As filed with the Securities Exchange Commission on December 13, 2006

                                          Registration Statement No. 333 -
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                     --------------------------------------

                                    FORM F-3
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                     --------------------------------------

                               DIANA SHIPPING INC.
             (Exact name of registrant as specified in its charter)

   Republic of the Marshall Islands                            N/A
    (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                     Identification No.)

          Diana Shipping Inc.                          Seward & Kissel LLP
              Pendelis 16                         Attention: Gary J. Wolfe, Esq.
         175 64 Palaio Faliro                        One Battery Park Plaza
            Athens, Greece                          New York, New York 10004
           (30) 210 947-0100                              (212) 574-1200
    (Address and telephone number of              (Name, address and telephone
Registrant's principal executive offices)          number of agent for service)


                     --------------------------------------

                                   Copies to:

          Diana Shipping Inc.                        Gary J. Wolfe, Esq.
              Pendelis 16                            Seward & Kissel LLP
         175 64 Palaio Faliro                       One Battery Park Plaza
            Athens, Greece                         New York, New York 10004
           (30) 210 947-0100                            (212) 574-1200

                     --------------------------------------

     Approximate date of commencement of proposed sale to the public: From time
to time after this registration statement becomes effective as determined by
market conditions and other factors.

     If only securities being registered on the Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. |_|

     If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. |X|

     If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. |_|

     If this form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective Registration Statement
for the same offering. |_|

     If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective upon
filing with the Commission pursuant to Rule 462(e) under the Securities Act,
check the following box. |_|

     If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the
Securities Act, check the following box |_|

     If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. |_|




                         CALCULATION OF REGISTRATION FEE

----------------------------------------------------------------------------------------------------------
 Title of Each Class of                          Proposed Maximum     Proposed Maximum
    Securities to be         Amount to be      Aggregate Price Per   Aggregate Offering       Amount of
       Registered          Registered (1)(4)         Unit (2)             Price (1)       Registration Fee
----------------------------------------------------------------------------------------------------------
                                                                              
    Primary Offering

----------------------------------------------------------------------------------------------------------
   Common Shares, par
 value $ 0.01 per share
          (3)

----------------------------------------------------------------------------------------------------------
 Preferred Shares, par
 value $ 0.01 per share
          (3)

----------------------------------------------------------------------------------------------------------
    Debt Securities
         (3)(4)

----------------------------------------------------------------------------------------------------------
       Guarantees
          (5)

----------------------------------------------------------------------------------------------------------
        Warrants
          (6)

----------------------------------------------------------------------------------------------------------
   Purchase Contracts
          (7)

----------------------------------------------------------------------------------------------------------
         Units
          (8)

----------------------------------------------------------------------------------------------------------
 Primary Offering Total                                                $423,525,000       $45,317.18(9)

----------------------------------------------------------------------------------------------------------
   Secondary Offering

----------------------------------------------------------------------------------------------------------
   Common Shares, par
 value $ 0.01 per share
    to be offered by           8,000,000           $15.24(10)          $121,920,000(10)   $13,045.44(10)
    certain selling
      shareholders
----------------------------------------------------------------------------------------------------------
                   Total                                               $545,172,000       $58,363.62


(1)  Such amount in U.S. dollars or the equivalent thereof in foreign currencies
     as shall result in an aggregate initial public offering price for all
     securities of $423,525,000.

(2)  Estimated solely for the purpose of calculating the registration fee
     pursuant to Rule 457(o). Any securities registered hereunder may be sold
     separately or as units with other securities registered hereunder. In no
     event will the aggregate offering price of all securities sold by Diana
     Shipping Inc. pursuant to this registration statement exceed $423,525,000.

(3)  Also includes such indeterminate amount of debt securities and number of
     preferred shares and common shares as may be issued upon conversion of or
     in exchange for any other debt securities or preferred shares that provide
     for conversion or exchange into other securities.

(4)  If any debt securities are issued at an original issue discount, then the
     offering may be in such greater principal amount as shall result in a
     maximum aggregate offering price not to exceed $423,525,000.

(5)  The debt securities may be guaranteed pursuant to guarantees by the
     subsidiaries of Diana Shipping Inc. No separate compensation will be
     received for the guarantees. Pursuant to Rule 457(n), no separate fees for
     the guarantees are payable.

(6)  There is being registered hereunder an indeterminate number of warrants as
     may from time to time be sold at indeterminate prices.

(7)  There is being registered hereunder an indeterminate number of purchase
     contracts as may from time to time be sold at indeterminate prices.

(8)  There is being registered hereunder an indeterminate number of units as may
     from time to time be sold at indeterminate prices. Units may consist of any
     combination of the securities registered hereunder.

(9)  This amount has been previously paid in connection with the Registrant's
     Registration Statement No. 333-133410 covering $500,000,000 aggregate
     initial offering price of securities, which was filed on April 19, 2006 and
     is being applied to this registration statement pursuant to Rule 457(p) of
     the Securities Act. The Registrant completed an offering of $76,475,000
     (including overallotment) of its common shares on June 9, 2006, that were
     registered under the Registration Statement dated April 19, 2006, which
     will be withdrawn upon the declaration of effectiveness of this
     Registration Statement.

(10) Pursuant to Rule 457(c), the offering price and registration fee are
     computed on the average of the high and low prices for the common stock on
     the New York Stock Exchange on December 12, 2006.

--------------------------------------------------------------------------------
     The Registrants hereby amend this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrants
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
--------------------------------------------------------------------------------


                         TABLE OF ADDITIONAL REGISTRANTS

Exact Name of Registrant as             Country of              Primary Standard
Specified in its Charter                Incorporation           Industrial
                                                                Classification
                                                                Code No.

Ailuk Shipping Company Inc.             Marshall Islands        4412
Bikini Shipping Company Inc.            Marshall Islands        4412
Buenos Aires Compania Armadora S.A.     Panama                  4412
Cerada International S.A.               Panama                  4412
Changame Compania Armadora S.A.         Panama                  4412
Chorrera Compania Armadora S.A.         Panama                  4412
Cypres Enterprises Corp.                Panama                  4412
Darien Compania Armadora S.A.           Panama                  4412
Diana Shipping Services S.A.            Panama                   ---
Eaton Marine S.A.                       Panama                  4412
Eniwetok Shipping Company Inc.          Marshall Islands        4412
Husky Trading, S.A.                     Panama                  4412
Jaluit Shipping Company Inc.            Marshall Islands        4412
Panama Compania Armadora S.A.           Panama                  4412
Skyvan Shipping Company S.A.            Panama                  4412
Texford Maritime S.A.                   Panama                  4412
Urbina Bay Trading, S.A.                Panama                  4412
Vesta Commercial, S.A.                  Panama                  4412
Kili Shipping Company Inc.              Marshall Islands        4412
Knox Shipping Company Inc.              Marshall Islands        4412
Lib Shipping Company Inc.               Marshall Islands        4412
Majuro Shipping Company Inc.            Marshall Islands        4412
Taka Shipping Company Inc.              Marshall Islands        4412
Bulk Carriers (USA) LLC                 United States           ----
                                        (Delaware)


--------------------------------------------------------------------------------
The information in this prospectus is not complete and may be changed. This
prospectus is not an offer to sell thse securities and it is not soliciting an
offer to buy or sell these securities in any jurisdiction where the offer or
sale is not permitted. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective.
--------------------------------------------------------------------------------

                  Subject to completion dated December 13, 2006

                                  $423,525,000

                                       and

                         8,000,000 of our Common Shares
                         Offered by Selling Shareholders

                                     [LOGO]

                               Diana Shipping Inc.

               Through this prospectus, we may periodically offer:

               (1)  our common shares,

               (2)  our preferred shares,

               (3)  our debt securities, which may be guaranteed by one or more
                    of our subsidiaries,

               (4)  our warrants,

               (5)  our purchase contracts, and

               (6)  our units

     In addition, the selling shareholders named in the section "Selling
Shareholders" may sell in one or more offerings pursuant to this registration
statement up to 8,000,000 of our common shares that were previously acquired in
private transactions. We will not receive any of the proceeds from the sale of
our common shares by the Selling Shareholders.

     The prices and other terms of the securities that we will offer will be
determined at the time of their offering and will be described in a supplement
to this prospectus.

     Our common shares are currently listed on the New York Stock Exchange under
the symbol "DSX".

     The securities issued under this prospectus may be offered directly or
through underwriters, agents or dealers. The names of any underwriters, agents
or dealers will be included in a supplement to this prospectus.

     An investment in these securities involves risks. See the section entitled
"Risk Factors" beginning on page 5.

     NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

                  The date of this prospectus is _______, 2006.


                                TABLE OF CONTENTS

PROSPECTUS SUMMARY.............................................................1
RISK FACTORS...................................................................5
USE OF PROCEEDS...............................................................16
FORWARD LOOKING STATEMENTS....................................................16
RATIO OF EARNINGS TO FIXED CHARGES............................................17
SELLING STOCKHOLDERS..........................................................18
CAPITALIZATION................................................................19
PLAN OF DISTRIBUTION..........................................................20
ENFORCEMENT OF CIVIL LIABILITIES..............................................21
DESCRIPTION OF CAPITAL STOCK..................................................21
DESCRIPTION OF PREFERRED SHARES...............................................28
DESCRIPTION OF WARRANTS.......................................................28
DESCRIPTION OF DEBT SECURITIES................................................29
DESCRIPTION OF PURCHASE CONTRACTS.............................................38
DESCRIPTION OF UNITS..........................................................39
EXPENSES......................................................................39
LEGAL MATTERS.................................................................39
EXPERTS.......................................................................40
WHERE YOU CAN FIND ADDITIONAL INFORMATION.....................................40


     Unless otherwise indicated, all dollar references in this prospectus are to
U.S. dollars and financial information presented in this prospectus that is
derived from financial statements incorporated by reference is prepared in
accordance with the U.S. generally accepted accounting principles.

     This prospectus is part of a registration statement that we filed with the
Securities and Exchange Commission, or Commission, using a shelf registration
process. Under the shelf registration process, we may sell the common shares,
preferred shares, debt securities, warrants, purchase contracts and units
described in this prospectus in one or more offerings up to a total dollar
amount of $423,525,000. In addition, the Selling Shareholders may sell in one or
more offerings pursuant to this registration statement up to 8,000,000 of our
common shares that were previously acquired in private transactions. This
prospectus provides you with a general description of the securities we or the
Selling Shareholders may offer. Each time we or the Selling Shareholders offers
securities, we will provide you with a prospectus supplement that will describe
the specific amounts, prices and terms of the offered securities. The prospectus
supplement may also add, update or change the information contained in this
prospectus. You should read carefully both this prospectus and any prospectus
supplement, together with the additional information described below.

     This prospectus does not contain all the information provided in the
registration statement that we filed with the Commission. For further
information about us or the securities offered hereby, you should refer to that
registration statement, which you can obtain from the Commission as described
below under "Where You Can Find More Information."


                               PROSPECTUS SUMMARY

     This section summarizes some of the information that is contained later in
this prospectus or in other documents incorporated by reference into this
prospectus. As an investor or prospective investor, you should review carefully
the risk factors and the more detailed information that appears later in this
prospectus or is contained in the documents that we incorporate by reference
into this prospectus.

