Dated: August 5, 2010
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By:
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/s/ Andreas Michalopoulos
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Andreas Michalopoulos
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Chief Financial Officer and Treasurer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Executive Vice-President and Secretary
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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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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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Fleet Employment Profile (As of August 5, 2010)
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Currently Diana's fleet is employed as follows:
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Vessel
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Built
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Dwt
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Sister Ships*
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Gross Rate (USD Per Day)
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Com**
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Charterer
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Delivery Date to Charterer
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Redelivery Date to Owners***
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Notes
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Panamax Vessels
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|||||||||||
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CORONIS
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2006
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74,381
|
C
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$14,000
|
5.00%
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TPC Korea Co. Ltd., Seoul
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26-Mar-09
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7-Apr-10
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||
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$24,000
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5.00%
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Siba Ships Asia Pte. Ltd.
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7-Apr-10
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7-Mar-12
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-
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22-Jun-12
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ERATO
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2004
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74,444
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C
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$20,500
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5.00%
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C Transport Panamax Ltd., Isle of Man
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4-Mar-10
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4-Dec-11
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-
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4-Mar-12
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NAIAS
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2006
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73,546
|
B
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$19,000
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4.75%
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J. Aron & Company, New York
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24-Aug-09
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24-Sep-2010
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||
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$19,750
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5.00%
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24-Sep-2010
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24-Aug-2012
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-
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24-Oct-2012
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CLIO
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2005
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73,691
|
B
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$11,000
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5.00%
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Cargill International S.A., Geneva
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26-Feb-09
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8-May-10
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1, 2
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||
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$25,000
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5.00%
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Daelim Corporation, Seoul
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8-May-10
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8-Apr-12
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-
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8-Jun-12
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CALIPSO
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2005
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73,691
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B
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$9,400
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5.00%
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Cargill International S.A., Geneva
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24-Jan-09
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4-Apr-10
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$30,500
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5.00%
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4-Apr-10
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4-Sep-10
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|||
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$23,000
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5.00%
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4-Sep-10
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20-Jul-11
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-
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19-Oct-11
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PROTEFS
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2004
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73,630
|
B
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$59,000
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5.00%
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Hanjin Shipping Co. Ltd., Seoul
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18-Sep-08
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18-Aug-11
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-
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18-Nov-11
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THETIS
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2004
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73,583
|
B
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$23,000
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5.00%
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Glencore Grain BV, Rotterdam
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6-Mar-10
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6-Feb-11
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-
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21-Apr-11
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DIONE
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2001
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75,172
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A
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$12,000
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5.00%
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Louis Dreyfus Commodities S.A., Geneva
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1-Jan-09
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1-Sep-10
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-
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11-Sep-10
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$20,500
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5.00%
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11-Sep-10
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11-Jul-12
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-
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11-Nov-12
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3
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DANAE
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2001
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75,106
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A
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$12,000
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5.00%
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Augustea Oceanbulk Maritime Limitada, Madeira
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7-Apr-09
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23-Jan-11
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-
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22-Apr-11
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4
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OCEANIS
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2001
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75,211
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A
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$18,000
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5.00%
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Bunge S.A., Geneva
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6-Aug-09
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6-Jul-10
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-
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21-Sep-10
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$19,750
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5.00%
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China National Chartering Co. Ltd. (Sinochart), Beijing
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21-Sep-2010
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21-Aug-2012
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-
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5-Nov-2012
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5
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TRITON
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2001
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75,336
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A
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$17,000
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5.00%
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Intermare Transport GmbH, Hamburg, Germany
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10-Oct-09
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10-Sep-10
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-
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25-Nov-10
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ALCYON
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2001
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75,247
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A
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$34,500
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4.75%
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Cargill International S.A., Geneva
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21-Feb-08
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21-Nov-12
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-
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21-Feb-13
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NIREFS
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2001
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75,311
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A
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$21,000
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5.00%
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Louis Dreyfus Commodities Suisse S.A.
