Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2006
Commission File Number: 001-32458
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 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): ___
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: ___
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 ]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release
issued by Diana Shipping Inc. (the "Company") announcing that the Company has
entered into a long term time charter agreement for MV Sideris GS and has signed
a loan agreement for pre-delivery financing of two previously announced Capesize
newbuildings.
Exhibit 1
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
Email: ed.nebb@eurorscg.com
DIANA SHIPPING INC. ANNOUNCES LONG TERM TIME CHARTER
AGREEMENT FOR MV SIDERIS GS
AND
SIGNING OF LOAN AGREEMENT FOR PRE-DELIVERY FINANCING OF
TWO PREVIOUSLY-ANNOUNCED CAPESIZE NEWBUILDINGS
ATHENS, GREECE, November 7, 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 contract with BHP Billiton
Marketing AG for its Capesize dry bulk carrier, the Sideris GS, for a four-year
period with a one year extension at the charterer's option. For the initial
period of 47 to 49 months the gross daily charter hire rate will be $46,000
during the first year; $43,000 during the second year; $39,000 during the third
year and $36,000 during the fourth year. The charterer has the option to employ
the vessel for a further 11-13 month period at a daily charter rate of $48,500.
The charter is expected to commence shortly after the delivery of the vessel to
Diana Shipping by the yard, which the Company expects to be between December 1
and December 7, 2006.
During the initial four-year fixed period of the charter, this employment is
expected to generate approximately US$57 million of revenues for Diana Shipping.
If the optional period for the fifth year is exercised, the aggregate revenues
generated by this charter are expected to be approximately US$74 million.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
"We are proud to announce this new long term time charter fixture with BHP
Billiton which is consistent with our stated policy of establishing and
expanding relationships with first class customers. We believe that the
significant cash flow generation through this time charter contract will enhance
Diana Shipping's dividend paying ability while at the same time offering
shareholders greater earnings visibility by increasing contracted days for 2007
and extending this effect through 2010-2011."
The Sideris GS is a 175,000 dwt Capesize dry bulk carrier currently under
construction, and is expected to be delivered in December 2006.
Loan Agreement
The Company also announced that it has signed a Loan Agreement with Fortis Bank
for a secured term loan of $60.2 million, which the Company will use to finance
the pre-delivery installments of the two newbuilding Capesize dry bulk carriers
to be constructed by Shanghai Waigaoqiao Shipbuilding Co., Ltd. Diana Shipping
expects to take delivery of the vessels during the second quarter of 2010. Diana
Shipping's plans to assume the shipbuilding contracts for the two Capesize
vessels, as well as a Commitment Letter from Fortis Bank for the pre-delivery
financing, were previously announced in September 2006.
Under this Loan Agreement, principal repayments are scheduled upon delivery of
the vessels. The interest on this facility during the construction period will
be capitalized and included in the construction cost of the vessels. Interest
payments will not affect the Company's calculation of the quarterly dividends
per share.
About the Company
Diana Shipping Inc. (NYSE: DSX) 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 Statement
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: November 8, 2006 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
SK 23159 0002 719575