Our Company

     We are Diana Shipping Inc., a Marshall Islands company that owns and
operates dry bulk carriers that transport iron ore, coal, grain and other dry
cargoes along worldwide shipping routes.

     Our fleet consists of 13 modern Panamax dry bulk carriers and two Capesize
dry bulk carriers that, as of December 13, 2006, had a combined carrying
capacity of 1.312 million deadweight tons, or dwt, and a weighted average age of
3.7 years.

     During 2005, we had a fleet utilization of 99.7%, our vessels achieved a
daily time charter equivalent rate of $27,838 and we generated revenues of
$103.1 million. During the nine months ended September 30, 2006, we had a fleet
utilization of 99.9%, our vessels achieved a daily time charter equivalent rate
of $21,666 and we generated revenues of $80.9 million. During 2003, 2004, and
2005, we recorded net income of $9.5 million, $60.1 million and $65.0 million,
respectively. During the nine months ended September 30, 2006, we recorded net
income of $41.6 million and net income available to common stock holders of
$21.4 million.

     Our objective is to expand our presence in the dry bulk shipping industry.
In furtherance of this objective, in January and August 2006, we took delivery
of two newly built Panamax dry bulk carriers and in November 2006, we took
delivery of one additional newly built Capesize dry bulk carrier. We have also
assumed shipbuilding contracts for two Capesize dry bulk carriers currently
under construction that we expect to take delivery of during the second quarter
of 2010.

Our Fleet

     The following table presents certain information concerning the dry bulk
carriers in our fleet as of December 13, 2006.

                                                                        Sister
Vessel                 Operating Status(1)        Dwt(4)    Age(2)      Ship(3)
-------                ----------------           ---       ---         -------
Nirefs...........       Delivered Jan. 2001       75,311    5.9 years       A
Alcyon...........       Delivered Feb. 2001       75,247    5.9 years       A
Triton...........      Delivered March 2001       75,336    5.7 years       A
Oceanis..........       Delivered May 2001        75,211    5.5 years       A
Dione............        Acquired May 2003        75,172    5.9 years       A
Danae............       Acquired July 2003        75,106    5.9 years       A
Protefs..........       Delivered Aug. 2004       73,630    2.3 years       B
Calipso..........       Delivered Feb. 2005       73,691    1.9 years       B
Pantelis SP......       Delivered Feb. 2005       169,883   7.8 years       --
Clio.............       Delivered May 2005        73,691    1.6 years       B
Erato............       Acquired Nov. 2005        74,444    2.3 years       C
Thetis...........       Acquired Nov. 2005        73,583    2.4 years       B
Coronis..........       Delivered Jan. 2006       74,381    0.9 years       C
Naias............       Delivered Aug. 2006       73,546    0.5 years       B
Sideris G.S......       Delivered Nov. 2006       174,187   0.0 years       -
Hull No. H1107...   Delivery expected Apr. 2010   177,000       -           D
Hull No. H1108...   Delivery expected Jun. 2010   177,000       -           D


----------
(1)  A vessel's delivery date refers to the date that a newly built vessel was
     delivered to us by the shipbuilding yard. A vessel's acquisition date
     refers to the date that a secondhand vessel was acquired by us from its
     previous owner.

(2)  As of December 13, 2006.

(3)  Each dry bulk carrier is a sister ship of each other bulk carrier that has
     the same letter.

(4)  A unit of a vessel's capacity for cargo, fuel oil, stores and crew,
     measured in metric tons of 1,000 kilograms. A vessel's DWT or total
     deadweight is the total weight the vessel can carry when loaded to a
     particular load line.

     We charter our dry bulk carriers to customers primarily pursuant to time
charters. Under our time charters, the charterer typically pays us a fixed daily
charter hire rate and bears all voyage expenses, including the cost of bunkers
(fuel oil) and canal and port charges. We remain responsible for paying the
chartered vessel's operating expenses, including the cost of crewing, insuring,
repairing and maintaining the vessel. We also pay (through our fleet manager)
commissions ranging from 1.25% to 5.5% of the total daily charter hire rate of
each charter to unaffiliated ship brokers and to in-house brokers associated
with the charterer, depending on the number of brokers involved with arranging
the charter. As of April 1, 2006, we acquired our fleet manager, Diana Shipping
Services, S.A., and have brought the commercial and technical management of our
vessels in-house.

     We strategically monitor developments in the dry bulk shipping industry on
an ongoing basis and, subject to market demand, adjust the charter hire periods
for our vessels according to prevailing market conditions. Historically, we have
employed our vessels on primarily short-term time charters that have ranged in
duration from a few days to 13 months, which we believe have provided us with
flexibility in responding to market developments and have assisted us in
enhancing the amount of charter hire that we are paid. As contemplated by our
business strategy, however, we have also entered into time charters in excess of
18 months for seven of the vessels in our fleet. We may in the future extend the
charter periods for additional vessels in our fleet to take advantage of the
relatively stable cash flow and high utilization rates that are associated with
long-term time charters.

Our Competitive Strengths

     We believe that we possess a number of strengths that provide us with a
competitive advantage in the dry bulk shipping industry:

     o    We own a modern, high quality fleet of dry bulk carriers. We believe
          that owning a modern, high quality fleet reduces operating costs,
          improves safety and provides us with a competitive advantage in
          securing favorable time charters.We maintain the quality of our
          vessels by carrying out regular inspections, both while in port and at
          sea, and adopting a comprehensive maintenance program for each vessel.

     o    Our fleet includes four groups of sister ships. We believe that
          maintaining a fleet that includes sister ships enhances the revenue
          generating potential of our fleet by providing us with operational and
          scheduling flexibility. The uniform nature of sister ships also
          improves our operating efficiency by allowing our fleet manager to
          apply the technical knowledge of one vessel to all vessels of the same
          series, and creates economies of scale that enable us to realize cost
          savings when maintaining, supplying and crewing our vessels.

     o    We have an experienced management team. Our management team consists
          of experienced executives who have on average more than 21 years of
          operating experience in the shipping industry and have demonstrated
          ability in managing the commercial, technical and financial areas of
          our business. Our management team is led by Mr. Simeon Palios, a
          qualified naval architect and engineer who has 40 years of experience
          in the shipping industry.

     o    Internal management of vessel operations. Effective April 1, 2006, we
          acquired our fleet manager and now conduct all of the commercial and
          technical management of our vessels in-house. We believe that
          providing our own commercial and technical management provides us with
          a competitive advantage over many of our competitors by allowing us to
          more closely monitor our operations and offer a high quality of
          performance, reliability and efficiency.

     o    We benefit from strong relationships with members of the shipping and
          financial industries. We have developed strong relationships with
          major international charterers, shipbuilders and financial
          institutions that we believe are the result of the quality of our
          operations, the strength of our management team and our reputation for
          dependability.

     o    We have a strong balance sheet and a relatively low level of
          indebtedness. We believe that our strong balance sheet and relatively
          low level of indebtedness, with a target of $150 million in debt,
          increases the amount of funds that we may draw under our credit
          facility in connection with future acquisitions and enable us to use
          cash flow that would otherwise be dedicated to debt service for other
          purposes, including funding operations and making dividend payments.

Our Business Strategy

     Our main objective is to manage and expand our fleet in a manner that
enables us to pay attractive dividends to our stockholders. To accomplish this
objective, we intend to:

     o    Continue to operate a high quality fleet. We intend to limit our
          acquisition of ships to vessels that meet rigorous industry standards
          and that are capable of meeting charterer certification requirements.
          We intend to preserve the quality of our fleet through regular
          inspections of our vessels and a comprehensive maintenance program.

     o    Strategically expand the size of our fleet. We intend to grow our
          fleet through timely and selective acquisitions of vessels in a manner
          that is accretive to dividends per share. We expect to focus our dry
          bulk carrier acquisitions primarily on Panamax and Capesize dry bulk
          carriers. We intend to continue to monitor developments in market
          conditions regularly and expect to acquire vessels in the future when
          those acquisitions would, in our view, present favorable investment
          opportunities.

     o    Pursue an appropriate balance of short-term and long-term time
          charters. We historically have chartered our vessels to customers
          primarily pursuant to short-term time charters, which we believe have
          generally increased our flexibility in responding to market
          developments and assisted us in enhancing the amount of charter hire
          rates that we are paid. We have also entered into time charters in
          excess of 18 months for seven of the vessels in our fleet and may in
          the future extend the charter periods for additional vessels to take
          advantage of the relatively stable cash flow and high utilization
          rates that are associated with long-term time charters.

     o    Maintain a strong balance sheet with limited leverage. We expect to
          draw funds under our credit facility from time to time to fund vessel
          acquisitions. We intend to limit the amount of indebtedness that we
          have outstanding at any time to approximately $150 million, which we
          believe represents a relatively conservative level. We intend to repay
          our acquisition related debt in excess of approximately $150 million
          from time to time with the net proceeds of equity issuances.

     o    Maintain low cost, highly efficient operations. We intend to actively
          monitor and control vessel operating expenses without compromising the
          quality of our vessel management by utilizing regular inspection and
          maintenance programs, employing and retaining qualified crew members
          and taking advantage of the economies of scale that result from
          operating sister ships.

     o    Capitalize on our established reputation. We intend to capitalize on
          our reputation for maintaining high standards of performance,
          reliability and safety in establishing and maintaining relationships
          with major international charterers who consider the reputation of a
          vessel owner and operator when entering into time charters and with
          shipyards and financial institutions who consider reputation to be an
          indicator of creditworthiness.

Corporate Structure

     Diana Shipping Inc. is a holding company existing under the laws of the
Marshall Islands. We maintain our principal executive offices at Pendelis 16,
175 64 Palaio Faliro, Athens, Greece. Our telephone number at that address is
+30 (210) 947-0100. Our website address is www.dianashippinginc.com. The
information on our website is not a part of this prospectus.

The Securities

     We may use this prospectus to offer up to $423,525,000 of:

          o    common shares;

          o    preferred shares;

          o    debt securities, which may be guaranteed by one or more of our
               subsidiaries;

          o    warrants;

          o    purchase contracts; and

          o    units.

     We may also offer securities of the types listed above that are convertible
or exchangeable into one or more of the securities listed above.

     In addition, the Selling Shareholders may sell in one or more offerings
pursuant to this registration statement up to 8,000,000 of our common shares
that were previously acquired in private transactions. We will not receive any
of the proceeds from the sale of our common shares sold by the Selling
Shareholders.

     A prospectus supplement will describe the specific types, amounts, prices,
and detailed terms of any of these securities that we or the Selling
Shareholders may offer and may describe certain risks associated with an
investment in the securities. Terms used in the prospectus supplement will have
the meanings described in this prospectus, unless otherwise specified.


                                  RISK FACTORS

     The following risk factors and other information included in this
prospectus should be carefully considered before making an investment decision.
In addition, you should also consider carefully the risks set forth under the
heading "Risk Factors" in any prospectus supplement before investing in the
securities offered thereby. The occurrence of any of the events described in
this section or in any prospectus supplement could significantly and negatively
affect our business, financial condition, operating results or cash available
for dividends or the trading price of our common shares and cause you to lose
all or part of your investment.

