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 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]


     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 May  11,  2006,
announcing the Company's Financial Results for the First Quarter Ended March 31,
2006, the declaration of a cash dividend and a Conference Call and Webcast to be
Held on May 12, 2006.

                                        Corporate Contact:
                                        Ioannis Zafirakis
                                        Director and Vice-President
                                        Telephone: + 30-210-9470100

                                        Investor and Media Relations:
                                        Edward Nebb
                                        Euro RSCG Magnet
                                        Telephone: + 1-212-367-6848

                   FOR THE FIRST QUARTER ENDED MARCH 31, 2006



ATHENS,  GREECE,  May 11,  2006 - Diana  Shipping  Inc.  (NYSE:  DSX),  a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $11.7  million for the three months ended March 31, 2006  compared
to $14.6 million for the same period of 2005.  Voyage and time charter  revenues
were $24.2 million for the three months ended March 31, 2006,  compared to $23.9
million for the same period of 2005.  Voyage and time  charter  revenues and net
income reported for the first quarter of 2006 have been reduced by $0.8 million,
reflecting the non-cash  amortization of the prepaid time charter revenue of the
vessel Thetis.

Dividend declaration

The  Company  has  declared a cash  dividend  on its common  stock of $0.345 per
share,  based on the Company's  results from operations during the quarter ended
March 31, 2006.  The cash  dividend  will be payable on or about June 8, 2006 to
all shareholders of record as of May 18, 2006. The Company has 45 million shares
of common stock outstanding.

During the quarter  ended  March 31,  2006,  there were 12.7  vessels on average
operating  in the  Company's  fleet,  as compared  with 8.0  vessels  during the
corresponding period of 2005.

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

  Name               ships(3)      Year Built            DWT                Employment (1)                Expiration(2)
-----------------    ----------   --------------    ---------------    --------------------------    -----------------------
Nirefs                   A            2001              75,311          4TCs Average + 4.5%(4)            Mar 04, 2006
Alcyon                   A            2001              75,247                 $ 22,582                   Oct 15, 2007
Triton                   A            2001              75,336                  $18,250                   May 12, 2006
Oceanis                  A            2001              75,211                  $17,000                   May 20, 2006
Dione                    A            2001              75,172                  $16,300                  June 10, 2006
Danae                    A            2001              75,106                 $ 30,000                   Jan 13, 2007
Protefs                  B            2004              73,630              4TCs Average(4)               Jan 04, 2007
Calipso                  B            2005              73,691              4TCs Average(4)               Dec 21, 2007
Clio                     B            2005              73,691           4TCs Average +$850(4)            Jan 02, 2007
Thetis                   B            2004              73,583                 $ 25,000                   Jul 19, 2007
Erato                    C            2004              74,444                 $ 21,000                   Oct 22, 2006
Coronis                  C            2006              74,381                 $ 21,000                   Dec 27, 2006
Pantelis SP              -            1999             169,883                 $ 47,500                   Jan 25, 2008
                                            Total:       1,064,686

(1)  Gross Time Charter Rate per day.

(2)  Estimated dates assuming earliest redelivery by charterers.

(3)  Each  vessel  is a sister  ship of the  other  vessels  that  have the same

(4)  Adjustable  every 15 days based on the average of four main  pre-determined
     time charter routes, as published by the Baltic Exchange.

(5)  As of March 31, 2006

Summary of Selected Financial & Other Data
                                                             Three Months Ended
                                                                March 31,
                                                               2006     2005
                                                             -------  ---------

(unaudited) (unaudited)
       INCOME STATEMENT DATA (in thousands of US Dollars):
            Voyage and time charter revenues               $ 24,179   $ 23,906
            Voyage expenses                                   1,755      1,634
            Vessel operating expenses                         4,927      3,176
            Net income                                       11,716     14,555
            Average number of vessels                          12.7        8.0
            Number of vessels at the end of the period         13.0        9.0
            Weighted average age of fleet (in years)            3.8        3.8
            Ownership days                                    1,146        723
            Available days                                    1,112        723
            Operating days                                    1,108        718
            Fleet utilization                                  99.6%      99.3%
            Time charter equivalent (TCE) rate (1)         $ 20,165   $ 30,805
            Daily vessel operating expenses (2)            $  4,299   $  4,393

(1)  Time charter  equivalent rates, or TCE rates, are defined as our voyage and
     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 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 webcast to review these results at 10:00 A.M.  (Eastern Time) on Friday,
May 12, 2006.

Investors  may  access  the  webcast  by  visiting  the  Company's   website  at,  and clicking on the webcast link. The webcast also is
accessible  at,  by  clicking on the Diana  Shipping  link under
"Events".  The  conference  call also may be  accessed by  telephone  by dialing
1-877-692-2086  (for U.S.-based  callers) or 1-973-935-8599  (for  international

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 use the PIN
number 7358810.

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.

                         (See financial tables attached)

                                                     DIANA SHIPPING INC.
                                                       FINANCIAL TABLES
                         Expressed in thousands of U.S. Dollars, except share, per day and fleet data

                                                                                            Three Months Ended
                                                                                                  March 31,
                                                                                         2006             2005
                                                                                    --------------    ---------------
(unaudited) (unaudited)
 Voyage and time charter revenues                                                    $       24,179   $      23,906
      Voyage expenses                                                                         1,755           1,634
      Vessel operating expenses                                                               4,927           3,176
      Depreciation and amortization of deferred charges                                       3,757           1,879
      Management fees                                                                           572             363
      Executive management services and rent                                                     76             342
      General and administrative expenses                                                       824             430
      Foreign currency losses (gains)                                                            10             (8)
                                                                                       -------------    ------------
      Operating income                                                                       12,258          16,090
                                                                                       -------------    ------------

      Interest and finance costs, net                                                          (785)         (1,677)
      Interest Income                                                                           243             142
                                                                                       -------------    ------------

      Total other income (expenses), net                                                       (542)         (1,535)
                                                                                       -------------    ------------

 Net Income                                                                          $       11,716   $      14,555
                                                                                       =============    ============

Earnings per common share, basic and diluted                                         $         0.26   $        0.49
                                                                                       =============    ============

Weighted average number of common shares, basic and diluted                              45,000,000      29,550,000
                                                                                       =============    ============

                                                                                          March 31,    December 31,
                                                                                            2006            2005
                                                                                      --------------  -------------
ASSETS                                                                                  (unaudited)

 Cash and cash equivalents                                                                   19,418          21,230
 Other current assets                                                                         5,319           5,367
 Advances for vessels under construction and acquisitions and other vessel costs                  -           4,221
 Vessels' net book value                                                                    345,840         307,305
 Other non-current assets                                                                     3,408           3,826
                                                                                      -------------    -------------
     Total assets                                                                    $      373,985         341,949
                                                                                      =============    =============


Current liabilities, including current portion of long term debt                              4,619           4,667
Long-term debt, net of current portion                                                       51,169          12,859
Other non-current liabilities                                                                   247             265
Total stockholders' equity                                                                  317,950         324,158
                                                                                      -------------    -------------
     Total liabilities and stockholders' equity                                      $      373,985         341,949
                                                                                      =============    =============

                                                                                            Three Months Ended
                                                                                                March 31,
                                                                                        2006              2005
                                                                                      -------------    --------------

(unaudited) (unaudited)
Net cash from operating activities                                                   $       15,605   $      17,754
Net cash used in investing activities                                                       (37,917)        (72,232)
Net cash from financing activities                                                           20,500          88,049


     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:  May 11, 2006                        By:  /s/ Anastassis Margaronis
                                                     Anastassis Margaronis

SK 23159 0002 669518