d1384990_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 2013
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 22, 2013 of Diana Shipping Inc. (the "Company") announcing the Company's results for the first quarter ended March 31, 2013.

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: May 22, 2013
By:
/s/ Andreas Michalopoulos
 
 
Andreas Michalopoulos
 
 
Chief Financial Officer and Treasurer


 
 
 

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 FIRST QUARTER ENDED MARCH 31, 2013

 
ATHENS, GREECE, May 22, 2013 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported a net loss of $3.2 million for the first quarter of 2013, compared to net income of $20.0 million reported in the first quarter of 2012. The results for the 2013 first quarter included a loss of $3.3 million on the Company's investment in Diana Containerships Inc., arising from a non-cash impairment recorded by Diana Containerships related to the sale of certain older container vessels.
 
Time charter revenues were $42.6 million for the first quarter of 2013, compared to $57.6 million for the same period of 2012, 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; Amphitrite, delivered in August 2012; Polymnia, delivered in November 2012; Myrto, delivered in January 2013; and Maia, delivered in February 2013.
 

 
 
 


 
 
Fleet Employment Profile (As of May 21, 2013)
 
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 Bulk Carriers
 
 
 
 
 
 
 
 
 
1
DANAE
A
$15,600
5.00%
Hyundai Merchant Marine Co., Ltd., Seoul, South Korea
18-Apr-11
10-Mar-13
1,2
 
 
 
$8,250
5.00%
Intermare Transport GmbH, Hamburg
10-Mar-13
10-Sep-14 - 10-Jan-15
 
 
2001    75,106
 
 
 
 
 
 
 
2
DIONE
A
$9,700
5.00%
EDF Trading Limited, UK
19-Jul-12
19-Jul-14 - 19-Dec-14
 
 
2001    75,172
 
 
 
 
 
 
 
3
NIREFS
A
$12,250
5.00%
Morgan Stanley Capital Group Inc.
18-Dec-11
29-Jan-13
3,4
 
 
 
$8,000
5.00%
Intermare Transport GmbH, Hamburg
29-Jan-13
29-Jul-14 - 29-Jan-15
 
 
2001    75,311
 
 
 
 
 
 
 
4
ALCYON
A
$7,750
5.00%
EDF Trading Limited, UK
21-Dec-12
21-Nov-14 - 21-May-15
 
 
2001    75,247
 
 
 
 
 
 
 
5
TRITON
A
$19,500
4.75%
Resource Marine Pte., Ltd, Singapore
11-Dec-10
11-Nov-13 - 11-Feb-14
5
 
2001    75,336
 
 
 
 
 
 
 
6
OCEANIS
A
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
14-Aug-12
14-Jan-14 - 14-Jul-14
 
 
2001    75,211
 
 
 
 
 
 
 
7
THETIS
B
$10,500
5.00%
EDF Trading Limited, UK
22-Feb-12
22-Aug-13 - 22-Jun-14
6
 
2004    73,583
 
 
 
 
 
 
 
8
PROTEFS
B
$9,000
5.00%
Cargill International S.A., Geneva
14-Sep-12
14-Sep-14 - 14-Feb-15
 
 
2004    73,630
 
 
 
 
 
 
 
9
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
 
 
 
 
 
 
 
10
CLIO
B
$10,750
5.00%
Cargill International S.A., Geneva
22-Feb-12
22-Aug-13 - 22-Feb-14
 
 
2005    73,691
 
 
 
 
 
 
 
11
NAIAS
B
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
2-Sep-12
2-Feb-14 - 2-Aug-14
 
 
2006    73,546
 
 
 
 
 
 
 
12
ARETHUSA
B
$7,300
5.00%
Cargill International S.A., Geneva
22-Nov-12
22-May-14  22-Nov-14
7
 
2007     73,593
 
 
 
 
 
 
 
13
ERATO
C
$12,200
5.00%
Hyundai Merchant Marine Co., Ltd., Seoul, South Korea
26-Nov-11
9-Jan-13
 
 
 
 
$6,500
5.00%
Cargill International S.A., Geneva
9-Jan-13
9-Jul-14 - 9-Jan-15
 
 
2004    74,444
 
 
 
 
 
 
 
14
CORONIS
C
$10,600
5.00%
EDF Trading Limited, UK
12-Mar-12
27-Nov-13 - 27-Jun-14
 
 
2006    74,381
 
 
 
 
 
 
 
15
MELITE
D
$7,750
5.00%
Cargill International S.A., Geneva
28-Dec-12
1-Jul-14 - 1-Jan-15
 
 
2004     76,436
 
 
 
 
 
 
 
16
MELIA
D
$10,900
5.00%
STX Panocean Co., Ltd., Seoul
2-May-12
17-Apr-13
8
 
 
 
 
 
Rio Tinto Shipping Pty, Ltd., Melbourne
17-Apr-13
2-Mar-14 - 17-May-14
 
 
2005     76,225
 
$9,700
3.75%
 
 
 
 
17
LETO
 
$12,900
5.00%
EDF Trading Limited, UK
17-Jan-12
17-Jan-14 - 17-Nov-14
 
 
2010     81,297
 
 
 
