UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2007
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)
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): ___
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
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: ___
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
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):
82-______________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release dated May 3,
2007 from Diana Shipping Inc. (the "Company") announcing its financial results
for the first quarter ended March 31, 2007.
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 FIRST QUARTER ENDED MARCH 31, 2007
AND
DECLARES CASH DIVIDEND OF 50 CENTS PER SHARE
FOR THE FIRST QUARTER OF 2007
ATHENS, GREECE, May 3, 2007 - Diana Shipping Inc. (NYSE: DSX), a global shipping
transportation company specializing in dry bulk cargoes, today reported net
income of $21.4 million for the first quarter of 2007, compared to net income of
$11.7 million reported for the same period of 2006.
Voyage and time charter revenues were $38.5 million for the first
quarter of 2007, compared to $24.2 million for the same period of 2006. This
increase was due to the growth in the number of vessels in the Company's fleet
and to increased time charter rates.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.50
per share, based on its cash from operations during the first quarter of 2007.
The cash dividend will be payable on or about May 23, 2007 to shareholders of
record as of May 16, 2007. The Company currently has approximately 62.9 million
shares of common stock outstanding.
"I am pleased to report a significant increase in first quarter
earnings as compared with the year-ago period, as well as an increase in our
dividend payable to shareholders. This progress continues to reflect our
strategy to expand our fleet through accretive vessel acquisitions, to build our
relationships with top-quality charterers, and to maintain strong financial
resources to support future growth," 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 $29,400 Feb 18, 2009 - May 18, 2009
Protefs B 2004 73,630 $31,650 Feb 3, 2008 - Apr 3, 2008
Calipso B 2005 73,691 $26,750 Dec 21, 2007 - Feb 21, 2008
Clio B 2005 73,691 $27,000 Jan 27, 2009 - Mar 27, 2009
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 - Apr 9, 2009
Pantelis SP(6) - 1999 169,883 $47,500 Jan 25, 2008 - Mar 25, 2008(6)
Sideris GS D 2006 174,186 $41,000(7) Oct 15, 2010 - Jan 15, 2011(8)
Aliki - 2005 180,235 $48,500(9) Mar 1, 2011 - Jun 1, 2011(8)
Semirio D 2007 175,000 $41,000(10) Apr 30, 2011 - Jul 30, 2011(8)
Hull H1043(11) D 2007 177,000 $52,000 Oct 5, 2011 - Jan 4, 2012(12)
Hull H1107(13) D 2010 177,000 - -
Hull H1108(13) D 2010 177,000 - -
--------
Total: 2,198,653
(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. The optional period, if exercised, must be declared on or
before the end of the 42nd month of employment and in that case commences
at the end of the 48th month, at the daily time charter rate of $48,500.
(9) The daily time charter rate will be $52,000 for the first and second year
and $45,000 for the third and fourth year.
(10) 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 / charterers on or about June 15, 2007.
(11) Expected to be delivered on or about November 20, 2007.
(12) The charterer has the option to employ the vessel for a further 11-13
month period. The optional period, if exercised, must be declared on or
before the end of the 42nd month of employment and in that case commences
at the end of the 48th month, at the daily rate of $52,000.
(13) Expected to be delivered in the second quarter of 2010.
Summary of Selected Financials & Other Data
Three months ended March 31,
2007 2006
------------- -----------
(unaudited) (unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
Voyage and time charter revenues.................. $ 38,508 $ 24,179
Voyage expenses................................... 1,676 1,755
Vessel operating expenses......................... 6,521 4,927
Net income ....................................... 21,446 11,716
FLEET DATA
Average number of vessels......................... 15.0 12.7
Number of vessels................................. 15.0 13.0
Weighted average age of fleet (in years).......... 4.0 3.8
Ownership days.................................... 1,350 1,146
Available days.................................... 1,350 1,112
Operating days.................................... 1,323 1,108
Fleet utilization................................. 98.0% 99.6%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)............ $ 27,283 $ 20,165
Daily vessel operating expenses (2)............... $ 4,830 $ 4,299
-------------
(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 10:00 A.M. (Eastern Time) on
Thursday, May 3, 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 1-866-406-5369 (for U.S.-based callers) or 1-973-582-2847
(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 8740128.
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 March 31,
2007 2006
-------------- -------------
(unaudited) (unaudited)
REVENUES:
Voyage and time charter revenues ...............$ 38,508 $ 24,179
EXPENSES:
Voyage expenses ............................... 1,676 1,755
Vessel operating expenses ..................... 6,521 4,927
Depreciation and amortization of
deferred charges ............................. 4,800 3,757
Management fees ............................... - 572
Executive management services and rent ........ - 76
General and administrative expenses ........... 2,154 824
Foreign currency losses (gains) ............... (70) 10
-------------- -------------
Operating income .............................. 23,427 12,258
-------------- -------------
OTHER INCOME (EXPENSES):
Interest and finance costs .................... (2,128) (785)
Interest income ............................... 147 243
------------- -------------
Total other income (expenses), net ............ (1,981) (542)
------------- -------------
Net Income .....................................$ 21,446 $ 11,716
============== =============
Earnings/(losses) per common share, basic
and diluted ...................................$ 0.40 $ 0.26
============== =============
Weighted average number of common shares,
basic bnd diluted ............................. 53,325,000 45,000,000
============== =============
BALANCE SHEET DATA
March 31, December 31,
2007 2006
-------------- -------------
ASSETS (unaudited)
Cash and cash equivalents ....................... 9,065 14,511
Other current assets............................. 5,027 4,551
Assets held for sale............................. 57,353 -
Advances for vessels under construction
and acquisitions and other vessel costs......... 55,420 24,347
Vessels' net book value ......................... 402,529 464,439
Other fixed assets, net.......................... 969 897
Other non-current assets......................... 1,619 1,930
-------------- -------------
Total assets ................................. 531,982 510,675
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities.............................. 9,585 7,636
Long-term debt................................... 160,166 138,239
Other non-current liabilities.................... 2,085 1,697
Total stockholders' equity....................... 360,146 363,103
-------------- -------------
Total liabilities and stockholders' equity ... 531,982 510,675
============== =============
OTHER FINANCIAL DATA
Three months ended March 31,
2007 2006
-------------- -------------
(unaudited) (unaudited)
Net cash from operating activities............... 28,030 $ 15,605
Net cash used in investing activities............ (31,073) (37,917)
Net cash from / (used in) financing activities... (2,403) 20,500
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: May 18, 2007 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
SK 23159 0002 773503