                         Industry Specific Risk Factors

Charter hire rates for dry bulk carriers may decrease in the future, which may
adversely affect our earnings

     The dry bulk shipping industry is cyclical with attendant volatility in
charter hire rates and profitability. The degree of charter hire rate volatility
among different types of dry bulk carriers has varied widely. Charter hire rates
for Panamax and Capesize dry bulk carriers have declined from their historically
high levels. Because we generally charter our vessels pursuant to short-term
time charters, we are exposed to changes in spot market rates for dry bulk
carriers and such changes may affect our earnings and the value of our dry bulk
carriers at any given time. We cannot assure you that we will be able to
successfully charter our vessels in the future or renew existing charters at
rates sufficient to allow us to meet our obligations or to pay dividends to our
stockholders. Because the factors affecting the supply and demand for vessels
are outside of our control and are unpredictable, the nature, timing, direction
and degree of changes in industry conditions are also unpredictable.

     Factors that influence demand for vessel capacity include:

          o    demand for and production of dry bulk products;

          o    global and regional economic and political conditions;

          o    the distance dry bulk is to be moved by sea; and

          o    changes in seaborne and other transportation patterns.

     The factors that influence the supply of vessel capacity include:

          o    the number of newbuilding deliveries;

          o    port and canal congestion;

          o    the scrapping rate of older vessels;

          o    vessel casualties; and

          o    the number of vessels that are out of service.

     We anticipate that the future demand for our dry bulk carriers will be
dependent upon continued economic growth in the world's economies, including
China and India, seasonal and regional changes in demand, changes in the
capacity of the global dry bulk carrier fleet and the sources and supply of dry
bulk cargo to be transported by sea. The capacity of the global dry bulk carrier
fleet seems likely to increase and there can be no assurance that economic
growth will continue. Adverse economic, political, social or other developments
could have a material adverse effect on our business and operating results.

The market values of our vessels may decrease, which could limit the amount of
funds that we can borrow under our credit facility

     The fair market values of our vessels have generally experienced high
volatility. The market prices for secondhand Panamax and Capesize dry bulk
carriers have declined from historically high levels. You should expect the
market value of our vessels to fluctuate depending on general economic and
market conditions affecting the shipping industry and prevailing charter hire
rates, competition from other shipping companies and other modes of
transportation, types, sizes and age of vessels, applicable governmental
regulations and the cost of newbuildings. If the market value of our fleet
declines, we may not be able to draw down the full amount of our credit facility
and we may not be able to obtain other financing or incur debt on terms that are
acceptable to us or at all.

The market values of our vessels may decrease, which could cause us to breach
covenants in our credit facility and adversely affect our operating results

     We believe that the market value of the vessels in our fleet is currently
in excess of amounts required under our credit facility. However, if the market
values of our vessels, which have declined from historically high levels,
decrease further, we may breach some of the covenants contained in the financing
agreements relating to our indebtedness at the time, including covenants in our
credit facility. If we do breach such covenants and we are unable to remedy the
relevant breach, our lenders could accelerate our debt and foreclose on our
fleet. In addition, if the book value of a vessel is impaired due to unfavorable
market conditions or a vessel is sold at a price below its book value, we would
incur a loss that could adversely affect our operating results.

World events could affect our results of operations and financial condition

     Terrorist attacks such as those in New York on September 11, 2001 and in
London on July 7, 2005 and the continuing response of the United States to these
attacks, as well as the threat of future terrorist attacks in the United States
or elsewhere, continues to cause uncertainty in the world's financial markets
and may affect our business, operating results and financial condition. The
continuing conflict in Iraq may lead to additional acts of terrorism and armed
conflict around the world, which may contribute to further economic instability
in the global financial markets. These uncertainties could also adversely affect
our ability to obtain additional financing on terms acceptable to us or at all.
In the past, political conflicts have also resulted in attacks on vessels,
mining of waterways and other efforts to disrupt international shipping,
particularly in the Arabian Gulf region. Acts of terrorism and piracy have also
affected vessels trading in regions such as the South China Sea. Any of these
occurrences could have a material adverse impact on our operating results,
revenues and costs.

Our operating results are subject to seasonal fluctuations, which could affect
our operating results and the amount of available cash with which we can pay
dividends

     We operate our vessels in markets that have historically exhibited seasonal
variations in demand and, as a result, in charter hire rates. This seasonality
may result in quarter-to-quarter volatility in our operating results, which
could affect the amount of dividends that we pay to our stockholders from
quarter to quarter. The dry bulk carrier market is typically stronger in the
fall and winter months in anticipation of increased consumption of coal and
other raw materials in the northern hemisphere during the winter months. In
addition, unpredictable weather patterns in these months tend to disrupt vessel
scheduling and supplies of certain commodities. As a result, our revenues have
historically been weaker during the fiscal quarters ended June 30 and September
30, and, conversely, our revenues have historically been stronger in fiscal
quarters ended December 31 and March 31. While this seasonality has not
materially affected our operating results, it could materially affect our
operating results and cash available for distribution to our stockholders as
dividends in the future.

We are subject to international safety regulations and the failure to comply
with these regulations may subject us to increased liability, may adversely
affect our insurance coverage and may result in a denial of access to, or
detention in, certain ports

     The operation of our vessels is affected by the requirements set forth in
the United Nations' International Maritime Organization's International
Management Code for the Safe Operation of Ships and Pollution Prevention, or ISM
Code. The ISM Code requires shipowners, ship managers and bareboat charterers to
develop and maintain an extensive "Safety Management System" that includes the
adoption of a safety and environmental protection policy setting forth
instructions and procedures for safe operation and describing procedures for
dealing with emergencies. The failure of a shipowner or bareboat charterer to
comply with the ISM Code may subject it to increased liability, may invalidate
existing insurance or decrease available insurance coverage for the affected
vessels and may result in a denial of access to, or detention in, certain ports.
As of the date of this prospectus, each of our vessels is ISM code-certified.

Maritime claimants could arrest one or more of our vessels, which could
interrupt our cash flow

     Crew members, suppliers of goods and services to a vessel, shippers of
cargo and other parties may be entitled to a maritime lien against a vessel for
unsatisfied debts, claims or damages. In many jurisdictions, a claimant may seek
to obtain security for its claim by arresting a vessel through foreclosure
proceedings. The arrest or attachment of one or more of our vessels could
interrupt our cash flow and require us to pay large sums of money to have the
arrest or attachment lifted. In addition, in some jurisdictions, such as South
Africa, under the "sister ship" theory of liability, a claimant may arrest both
the vessel which is subject to the claimant's maritime lien and any "associated"
vessel, which is any vessel owned or controlled by the same owner. Claimants
could attempt to assert "sister ship" liability against one vessel in our fleet
for claims relating to another of our vessels.

Governments could requisition our vessels during a period of war or emergency,
resulting in a loss of earnings

     A government could requisition one or more of our vessels for title or for
hire. Requisition for title occurs when a government takes control of a vessel
and becomes her owner, while requisition for hire occurs when a government takes
control of a vessel and effectively becomes her charterer at dictated charter
rates. Generally, requisitions occur during periods of war or emergency,
although governments may elect to requisition vessels in other circumstances.
Although we would be entitled to compensation in the event of a requisition of
one or more of our vessels, the amount and timing of payment would be uncertain.
Government requisition of one or more of our vessels may negatively impact our
revenues and reduce the amount of cash we have available for distribution as
dividends to our stockholders.

                          Company Specific Risk Factors

We are dependent on short-term time charters in a volatile shipping industry and
a decline in charter hire rates would affect our results of operations and
ability to pay dividends

     We charter our vessels primarily pursuant to short-term time charters,
although we have also entered into time charters in excess of 18 months for
seven of the vessels in our fleet and we may in the future employ additional
vessels on longer term time charters. Currently, seven of our vessels are
employed on time charters scheduled to expire within the next six months, at
which time we expect to enter into new charters for those vessels. Although
dependence on short-term time charters is not unusual in the dry bulk shipping
industry, the short-term time charter market is highly competitive and spot
market charter hire rates (which affect time charter rates) may fluctuate
significantly based upon available charters and the supply of, and demand for,
seaborne shipping capacity. While our focus on the short-term time charter
market may enable us to benefit in periods of increasing charter hire rates, we
must consistently renew our charters and this dependence makes us vulnerable to
declining charter rates. As a result of the volatility in the dry bulk carrier
charter market, we may not be able to employ our vessels upon the termination of
their existing charters at their current charter hire rates. The dry bulk
carrier charter market is volatile, and in the past short-term time charter and
spot market charter rates for dry bulk carriers have declined below operating
costs of vessels. We cannot assure you that future charter hire rates will
enable us to operate our vessels profitably or to pay you dividends.

Our earnings may be adversely affected if we are not able to take advantage of
favorable charter rates

     We charter our dry bulk carriers to customers primarily pursuant to
short-term time charters that range in duration from a few days to 13 months.
However, we have also entered into time charters in excess of 18 months for
seven of our vessels. We may in the future extend the charter periods for
additional vessels in our fleet. While we believe that longer-term charters
provide us with relatively stable cash flows and higher utilization rates than
shorter-term charters, our vessels that are committed to longer-term charters
may not be available for employment on short-term charters during periods of
increasing short-term charter hire rates when these charters may be more
profitable than long-term charters.

Investment in derivative instruments such as freight forward agreements could
result in losses

     From time to time, we may take positions in derivative instruments
including freight forward agreements, or FFAs. FFAs and other derivative
instruments may be used to hedge a vessel owner's exposure to the charter market
by providing for the sale of a contracted charter rate along a specified route
and period of time. Upon settlement, if the contracted charter rate is less than
the average of the rates, as reported by an identified index, for the specified
route and period, the seller of the FFA is required to pay the buyer an amount
equal to the difference between the contracted rate and the settlement rate,
multiplied by the number of days in the specified period. Conversely, if the
contracted rate is greater than the settlement rate, the buyer is required to
pay the seller the settlement sum. If we take positions in FFAs or other
derivative instruments and do not correctly anticipate charter rate movements
over the specified route and time period, we could suffer losses in the settling
or termination of the FFA. This could adversely affect our results of operations
and cash flows.

We cannot assure you that our board of directors will declare dividends

     Our policy is to declare quarterly distributions to stockholders by each
February, May, August and November substantially equal to our available cash
from operations during the previous quarter after cash expenses and reserves for
scheduled drydockings, intermediate and special surveys and other purposes as
our board of directors may from time to time determine are required, and after
taking into account contingent liabilities, the terms of our credit facility,
our growth strategy and other cash needs and the requirements of Marshall
Islands law. The declaration and payment of dividends, if any, will always be
subject to the discretion of our board of directors. The timing and amount of
any dividends declared will depend on, among other things, our earnings,
financial condition and cash requirements and availability, our ability to
obtain debt and equity financing on acceptable terms as contemplated by our
growth strategy and provisions of Marshall Islands law affecting the payment of
dividends. The international dry bulk shipping industry is highly volatile, and
we cannot predict with certainty the amount of cash, if any, that will be
available for distribution as dividends in any period. Also, there may be a high
degree of variability from period to period in the amount of cash that is
available for the payment of dividends.

