d1194267_6-k.htm

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 May 2011
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 99.1 is a press release dated May 6, 2011 of Diana Shipping Inc. (the "Company") announcing the Company's financial results for the first quarter ended March 31, 2011.
 
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 ASR (File no. 333-159016) filed with the U.S. Securities and Exchange Commission with an effective date of May 6, 2009.


 
 
 

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 6, 2011
By:
/s/ Andreas Michalopoulos
 
 
Andreas Michalopoulos
 
 
President



 
 
 

Exhibit 99.1

   
Corporate Contact:
   
Ioannis Zafirakis
   
Director, Executive Vice-President and Secretary
   
Telephone: + 30-210-947-0100
   
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 FIRST QUARTER ENDED MARCH 31, 2011

 
ATHENS, GREECE, May 6, 2011 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $33.1 million for the first quarter of 2011, compared to net income of $28.8 million reported in the first quarter of 2010.
 
Time charter revenues were $69.4 million for the first quarter of 2011, compared to $62.2 million for the same period of 2010, mainly due to the addition to the Company's fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively.
 

 
 
 


Fleet Employment Profile (As of May 5, 2011)
  
Currently Diana's fleet is employed as follows:
  
 
 
    
 
    
 
    
 
  
 
 
 
  
 
  
Vessel
    
Sister Ships*
    
Gross Rate (USD Per Day)
    
Com**
  
Charterer
Delivery Date to Charterer
Redelivery Date to Owners***
  
Notes
  
BUILT DWT
  
 
    
 
    
 
    
 
  
 
 
 
  
 
  
Panamax Vessels
  
 
    
 
    
 
    
 
  
 
 
 
  
 
  
CORONIS
       C     $ 24,000       5.00 %
Siba Ships Asia Pte. Ltd.
6-Apr-10
6-Mar-12 - 21-Jun-12
  
 
  
  2006 74,381                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
ERATO
       C     $ 20,500       5.00 %
C Transport Panamax Ltd., Isle of Man
4-Mar-10
4-Dec-11 - 4-Mar-12
  
 
  
  2004 74,444                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
NAIAS
       B     $ 19,750       5.00 %
J. Aron & Company, New York
24-Sep-10
24-Aug-12 - 24-Oct-12
     1  
  2006 73,546                          
 
 
 
        
                             
 
 
 
        
CLIO
       B     $ 25,000       5.00 %
Daelim Corporation, Seoul
8-May-10
8-Apr-12 - 8-Jun-12
        
  2005 73,691                          
 
 
 
        
                             
 
 
 
        
CALIPSO
       B     $ 23,000       5.00 %
Cargill International S.A., Geneva
4-Sep-10
20-Jul-11 - 19-Oct-11
        
  2005 73,691                          
 
 
 
        
                             
 
 
 
        
PROTEFS
       B     $ 59,000       5.00 %
Hanjin Shipping Co. Ltd., Seoul
18-Sep-08
18-Aug-11 - 18-Nov-11
        
  2004 73,630                          
 
 
 
        
                             
 
 
 
        
THETIS
       B     $ 23,000       5.00 %
Glencore Grain BV, Rotterdam
6-Mar-10
23-Feb-11
        
                $ 13,750       5.00 %
Cargill International S.A., Geneva
23-Feb-11
23-Jan-12 - 23-Apr-12
        
  2004 73,583                          
 
 
 
        
                             
 
 
 
        
DIONE
       A     $ 20,500       5.00 %
Louis Dreyfus Commodities S.A., Geneva
26-Sep-10
26-Jul-12 - 26-Nov-12
        
  2001 75,172                          
 
 
 
        
                             
 
 
 
        
DANAE
       A     $ 12,000       5.00 %
Augustea Oceanbulk Maritime Limitada, Madeira
7-Apr-09
18-Apr-11
     2  
  2001 75,106             $ 15,600       5.00 %
 
Hyundai Merchant Marine Co., Ltd., Seoul, South Korea
18-Apr-11
18-Mar-13 - 18-May-13
        
                             
 
 
 
        
OCEANIS
       A     $ 19,750       5.00 %
China National Chartering Co. Ltd. (Sinochart), Beijing
17-Sep-10
17-Aug-12 - 1-Nov-12
        
  2001 75,211                          
 
 
 
        
                             
 
 
 
        
