d1336191_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 November 2012
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 November 20, 2012 of Diana Shipping Inc. (the “Company") announcing the Company’s results for the third quarter and nine months ended September 30, 2012 and announcing the delivery of the m/v "Polymnia" and the entry into time charter contracts for the m/v "Polymnia" and m/v "Arethusa."

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 (File no. 333-181540) filed with the U.S. Securities and Exchange Commission with an effective date of July 6, 2012.


 
 
 

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: November 20, 2012
By:
/s/ Andreas Michalopoulos
 
 
Andreas Michalopoulos
 
 
Chief Financial Officer


 
 
 


Exhibit 99.1

 
 
Corporate Contact:
Ioannis Zafirakis
Director, Executive Vice-President and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2012

ANNOUNCES DELIVERY OF THE POST-PANAMAX DRY BULK CARRIER M/V POLYMNIA
AND ENTRY INTO TIME CHARTER CONTRACT

ANNOUNCES TIME CHARTER CONTRACT FOR THE M/V ARETHUSA


ATHENS, GREECE, November 20, 2012 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported net income of $12.3 million for the third quarter of 2012, compared to net income of $26.4 million reported in the third quarter of 2011.
 
Time charter revenues were $56.2 million for the third quarter of 2012, compared to $64.2 million for the same period of 2011, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company's fleet of the vessels Leto delivered in January 2012, Los Angeles delivered in February 2012, Philadelphia and Melia delivered in May 2012, and Amphitrite delivered in August 2012.
 
Net income to Diana Shipping Inc. for the nine months ended September 30, 2012 amounted to $49.6 million, compared to net income of $87.3 million for the same period of 2011. Time charter revenues were $171.4 million for the nine months ended September 30, 2012, compared to $198.3 million for 2011.
 
Delivery of the m/v Polymnia and Entry into Time Charter Contract
 
In addition, the Company also announced that, through a separate wholly-owned subsidiary,  it has taken delivery today of the m/v "Polymnia", a 98,704 dwt newly built Post-Panamax dry bulk carrier that the Company entered into an agreement to purchase in October 2012.
 
The Company also announced that it has entered into a time charter contract with Sino East Transportation Ltd., Hong Kong, through the aforementioned subsidiary, for the newly delivered Polymnia at a gross charter rate of US$8,000 per day, minus a 5% commission paid to third parties, for a period of about forty-five (45) to fifty-five (55) days. The charter is expected to commence tomorrow, November 21, 2012.
 

 
 
 


 
Time Charter Contract for the m/v Arethusa
 
The Company also announced that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Arethusa", at a gross charter rate of US$7,300 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence on November 23, 2012.
 
This employment is anticipated to generate approximately US$3.9 million of gross revenue for the minimum scheduled period of the charter.
 
The Arethusa is a 73,593 dwt Panamax dry bulk vessel built in 2007.
 
Including the newly-delivered m/v Polymnia, Diana Shipping Inc.'s fleet currently consists of 30 dry bulk carriers (17 Panamax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of our current fleet, excluding the two vessels not yet delivered, is approximately 3.4 million dwt with a weighted average age of 5.9 years.  A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, www.dianashippinginc.com. Information contained on the Company's website does not constitute a part of this press release.
 

 
 
 


 
 
Fleet Employment Profile (As of November 20, 2012)
 
Currently Diana Shipping Inc.'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 Bulk Carriers
  
 
 
 
 
 
 
 
 
 
1 
CORONIS
C
$10,600
5.00%
EDF Trading Limited, London
12-Mar-12
27-Nov-13 - 27-Jun-14
 
 
2006    74,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
ERATO
C
$12,200
5.00%
Hyundai Merchant Marine Co., Ltd., Seoul, South Korea
26-Nov-11
26-Dec-12 - 10-Apr-13
 
 
2004    74,444
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
ARETHUSA
B
$9,250
5.00%
DS Norden A/S, Copenhagen
17-May-12
22-Nov-12
1 
 