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12-Feb-10
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29-Dec-11
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-
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27-Mar-12
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MELITE
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2004
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76,436
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$24,250
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5.00%
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J. Aron & Company, New York
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29-Jan-10
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29-Dec-10
|
-
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28-Feb-11
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Fleet Employment Profile (As of August 5, 2010)
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|||||||||||
Currently Diana's fleet is employed as follows:
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|||||||||||
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|
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Vessel
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Built
|
Dwt
|
Sister Ships*
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Gross Rate (USD Per Day)
|
Com**
|
Charterer
|
Delivery Date to Charterer
|
Redelivery Date to Owners***
|
Notes
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||
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Capesize Vessels
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NORFOLK
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2002
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164,218
|
|
$74,750
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3.75%
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Corus UK Limited
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12-Feb-08
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12-Jan-13
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-
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12-Mar-13
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ALIKI
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2005
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180,235
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$45,000
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4.75%
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Cargill International S.A., Geneva
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1-May-09
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1-Mar-11
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-
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1-Jun-11
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6, 7
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SALT LAKE CITY
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2005
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171,810
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$55,800
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5.00%
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Refined Success Limited
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28-Sep-07
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28-Aug-12
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-
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28-Oct-12
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8
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SIDERIS GS
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2006
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174,186
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D
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$36,000
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5.00%
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BHP Billiton Marketing AG
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30-Nov-09
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16-Oct-10
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|
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$30,500
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5.00%
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16-Oct-10
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16-Feb-13
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-
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16-Jun-13
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SEMIRIO
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2007
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174,261
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D
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$31,000
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5.00%
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BHP Billiton Marketing AG
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15-Jun-09
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30-Apr-11
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-
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30-Jul-11
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9
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BOSTON
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2007
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177,828
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D
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$52,000
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5.00%
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BHP Billiton Marketing AG
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13-Nov-07
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28-Sep-11
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-
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28-Dec-11
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10
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HOUSTON
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2009
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177,729
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D
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$55,000
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4.75%
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Shagang Shipping Co.
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3-Nov-09
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3-Oct-14
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-
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3-Jan-15
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11
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NEW YORK
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2010
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177,773
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D
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$48,000
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3.75%
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Nippon Yusen Kaisha, Tokyo (NYK)
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3-Mar-10
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3-Jan-15
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-
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3-May-15
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Vessels Under Construction
|
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H1234
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2012
|
206,000
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E
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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12
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H1235
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2012
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206,000
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E
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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12
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* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter
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|||||||||||
** Total Commission percentage paid to third parties
|
|||||||||||
*** 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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1 The charterer has agreed to pay a gross rate of $37,500 per day for the excess period commencing March 27, 2010.
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2 Vessel off-hire for drydocking from April 27, 2010 to May 7, 2010.
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3 Estimated date.
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4 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples.
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5 Estimated date.
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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, which started on May 1, 2007, and can only commence at the end of the 48th month, at the daily time charter rate of $48,500.
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7 Vessel off-hire for drydocking from April 20, 2010 to May 5, 2010.
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8 Vessel off-hire for drydocking from July 17, 2010 to July 29, 2010.
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9 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, which started on June 15, 2007, and can only commence at the end of the 48th month, at the daily time charter rate of $48,500.
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10 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 $52,000.
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11 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co.
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12 Information based upon shipbuilding contracts.
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Summary of Selected Financial & Other Data
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|||||||||||||||||
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Three Months Ended June 30,
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Six Months Ended June 30,
|
||||||||||||||
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2010
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2009
|
2010
|
2009
|
||||||||||||
|
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(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
INCOME STATEMENT DATA (in thousands of US Dollars):
|
|||||||||||||||||
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Voyage and time charter revenues
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$ | 68,681 | $ | 59,786 | $ | 130,865 | $ | 122,479 | ||||||||
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Voyage expenses
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3,133 | 3,065 | 5,543 | 6,291 | ||||||||||||
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Vessel operating expenses
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12,030 | 10,308 | 24,541 | 19,749 | ||||||||||||
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Net income to Diana Shipping Inc.
|
33,851 | 30,439 | 62,657 | 65,249 | ||||||||||||
FLEET DATA
|
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Average number of vessels
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22.0 | 19.0 | 21.5 | 19.0 | ||||||||||||
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Number of vessels
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23.0 | 19.0 | 23.0 | 19.0 | ||||||||||||
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Weighted average age of fleet (in years)*
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5.0 | 4.8 | 5.0 | 4.8 | ||||||||||||
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Ownership days
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2,003 | 1,729 | 3,897 | 3,439 | ||||||||||||
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Available days
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1,980 | 1,715 | 3,849 | 3,419 | ||||||||||||
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Operating days
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1,974 | 1,700 | 3,838 | 3,370 | ||||||||||||
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Fleet utilization
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99.7 | % | 99.1 | % | 99.7 | % | 98.6 | % | ||||||||
AVERAGE DAILY RESULTS
|
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Time charter equivalent (TCE) rate (1)
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$ | 33,105 | $ | 33,073 | $ | 32,560 | $ | 33,983 | ||||||||
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Daily vessel operating expenses (2)
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$ | 6,006 | $ | 5,962 | $ | 6,297 | $ | 5,743 |
*
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Excluding the container vessel Sagitta
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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 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.