TRITON
       A     $ 19,500       4.75 %
Resource Marine Pte., Ltd, Singapore
11-Dec-10
11-Nov-13 - 11-Feb-14
     3  
  2001 75,336                          
 
 
 
        
                             
 
 
 
        
ALCYON
       A     $ 34,500       4.75 %
Cargill International S.A., Geneva
21-Feb-08
21-Nov-12 - 21-Feb-13
        
  2001 75,247                          
 
 
 
        

 
 
 


 
   
 
    
 
    
 
  
 
 
 
  
 
  
NIREFS
       A     $ 21,000       5.00 %
Louis Dreyfus Commodities Suisse S.A.
12-Feb-10
28-Dec-11 - 27-Mar-12
  
 
  
  2001 75,311                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
MELITE
             $ 24,250       5.00 %
J. Aron & Company, New York
29-Jan-10
1-Feb-11
  
 
  
                $ 16,500       5.00 %
Cargill International S.A., Geneva
1-Feb-11
1-Jan-13 - 1-Mar-13
  
 
  
  2004 76,436                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
Post-Panamax Vessels
  
                             
 
 
 
  
 
  
ALCMENE
             $ 20,250       5.00 %
Cargill International S.A., Geneva
20-Nov-10
5-Oct-12 - 4-Jan-13
  
 
  
  2010 93,193                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
Capesize Vessels
  
                             
 
 
 
  
 
  
NORFOLK
             $ 74,750       3.75 %
Corus UK Limited
12-Feb-08
12-Jan-13 - 12-Mar-13
  
 
  
  2002 164,218                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
ALIKI
             $ 45,000       4.75 %
Cargill International S.A., Geneva
1-May-09
1-Mar-11
  
 
  
  2005 180,235             $ 26,500       5.00 %
 
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
1-Feb-16 - 1-Apr-16
  
 
  
                             
 
 
 
  
 
  
SALT LAKE CITY
             $ 55,800       5.00 %
Refined Success Limited
28-Sep-07
28-Aug-12 - 28-Oct-12
  
 
  
  2005 171,810                          
 
 
 
  
 
  
                             
 
 
 
  
 
  
SIDERIS GS
       D     $ 36,000       5.00 %
BHP Billiton Marketing AG
30-Nov-09
16-Oct-10
  
 
  
  2006 174,186             $ 30,500  
16-Oct-10
16-Feb-13 - 16-Jun-13
  
 
  
                             
 
 
 
  
 
  
SEMIRIO
       D     $ 31,000       5.00 %
BHP Billiton Marketing AG
15-Jun-09
30-Apr-11 - 30-Jul-11
     4  
  2007 174,261             $ 17,350       5.00 %
Cargill International S.A., Geneva
15-May-11
28-Feb-13 - 30-Jul-13
        
                             
 
 
 
        
BOSTON
       D     $ 52,000       5.00 %
BHP Billiton Marketing AG
13-Nov-07
28-Sep-11 - 28-Dec-11
     5  
  2007 177,828                          
 
 
 
        
                             
 
 
 
        
HOUSTON
       D     $ 55,000       4.75 %
Shagang Shipping Co.
3-Nov-09
3-Oct-14 - 3-Jan-15
     6  
  2009 177,729                          
 
 
 
        
                             
 
 
 
        
NEW YORK
       D     $ 48,000       3.75 %
Nippon Yusen Kaisha, Tokyo (NYK)
3-Mar-10
3-Jan-15 - 3-May-15
        
  2010 177,773                          
 
 
 
        
 
  
Vessels Under Construction
  
                             
 
 
 
        
LOS ANGELES
       E       N/A       N/A  
N/A
N/A
N/A
     7,8  
  2012 206,000                          
 
 
 
        
                             
 
 
 
        
PHILADELPHIA
       E       N/A       N/A  
N/A
N/A
N/A
     7,9  
  2012 206,000                          
 
 
 
        
                             
 
 
 
        
                             
 
 
 
        
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
  
** 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.
 
1 Vessel off-hire for drydocking.
 
2 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples.
 
3 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
 
4 Estimated date.
 
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 $52,000.
 
6 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co.
 