 
$7,300
5.00%
Cargill International S.A., Geneva
23-Nov-12
23-May-14 - 23-Nov-14
 
2007     73,593
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
NAIAS
B
$19,750
5.00%
J. Aron & Company, New York
24-Sep-10
2-Sep-12
 
 
 
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
2-Sep-12
2-Feb-14 - 2-Aug-14
 
 
2006    73,546
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 
CLIO
B
$10,750
5.00%
Cargill International S.A., Geneva
22-Feb-12
22-Aug-13 - 22-Feb-14
 
 
2005    73,691
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 
CALIPSO
B
$12,250
5.00%
Louis Dreyfus Commodities Suisse S.A., Geneva
11-Oct-11
11-Aug-13 - 11-Dec-13
 
 
2005    73,691
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
7 
PROTEFS
B
$11,750
4.75%
Cargill International S.A., Geneva
6-Aug-11
2-Sep-12
2 
 
2004    73,630
 
$9,000
5.00%
 
14-Sep-12
14-Sep-14 - 14-Feb-15
 
 
 
 
 
 
 
 
 
 
8 
THETIS
B
$10,500
5.00%
EDF Trading Limited, London
22-Feb-12
22-Aug-13 - 22-Jun-14
3 
 
2004    73,583
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 
DIONE
A
$20,500
5.00%
Louis Dreyfus Commodities Suisse S.A., Geneva
26-Sep-10
19-Jul-12
 
 
 
 
$9,700
5.00%
EDF Trading Limited, London
19-Jul-12
19-Jul-14 - 19-Dec-14
4 
 
2001    75,172
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 
DANAE
A
$15,600
5.00%
Hyundai Merchant Marine Co., Ltd., Seoul, South Korea
18-Apr-11
18-Mar-13 - 18-May-13
5 
 
2001    75,106
 
 
 
 
 
 
 
11 
OCEANIS
A
$19,750
5.00%
China National Chartering Co. Ltd. (Sinochart BJ), Beijing
17-Sep-10
14-Aug-12
6
 
 
 
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
14-Aug-12
14-Jan-14 - 14-Jul-14
 
 
2001    75,211
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                 
12 
TRITON
A
$19,500
4.75%
Resource Marine Pte., Ltd, Singapore
11-Dec-10
11-Nov-13 - 11-Feb-14
7 
 
2001    75,336
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13 
ALCYON
A
$34,500
4.75%
Cargill International S.A., Geneva
21-Feb-08
19-Nov-12
8,9,10
 
2001    75,247
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14 
NIREFS
A
$12,250
5.00%
Morgan Stanley Capital Group Inc.
18-Dec-11
18-Jan-13 - 18-Apr-13
11,12
 
2001    75,311
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15 
MELIA
G
$10,900
5.00%
STX Panocean Co., Ltd., Seoul
2-May-12
2-Apr-13 - 2-Jul-13
 
 
2005  76,225
 
 
 
 
 
 
 
                 
16 
MELITE
G
$16,500
5.00%
Cargill International S.A., Geneva
1-Feb-11
1-Jan-13 - 1-Mar-13
 
 
2004     76,436
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17 
LETO
 
$12,900
5.00%
EDF Trading Limited, London
17-Jan-12
17-Jan-14 - 17-Nov-14
 
 
2010     81,297
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post-Panamax Bulk Carriers
 
 
 
 
 
 
 
 
 
18 
ALCMENE
 
$20,250
5.00%
Cargill International S.A., Geneva
20-Nov-10
24-Oct-12
13 
 
2010     93,193
 
$6,250
5.00%
Oldendorff GmbH Co., KG, Luebeck
 
1-Nov-12
6-Dec-12 - 16-Dec-12
14 
 
19 
AMPHITRITE
 
$10,000
5,00%
Bunge S.A., Geneva
15-Aug-12
31-May-14 - 30-Oct-14
15 
 
 
2012     98,697
 
 
 
 
 
 
 
