voyage and time charter revenues                         $     35,184       $    24,005      $     116,101      $      103,104

 EXPENSES:
      Voyage expenses                                             1,732             1,291              6,059               6,480
      Vessel operating expenses                                   6,226             4,287             22,489              14,955
      Depreciation and amortization of deferred charges           4,728             2,976             16,709               9,943
      Management fees                                                 -               486                573               1,731
      Executive management services and rent                          -                38                 76                 455
      General and administrative expenses                         1,932               841              6,331               2,871
      Foreign currency losses (gains)                                26               (1)               (52)                (30)
                                                           -------------     -------------     --------------     --------------
      Operating income                                           20,540            14,087             63,916              66,699
                                                           -------------     -------------     --------------     --------------

 OTHER INCOME (EXPENSES):
      Interest and finance costs                                (1,317)             (569)            (3,886)             (2,731)
      Interest Income                                               202               357              1,033               1,022
                                                           -------------     -------------     --------------     --------------

      Total other income (expenses), net                        (1,115)             (212)            (2,853)             (1,709)
                                                           -------------     -------------     --------------     --------------

 Net Income                                                $     19,425       $    13,875      $      61,063      $       64,990
                                                           =============     =============     ==============     ==============

     Preferential deemed dividend                                     -                 -           (20,267)                   -
                                                           -------------     -------------     --------------     --------------

 Net income/(loss) available to common stockholders        $     19,425       $    13,875      $     40,796       $      64,990
                                                           =============     =============     ==============     ===============

Earnings/(losses)  per common share, basic and diluted     $       0.37       $      0.34      $        0.82      $         1.72
                                                           =============     =============     ==============     ===============

Weighted average number of common shares, basic and
diluted                                                      53,050,000        41,358,696         49,528,904          37,765,753
                                                           =============     =============     ==============     ===============







BALANCE SHEET DATA


BALANCE SHEET DATA
                                                             December 31,
                                                        2006             2005
                                                     -----------      ---------
ASSETS                                               (unaudited)

 Cash and cash equivalents                              14,511          21,230
 Other current assets                                    4,551           5,367
 Advances for vessels under construction
and acquisitions and other vessel costs                 24,347           4,221
 Vessels' net book value                               464,439         307,305
 Other fixed assets, net                                   897               -
 Other non-current assets                                1,930           3,826
     Total assets                                      510,675         341,949

LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities, including current portion
 of long term debt                                       7,636           4,667
 Long-term debt, net of current portion                138,239          12,859
 Other non-current liabilities                           1,697             265
 Total stockholders' equity                            363,103         324,158
     Total liabilities and stockholders' equity        510,675         341,949


OTHER FINANCIAL DATA

                                               Three Months Ended                 Year Ended
                                                  December 31,                    December 31,
                                             2006           2005             2006            2005
                                             ----           ----             ----            ----
                                          (unaudited)     (unaudited)     (unaudited)
                                                                             
 Net cash from operating activities       $    25,547     $   11,592      $    82,370    $   69,256
 Net cash used in investing activities       (97,306)       (77,754)        (193,096)     (169,241)
 Net cash from financing activities            77,860         57,408          104,007       119,457





                                   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:  February 28, 2007                   By:  /s/ Anastassis Margaronis
                                                 --------------------------
                                                 Anastassis Margaronis
                                                 President



SK 23159 0002 751592