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 August 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

                                    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 August 1, 2005
reporting the financial results for the quarter ending June 30, 2005 and the
declaration of a cash dividend for the quarter ended June 30, 2005.

                                                                Exhibit 1

                                  Corporate Contact:
                                  Ioannis Zafirakis
                                  Director and Vice-President
                                  Telephone: + 30-210-9470100
For Immediate Release
                                  Investor and Media Relations:
                                  Edward Nebb
                                  Euro RSCG Magnet
                                  Telephone: + 1-212-367-6848



ATHENS, GREECE, August 1, 2005 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $20.1 million for the second quarter of 2005, compared to net
income of $12.4 million recorded in the second quarter of 2004, representing an
increase of $7.7 million or 62%. Voyage and time charter revenues were $29.4
million for the second quarter of 2005, an increase of 64% from the $17.9
million reported in the same period of 2004. The Company attributed the increase
in net income and revenue from vessels primarily to the enlargement of its fleet
and improved trading conditions in the second quarter of 2005 compared with the
same period of 2004.

Net income for the six months ended June 30, 2005 increased by $15.1 million or
77% to $34.7 million compared to $19.6 million in 2004. Voyage and time charter
revenues were $53.3 million for the first six months of 2005, compared to $30.2
million for the same period of 2004, representing an increase of 76%.

Dividend declaration
The Company has declared a cash dividend on its common stock of $0.54 per share,
based on the Company's operations during the second quarter ended June 30, 2005.
The cash dividend will be payable on August 31, 2005 to all shareholders of
record as of August 16, 2005. The Company has 40 million shares of common stock

During the second quarter of 2005, there were 9.6 vessels on average operating
in the Company's fleet after the delivery of a newbuilding panamax bulk carrier,
the Clio, on May 9, 2005.

Freight Market Commentary
The Company stated that it is continuing to pursue a policy of seeking short
term time charters for its vessels whose charters will expire during the third
quarter. Certain industry analysts have concluded that the strong chartering
inquiries witnessed during the first weeks of the third quarter of 2005 should
eventually lead to improved time charter rates later in the third quarter and
for the remainder of 2005. Diana Shipping management concurs with this view that
the current weakness in the charter market will be temporary, and has structured
its chartering policy to be in position to take advantage of an eventual return
to stronger earning opportunities.

Fleet Employment Profile
Currently Diana's fleet is employed as follows:

             Date of                                 Employment      Expiration
  Name       Built          Age         DWT            nt(1)          (2)
  ----       -----          ---         ---            -----          ---

*NIREFS      31/1/2001      4.50        75,311        $ 40,000       Aug. 5,

*ALCYON      9/2/2001       4.48        75,247        $ 22,582       Oct. 15,

*TRITON      28/3/2001      4.35        75,336        $ 37,300       Nov. 27,

*OCEANIS     30/5/2001      4.18        75,211        $ 30,650       Aug. 23,

*DIONE       10/1/2001      4.56        75,172        $ 32,500       Nov. 4,

*DANAE       8/1/2001       4.57        75,106        $ 30,000       Jan. 13,

**PROTEFS    31/8/2004      0.92        73,630        $ 31,000       Sep. 1,

**CALIPSO    3/2/2005       0.49        73,691        $ 17,250       Oct. 2,

**CLIO       09/05/2005     0.23        73,691       $ 18,000+       Aug. 8,
                                                    $200,000(3)      2005(4)

PANTELIS SP  26/2/1999      6.44       169,883        $ 47,500       Jan. 25,
                Weighted Average Age:   3.82
                                        Total:         842,278

(1)   Gross Time Charter Rate per day.

(2)   Estimated dates assuming earliest redelivery by charterers.

(3)   One-time payment to this fixture, and based on the estimated duration of
      22 days, the effective gross time charter rate per day increases by
      approximately $9,000 to approximately $27,000.

(4)   Based on "10 days approximate redelivery notice to owners" dated July 29,

(5)   Based on the "5 days definite redelivery notice to owners" dated July 31,

(6)   Based on the last scheduled voyage by charterers.

*,** Each denotes a fleet of sister ships.

Summary of Selected Financials & Other Data

                                                    Three Months Ended     Six Months Ended
                                                         June 30,              June 30,
                                                     2005         2004      2005       2004
                                                     ----         ----      ----       ----
INCOME STATEMENT DATA (in thousands of US Dollars):
     Voyage and time charter revenues                 29,391     17,865    53,297     30,166
     Voyage expenses                                   2,004      1,195     3,638      2,031
     Vessel operating expenses                         3,448      2,107     6,624      4,050
     Net income                                       20,116     12,357    34,671     19,605
     Average number of vessels                           9.6        6.0       8.8        6.0
     Number of vessels                                  10.0        6.0      10.0        6.0
     Weighted average age of fleet (in years)            3.7        3.3       3.7        3.3
     Ownership days                                      872        546     1,595      1,092
     Available days                                      872        546     1,595      1,092
     Operating days                                      871        546     1,589      1,090
     Fleet utilization                                 99.9%     100.0%     99.6%      99.8%
     Time charter equivalent (TCE) rate               31,407     30,531    31,134     25,765
     Daily vessel operating expenses                   3,954      3,859     4,153      3,709

Conference Call and Webcast Information
Diana Shipping Inc. will conduct a conference call and webcast at 10:30 A.M.
Eastern Time on August 2, 2005, to discuss these financial results. Investors
may access the webcast on the Company's website at by
clicking on the webcast link. The webcast also is accessible at,
by clicking on the Diana Shipping link under "Events". Listeners should allow
extra time before the webcast begins to register for the webcast and download
any necessary audio software. The conference call also may be accessed by
telephone by dialing 1-888-858-4756 (for U.S.-based callers) or 1-973-935-2405
(for international callers).

A replay of the webcast will be available soon after the completion of the call
and will be accessible on both and A
telephone replay will be available by dialing 1-877-519-4471 (for U.S.-based
callers) or 1-973-341-3080 (for international callers); callers must enter the
code number 6272718.

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. priced its initial public offering of
common stock on March 17, 2005.

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," "except," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "will," "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.

                                      # # #


     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: August 2, 2005                     By: /s/ Anastassis Margaronis
                                                 Anastassis Margaronis

23159.0002 #591247