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 July 2005

                               DIANA SHIPPING INC.
                 (Translation of registrant's name into English)

                               Diana Shipping Inc.
                                   Pendelis 16
                              175 64 Palaio Faliro
                                 Athens, Greece

                    (Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                    Form 20-F [X]         Form 40-F [_]

     Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                              Yes [_]    No [X]


     Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press
release issued by Diana Shipping Inc. (the "Company") on July 5, 2005 announcing
the time charter of the Calipso, one of the Company's Panamax dry bulk carriers,
to Cargill International S.A., commencing on or around July 11, 2005.

                                                                       Exhibit 1

                                        Corporate Contact:
                                        Ioannis Zafirakis
                                        Director and Vice-President & Secretary
                                        Telephone: + 30-210-947-0100
                                        Investor and Media Relations:
                                        Edward Nebb
                                        Euro RSCG Magnet
                                        Telephone: + 1-212-367-6848

                          DIANA SHIPPING INC. ANNOUNCES
                            NEW TIME CHARTER CONTRACT

ATHENS,  GREECE,  July 5,  2005 - Diana  Shipping  Inc.  (NYSE:  DSX),  a global
shipping  transportation  company  specializing  in dry bulk cargoes,  announced
today that it has entered one of its Panamax  dry bulk  carriers,  the  Calipso,
into a  time-charter  contract with Cargill  International  S.A. for a period of
approximately three to five months, estimated to begin July 11, 2005, at a gross
rate of $17,250 per day. The Calipso is a Panamax dry bulk carrier of 73,691 dwt
built in China in 2005.

About the Company

Diana Shipping Inc. is a global  provider of shipping  transportation  services.
The  Company  specializes  in  transporting  dry bulk  cargoes,  including  such
commodities  as iron  ore,  coal,  grain  and other  materials  along  worldwide
shipping  routes.  Diana Shipping Inc.  completed its initial public offering of
common stock on March 23, 2005.

Cautionary Statement Regarding Forward-Looking Statements

Matters  discussed in this release may  constitute  forward-looking  statements.
Forward-looking  statements  reflect  our current  views with  respect to future
events and financial  performance and may 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  forward-looking  statements  in this release are based upon various
assumptions,  many of which  are  based,  in  turn,  upon  further  assumptions,
including without limitation,  management's  examination of historical operating
trends,  data  contained  in our  records  and other data  available  from third
parties.  Although  Diana  Shipping Inc.  believes 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,  Diana Shipping Inc.  cannot assure you that
it will  achieve or  accomplish  these  expectations,  beliefs  or  projections.
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
changes in charter  hire rates and  vessel  values,  changes in demand  that may
affect  attitudes of time  charterers to scheduled and  unscheduled  drydocking,
changes in Diana Shipping Inc.'s  operating  expenses,  including bunker prices,
dry-docking  and insurance  costs,  or actions taken by regulatory  authorities,
potential   liability   from   pending  or  future   litigation,   domestic  and
international political conditions,  potential disruption of shipping routes due
to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Diana Shipping
Inc. with the US Securities and Exchange Commission.

                                      # # #


     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.

Dated: July 5, 2005                             By: /s/ Anastassis Margaronis
                                                        Anastassis Margaronis

23159.0002 #584221