20 
POLYMNIA
 
$8,000
5.00%
Sino East Transportation Ltd, Hong Kong
21-Nov-12
5-Jan-13 - 15-Jan-13
16,17
 
2012    98,704
 
 
 
 
 
 
 
 
Capesize Bulk Carriers
 
 
 
 
 
 
 
 
 
 
21 
NORFOLK
 
$74,750
3.75%
Corus UK Limited
12-Feb-08
12-Jan-13 - 12-Mar-13
18,19
 
 
2002  164,218
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22 
ALIKI
 
$26,500
5.00%
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
1-Feb-16 - 1-Apr-16
 
 
2005  180,235
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23 
SALT LAKE CITY
 
$55,800
5.00%
Refined Success Limited
28-Sep-07
29-Jul-12
20,21
 
 
 
$13,000
5.00%
Morgan Stanley Capital Group Inc.
11-Aug-12
11-Jun-14 - 11-Dec-14
 
 
2005  171,810
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24 
SIDERIS GS
D
$30,500
5.00%
BHP Billiton Marketing AG
16-Oct-10
16-Feb-13 - 16-Jun-13
22 
 
2006  174,186
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25 
SEMIRIO
D
$17,350
5.00%
Cargill International S.A., Geneva
30-May-11
15-Mar-13 - 14-Aug-13
 
 
2007  174,261
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26 
BOSTON
D
$14,000
5.00%
Morgan Stanley Capital Group Inc.
29-Oct-11
29-Aug-13 - 29-Dec-13
23 
 
2007  177,828
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27 
HOUSTON
D
$55,000
4.75%
Shagang Shipping Co.
3-Nov-09
3-Oct-14 - 3-Jan-15
24 
 
2009  177,729
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28 
NEW YORK
D
$48,000
3.75%
Nippon Yusen Kaisha, Tokyo (NYK)
3-Mar-10
3-Jan-15 - 3-May-15
 
 
2010  177,773
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newcastlemax Bulk Carriers
 
 
 
 
 
 
 
 
 
 
29 
LOS ANGELES
E
$18,000
5.00%
EDF Trading Limited, London
9-Feb-12
9-Dec-15 - 9-Apr-16
 
 
2012  206,104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 
PHILADELPHIA
E
$18,000
5.00%
EDF Trading Limited, London
17-May-12
17-Jan-16 - 17-Jul-16
25 
 
2012  206,040
 
 
 
 
 
 
 
 
Vessels Under Construction
 
 
 
 
 
 
 
 
 
 
31 
HULL H2528
F
-
-
-
-
- - -
26 
 
 
2013  76,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
32 
HULL H2529
F
-
-
-
-
- - -
26 
 
 
2013  76,000
 
 
 
 
 
 
 
