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 March 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): ________.
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 March 6, 2007 announcing a new Capesize vessel
acquisition and a long term time charter agreement with Carghill International
S.A.
Exhibit 1
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
izafirakis@dianashippinginc.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
ed.nebb@eurorscg.com
DIANA SHIPPING INC. ANNOUNCES NEW CAPESIZE VESSEL ACQUISITION
AND LONG TERM TIME CHARTER AGREEMENT WITH CARGILL
ATHENS, Greece, March 6, 2007 - Diana Shipping Inc. (NYSE:DSX), a global
shipping transportation company specializing in dry bulk cargoes, today
announced that it has signed a Memorandum of Agreement with an unaffiliated
third party for the purchase of a Capesize dry bulk carrier of 180,235 dwt,
built in 2005 by Imabari Shipbuilding Co., Ltd., for the price of $110 million.
The vessel, to be renamed Aliki, is expected to be delivered to the Company by
the sellers on or about April 30, 2007.
The Company also announced that it has entered into a time charter contract with
Cargill International S.A. for the Aliki for a minimum 46 to maximum 49month
period at an average rate of $48,500 per day with one year extension at the
charterer's option at the same rate. During the first two years of the charter
the gross daily charter hire rate will be $52,000 and during the third and
fourth years of the charter $45,000. The charterer has the option to employ the
vessel for a further 11-13 month period at a daily charter rate of $48,500. The
time charter contract is expected to commence immediately after the delivery of
the vessel to the Company.
During the initial two years, this employment is expected to generate gross
revenues of approximately $37 million and is expected to generate gross revenues
of $32 million during the third and fourth years, amounting to a total of $69
million. If the charterer exercises its option for the fifth year, the charter
is expected to generate aggregate gross revenues of approximately $86 million
over the entire period.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
"We are committed to growing the Company with accretive acquisitions while at
the same time improving the visibility of our earnings. With this acquisition,
the Company increases its already fixed gross revenues for 2008 to approximately
$80 million. The weighted average of our fleet, with the addition of Aliki and
completion of the previously announced sale of Pantelis SP (not including the
two newbuildings on order for delivery in 2010) will decrease to 3.1 years and
the total cargo carrying capacity will increase to approximately 1.5 million
dwt."
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.
# # #
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: March 7, 2007 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
SK 23159 0002 753916