     We may incur expenses or liabilities or be subject to other circumstances
in the future that reduce or eliminate the amount of cash that we have available
for distribution as dividends, including as a result of the risks described in
this section of the prospectus. Our growth strategy contemplates that we will
finance the acquisition of additional vessels through a combination of debt and
equity financing on terms acceptable to us. If financing is not available to us
on acceptable terms, our board of directors may determine to finance or
refinance acquisitions with cash from operations, which would reduce or even
eliminate the amount of cash available for the payment of dividends.

     Marshall Islands law generally prohibits the payment of dividends other
than from surplus (retained earnings and the excess of consideration received
for the sale of shares above the par value of the shares) or while a company is
insolvent or would be rendered insolvent by the payment of such a dividend. We
may not have sufficient surplus in the future to pay dividends. We can give no
assurance that dividends will be paid in the amounts anticipated in this
prospectus or at all.

We may have difficulty managing our planned growth properly

     In January and August 2006, we took delivery of two newly built Panamax dry
bulk carriers and in November 2006, we took delivery of one additional newly
built Capesize dry bulk carrier. We have also assumed shipbuilding contracts for
two additional Capesize dry bulk carriers that we expect to be delivered to us
during the second quarter of 2010. The addition of these vessels to our fleet
has resulted in a significant increase of the size of our fleet and has imposed
significant additional responsibilities on our management and staff. While we
expect our fleet to grow further, this may require us to increase the number of
our personnel. We will also have to increase our customer base to provide
continued employment for the new vessels. In addition, our acquisition of our
fleet manager on April 1, 2006, has imposed further requirements upon our
management and staff.

     Our future growth will primarily depend on our ability to:

          o    locate and acquire suitable vessels;

          o    identify and consummate acquisitions or joint ventures;

          o    enhance our customer base;

          o    manage our expansion; and

          o    obtain required financing on acceptable terms.

     Growing any business by acquisition presents numerous risks, such as
undisclosed liabilities and obligations, the possibility that indemnification
agreements will be unenforceable or insufficient to cover potential losses and
difficulties associated with imposing common standards, controls, procedures and
policies, obtaining additional qualified personnel, managing relationships with
customers and integrating newly acquired assets and operations into existing
infrastructure. We cannot give any assurance that we will be successful in
executing our growth plans or that we will not incur significant expenses and
losses in connection with our future growth.

We cannot assure you that we will be able to borrow amounts under our credit
facility and restrictive covenants in our credit facility may impose financial
and other restrictions on us

     We entered into a secured revolving credit facility with The Royal Bank of
Scotland Plc in February 2005 and amended the facility in May 2006. We have
already used and intend to use the facility in the future to finance future
vessel acquisitions and our working capital requirements. Our ability to borrow
amounts under the credit facility is subject to the execution of customary
documentation relating to the facility, including security documents,
satisfaction of certain customary conditions precedent and compliance with terms
and conditions included in the loan documents. Prior to each drawdown, we are
required, among other things, to provide the lender with acceptable valuations
of the vessels in our fleet confirming that the vessels in our fleet have a
minimum value and that the vessels in our fleet that secure our obligations
under the facility are sufficient to satisfy minimum security requirements. To
the extent that we are not able to satisfy these requirements, including as a
result of a decline in the value of our vessels, we may not be able to draw down
the full amount under the credit facility without obtaining a waiver or consent
from the lender. We will also not be permitted to borrow amounts under the
facility if we experience a change of control.

     The credit facility also imposes operating and financial restrictions on
us. These restrictions may limit our ability to, among other things:

          o    pay dividends or make capital expenditures if we do not repay
               amounts drawn under our credit facility, if there is a default
               under the credit facility or if the payment of the dividend or
               capital expenditure would result in a default or breach of a loan
               covenant;

          o    change the flag, class or management of our vessels;

          o    create liens on our assets;

          o    sell our vessels;

          o    enter into a time charter or consecutive voyage charters that
               have a term that exceeds, or which by virtue of any optional
               extensions may exceed, 13 months;

          o    merge or consolidate with, or transfer all or substantially all
               our assets to, another person; and

          o    enter into a new line of business.

     Therefore, we may need to seek permission from our lender in order to
engage in some corporate actions. Our lender's interests may be different from
ours and we cannot guarantee that we will be able to obtain our lender's
permission when needed. This may limit our ability to pay dividends to you,
finance our future operations, make acquisitions or pursue business
opportunities.

We cannot assure you that we will be able to refinance indebtedness incurred
under our credit facility

     We intend to finance our future vessel acquisitions initially with secured
indebtedness drawn under our credit facility. While we intend to refinance
amounts of over $150.0 million of indebtedness drawn under our credit facility
with the net proceeds of future equity offerings, we cannot assure you that we
will be able to do so on terms that are acceptable to us or at all. If we are
not able to refinance these amounts with the net proceeds of equity offerings on
terms acceptable to us or at all, we will have to dedicate a portion of our cash
flow from operations to pay the principal and interest of this indebtedness. If
we are not able to satisfy these obligations, we may have to undertake
alternative financing plans. The actual or perceived credit quality of our
charterers, any defaults by them, and the market value of our fleet, among other
things, may materially affect our ability to obtain alternative financing. In
addition, debt service payments under our credit facility or alternative
financing may limit funds otherwise available for working capital, capital
expenditures and other purposes. If we are unable to meet our debt obligations,
or if we otherwise default under our credit facility or an alternative financing
arrangement, our lender could declare the debt, together with accrued interest
and fees, to be immediately due and payable and foreclose on our fleet, which
could result in the acceleration of other indebtedness that we may have at such
time and the commencement of similar foreclosure proceedings by other lenders.

If the delivery of either of the two vessels under construction for us is
delayed or if a vessel is delivered with significant defects, our earnings and
financial condition could suffer

     We have assumed shipbuilding contracts for two Capesize dry bulk carriers
that we expect to be delivered to us during the second quarter of 2010. A delay
in the delivery of one or more of these vessels to us or the failure of the
contract counterparty to deliver one or more of these vessels at all could
adversely affect our earnings, our financial condition and the amount of
dividends that we pay in the future. In addition, to the extent a vessel is
delivered with defects, repairs could lead to substantial off-hire which could
adversely affect our earnings.

Purchasing and operating secondhand vessels may result in increased operating
costs and reduced fleet utilization

     While we have the right to inspect previously owned vessels prior to our
purchase of them and we intend to inspect all secondhand vessels that we acquire
in the future, such an inspection does not provide us with the same knowledge
about their condition that we would have if these vessels had been built for and
operated exclusively by us. A secondhand vessel may have conditions or defects
that we were not aware of when we bought the vessel and which may require us to
incur costly repairs to the vessel. These repairs may require us to put a vessel
into drydock which would reduce our fleet utilization. Furthermore, we usually
do not receive the benefit of warranties on secondhand vessels.

In the highly competitive international shipping industry, we may not be able to
compete for charters with new entrants or established companies with greater
resources

     We employ our vessels in a highly competitive market that is capital
intensive and highly fragmented. Competition arises primarily from other vessel
owners, some of whom have substantially greater resources than we do.
Competition for the transportation of dry bulk cargo by sea is intense and
depends on price, location, size, age, condition and the acceptability of the
vessel and its operators to the charterers. Due in part to the highly fragmented
market, competitors with greater resources could enter the dry bulk shipping
industry and operate larger fleets through consolidations or acquisitions and
may be able to offer lower charter rates and higher quality vessels than we are
able to offer.

We may be unable to attract and retain key management personnel and other
employees in the shipping industry, which may negatively impact the
effectiveness of our management and results of operations

     Our success depends to a significant extent upon the abilities and efforts
of our management team. We have entered into employment contracts with our
Chairman and Chief Executive Officer, Mr. Simeon Palios, our President, Mr.
Anastassis Margaronis, our Chief Financial Officer, Mr. Andreas Michalopoulos,
and our Vice President, Mr. Ioannis Zafirakis. Our success will depend upon our
ability to retain key members of our management team and to hire new members as
may be necessary. The loss of any of these individuals could adversely affect
our business prospects and financial condition. Difficulty in hiring and
retaining replacement personnel could have a similar effect. We do not
currently, nor do we intend to, maintain "key man" life insurance on any of our
officers.

Risks associated with operating ocean-going vessels could affect our business
and reputation, which could adversely affect our revenues and stock price

     The operation of ocean-going vessels carries inherent risks. These risks
include the possibility of:

          o    marine disaster;

          o    environmental accidents;

          o    cargo and property losses or damage;

          o    business interruptions caused by mechanical failure, human error,
               war, terrorism, political action in various countries, labor
               strikes or adverse weather conditions; and

          o    piracy.

     Any of these circumstances or events could increase our costs or lower our
revenues. The involvement of our vessels in an environmental disaster may harm
our reputation as a safe and reliable vessel owner and operator.

The shipping industry has inherent operational risks that may not be adequately
covered by our insurance

     We procure insurance for our fleet against risks commonly insured against
by vessel owners and operators. Our current insurance includes hull and
machinery insurance, war risks insurance and protection and indemnity insurance
(which includes environmental damage and pollution insurance). We can give no
assurance that we are adequately insured against all risks or that our insurers
will pay a particular claim. Even if our insurance coverage is adequate to cover
our losses, we may not be able to timely obtain a replacement vessel in the
event of a loss. Furthermore, in the future, we may not be able to obtain
adequate insurance coverage at reasonable rates for our fleet. We may also be
subject to calls, or premiums, in amounts based not only on our own claim
records but also the claim records of all other members of the protection and
indemnity associations through which we receive indemnity insurance coverage for
tort liability. Our insurance policies also contain deductibles, limitations and
exclusions which, although we believe are standard in the shipping industry, may
nevertheless increase our costs.

The aging of our fleet may result in increased operating costs in the future,
which could adversely affect our earnings

     In general, the cost of maintaining a vessel in good operating condition
increases with the age of the vessel. As of December 13, 2006, our fleet,
consisting of 13 Panamax dry bulk carriers and two Capesize dry bulk carriers,
had a combined carrying capacity of 1.312 million dwt and a weighted average age
of 3.7 years. As our fleet ages, we will incur increased costs. Older vessels
are typically less fuel efficient and more costly to maintain than more recently
constructed vessels due to improvements in engine technology. Cargo insurance
rates increase with the age of a vessel, making older vessels less desirable to
charterers. Governmental regulations and safety or other equipment standards
related to the age of vessels may also require expenditures for alterations or
the addition of new equipment to our vessels and may restrict the type of
activities in which our vessels may engage. We cannot assure you that, as our
vessels age, market conditions will justify those expenditures or enable us to
operate our vessels profitably during the remainder of their useful lives.