 
*
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
Estimated date.
2
Vessel off-hire for drydocking from September 2, 2012 to September 14, 2012.
3
Vessel off-hire from September 23, 2012 to October 3, 2012.
4
The previous charterers, Louis Dreyfus Commodities Suisse S.A., Geneva, have agreed to compensate the owners for the early redelivery by paying US$ 11,875 gross per day, minus 5% commission paid to third parties, starting from the date of redelivery to owners, on July 19, 2012, to the minimum agreed redelivery date, July 26, 2012.
5
Vessel off-hire for unscheduled maintenance from May 5, 2012 to May 9, 2012.
6
The previous charterers, China National Chartering Co. Ltd (Sinochart BJ), Beijing have agreed to compensate the owners for the early redelivery of the vessel on August 14, 2012 till the minimum agreed redelivery date, August 17, 2012.
7
Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
8
Vessel off-hire from July 28, 2012 to July 30, 2012.
9
The previous charterers, Cargill International S.A., Geneva, have agreed to compensate the owners for the early redelivery of the vessel on November 19, 2012  till the minimum agreed redelivery date, November 21, 2012.
10
Vessel currently undergoing scheduled maintenance.
11
Vessel off-hire for drydocking from September 26, 2012 to October 15, 2012.
12
Vessel currently off-hire for unscheduled maintenance.
13
Vessel drydocked from October 24, 2012 to November 1, 2012.
14
Redelivery dates based on an estimated voyage duration of about 35-45 days.
15
The charterer has the option to employ the vessel for a further 11 to 14 month period at a gross charter rate of $11,300 per day. The optional period, if exercised, must be declared on or before the end of the 21st month of employment and will only commence at the end of the 24th month.
16
Estimated date of delivery to the charterers.
17
Redelivery dates based on an estimated voyage duration of about 45-55 days.
18
Since September  2010 charterer's name has changed to Tata Steel UK, Limited.
19
Vessel off-hire for drydocking from September 8, 2012 to September 17, 2012.
20
The previous charterers, Refined Success Limited, have agreed to compensate the owners for the early redelivery by paying US$ 1,540,132.71 gross, minus 3.75% commission paid to third parties, for the period starting from the date of redelivery to owners, on July 29, 2012, to the minimum agreed redelivery date, August 28, 2012.
21
Vessel drydocked from July 29, 2012 till August 11, 2012.
22
Since October 25, 2012 charterers have changed to BHP Billiton Singapore Pte Ltd.
23
Morgan Stanley Capital Group Inc. has the option to employ the vessel for a further minimum eleven (11) to a maximum thirteen (13) month period at a gross rate of US$15,000 per day starting twenty-four (24) months after delivery of the vessel to the charterer.
24
Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.
25
Vessel off-hire for unscheduled maintenance from June 1, 2012 to June 5, 2012.
26
Year of delivery and dwt are based on shipbuilding contract.

 
 
 
 
 
Summary of Selected Financial & Other Data
     
For the three months ended
September 30,
  
For the nine months ended
September 30,
     
2012
  
2011
  
2012
  
2011
     
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
 
Time charter revenues
$
56,220 
$
64,248 
$
171,405 
$
198,299 
 
Voyage expenses
  
1,090 
  
3,105 
  
6,191 
  
8,666 
 
Vessel operating expenses
  
16,950 
  
14,065 
  
46,977 
  
40,507 
 
Net income attributed to Diana Shipping Inc.
  
12,285 
  
26,443 
  
49,623 
  
87,256 
FLEET DATA
 
Average number of vessels
  
28.5 
  
23.9 
  
27.0 
  
23.4 
 
Number of vessels
  
29.0 
  
24.0 
  
29.0 
  
24.0 
 
Weighted average age of vessels (in years)
  
5.9 
  
6.1 
  
5.9 
  
6.1 
 
Ownership days
  
2,624 
  
2,202 
  
7,409 
  
6,401 
 
Available days
  
2,584 
  
2,187 
  
7,323 
  
6,318 
 
Operating days
  
2,567 
  
2,181 
  
7,290 
  
6,279 
 
Fleet utilization
  
99.3%
  
99.7%
  
99.5%
  
99.4%
AVERAGE DAILY RESULTS
 
Time charter equivalent (TCE) rate (1)
$
21,335 
$
27,957 
$
22,561 
$
30,015 
 
Daily vessel operating expenses (2)
$
6,460 
$
6,387 
$
6,341 
$
6,328 

 
__________________
(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 Tuesday, November 20, 2012.
 
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 for 30 days on www.dianashippinginc.com.  A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 401891.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company's vessels are employed primarily on medium to long-term time charters and transport a range of 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
September 30,
  
For the nine months ended
September 30,
     
2012
  
2011
  
2012
  
2011
                   
REVENUES:
                
 
Time charter revenues
$
 56,220 
$
 64,248 
$
 171,405 
$
 198,299 
 
Other revenues
  
 614 
  
 352 
  
 1,800 
  
 753 
EXPENSES:
                
 
Voyage expenses
  
 1,090 
  
 3,105 
  
 6,191 
  
 8,666 
 
Vessel operating expenses
  
 16,950 
  
 14,065 
  
 46,977 
  
 40,507 
 
Depreciation and amortization of deferred charges
  
 15,993 
  
 14,105 
  
 45,908 
  
 41,169 
 
General and administrative expenses
  
 6,222 
  
 6,099 
  
 18,904 
  
 18,849 
 
Foreign currency gains
  
 (338)
  