 
 
 
 
 
Kamsarmax Bulk Carriers
18
MAIA
E
$10,900
5.00%
Glencore Grain B.V., Rotterdam
27-Feb-13
12-Aug-14 - 27-Feb-15
 
 
2009     82,193
 
 
 
 
 
 
 
19
MYRTO
E
$9,000
5.00%
Cargill International S.A., Geneva
25-Jan-13
25-Jul-14 - 25-Jan-15
 
 
2013     82,131
 
 
 
 
 
 
 
 
Post-Panamax Bulk Carriers
20
ALCMENE
 
$7,000
5.00%
NCS Shipping Fareast Company Limited, British Virgin Islands
26-Dec-12
13-Feb-13
9
 
 
 
$7,250
5.00%
ADM International Sarl, Rolle, Switzerland
22-Feb-13
7-Aug-14 - 22-Feb-15
 
 
2010     93,193
 
 
 
 
 
 
 
21
AMPHITRITE
 
$10,000
5.00%
Bunge S.A., Geneva
15-Aug-12
31-May-14 - 30-Oct-14
10
 
2012     98,697
 
 
 
 
 
 
 
22
POLYMNIA
 
$8,000
5.00%
Sino East Transportation Ltd, Hong Kong
21-Nov-12
7-Jan-13
 
 
 
 
$7,600
5.00%
Augustea Bunge Maritime Limited, Malta
16-Jan-13
16-Jul-14 - 16-Jan-15
11
 
2012    98,704
 
 
 
 
 
 
 
 
Capesize Bulk Carriers
23
NORFOLK
 
$74,750
3.75%
Corus UK Limited
12-Feb-08
16-Jan-13
12
 
2002    164,218
 
$10,700
4.50%
Clearlake Shipping Pte. Ltd., Singapore
16-Jan-13
16-Jul-14 - 16-Jan-15
 
24
ALIKI
 
$26,500
5.00%
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
1-Feb-16 - 1-Apr-16
 
 
2005    180,235
 
 
 
 
 
 
 
25
TAMOU
 
$9,000
5.00%
RWE Supply & Trading GmbH, Essen
15-Jun-13
30-Jun-13
13,14
 
(tbr BALTIMORE)
 
$15,000
5.00%
1-Jul-13
1-Jul-16 - 1-Jan-17
 
 
2005    177,243
 
 
 
  
 
 
 
26
SALT LAKE CITY
 
$13,000
5.00%
Morgan Stanley Capital Group Inc.
11-Aug-12
11-Jun-14 - 11-Dec-14
 
 
2005    171,810
 
 
 
 
 
 
 
27
SIDERIS GS
F
$30,500
5.00%
BHP Billiton Marketing AG
16-Oct-10
14-Mar-13
15
 
 
 
$13,500
4.75%
Cargill International S.A., Geneva
14-Mar-13
14-Dec-14 - 14-Jun-15
 
 
2006    174,186
 
 
 
  
 
 
 
28
SEMIRIO
F
$17,350
5.00%
Cargill International S.A., Geneva
30-May-11
19-Mar-13
 
 
 
 
$14,000
4.75%
19-Mar-13
19-Jan-15 - 19-Jun-15
 
 
2007    174,261
 
 
 
 
 
 
 
29
BOSTON
F
$14,000
5.00%
Morgan Stanley Capital Group Inc.
29-Oct-11
29-Aug-13 - 29-Dec-13
16
 
2007    177,828
 
 
 
 
 
 
 
30
HOUSTON
F
$55,000
4.75%
Shagang Shipping Co.
3-Nov-09
3-Oct-14 - 3-Jan-15
17
 
2009    177,729
 
 
 
 
 
 
 
31
NEW YORK
F
$48,000
3.75%
Nippon Yusen Kaisha, Tokyo (NYK)
3-Mar-10
3-Jan-15 - 3-May-15
 
 
2010    177,773
 
 
 
 
 
 
 
 
Newcastlemax Bulk Carriers
32
LOS ANGELES
G
$18,000
5.00%
EDF Trading Limited, UK
9-Feb-12
9-Dec-15 - 9-Apr-16
 
 
2012    206,104
 
 
 
 
 
 
 
33
PHILADELPHIA
G
$18,000
5.00%
EDF Trading Limited, UK
17-May-12
17-Jan-16 - 17-Jul-16
 
 
2012    206,040
 
 
 
 
 
 
 
 
Vessels Under Construction
34
HULL H2528
H
-
-
-
-
- - -
18
 
2013    76,000
 
 
 
 
 
 
 
35
HULL H2529
H
-
-
-
-
- - -
18
 
2013   76,000
 
 
 
 
 
 
 
36
HULL H2548
I
-
-
-
-
- - -
18
 
2016   208,500
 
 
 
 
 
 
 
37
HULL H2549
I
-
-
-
-
- - -
18
 
2016   208,500
 
 
 
 
 
 
 

* 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 unscheduled maintenance from March 4, 2013 to March 6, 2013.
 
2 Hyundai Merchant Marine Co. Ltd., Seoul, South Korea, has agreed to compensate the owners for the early redelivery of the vessel on March 10, 2013 until the minimum agreed redelivery date, March 18, 2013.
 
