DIANA
SHIPPING INC.
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(Translation
of registrant’s name into English)
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Pendelis
16, 175 64 Palaio Faliro, Athens, Greece
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(Address
of principal executive office)
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Exhibit
1
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Corporate
Contact:
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||
Ioannis
Zafirakis
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Director
and Vice-President
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Telephone:
+ 30-210-9470100
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Email:
izafirakis@dianashippinginc.com
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For
Immediate Release
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Investor
and Media Relations:
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Edward
Nebb
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Euro
RSCG Magnet
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Telephone:
+ 1-212-367-6848
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Email:
ed.nebb@eurorscg.com
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Name
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Sister
ships3
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Year
Built
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DWT
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Employment
1
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Charter Expiration2
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|||
Nirefs
|
A
|
2001
|
75,311
|
4TCs
Average4
+ 4.5%
|
Oct
23, 2007 – Jan 23, 2008
|
|||
Alcyon
|
A
|
2001
|
75,247
|
$22,582
|
Oct
15, 2007 – Feb 15, 2008
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|||
Triton
|
A
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2001
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75,336
|
$24,400
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Oct.
17, 2009 – Jan 17, 20105
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|||
Oceanis
|
A
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2001
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75,211
|
$43,000
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Sep
4, 2007 – Sep 10, 2007
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|||
Dione
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A
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2001
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75,172
|
$28,500
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Nov
7, 2007 – Jan 17, 2008
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|||
Danae
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A
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2001
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75,106
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$29,400
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Feb
18, 2009 – May 18, 2009
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|||
Protefs
|
B
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2004
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73,630
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$31,650
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Feb
3, 2008 – Apr 3, 2008
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|||
Calipso
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B
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2005
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73,691
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$26,750
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Dec
21, 2007 – Feb 21, 2008
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|||
Clio
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B
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2005
|
73,691
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$27,000
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Jan
27, 2009 – Mar 27, 2009
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|||
Thetis
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B
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2004
|
73,583
|
$25,000
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Aug
3, 2007 – Oct 18, 2007
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|||
Naias
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B
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2006
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73,546
|
$21,000
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Jun
28 , 2007 – Sep 28, 2007
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|||
Erato
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C
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2004
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74,444
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$30,500
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Nov
9, 2007 – Jan 9, 2008
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|||
Coronis
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C
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2006
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74,381
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$27,500
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Jan
18, 2009 – Apr 9, 2009
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|||
Pantelis
SP6
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-
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1999
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169,883
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$47,500
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Jul
3, 20076
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|||
Sideris
GS
|
D
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2006
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174,186
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$41,0007
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Oct
15, 2010 – Jan 15, 20118
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|||
Aliki
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-
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2005
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180,235
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$48,5009
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Mar
1, 2011 – Jun 1, 20118
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Semirio
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D
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2007
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174,261
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$41,00010
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Apr
30, 2011 – Jul 30, 20118
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Boston11
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D
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2007
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177,000
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$52,000
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Oct
5, 2011 – Jan 4, 201212
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Hull
H110713
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D
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2010
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177,000
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-
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-
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|||
Hull
H110813
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D
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2010
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177,000
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-
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-
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|||
Total:
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2,197,914
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1
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Gross
time charter rate per day.
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|||||||
2
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Charterers’
optional period to redeliver the vessel to owners. Charterers have
the
right to add the off-hire days, if any, and therefore the optional
period
may be extended.
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|||||||
3
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Each
vessel is a sister ship of the other vessels that have the same
letter.
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4
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Adjustable
every 15 days based on the average of four main pre-determined
time
charter routes, as published by the Baltic Exchange.
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|||||||
5
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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.
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|||||||
6
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The
vessel has been sold and was delivered to her new owners on July
5,
2007.
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7
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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.
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8
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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 can only commence at the end of the 48th
month, at
the daily time charter rate of $48,500.
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9
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The
daily time charter rate will be $52,000 for the first and second
year and
$45,000 for the third and fourth year.
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10
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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 was delivered
to the
Company on June 14, 2007.