 (145)
  
 (1,110)
  
 (343)
 
Operating income
  
 16,917 
  
 27,371 
  
 56,335 
  
 90,204 
OTHER INCOME / (EXPENSES):
                
 
Interest and finance costs
  
 (2,165)
  
 (1,212)
  
 (5,564)
  
 (3,670)
 
Interest income
  
 291 
  
 258 
  
 1,186 
  
 697 
 
Loss from derivative instruments
  
 (276)
  
 (381)
  
 (516)
  
 (955)
 
Income / (loss) from investment in Diana Containerships Inc.
  
 (2,482)
  
 407 
  
 (1,818)
  
 978 
 
Total other expenses, net
  
 (4,632)
  
 (928)
  
 (6,712)
  
 (2,950)
Net Income
$
 12,285 
$
 26,443 
$
 49,623 
$
 87,254 
                   
 
Loss assumed by non-controlling interests
  
 - 
  
 - 
  
 - 
  
 2 
Net income attributed to Diana Shipping Inc.
  
 12,285 
  
 26,443 
  
 49,623 
  
 87,256 
                   
Earnings per common share, basic and diluted
$
 0.15 
$
 0.33 
$
 0.61 
$
 1.08 
                   
Weighted average number of common shares, basic
  
80,931,326 
  
81,089,446 
  
81,182,564 
  
81,048,635 
                   
Weighted average number of common shares, diluted
  
80,931,326 
  
81,143,058 
  
81,182,564 
  
81,079,457 
                   
 
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                   
     
For the three months ended
September 30,
  
For the nine months ended
September 30,
     
2012 
  
2011 
  
2012
  
2011
Net income
$
 12,285 
$
 26,443 
  
 49,623 
  
 87,254 
                   
Comprehensive loss assumed by non-controlling interests
  
 - 
  
 - 
  
 - 
  
 2 
                   
Comprehensive income attributed to Diana Shipping Inc.
$
 12,285 
$
 26,443 
  
 49,623 
  
 87,256 


 
 
 


CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEET DATA
    
(in thousands of US Dollars)
    
 
       
     
September 30, 2012
  
December 31, 2011
ASSETS
        
           
 Cash and cash equivalents
$
452,454 
$
416,674 
 Other current assets
  
16,990 
  
16,017 
 Advances for vessels under construction and acquisitions and other vessel costs
  
8,772 
  
63,440 
 Vessels' net book value
  
1,201,524 
  
1,046,719 
 Other fixed assets, net
  
22,319 
  
21,659 
 Investments
  
25,690 
  
29,842 
 Other non-current assets
  
6,436 
  
10,120 
 
Total assets
$
1,734,185 
$
1,604,471 
           
LIABILITIES AND STOCKHOLDERS' EQUITY
        
           
 Current liabilities, including current portion of long-term debt
$
58,032 
$
48,095 
 Long-term debt, net of current portion and of deferred financing costs
  
413,662 
  
345,638 
 Other non-current liabilities
  
2,137 
  
1,860 
 Total stockholders' equity
  
1,260,354 
  
1,208,878 
 
Total liabilities and stockholders' equity
$
1,734,185 
$
1,604,471 
 

 
OTHER FINANCIAL DATA
     
For the three months ended
September 30,
  
For the nine months ended
September 30,
     
2012
  
2011 
  
2012
  
2011 
     
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 Net Cash provided by Operating Activities
$
 29,519 
$
 39,458 
$
 97,552 
$
 120,523 
 Net Cash used in Investing Activities
  
 (24,372)
  
 (33,259)
  
 (141,665)
  
 (80,815)
 Net Cash provided by / (used in) Financing Activities
  
 (4,169)
  
 13,455 
  
 79,893 
  
 10,145