3 Vessel off-hire for drydocking from September 26, 2012 to October 15, 2012.
 
4 Vessel off-hire for unscheduled maintenance from October 18, 2012 to November 30, 2012.
 
5 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
 
6 Vessel off-hire from September 23, 2012 to October 3, 2012.
 
7 Vessel off-hire for unscheduled maintenance from April 14, 2013 to April 16, 2013.
 
8 Vessel off-hire for drydocking from November 27, 2012 to December 10, 2012.
 
9 Charter includes a one time gross ballast bonus payment of US$390,000.
 
10 The charterer has the option to employ the vessel for a further 11 to 14 mo
nth period at a gross charter rate of US$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.
 
11 The charterer has the option to further employ the vessel for about 11 to maximum 13 months at a gross charter rate of US$11,000 per day. The optional period, if exercised, must be declared on or before the 22nd month of employment and will only commence at the end of the 24th month.
 
12 Since September  2010 charterers' name has changed to Tata Steel UK, Limited.
 
13 Expected date of delivery to the buyers by the end of May 2013 (based on latest information received by the sellers).
 
14 Estimated date of delivery to the charterers.
 
15 Since October 25, 2012 charterers have changed to BHP Billiton Singapore Pte Ltd.
 
16 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.
 
17 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.
 
18 Year of delivery and dwt are based on shipbuilding contract.


 
 
 


Summary of Selected Financial & Other Data (unaudited)
  
   
Three months ended March 31,
  
   
2013
    
2012
  
             
INCOME STATEMENT DATA (in thousands of US Dollars):
  
Time charter revenues
   $ 42,601     $ 57,601  
Voyage expenses
     2,199       2,178  
Vessel operating expenses
     17,957       14,657  
Net income / (loss)
     (3,183 )     19,961  
FLEET DATA
  
Average number of vessels
     31.2       25.4  
Number of vessels
     32.0       26.0  
Weighted average age of vessels
     6.1       6.0  
Ownership days
     2,806       2,313  
Available days
     2,806       2,283  
Operating days
     2,772       2,278  
Fleet utilization
     98.8 %     99.8 %
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
   $ 14,398     $ 24,276  
Daily vessel operating expenses (2)
   $ 6,400     $ 6,337  

 
____________________________
 
(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 Wednesday, May 22, 2013.
 
 
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 412822.

 
 
 

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 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
  
             
   
Three months ended March 31,
  
   
2013
    
2012
  
             
 REVENUES:
            
 Time charter revenues
   $ 42,601     $ 57,601  
 Other revenues
     447       568  
                 
 EXPENSES:
                
 Voyage expenses
     2,199       2,178  
 Vessel operating expenses
     17,957       14,657  
 Depreciation and amortization of deferred charges
     15,549       14,588  
 General and administrative expenses
     5,464       6,118  
 Foreign currency gains
     (74 )     (394 )
 Operating income
     1,953       21,022  
                 
 OTHER INCOME / (EXPENSES):
                
 Interest and finance costs
     (2,064 )     (1,543 )
 Interest income
     200       378  
 Loss from derivative instruments
     (4 )     (201 )
 Income / (loss) from investment in Diana Containerships Inc.
     (3,268 )     305  
 Total other expenses, net
     (5,136 )     (1,061 )
                 
 Net Income / (loss)
     (3,183 )     19,961  
                 
Earnings / (loss) per common share, basic and diluted
   $ (0.04 )   $ 0.25  
                 
Weighted average number of common shares, basic and diluted
     81,059,313       81,226,051  
                 
   
Three months ended March 31,
  
      2013       2012  
Net income / (loss)
   $ (3,183 )   $ 19,961  
Other comprehensive loss (Actuarial loss)
     (98 )     -  
Comprehensive income / (loss)
   $ (3,281 )   $ 19,961  


 
 
 



CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
        
(in thousands of U.S. Dollars)
        
             
   
March 31, 2013
    
December 31, 2012
  
ASSETS
            
             
Cash and cash equivalents
   $ 412,330     $ 446,624  
Other current assets
     18,773       20,362  
Advances for vessels under construction and acquisitions and other vessel costs
     13,238       11,502  
Vessels' net book value
     1,243,880       1,211,138  
Other fixed assets, net
     23,058       22,774  
Other non-current assets
     25,425       30,402  
Total assets
   $ 1,736,704     $ 1,742,802  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities, including current portion of long-term debt
   $ 60,512     $ 61,477  
 Long-term debt, net of current portion and deferred financing costs
     410,185       414,080  
Other non-current liabilities
     842       821  
Total stockholders' equity
     1,265,165       1,266,424  
Total liabilities and stockholders' equity
   $ 1,736,704     $ 1,742,802  

OTHER FINANCIAL DATA (unaudited)
  
   
Three months ended March 31,
  
   
2013
    
2012
  
             
 Net Cash provided by Operating Activities
   $ 17,394     $ 36,443  
 Net Cash used in Investing Activities
     (47,680 )     (61,734 )
 Net Cash provided by / (used in) Financing Activities
     (4,008 )     50,639