We may have to pay tax on United States source income, which would reduce our
earnings

     Under the United States Internal Revenue Code of 1986, or the Code, 50% of
the gross shipping income of a vessel owning or chartering corporation, such as
ourselves and our subsidiaries, that is attributable to transportation that
begins or ends, but that does not both begin and end, in the United States is
characterized as United States source shipping income and such income is subject
to a 4% United States federal income tax without allowance for deductions,
unless that corporation qualifies for exemption from tax under Section 883 of
the Code and the Treasury Regulations.

     Prior to our secondary offering in December 2005, based on a literal
reading of the Section 883 regulation treatment of holders of bearer shares as
non-qualified shareholders, we did not qualify for this statutory tax exemption
for the 2005 taxable year because our Chairman and Chief Executive Officer, Mr.
Simeon Palios, who owned 51.8% of our stock, owned our shares through holding
companies that had bearer shares. Nevertheless, we believe our facts are
distinguishable from those which the regulations were intended to address and
therefore, we intend to take the position that we qualify for this statutory tax
exemption for United States federal income tax purposes for 2005. We can give no
assurance, however, that we would prevail if our position were challenged on
audit.

     After our secondary offerings in December 2005 and June 2006, as a result
of the percentage ownership of our stock held by Simeon Palios being reduced to
46.04% and 39.06%, respectively, and the commitment of Fortis Bank (Nederland)
N.V., the ultimate beneficial owner of 9.52% of our stock, to procure the
submission of ownership statements evidencing its status as a qualified
shareholder in accordance with the Section 883 regulations, we expect that we
and each of our subsidiaries will qualify for exemption under Section 883 for
2006, assuming that for more than half the days of the year, the ownership of
our shares by holders of bearer shares remains below 50%, there are no other
owners of 5% or more of our stock other than Fortis or Mr. Palios during such
period, and Fortis submits ownership statements evidencing its qualified
shareholder status for such period. However, there are factual circumstances
beyond our control that could cause us to lose the benefit of this tax
exemption. For example, if other shareholders with a five percent or greater
interest in our stock were to acquire and hold our stock for more than half the
days of the year and we could not obtain ownership statements from them
evidencing their qualified shareholder status, our eligibility to qualify for
exemption under Section 883 could depend upon taking the same position as to the
holders of bearer shares as taken on our U.S. tax returns for 2005 and as
indicated above, we can give no assurance that we would prevail if our position
were challenged on audit.

     If we or our subsidiaries are not entitled to this exemption under Section
883 for any taxable year, we or our subsidiaries would be subject for those
years to a 4% United States federal income tax on our U.S.-source shipping
income. The imposition of this taxation could have a negative effect on our
business and would result in decreased earnings for us. For the 2005 and 2006
taxable years, we estimate that our maximum United States federal income tax
liability would be immaterial if we were to be subject to this taxation.

United States tax authorities could treat us as a "passive foreign investment
company", which could have adverse United States federal income tax consequences
to United States holders

     A foreign corporation will be treated as a "passive foreign investment
company," or PFIC, for United States federal income tax purposes if either (1)
at least 75% of its gross income for any taxable year consists of certain types
of "passive income" or (2) at least 50% of the average value of the
corporation's assets produce or are held for the production of those types of
"passive income." For purposes of these tests, "passive income" includes
dividends, interest, and gains from the sale or exchange of investment property
and rents and royalties other than rents and royalties which are received from
unrelated parties in connection with the active conduct of a trade or business.
For purposes of these tests, income derived from the performance of services
does not constitute "passive income." United States shareholders of a PFIC are
subject to a disadvantageous United States federal income tax regime with
respect to the income derived by the PFIC, the distributions they receive from
the PFIC and the gain, if any, they derive from the sale or other disposition of
their shares in the PFIC.

     Based on our current and proposed method of operation, we do not believe
that we will be a PFIC with respect to any taxable year. In this regard, we
intend to treat the gross income we derive or are deemed to derive from our time
chartering activities as services income, rather than rental income.
Accordingly, we believe that our income from our time chartering activities does
not constitute "passive income," and the assets that we own and operate in
connection with the production of that income do not constitute passive assets.

     There is, however, no direct legal authority under the PFIC rules
addressing our proposed method of operation. Accordingly, no assurance can be
given that the United States Internal Revenue Service, or IRS, or a court of law
will accept our position, and there is a risk that the IRS or a court of law
could determine that we are a PFIC. Moreover, no assurance can be given that we
would not constitute a PFIC for any future taxable year if there were to be
changes in the nature and extent of our operations.

     If the IRS were to find that we are or have been a PFIC for any taxable
year, our United States shareholders will face adverse United States tax
consequences. Under the PFIC rules, unless those shareholders make an election
available under the Code (which election could itself have adverse consequences
for such shareholders, such shareholders would be liable to pay United States
federal income tax at the then prevailing income tax rates on ordinary income
plus interest upon excess distributions and upon any gain from the disposition
of our common shares, as if the excess distribution or gain had been recognized
ratably over the shareholder's holding period of our common shares.

We depend upon a few significant customers for a large part of our revenues and
the loss of one or more of these customers could adversely affect our financial
performance

     We have historically derived a significant part of our revenues from a
small number of charterers. During the first nine months of 2006 and 2005,
approximately 61% and 66%, respectively of our revenues derived from four
charterers for each period. If one or more of our charterers chooses not to
charter our vessels or is unable to perform under one or more charters with us
and we are not able to find a replacement charter, we could suffer a loss of
revenues that could adversely affect our financial condition, results of
operations and cash available for distribution as dividends to our shareholders.

Our vessels may suffer damage and we may face unexpected drydocking costs, which
could adversely affect our cash flow and financial condition

     If our vessels suffer damage, they may need to be repaired at a drydocking
facility. The costs of drydock repairs are unpredictable and can be substantial.
The loss of earnings while our vessels are being repaired and repositioned, as
well as the actual cost of these repairs, would decrease our earnings and reduce
the amount of cash that we have available for dividends. We may not have
insurance that is sufficient to cover all or any of these costs or losses and
may have to pay drydocking costs not covered by our insurance.

We are a holding company, and we depend on the ability of our subsidiaries to
distribute funds to us in order to satisfy our financial obligations and to make
dividend payments

     We are a holding company and our subsidiaries conduct all of our operations
and own all of our operating assets. We have no significant assets other than
the equity interests in our subsidiaries. As a result, our ability to make
dividend payments depends on our subsidiaries and their ability to distribute
funds to us. If we are unable to obtain funds from our subsidiaries, our board
of directors may exercise its discretion not to declare or pay dividends. We do
not intend to obtain funds from other sources to pay dividends. In addition, the
declaration and payment of dividends will depend on the provisions of Marshall
Islands law affecting the payment of dividends. Marshall Islands law generally
prohibits the payment of dividends other than from surplus or while a company is
insolvent or would be rendered insolvent upon the payment of such dividends. Our
ability to pay dividends will also be subject to our satisfaction of certain
financial covenants contained in our credit facilities. There can be no
assurance that dividends will be paid in the anticipated amounts or at all.

We are incorporated in the Republic of the Marshall Islands, which does not have
a well-developed body of corporate law and as a result, shareholders may have
fewer rights and protections under Marshall Islands law than under a typical
jurisdiction in the United States

     Our corporate affairs are governed by our amended and restaed articles of
incorporation and bylaws and by the Marshall Islands Business Corporations Act,
or BCA. The provisions of the BCA resemble provisions of the corporation laws of
a number of states in the United States. However, there have been few judicial
cases in the Republic of the Marshall Islands interpreting the BCA. The rights
and fiduciary responsibilities of directors under the law of the Republic of the
Marshall Islands are not as clearly established as the rights and fiduciary
responsibilities of directors under statutes or judicial precedent in existence
in certain United States jurisdictions. Shareholder rights may differ as well.
While the BCA does specifically incorporate the non-statutory law, or judicial
case law, of the State of Delaware and other states with substantially similar
legislative provisions, our public shareholders may have more difficulty in
protecting their interests in the face of actions by management, directors or
controlling shareholders than would shareholders of a corporation incorporated
in a United States jurisdiction.

As we expand our business, we may need to improve our operating and financial
systems and will need to recruit suitable employees and crew for our vessels

     Our current operating and financial systems may not be adequate as we
expand the size of our fleet and our attempts to improve those systems may be
ineffective. In addition, as we expand our fleet, we will need to recruit
suitable additional seafarers and shoreside administrative and management
personnel. While we have not experienced any difficulty in recruiting to date,
we cannot guarantee that we will be able to continue to hire suitable employees
as we expand our fleet. If we or our crewing agent encounters business or
financial difficulties, we may not be able to adequately staff our vessels. If
we are unable to grow our financial and operating systems or to recruit suitable
employees as we expand our fleet, our financial performance may be adversely
affected and, among other things, the amount of cash available for distribution
as dividends to our shareholders may be reduced.


                                 USE OF PROCEEDS

     Unless we specify otherwise in any prospectus supplement, we intend to use
the net proceeds from the sale of securities by us offered by this prospectus to
make vessel acquisitions and for capital expenditures, repayment of
indebtedness, working capital, and general corporate purposes. We will not
receive any of the proceeds from the sale of our common shares by the Selling
Shareholders.

                           FORWARD LOOKING STATEMENTS

     Matters discussed in this document 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.

     We desire to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are including this cautionary
statement in connection with this safe harbor legislation. This document and any
other written or oral statements made by us or on our behalf may include
forward-looking statements which reflect our current views with respect to
future events and financial performance. The words "believe", "anticipate",
"intend", "estimate", "forecast", "project", "plan", "potential", "will", "may",
"should", "expect" and similar expressions identify forward-looking statements.

     The forward-looking statements in this document 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 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 and matters discussed elsewhere in
this prospectus, and in the documents incorporated by reference in this
prospectus, 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 charterhire rates and vessel values, changes in demand
in the dry bulk vessel market, changes in the company's operating expenses,
including bunker prices, drydocking and insurance costs, changes in governmental
rules and regulations or actions taken by regulatory authorities including those
that may limit the commercial useful lives of dry bulk vessels, potential
liability from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents
or political events, and other important factors described from time to time in
the reports we file with the Commission and the New York Stock Exchange. We
caution readers of this prospectus and any prospectus supplement not to place
undue reliance on these forward-looking statements, which speak only as of their
dates. We undertake no obligation to update or revise any forward-looking
statements.


                       RATIO OF EARNINGS TO FIXED CHARGES

     The following table sets forth our unaudited ratio of earnings to fixed
charges for each of the preceding five fiscal years and the nine months ended
September 30, 2006 (1)



                                       9 Months
                                     Ended Sep. 30,          For the years ended December 31,
                                          2006          2005      2004      2003      2002      2001
                                     --------------   -------   -------   -------   -------   -------
                                                                            
Earnings
Net income (loss) available to
common stockholders                  $       21,372   $64,990   $60,083   $ 9,489   $    76   $  (392)
Add: Fixed charges                            2,010     2,093     2,470     1,848     2,001     2,893
                                     --------------   -------   -------   -------   -------   -------
                                             23,382    67,083    62,553    11,337     2,077     2,501
Less: Interest capitalized                       --       122       339        91        --       203
                                     --------------   -------   -------   -------   -------   -------
Total Earnings                       $       23,382   $66,961   $62,214   $11,246   $ 2,077   $ 2,298
                                     ==============   =======   =======   =======   =======   =======

Fixed Charges
Interest expensed and capitalized             1,911     1,503     2,382     1,775     1,940     2,556
Amortization and write-off of
capitalized expenses relating to
indebtedness                         $           99       590        88        73        61       337
                                     --------------   -------   -------   -------   -------   -------

Total Fixed Charges                           2,010   $ 2,093   $ 2,470   $ 1,848   $ 2,001   $ 2,893
                                     ==============   =======   =======   =======   =======   =======

Ratio of Earnings to Fixed Charges            11.6x     32.0x     25.2x      6.1x      1.0x      0.8x

Dollar amount (in thousands)
OF Deficiency in Earnings to
Fixed Charges                                   n/a       n/a       n/a       n/a       n/a   $   595


------------
(1)  We have not issued any preferred stock as of the date of this prospectus.