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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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DIANA SHIPPING INC.
|
|||||||||
FINANCIAL TABLES
|
|||||||||
Expressed in thousands of U.S. Dollars, except share and per share data
|
|||||||||
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CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
|
|
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|
||||||||||||
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For the three months ended June 30,
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For the six months ended
June 30,
|
||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
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|
||||||||||||
REVENUES:
|
|
|
|
|
||||||||||||
Voyage and time charter revenues
|
$ | 68,681 | $ | 59,786 | $ | 130,865 | $ | 122,479 | ||||||||
|
||||||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
3,133 | 3,065 | 5,543 | 6,291 | ||||||||||||
Vessel operating expenses
|
12,030 | 10,308 | 24,541 | 19,749 | ||||||||||||
Depreciation and amortization of deferred charges
|
12,875 | 10,999 | 25,011 | 21,836 | ||||||||||||
General and administrative expenses
|
6,799 | 4,208 | 11,865 | 8,281 | ||||||||||||
Foreign currency losses (gains)
|
(473 | ) | (54 | ) | (637 | ) | (297 | ) | ||||||||
Operating income
|
34,317 | 31,260 | 64,542 | 66,619 | ||||||||||||
|
||||||||||||||||
OTHER INCOME (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(1,230 | ) | (892 | ) | (2,263 | ) | (1,696 | ) | ||||||||
Interest Income
|
232 | 179 | 481 | 434 | ||||||||||||
Loss from financial instruments
|
(347 | ) | (108 | ) | (982 | ) | (108 | ) | ||||||||
Total other income (expenses), net
|
(1,345 | ) | (821 | ) | (2,764 | ) | (1,370 | ) | ||||||||
|
||||||||||||||||
Net Income
|
$ | 32,972 | $ | 30,439 | $ | 61,778 | $ | 65,249 | ||||||||
|
||||||||||||||||
Loss attributed to minority interests
|
879 | - | 879 | - | ||||||||||||
|
||||||||||||||||
Net income to Diana Shipping Inc.
|
33,851 | 30,439 | 62,657 | 65,249 | ||||||||||||
|
||||||||||||||||
Earnings per common share, basic and diluted
|
$ | 0.42 | $ | 0.39 | $ | 0.78 | $ | 0.86 | ||||||||
|
||||||||||||||||
Weighted average number of common shares, basic
|
80,665,391 | 77,710,760 | 80,648,160 | 76,062,974 | ||||||||||||
|
||||||||||||||||
Weighted average number of common shares, diluted
|
80,756,231 | 77,816,329 | 80,733,623 | 76,139,355 |
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEET DATA
|
|
|||||||
(In thousands of U.S. dollars)
|
|
|
||||||
|
June 30, 2010
|
December 31, 2009
|
||||||
ASSETS
|
|
|
||||||
|
|
|
||||||
Cash and cash equivalents
|
$ | 298,190 | $ | 282,438 | ||||
Other current assets
|
16,359 | 14,718 | ||||||
Advances for vessels under construction and acquisitions and other vessel costs
|
33,609 | 29,630 | ||||||
Vessels' net book value
|
1,099,155 | 979,343 | ||||||
Other fixed assets, net
|
338 | 200 | ||||||
Other non-current assets
|
12,993 | 14,096 | ||||||
Total assets
|
$ | 1,460,644 | $ | 1,320,425 | ||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
||||||||
Current liabilities, including current portion of long-term debt
|
$ | 31,416 | $ | 32,386 | ||||
Long-term debt
|
320,251 | 276,081 | ||||||
Other non-current liabilities
|
8,747 | 12,633 | ||||||
Total stockholders' equity
|
1,100,230 | 999,325 | ||||||
Total liabilities and stockholders' equity
|
$ | 1,460,644 | $ | 1,320,425 |
OTHER FINANCIAL DATA
|
||||||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
Net Cash provided by Operating Activities
|
$ | 46,395 | $ | 27,147 | $ | 83,612 | $ | 69,476 | ||||||||
Net Cash used in Investing Activities
|
(79,695 | ) | (36,267 | ) | (148,279 | ) | (36,348 | ) | ||||||||
Net Cash provided by Financing Activities
|
33,794 | 122,554 | 80,419 | 122,576 |