d967276_6-k.htm
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 February 2009
 
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.

 
 
 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT
 
Attached to this Report on Form 6-K as Exhibit 1 is a press release dated February 19, 2009 of Diana Shipping Inc. (the “Company”) announcing its financial results for the fourth quarter and year ended December 31, 2008.

This report, except for the section entitled “Chairman and Chief Executive Officer's Comments”, is incorporated by reference into the Company’s F-3 Registration Statement (File no. 333-143635) that was filed with the Securities and Exchange Commission (the “Commission”) with an effective date of June 15, 2007, and the Company’s F-3 Registration Statement (File no. 333-150406) that was filed with the Commission with an effective date of April 24, 2008.


 
 
 

Exhibit 1

   
Corporate Contact:
Ioannis Zafirakis
Director, Executive Vice-President and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
For Immediate Release
    
   
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
 Email: enebb@optonline.net

DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2008
 
ATHENS, GREECE, February 19, 2009 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $54.2 million for the fourth quarter of 2008.  This compared to net income of $36.4 million reported in the fourth quarter of 2007.

Voyage and time charter revenues were $84.3 million for the fourth quarter of 2008, compared to $58.9 million for the same period of 2007, due to an increase in prevailing time charter rates and the increase in operating days due to the enlargement of the Company’s fleet.

Net income for the year ended December 31, 2008 amounted to $221.7 million, compared to net income of $134.2 million for the same period of 2007. Voyage and time charter revenues were $337.4 million for 2008, compared to $190.5 million for the same period of 2007.

Chairman and Chief Executive Officer’s Comments

“In a challenging economic environment, Diana Shipping achieved solid growth in revenues and earnings for the fourth quarter and full year 2008. While business conditions remain unsettled, we are well-positioned to operate our business successfully and to seize upon opportunities that may emerge in the coming year.  We have cultivated and expanded our relationships with some of the strongest charterers in the industry.  Our balance sheet is healthy and not over-leveraged. And our young, efficient fleet provides a significant competitive advantage. We believe the current dislocations in the dry bulk marketplace will offer many opportunities for companies with good revenue visibility, strong capital and liquidity, and management teams with a disciplined approach to managing risk and creating value. We fully intend to take advantage of those opportunities for the long-term benefit of our shareholders,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping.


 
 
 


Fleet Employment Profile (As of February 18, 2009)
Currently Diana’s fleet is employed as follows:
 

Name
  
Sister ships 1
  
Year Built
  
DWT
  
Charterer
  
Employment 2
  
 Charter Expiration 3
Nirefs
    
A
  
2001
     75,311  
Cosco Bulk Carrier Co. Ltd.
   $ 60,500  
Feb 3, 2010 – Apr 3, 2010
Alcyon
    
A
  
2001
     75,247  
Cargill International S.A., Geneva
   $ 34,500  
Nov 21, 2012 – Feb 21, 2013
Triton
    
A
  
2001
     75,336  
Cargill International S.A., Geneva
   $ 24,400  
Oct. 17, 2009 – Jan 17, 2010 4
Oceanis
    
A
  
2001
     75,211  
Hanjin Shipping Co. Ltd., Seoul
   $ 40,000  
Jul 29, 2009 – Oct 29, 2009
Dione
    
A
  
2001
     75,172  
Louis Dreyfus Commodities S.A., Geneva
   $ 12,000  
Jun 1, 2010 – Sep 1, 2010
Danae
    
A
  
2001
     75,106  
Hanjin Shipping Co. Ltd., Seoul
   $ 29,400  
Apr 10, 2009 10 – May 18, 2009
Protefs
    
B
  
2004
     73,630  
Hanjin Shipping Co. Ltd., Seoul
   $ 59,000  
Aug 18, 2011 – Nov 18, 2011
Calipso
    
B
  
2005
     73,691  
Cargill International S.A., Geneva
   $ 9,400  
Dec 24, 2009 – Mar 24, 2010
Clio
    