For purposes of computing the consolidated ratio of earnings to fixed charges,
earnings consist of net income available to common stockholders plus interest
expensed and any amortization and write-off of capitalized expenses relating to
indebtedness. Fixed charges consist of interest expensed and capitalized,
interest portion of rental expense and amortization and write-off of capitalized
expenses relating to indebtedness.


                              SELLING STOCKHOLDERS

     The selling stockholders are offering an aggregate of 8,000,000 of our
common shares which were issued to them in private placements prior to our
initial public offering.

     Set forth below is information regarding the names and number of shares of
common stock owned and offered by each selling stockholder.


Selling Stockholders
-------------------------------------------------------------------------------------------------------------

                                    Common Stock    Percentage of                         Percentage of Class
                                    Owned Before   Class Prior to   Total Common Stock       Following the
Name of Selling Stockholder           Offering      the Offering      Offered Hereby           Offering
---------------------------           --------      ------------      --------------           --------
                                                                                   
Corozal Compania Naviera S.A. (1)      6,906,250          13.02%           2,144,070            8.98%

Ironwood Trading Corp. (2)........    13,812,500          26.04%           4,288,140           17.95%

Zoe S. Company Ltd. (3) ..........     5,050,000           9.52%           1,567,790            6.56%
                                       ---------           -----           ---------           ------

Total ............................    25,768,750          48.58%           8,000,000           33.49%
                                      ==========          ======           =========           ======


(1)  The address of Corozal Compania Naviera S.A. is: c/o Diana Shipping
     Services S.A., Pentelis 16, 17564, Palaio Faliro, Greece.

(2)  The address of Ironwood Trading Corp. is: c/o Diana Shipping Services S.A.,
     Pentelis 16, 17564, Palaio Faliro, Greece.

(3)  The address of Zoe S. Company Ltd., is: Scotia House, 404 East Bay St.,
     P.O. Box N-3016, Nassau, N.P. Bahamas, Bahamas international business
     company.


                                 CAPITALIZATION

     The following table sets forth our consolidated capitalization at September
30, 2006, on an actual basis and as adjusted to give effect to (1) the payment
of $21.2 million dividend declared on November 7, 2006, (2) the incurrence of
$75.0 million indebtedness under our revolving credit facility to fund the
purchase price of the Sideris GS delivered in November 2006, and (3) the
incurrence of $24.1 million of indebtedness under our new credit facility
agreement with Fortis to fund the first installment for the construction of two
Capesize dry bulk carriers that we expect to take delivery of during the second
quarter of 2010.

     There have been no significant changes to our capitalization since
September 30, 2006, as so adjusted.

                                                       As of September 30, 2006
                                                         Actual      As Adjusted
                                                       ---------     ----------
                                                             (unaudited)
                                                         (Dollars in thousands)

Debt:
Current portion of long term debt ..................   $      --      $      --
Long-term debt, net of current portion .............      39,600        138,680
                                                       ---------      ---------
  Total Debt .......................................   $  39,600      $ 138,680
Stockholders' equity:
Preferred shares, $0.01 par value; 25,000,000
  shares authorized, none issued ...................   $      --      $      --
Common shares, $0.01 par value; 100,000,000
  shares authorized; 53,050,000 shares issued
  and outstanding, actual and as adjusted ..........         531            531
Additional paid-in capital .........................     368,477        368,477
Accumulated deficit ................................      (4,109)       (25,329)
                                                       ---------      ---------
  Total stockholders' equity .......................     364,899        343,679
                                                       ---------      ---------
  Total capitalization .............................   $ 404,499      $ 482,359
                                                       =========      =========


                              PLAN OF DISTRIBUTION

     We may sell or distribute the securities included in this prospectus and
the Selling Shareholders may sell our common shares through underwriters,
through agents, to dealers, in private transactions, at market prices prevailing
at the time of sale, at prices related to the prevailing market prices, or at
negotiated prices.

     In addition, we or the Selling Shareholders may sell some or all of our
common shares included in this prospectus through:

          o    a block trade in which a broker-dealer may resell a portion of
               the block, as principal, in order to facilitate the transaction;

          o    purchases by a broker-dealer, as principal, and resale by the
               broker-dealer for its account; or

          o    ordinary brokerage transactions and transactions in which a
               broker solicits purchasers.

     In addition, we or the Selling Shareholders may enter into option or other
types of transactions that require us or them to deliver common shares to a
broker-dealer, who will then resell or transfer the common shares under this
prospectus. We may enter into hedging transactions with respect to our
securities. For example, we may:

          o    enter into transactions involving short sales of the common
               shares by broker-dealers;

          o    sell common shares short themselves and deliver the shares to
               close out short positions;

          o    enter into option or other types of transactions that require us
               to deliver common shares to a broker-dealer, who will then resell
               or transfer the common shares under this prospectus; or

          o    loan or pledge the common shares to a broker-dealer, who may sell
               the loaned shares or, in the event of default, sell the pledged
               shares.

     We may enter into derivative transactions with third parties, or sell
securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement indicates, in
connection with those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including in short
sale transactions. If so, the third party may use securities pledged by us or
borrowed from us or others to settle those sales or to close out any related
open borrowings of stock, and may use securities received from us in settlement
of those derivatives to close out any related open borrowings of stock. The
third party in such sale transactions will be an underwriter and, if not
identified in this prospectus, will be identified in the applicable prospectus
supplement (or a post-effective amendment). In addition, we may otherwise loan
or pledge securities to a financial institution or other third party that in
turn may sell the securities short using this prospectus. Such financial
institution or other third party may transfer its economic short position to
investors in our securities or in connection with a concurrent offering of other
securities.

     Any broker-dealers or other persons acting on our behalf or the behalf of
the Selling Shareholders that participates with us or the Selling Shareholders
in the distribution of the securities may be deemed to be underwriters and any
commissions received or profit realized by them on the resale of the securities
may be deemed to be underwriting discounts and commissions under the Securities
Act of 1933, as amended, or the Securities Act. As of the date of this
prospectus, we are not a party to any agreement, arrangement or understanding
between any broker or dealer and us with respect to the offer or sale of the
securities pursuant to this prospectus.

     At the time that any particular offering of securities is made, to the
extent required by the Securities Act, a prospectus supplement will be
distributed, setting forth the terms of the offering, including the aggregate
number of securities being offered, the purchase price of the securities, the
initial offering price of the securities, the names of any underwriters, dealers
or agents, any discounts, commissions and other items constituting compensation
from us and any discounts, commissions or concessions allowed or reallowed or
paid to dealers.

     Underwriters or agents could make sales in privately negotiated
transactions and/or any other method permitted by law, including sales deemed to
be an "at the market" offering as defined in Rule 415 promulgated under the
Securities Act, which includes sales made directly on or through the Nasdaq
Global Select Market, the existing trading market for our common shares, or
sales made to or through a market maker other than on an exchange.

     We will bear costs relating to all of the securities being registered under
this Registration Statement.

     Pursuant to a requirement by the National Association of Securities
Dealers, Inc., or NASD, the maximum commission or discount to be received by any
NASD member or independent broker/dealer may not be greater than eight percent
(8%) of the gross proceeds received by the offeror for the sale of any
securities being registered pursuant to SEC Rule 415 under the Securities Act of
1933, as amended.

                        ENFORCEMENT OF CIVIL LIABILITIES

     Diana Shipping Inc. is a Marshall Islands corporation and our principal
executive offices are located outside the United States in Athens, Greece. A
majority of our directors, officers and the experts named in the prospectus
reside outside the United States. In addition, a substantial portion of our
assets and the assets of our directors, officers and experts are located outside
the United States. As a result, you may have difficulty serving legal process
within the United States upon us or any of these persons. You may also have
difficulty enforcing, both in and outside the United States, judgments you may
obtain in United States courts against us or these persons in any action,
including actions based upon the civil liability provisions of United States
federal or state securities laws. Furthermore, there is substantial doubt that
the courts of the Marshall Islands or Greece would enter judgments in original
actions brought in those courts predicated on United States federal or state
securities laws.

                          DESCRIPTION OF CAPITAL STOCK

     The following is a description of the material terms of our amended and
restated articles of incorporation and bylaws. We refer you to our amended and
restated articles of incorporation and bylaws, copies of which have been filed
as exhibits to our registration statement filed in connection with our initial
public offering and incorporated by reference herein.

Purpose

     Our purpose, as stated in our amended and restated articles of
incorporation, is to engage in any lawful act or activity for which corporations
may now or hereafter be organized under the Business Corporations Act of the
Marshall Islands, or the BCA. Our amended and restated articles of incorporation
and bylaws do not impose any limitations on the ownership rights of our
stockholders.

Authorized Capitalization

     Under our amended and restated articles of incorporation, as of September
30, 2006, our authorized capital stock consists of 100,000,000 shares of common
stock, par value $.01 per share, of which 53,050,000 shares were issued and
outstanding, and 25,000,000 shares of preferred stock, par value $.01 per share,
of which no shares were issued and outstanding. All of our shares of stock are
in registered form.

Common Stock

     Each outstanding share of common stock entitles the holder to one vote on
all matters submitted to a vote of stockholders. Subject to preferences that may
be applicable to any outstanding shares of preferred stock, holders of shares of
common stock are entitled to receive ratably all dividends, if any, declared by
our board of directors out of funds legally available for dividends. Upon our
dissolution or liquidation or the sale of all or substantially all of our
assets, after payment in full of all amounts required to be paid to creditors
and to the holders of preferred stock having liquidation preferences, if any,
the holders of our common stock will be entitled to receive pro rata our
remaining assets available for distribution. Holders of common stock do not have
conversion, redemption or preemptive rights to subscribe to any of our
securities. The rights, preferences and privileges of holders of common stock
are subject to the rights of the holders of any shares of preferred stock which
we may issue in the future.

Preferred Stock

     Our amended and restated articles of incorporation authorize our board of
directors to establish one or more series of preferred stock and to determine,
with respect to any series of preferred stock, the terms and rights of that
series, including:

     o    the designation of the series;

     o    the number of shares of the series;

     o    the preferences and relative, participating, option or other special
          rights, if any, and any qualifications, limitations or restrictions of
          such series; and

     o    the voting rights, if any, of the holders of the series.