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|||||||
11.
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Expected
to be delivered to owners/charterers on or about November 20,
2007
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12
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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 can only commence at the end of the 48th
month, at
the daily time charter rate of $52,000.
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13
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Expected
to be delivered to owners in the second quarter of
2010.
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Three
Months Ended
June
30,
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Six
Months Ended
June
30,
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||||||||
2007
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2006
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2007
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2006
|
||||||
(unaudited)
|
(unaudited)
|
(unaudited)
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(unaudited)
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||||||
INCOME
STATEMENT DATA (in thousands of US Dollars):
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|||||||||
Voyage
and time charter revenues
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$
|
43,997
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$
|
26,142
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$
|
82,505
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$
|
50,322
|
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Voyage
expenses
|
2,004
|
1,155
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3,680
|
2,910
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|||||
Vessel
operating expenses
|
6,908
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5,348
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13,429
|
10,275
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|||||
Net
income
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26,017
|
13,198
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47,463
|
24,914
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|||||
Net
income / (loss) available to common stockholders
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26,017
|
$
|
(7,069)
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$
|
47,463
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$
|
4,647
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FLEET
DATA
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|||||||||
Average
number of vessels
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15.9
|
13.0
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15.4
|
12.9
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|||||
Number
of vessels
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17.0
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13.0
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17.0
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13.0
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|||||
Weighted
average age of fleet (in years)
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3.6
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4.0
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3.6
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4.0
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|||||
Ownership
days
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1,444
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1,183
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2,794
|
2,329
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|||||
Available
days
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1,444
|
1,176
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2,794
|
2,288
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|||||
Operating
days
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1,441
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1,175
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2,764
|
2,283
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|||||
Fleet
utilization
|
99.8%
|
99.9%
|
98.9%
|
99.8%
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|||||
AVERAGE
DAILY RESULTS
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|||||||||
Time
charter equivalent (TCE) rate (1)
|
$
|
29,081
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$
|
21,247
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$
|
28,212
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$
|
20,722
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Daily
vessel operating expenses (2)
|
$
|
4,784
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$
|
4,521
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$
|
4,806
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$
|
4,412
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(1)
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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.
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(2)
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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.
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BALANCE
SHEET DATA
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|||||||||
June
30,
|
December
31,
|
||||||||
2007
|
2006
|
||||||||
ASSETS
|
(unaudited)
|
||||||||
Cash
and cash equivalents
|
11,623
|
14,511
|
|||||||
Other
current assets
|
4,796
|
4,551
|
|||||||
Vessels
held for sale
|
57,353
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-
|
|||||||
Advances
for vessels under construction and acquisitions and other vessel
costs
|
47,270
|
24,347
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|||||||
Vessels’
net book value
|
605,611
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464,439
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|||||||
Other
fixed assets, net
|
994
|
897
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|||||||
Other
non-current assets
|
1,233
|
1,930
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|||||||
Total
assets
|
728,880
|
510,675
|
|||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||||
Current
liabilities
|
9,464
|
7,636
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|||||||
Long-term
debt
|
202,423
|
138,239
|
|||||||
Other
non-current liabilities
|
2,925
|
1,697
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|||||||
Total
stockholders’ equity
|
514,068
|
363,103
|
|||||||
Total
liabilities and stockholders’ equity
|
728,880
|
510,675
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|||||||
OTHER
FINANCIAL DATA
|
|||||||||
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
||||||||
2007
|
2006
|
2007
|
2006
|
||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||
Net
cash from operating activities
|
$
|
32,619
|
$
|
18,380
|
$
|
60,649
|
$
|
33,985
|
|
Net
cash used in investing activities
|
(200,266)
|
(3,963)
|
(231,339)
|
(41,880)
|
|||||
Net
cash from / (used in) financing activities
|
170,205
|
(15,120)
|
167,802
|
5,380
|
DIANA
SHIPPING INC.
|
(registrant)
|
Dated: August
3, 2007
|
By:
|
/s/
Anastassis Margaronis
|
||
Anastassis
Margaronis
|
||||
President
|