B
  
2005
     73,691  
Cargill International S.A., Geneva
   $ 6,000
11,000		  
Feb 26, 2009
Dec 26, 2009 – Mar 26, 2010
Thetis
    
B
  
2004
     73,583  
Cargill International S.A., Geneva
   $ 10,500  
Dec 12, 2009 – Mar 12, 2010
Naias
    
B
  
2006
     73,546  
Constellation Energy Commodities Group, Baltimore
   $ 34,000  
Aug 24, 2009 – Oct 24, 2009
Erato
    
C
  
2004
     74,444  
Cargill International S.A., Geneva
   $ 15,000  
Nov 27, 2009 – Feb 27, 2010
Coronis
    
C
  
2006
     74,381  
Bottiglieri Di Navigazione S.p.A.
   $ 27,500  
Mar 15, 2009 10 – Apr 9, 2009
Sideris GS
    
D
  
2006
     174,186  
BHP Billiton Marketing AG
   $ 39,000
36,000		  
Nov 30, 2009
Oct 15, 2010 – Jan 15, 2011 5
Aliki
    
-
  
2005
     180,235  
Cargill International S.A., Geneva
   $ 52,000 45,000  
May 1, 2009
Mar 1, 2011 – Jun 1, 2011 5
Semirio
    
D
  
2007
     174,261  
BHP Billiton Marketing AG
   $ 51,000 $31,000  
Jun 15, 2009
Apr 30, 2011 – Jul 30, 2011 5
Boston
    
D
  
2007
     177,828  
BHP Billiton Marketing AG
   $ 52,000  
Sep 28, 2011 – Dec 28, 2011 6
Salt Lake City
    
-
  
2005
     171,810  
Refined Success Limited
   $ 55,800  
Aug 28, 2012 – Oct 28, 2012
Norfolk
    
-
  
2002
     164,218  
Corus UK Limited
   $ 74,750  
Jan 12, 2013 – Mar 12, 2013
New York 7, 8
    
D
  
2010
     177,000  
Nippon Yusen Kaisha, Tokyo (NYK)
   $ 48,0009  
Feb 28, 2015 – Jun 30, 20159
Los Angeles 7
    
D
  
2010
     177,000  
-
     -  
-
         
 Total:
     2,364,887              

 
 
 


1
Each vessel is a sister ship of the other vessels that have the same letter.
2
Gross time charter rate per day.
3
Charterers’ optional period to redeliver the vessel to us. Charterers have the right to add the off-hire days, if any, and therefore the optional period may be extended.
4
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.
5
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.
6
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.
7
Expected to be delivered to owners in the second quarter of 2010.
8
The gross rate will vary as follows: US$50,000 per day for delivery between October 1, 2009 and January 31, 2010 or US$48,000 per day for delivery between February 1, 2010 and April 30, 2010.
9
The time charter rate of $48,000 per day is based on the latest possible date of delivery to the charterer (see also Note 8).
10
Based on latest information received by charterers.

 
 
 


 
Summary of Selected Financial & Other Data
 
   
Three Months Ended
December 31,
    
Year Ended
December 31,
  
   
2008
    
2007
    
2008
    
2007
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
INCOME STATEMENT DATA (in thousands of US Dollars):
        
Voyage and time charter revenues
   $ 84,339     $ 58,889     $ 337,391     $ 190,480  
Voyage expenses
     4,835       2,669       15,003       8,697  
Vessel operating expenses
     9,919       8,506       39,899       29,332  
Net income
     54,160       36,373       221,699       134,220  
FLEET DATA
                                
Average number of vessels
     19.0       16.8       18.9       15.9  
Number of vessels
     19.0       18.0       19.0       18.0  
Weighted average age of fleet (in years)
     4.3       3.4       4.3       3.4  
Ownership days
     1,748       1,542       6,913       5,813  
Available days
     1,735       1,542       6,892       5,813  
Operating days
     1,711       1,531       6,862       5,771  
Fleet utilization
     98.6 %     99.3 %     99.6 %     99.3 %
AVERAGE DAILY RESULTS
                                
Time charter equivalent (TCE) rate (1)
   $ 45,824     $ 36,459     $ 46,777     $ 31,272  
Daily vessel operating expenses (2)
   $ 5,675     $ 5,516     $ 5,772     $ 5,046  
 
 
  ____________________
(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 is a non-GAAP measure.  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 Standard Time) on Thursday, February 19, 2009.
 