Directors

     Our directors are elected by a majority of the votes cast by stockholders
entitled to vote. There is no provision for cumulative voting.

     Our board of directors must consist of at least one member. Stockholders
may change the number of directors only by the affirmative vote of holders of a
majority of the outstanding common stock. The board of directors may change the
number of directors only by a majority vote of the entire board. Each director
shall be elected to serve until the next annual meeting of stockholders and
until his successor shall have been duly elected and qualified, except in the
event of his death, resignation, removal, or the earlier termination of his term
of office. Our board of directors has the authority to fix the amounts which
shall be payable to the members of the board of directors for attendance at any
meeting or for services rendered to us.

Stockholder Meetings

     Under our bylaws, annual stockholder meetings will be held at a time and
place selected by our board of directors. The meetings may be held in or outside
of the Marshall Islands. Special meetings may be called by stockholders holding
not less than one-fifth of all the outstanding shares entitled to vote at such
meeting. Our board of directors may set a record date between 15 and 60 days
before the date of any meeting to determine the stockholders that will be
eligible to receive notice and vote at the meeting.

Dissenters' Rights of Appraisal and Payment

     Under the BCA, our stockholders have the right to dissent from various
corporate actions, including any merger or consolidation sale of all or
substantially all of our assets not made in the usual course of our business,
and receive payment of the fair value of their shares. In the event of any
further amendment of our amended and restated articles of incorporation, a
stockholder also has the right to dissent and receive payment for his or her
shares if the amendment alters certain rights in respect of those shares. The
dissenting stockholder must follow the procedures set forth in the BCA to
receive payment. In the event that we and any dissenting stockholder fail to
agree on a price for the shares, the BCA procedures involve, among other things,
the institution of proceedings in the high court of the Republic of the Marshall
Islands or in any appropriate court in any jurisdiction in which the company's
shares are primarily traded on a local or national securities exchange.

Stockholders' Derivative Actions

     Under the BCA, any of our stockholders may bring an action in our name to
procure a judgment in our favor, also known as a derivative action, provided
that the stockholder bringing the action is a holder of common stock both at the
time the derivative action is commenced and at the time of the transaction to
which the action relates.

Limitations on Liability and Indemnification of Officers and Directors

     The BCA authorizes corporations to limit or eliminate the personal
liability of directors and officers to corporations and their stockholders for
monetary damages for breaches of directors' fiduciary duties. Our bylaws include
a provision that eliminates the personal liability of directors for monetary
damages for actions taken as a director to the fullest extent permitted by law.

     Our bylaws provide that we must indemnify our directors and officers to the
fullest extent authorized by law. We are also expressly authorized to advance
certain expenses (including attorneys fees and disbursements and court costs) to
our directors and offices and carry directors' and officers' insurance providing
indemnification for our directors, officers and certain employees for some
liabilities. We believe that these indemnification provisions and insurance are
useful to attract and retain qualified directors and executive offices.

     The limitation of liability and indemnification provisions in our amended
and restated articles of incorporation and bylaws may discourage stockholders
from bringing a lawsuit against directors for breach of their fiduciary duty.
These provisions may also have the effect of reducing the likelihood of
derivative litigation against directors and officers, even though such an
action, if successful, might otherwise benefit us and our stockholders. In
addition, your investment may be adversely affected to the extent we pay the
costs of settlement and damage awards against directors and officers pursuant to
these indemnification provisions.

     There is currently no pending material litigation or proceeding involving
any of our directors, officers or employees for which indemnification is sought.

Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles
of Incorporation and Bylaws

     Several provisions of our amended and restated articles of incorporation
and bylaws, which are summarized below, may have anti-takeover effects. These
provisions are intended to avoid costly takeover battles, lessen our
vulnerability to a hostile change of control and enhance the ability of our
board of directors to maximize stockholder value in connection with any
unsolicited offer to acquire us. However, these anti-takeover provisions, which
are summarized below, could also discourage, delay or prevent (1) the merger or
acquisition of our company by means of a tender offer, a proxy contest or
otherwise that a stockholder may consider in its best interest and (2) the
removal of incumbent officers and directors.

Blank Check Preferred Stock

     Under the terms of our amended and restated articles of incorporation, our
board of directors has authority, without any further vote or action by our
stockholders, to issue up to 25,000,000 shares of blank check preferred stock.
Our board of directors may issue shares of preferred stock on terms calculated
to discourage, delay or prevent a change of control of our company or the
removal of our management.

Classified Board of Directors

     Our amended and restated articles of incorporation provide for the division
of our board of directors into three classes of directors, with each class as
nearly equal in number as possible, serving staggered, three year terms.
Approximately one-third of our board of directors will be elected each year.
This classified board provision could discourage a third party from making a
tender offer for our shares or attempting to obtain control of us. It could also
delay stockholders who do not agree with the policies of our board of directors
from removing a majority of our board of directors for two years.

Election and Removal of Directors

     Our amended and restated articles of incorporation prohibit cumulative
voting in the election of directors. Our bylaws require parties other than the
board of directors to give advance written notice of nominations for the
election of directors. Our articles of incorporation also provide that our
directors may be removed only for cause and only upon the affirmative vote of a
majority of the outstanding shares of our capital stock entitled to vote for
those directors. These provisions may discourage, delay or prevent the removal
of incumbent officers and directors.

Limited Actions by Stockholders

     Our amended and restated articles of incorporation and our bylaws provide
that any action required or permitted to be taken by our stockholders must be
effected at an annual or special meeting of stockholders or by the unanimous
written consent of our stockholders. Our amended and restated articles of
incorporation and our bylaws provide that, subject to certain exceptions, our
Chairman, Chief Executive Officer, or Secretary at the direction of the board of
directors or holders of not less than one-fifth of all outstanding shares may
call special meetings of our stockholders and the business transacted at the
special meeting is limited to the purposes stated in the notice. Accordingly, a
stockholder may be prevented from calling a special meeting for stockholder
consideration of a proposal over the opposition of our board of directors and
stockholder consideration of a proposal may be delayed until the next annual
meeting.

Advance Notice Requirements for Stockholder Proposals and Director Nominations

     Our bylaws provide that stockholders seeking to nominate candidates for
election as directors or to bring business before an annual meeting of
stockholders must provide timely notice of their proposal in writing to the
corporate secretary. Generally, to be timely, a stockholder's notice must be
received at our principal executive offices not less than 90 days nor more than
120 days prior to the date on which we first mailed our proxy materials for the
preceding year's annual meeting. Our bylaws also specify requirements as to the
form and content of a stockholder's notice. These provisions may impede
stockholders' ability to bring matters before an annual meeting of stockholders
or make nominations for directors at an annual meeting of stockholders.

Stockholder Rights Plan

General

     Each share of our common stock includes one right, which we refer to as a
right, that entitles the holder to purchase from us a unit consisting of
one-thousandth of a share of our preferred stock at a purchase price of $25.00
per unit, subject to specified adjustments. The rights are issued pursuant to a
rights agreement between us and Computershare Trust Company Inc., as rights
agent. Until a right is exercised, the holder of a right will have no rights to
vote or receive dividends or any other stockholder rights.

     The rights may have anti-takeover effects. The rights will cause
substantial dilution to any person or group that attempts to acquire us without
the approval of our board of directors. As a result, the overall effect of the
rights may be to render more difficult or discourage any attempt to acquire us.
Because our board of directors can approve a redemption of the rights or a
permitted offer, the rights should not interfere with a merger or other business
combination approved by our board of directors. The adoption of the rights
agreement was approved by our existing stockholders prior to the offering.

     We have summarized the material terms and conditions of the rights
agreement and the rights below. For a complete description of the rights, we
encourage you to read the rights agreement, which we have filed as an exhibit to
the registration statement of which this prospectus is a part.

Detachment of the Rights

     The rights are attached to all certificates representing our currently
outstanding common stock and will attach to all common stock certificates we
issue prior to the rights distribution date that we describe below. The rights
are not exercisable until after the rights distribution date and will expire at
the close of business on the tenth anniversary date of the adoption of the
rights plan, unless we redeem or exchange them earlier as we describe below. The
rights will separate from the common stock and a rights distribution date would
occur, subject to specified exceptions, on the earlier of the following two
dates:

     o    10 days following a public announcement that a person or group of
          affiliated or associated persons or an "acquiring person," has
          acquired or obtained the right to acquire beneficial ownership of 15%
          or more of our outstanding common stock; or

     o    10 business days following the start of a tender or exchange offer
          that would result, if closed, in a person's becoming an acquiring
          person.

     Persons who are our stockholders on the effective date of the rights
agreement are excluded from the definition of "acquiring person" until such time
as they acquire an additional 20% of our outstanding common stock for purposes
of the rights, and therefore until such time, their ownership cannot trigger the
rights. Specified "inadvertent" owners that would otherwise become an acquiring
person, including those who would have this designation as a result of
repurchases of common stock by us, will not become acquiring persons as a result
of those transactions.

     Our board of directors may defer the rights distribution date in some
circumstances, and some inadvertent acquisitions will not result in a person
becoming an acquiring person if the person promptly divests itself of a
sufficient number of shares of common stock.

     Until the rights distribution date:

     o    our common stock certificates will evidence the rights, and the rights
          will be transferable only with those certificates; and

     o    any new common stock will be issued with rights and new certificates
          will contain a notation incorporating the rights agreement by
          reference.

     As soon as practicable after the rights distribution date, the rights agent
will mail certificates representing the rights to holders of record of common
stock at the close of business on that date. After the rights distribution date,
only separate rights certificates will represent the rights.

     We will not issue rights with any shares of common stock we issue after the
rights distribution date, except as our board of directors may otherwise
determine.

Flip-In Event

     A "flip-in event" will occur under the rights agreement when a person
becomes an acquiring person otherwise than pursuant to certain kinds of
permitted offers. An offer is permitted under the rights agreement if a person
will become an acquiring person pursuant to a merger or other acquisition
agreement that has been approved by our board of directors prior to that person
becoming an acquiring person.

     If a flip-in event occurs and we have not previously redeemed the rights as
described under the heading "Redemption of Rights" below or, if the acquiring
person acquires less than 50% of our outstanding common stock and we do not
exchange the rights as described under the heading "Exchange of Rights" below,
each right, other than any right that has become void, as we describe below,
will become exercisable at the time it is no longer redeemable for the number of
shares of common stock, or, in some cases, cash, property or other of our
securities, having a current market price equal to two times the exercise price
of such right.

     When a flip-in event occurs, all rights that then are, or in some
circumstances that were, beneficially owned by or transferred to an acquiring
person or specified related parties will become void in the circumstances the
rights agreement specifies.

Flip-Over Event

     A "flip-over event" will occur under the rights agreement when, at any time
after a person has become an acquiring person:

     o    we are acquired in a merger or other business combination transaction,
          other than specified mergers that follow a permitted offer of the type
          we describe above; or

     o    50% or more of our assets or earning power is sold or transferred.

     If a flip-over event occurs, each holder of a right, other than any right
that has become void as we describe under the heading "Flip-In Event" above,
will have the right to receive the number of shares of common stock of the
acquiring company which has a current market price equal to two times the
exercise price of such right.

