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 January 2006


                               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]






INFORMATION CONTAINED IN THIS FORM 6-K REPORT

     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 January 23, 2006,
announcing a new time charter contract with BHP Billiton Marketing AG.






                                             Corporate Contact:
                                             Ioannis Zafirakis
                                             Director and Vice-President
                                             Telephone: + 30-210-9470100
                                             izafirakis@dianashippinginc.com
For Immediate Release
---------------------
                                             Investor and Media Relations:
                                             Edward Nebb
                                             Euro RSCG Magnet
                                             Telephone: + 1-212-367-6848
                                             ed.nebb@eurorscg.com


            Diana Shipping Inc. Announces New Time Charter Agreement
                                with BHP Billiton


ATHENS,  GREECE,  January 23, 2006 - Diana Shipping Inc.  (NYSE:  DSX), a global
shipping company  specializing in the transportation of dry bulk cargoes,  today
announced that it has entered into a time charter with BHP Billiton Marketing AG
for its Panamax dry bulk carrier,  the Clio, for a period of 11-13 months,  at a
rate of US$850  per day  above  the  average  rate of four  pre-determined  time
charter routes as published by the Baltic  Exchange.  The charter is expected to
commence on February 2, 2006.

The  initial  charter  payment  will be made on  delivery  of the  vessel to BHP
Billiton based on the average of four pre-determined time charter routes for the
15 days preceding vessel's delivery date. Thereafter,  each time charter payment
will  include  an  adjustment  to  reflect  the  actual   average  of  the  four
pre-determined time charter routes, for each preceding 15 day period.

The Clio is a 73,691 dwt Panamax dry bulk carrier built 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.  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.

                                      # # #






                                   SIGNATURES


     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:  January 24, 2006                       By:  /s/ Anastassis Margaronis
                                                    --------------------------
                                                    Anastassis Margaronis
                                                    President







23159.0002 #636440