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 1-800-762-8795 (for U.S.-based callers) or 1-480-248-5081 (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 1-800-406-7325 (for U.S.-based callers) or 1-303-590-3030 (for international callers); callers must use the PIN number 3970157.
 
 
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," "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 and per share data
  
                         
CONSOLIDATED STATEMENTS OF INCOME
  
                         
   
Three Months Ended
December 31,
    
Year Ended
December 31,
  
   
2008
    
2007
    
2008
    
2007
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
        
 REVENUES:
                        
  Voyage and time charter revenues
   $ 84,339     $ 58,889     $ 337,391     $ 190,480  
                                 
 EXPENSES:
                                
 Voyage expenses
     4,835       2,669       15,003       8,697  
 Vessel operating expenses
     9,919       8,506       39,899       29,332  
 Depreciation and amortization of deferred charges
     11,016       7,595       43,259       24,443  
 General and administrative expenses
     3,106       5,082       13,831       11,718  
 Gain on vessel sale
     -       -       -       (21,504 )
 Foreign currency losses (gains)
     (84 )     14       (438 )     (144 )
 Operating income
     55,547       35,023       225,837       137,938  
                                 
 OTHER INCOME (EXPENSES):
                                
 Interest and finance costs
     (1,451 )     (627 )     (5,851 )     (6,394 )
 Interest Income
     64       1,977       768       2,676  
 Insurance settlement for vessel un-repaired damages
     -       -       945       -  
                                 
 Total other income (expenses), net
     (1,387 )     1,350       (4,138 )     (3718 )
                                 
 Net Income
   $ 54,160     $ 36,373     $ 221,699     $ 134,220  
                                 
Earnings/(losses)  per common share, basic and diluted
   $ 0.72     $ 0.49     $ 2.97     $ 2.11  
                                 
Weighted average number of common shares, basic
     74,377,731       74,375,000       74,375,686       63,748,973  
                                 
Weighted average number of common shares, diluted
     74,377,731       74,375,000       74,558,254       63,748,973  
                                 

 
 
 


             
BALANCE SHEET DATA
            
   
December 31,
  
   
2008
    
2007
  
ASSETS
  
(unaudited)
        
             
 Cash and cash equivalents
     62,033       16,726  
 Other current assets
     6,521       4,788  
 Advances for vessels under construction and acquisitions and other vessel costs
     27,199       53,104  
 Vessels' net book value
     960,431       867,632  
 Other fixed assets, net
     136       956  
 Other non-current assets
     886       1,136  
Total assets
     1,057,206       944,342  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
 Current liabilities
     20,012       20,964  
 Long-term debt
     238,094       98,819  
 Deferred revenue, non-current portion
     22,502       23,965  
 Other non-current liabilities
     1,122       1,120  
 Total stockholders' equity
     775,476       799,474  
Total liabilities and stockholders' equity
     1,057,206       944,342  
                 
                 
 
OTHER FINANCIAL DATA
                        
   
Three Months Ended
December 31,
    
Year Ended
December 31,
  
   
2008
    
2007
    
2008
    
2007
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
        
 Net cash from operating activities
   $ 63,024     $ 50,562     $ 261,151     $ 148,959  
 Net cash used in investing activities
     (273 )     (256,120 )     (108,662 )     (409,085 )
 Net cash from / (used in) financing activities
     (5,479 )     31,862       (107,182 )     262,341  




 
 
 

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 19, 2009
By:
/s/ Anastassis Margaronis    
   
Anastassis Margaronis
President

 



SK 23159 0002 967276