7 Year of delivery and dwt are based on shipbuilding contracts.
 
8 This newbuilding is also referred to as Hull H1234.
 
9 This newbuilding is also referred to as Hull H1235.

 
 
 


Summary of Selected Financial & Other Data
  
 
  
Three Months Ended March 31,
  
 
  
2011
    
2010
  
 
  
(unaudited)
    
(unaudited)
  
INCOME STATEMENT DATA (in thousands of US Dollars):
  
Time charter revenues
   $ 69,436     $ 62,184  
Voyage expenses
     2,904       2,410  
Vessel operating expenses
     12,369       12,511  
Net income attributed to Diana Shipping Inc.
     33,136       28,806  
FLEET DATA
  
Average number of vessels
     23.4       21.0  
Number of vessels
     23.0       22.0  
Weighted average age of vessels (in years)
     5.6       4.8  
Ownership days
     2,106       1,894  
Available days
     2,106       1,869  
Operating days
     2,101       1,864  
Fleet utilization
     99.8 %     99.7 %
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
   $ 31,592     $ 31,982  
Daily vessel operating expenses (2)
   $ 5,873     $ 6,606  

 
 
 
(1)
Time charter equivalent rates, or TCE rates, are defined as our 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 Time) on Friday, May 6, 2011.
 
Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com, and clicking on the webcast link.  The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible on www.dianashippinginc.com.  A telephone replay will be available by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Account number 362 and Replay ID number 371556.

About the Company
 
Diana Shipping Inc. (NYSE: DSX) 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
  
 
  
 
    
 
  
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
  
 
  
 
    
 
  
 
  
For the three months ended March 31,
  
 
  
2011
    
2010
  
 
  
 
    
 
  
REVENUES:
  
 
    
 
  
Time charter revenues
   $ 69,436     $ 62,184  
Other revenues
     122       -  
 
                
EXPENSES:
                
Voyage expenses
     2,904       2,410  
Vessel operating expenses
     12,369       12,511  
Depreciation and amortization of deferred charges
     13,497       12,137  
General and administrative expenses
     6,546       5,065  
Foreign currency losses / (gains)
     8       (164 )
Operating income
     34,234       30,225  
 
                
OTHER INCOME / (EXPENSES):
                
Interest and finance costs
     (1,282 )     (1,033 )
Interest Income
     213       249  
Loss from derivative instruments
     (85 )     (635 )
Income from Investment in Diana Containerships Inc.
     54       -  
Total other expenses, net
     (1,100 )     (1,419 )
 
                
Net Income
   $ 33,134     $ 28,806  
 
                
Loss assumed by non-controlling interests
     2       -  
 
                
Net income attributed to Diana Shipping Inc.
     33,136       28,806  
 
                
Earnings per common share, basic and diluted
   $ 0.41     $ 0.36  
 
                
Weighted average number of common shares, basic
     80,965,400       80,630,738  
 
                
Weighted average number of common shares, diluted
     80,975,802       80,695,136  

 
 
 


CONDENSED CONSOLIDATED BALANCE SHEET DATA
    
 
  
(in thousands of US Dollars)
    
 
  
 
  
 
  
 
  
March 31, 2011
    
December 31, 2010
  
ASSETS
  
 
    
 
  
 
  
 
    
 
  
 Cash and cash equivalents
   $ 373,325     $ 345,414  
 Other current assets
     9,748       9,235  
 Advances for vessels under construction and acquisitions and other vessel costs
     35,614       35,280  
 Vessels' net book value
     1,056,071       1,160,850  
 Other fixed assets, net
     21,830       21,842  
 Investments
     9,289       -  
 Other non-current assets
     11,337       12,768  
Total assets
   $ 1,517,214     $ 1,585,389  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
 
                
 Current liabilities, including current portion of long-term debt
   $ 25,807     $ 32,510  
 Long-term debt, net of current portion
     356,695       376,303  
 Other non-current liabilities
     5,153       6,646  
 Total stockholders' equity
     1,129,559       1,169,930  
Total liabilities and stockholders' equity
   $ 1,517,214     $ 1,585,389  

OTHER FINANCIAL DATA
  
 
  
Three Months Ended March 31,
  
 
  
2011
    
2010
  
 
  
(unaudited)
    
(unaudited)
  
 Net Cash provided by Operating Activities
   $ 42,164     $ 37,217  
 Net Cash used in Investing Activities
     (12,440 )     (68,584 )
 Net Cash (used in) / provided by Financing Activities
     (1,813 )     46,625