Antidilution

     The number of outstanding rights associated with our common stock is
subject to adjustment for any stock split, stock dividend or subdivision,
combination or reclassification of our common stock occurring prior to the
rights distribution date. With some exceptions, the rights agreement will not
require us to adjust the exercise price of the rights until cumulative
adjustments amount to at least 1% of the exercise price. It also will not
require us to issue fractional shares of our preferred stock that are not
integral multiples of one-thousandth of a share, and, instead we may make a cash
adjustment based on the market price of the common stock on the last trading
date prior to the date of exercise.

Redemption of Rights

     At any time until the date on which the occurrence of a flip-in event is
first publicly announced, we may order redemption of the rights in whole, but
not in part, at a redemption price of $0.01 per right. The redemption price is
subject to adjustment for any stock split, stock dividend or similar transaction
occurring before the date of redemption. At our option, we may pay that
redemption price in cash or shares of common stock. The rights are not
exercisable after a flip-in event if they are timely redeemed by us or until ten
days following the first public announcement of a flip-in event. If our board of
directors timely orders the redemption of the rights, the rights will terminate
on the effectiveness of that action.

Exchange of Rights

     We may, at our option, exchange the rights (other than rights owned by an
acquiring person or an affiliate or an associate of an acquiring person, which
have become void), in whole or in part. The exchange will be at an exchange
ratio of one share of common stock per right, subject to specified adjustments
at any time after the occurrence of a flip-in event and prior to any person
other than us or our existing stockholders becoming the beneficial owner of 50%
or more of our outstanding common stock for the purposes of the rights
agreement.

Amendment of Terms of Rights

     During the time the rights are redeemable, we may amend any of the
provisions of the rights agreement, other than by decreasing the redemption
price. Once the rights cease to be redeemable, we generally may amend the
provisions of the rights agreement, other than to decrease the redemption price,
only as follows:

     o    to cure any ambiguity, defect or inconsistency;

     o    to make changes that do not materially adversely affect the interests
          of holders of rights, excluding the interests of any acquiring person;
          or

     o    to shorten or lengthen any time period under the rights agreement,
          except that we cannot lengthen the time period governing redemption or
          lengthen any time period that protects, enhances or clarifies the
          benefits of holders of rights other than an acquiring person.

Transfer Agent

     The registrar and transfer agent for the common stock is Computershare
Trust Company, Inc.

Listing

     Shares of our common stock are listed on the New York Stock Exchange under
the symbol "DSX."

                         DESCRIPTION OF PREFERRED SHARES

     The material terms of any series of preferred stock that we offer through a
prospectus supplement will be described in that prospectus supplement.

     The board of directors has the authority to issue preferred shares in one
or more series and to determine the rights, preferences and restrictions, with
respect to, among other things, dividends, conversion, voting, redemption,
liquidation and the number of shares constituting any series. The issuance of
preferred shares may have the effect of delaying, deferring or preventing a
change in control of the Company without further action by the shareholders. The
issuance of preferred shares with voting and conversion rights may adversely
affect the voting power of the holders of common shares.

                             DESCRIPTION OF WARRANTS

     We may issue warrants to purchase our debt or equity securities or
securities of third parties or other rights, including rights to receive payment
in cash or securities based on the value, rate or price of one or more specified
commodities, currencies, securities or indices, or any combination of the
foregoing. Warrants may be issued independently or together with any other
securities and may be attached to, or separate from, such securities. Each
series of warrants will be issued under a separate warrant agreement to be
entered into between us and a warrant agent. The terms of any warrants to be
issued and a description of the material provisions of the applicable warrant
agreement will be set forth in the applicable prospectus supplement.

     The applicable prospectus supplement will describe the following terms of
any warrants in respect of which this prospectus is being delivered:

          o    the title of such warrants;

          o    the aggregate number of such warrants;

          o    the price or prices at which such warrants will be issued;

          o    the currency or currencies, in which the price of such warrants
               will be payable;

          o    the securities or other rights, including rights to receive
               payment in cash or securities based on the value, rate or price
               of one or more specified commodities, currencies, securities or
               indices, or any combination of the foregoing, purchasable upon
               exercise of such warrants;

          o    the price at which and the currency or currencies, in which the
               securities or other rights purchasable upon exercise of such
               warrants may be purchased;

          o    the date on which the right to exercise such warrants shall
               commence and the date on which such right shall expire;

          o    if applicable, the minimum or maximum amount of such warrants
               which may be exercised at any one time;

          o    if applicable, the designation and terms of the securities with
               which such warrants are issued and the number of such warrants
               issued with each such security;

          o    if applicable, the date on and after which such warrants and the
               related securities will be separately transferable;

          o    information with respect to book-entry procedures, if any;

          o    if applicable, a discussion of any material United States Federal
               income tax considerations; and

          o    any other terms of such warrants, including terms, procedures and
               limitations relating to the exchange and exercise of such
               warrants.

                         DESCRIPTION OF DEBT SECURITIES

     We may issue debt securities from time to time in one or more series, under
one or more indentures, each dated as of a date on or prior to the issuance of
the debt securities to which it relates. We may issue senior debt securities and
subordinated debt securities pursuant to separate indentures, a senior indenture
and a subordinated indenture, respectively, in each case between us and the
trustee named in the indenture. These indentures will be filed either as
exhibits to an amendment to this Registration Statement or a prospectus
supplement, or as an exhibit to a Securities Exchange Act of 1934, or Exchange
Act, report that will be incorporated by reference to the Registration Statement
or a prospectus supplement. We will refer to any or all of these reports as
"subsequent filings". The senior indenture and the subordinated indenture, as
amended or supplemented from time to time, are sometimes referred to
individually as an "indenture" and collectively as the "indentures". Each
indenture will be subject to and governed by the Trust Indenture Act. The
aggregate principal amount of debt securities which may be issued under each
indenture will be unlimited and each indenture will contain the specific terms
of any series of debt securities or provide that those terms must be set forth
in or determined pursuant to, an authorizing resolution, as defined in the
applicable prospectus supplement, and/or a supplemental indenture, if any,
relating to such series.

     Certain of our subsidiaries may guarantee the debt securities we offer.
Those guarantees may or may not be secured by liens, mortgages, and security
interests in the assets of those subsidiaries. The terms and conditions of any
such subsidiary guarantees, and a description of any such liens, mortgages or
security interests, will be set forth in the prospectus supplement that will
accompany this prospectus.

     Our statements below relating to the debt securities and the indentures are
summaries of their anticipated provisions, are not complete and are subject to,
and are qualified in their entirety by reference to, all of the provisions of
the applicable indenture and any applicable United States federal income tax
considerations as well as any applicable modifications of or additions to the
general terms described below in the applicable prospectus supplement or
supplemental indenture.

General

     Neither indenture limits the amount of debt securities which may be issued,
and each indenture provides that debt securities may be issued up to the
aggregate principal amount from time to time. The debt securities may be issued
in one or more series. The senior debt securities will be unsecured and will
rank on a parity with all of our other unsecured and unsubordinated
indebtedness. Each series of subordinated debt securities will be unsecured and
subordinated to all present and future senior indebtedness of debt securities
will be described in an accompanying prospectus supplement.

     You should read the subsequent filings relating to the particular series of
debt securities for the following terms of the offered debt securities:

          o    the designation, aggregate principal amount and authorized
               denominations;

          o    the issue price, expressed as a percentage of the aggregate
               principal amount;

          o    the maturity date;

          o    the interest rate per annum, if any;

          o    if the offered debt securities provide for interest payments, the
               date from which interest will accrue, the dates on which interest
               will be payable, the date on which payment of interest will
               commence and the regular record dates for interest payment dates;

          o    any optional or mandatory sinking fund provisions or conversion
               or exchangeability provisions;

          o    the date, if any, after which and the price or prices at which
               the offered debt securities may be optionally redeemed or must be
               mandatorily redeemed and any other terms and provisions of
               optional or mandatory redemptions;

          o    if other than denominations of $1,000 and any integral multiple
               thereof, the denominations in which offered debt securities of
               the series will be issuable;

          o    if other than the full principal amount, the portion of the
               principal amount of offered debt securities of the series which
               will be payable upon acceleration or provable in bankruptcy;

          o    any events of default not set forth in this prospectus;

          o    the currency or currencies, including composite currencies, in
               which principal, premium and interest will be payable, if other
               than the currency of the United States of America;

          o    if principal, premium or interest is payable, at our election or
               at the election of any holder, in a currency other than that in
               which the offered debt securities of the series are stated to be
               payable, the period or periods within which, and the terms and
               conditions upon which, the election may be made;

          o    whether interest will be payable in cash or additional securities
               at our or the holder's option and the terms and conditions upon
               which the election may be made;

          o    if denominated in a currency or currencies other than the
               currency of the United States of America, the equivalent price in
               the currency of the United States of America for purposes of
               determining the voting rights of holders of those debt securities
               under the applicable indenture;

          o    if the amount of payments of principal, premium or interest may
               be determined with reference to an index, formula or other method
               based on a coin or currency other than that in which the offered
               debt securities of the series are stated to be payable, the
               manner in which the amounts will be determined;

          o    any restrictive covenants or other material terms relating to the
               offered debt securities, which may not be inconsistent with the
               applicable indenture;

          o    whether the offered debt securities will be issued in the form of
               global securities or certificates in registered or bearer form;

          o    any terms with respect to subordination;

          o    any listing on any securities exchange or quotation system;

          o    additional provisions, if any, related to defeasance and
               discharge of the offered debt securities; and

          o    the applicability of any guarantees.

     Unless otherwise indicated in subsequent filings with the Commission
relating to the indenture, principal, premium and interest will be payable and
the debt securities will be transferable at the corporate trust office of the
applicable trustee. Unless other arrangements are made or set forth in
subsequent filings or a supplemental indenture, principal, premium and interest
will be paid by checks mailed to the holders at their registered addresses.

     Unless otherwise indicated in subsequent filings with the Commission, the
debt securities will be issued only in fully registered form without coupons, in
denominations of $1,000 or any integral multiple thereof. No service charge will
be made for any transfer or exchange of the debt securities, but we may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection with these debt securities.

     Some or all of the debt securities may be issued as discounted debt
securities, bearing no interest or interest at a rate which at the time of
issuance is below market rates, to be sold at a substantial discount below the
stated principal amount. United States federal income tax consequences and other
special considerations applicable to any discounted securities will be described
in subsequent filings with the Commission relating to those securities.

     We refer you to applicable subsequent filings with respect to any deletions
or additions or modifications from the description contained in this prospectus.

Senior Debt

     We will issue senior debt securities under the senior debt indenture. These
senior debt securities will rank on an equal basis with all our other unsecured
debt except subordinated debt.

Subordinated Debt

     We will issue subordinated debt securities under the subordinated debt
indenture. Subordinated debt will rank subordinate and junior in right of
payment, to the extent set forth in the subordinated debt indenture, to all our
senior debt (both secured and unsecured).

     In general, the holders of all senior debt are first entitled to receive
payment of the full amount unpaid on senior debt before the holders of any of
the subordinated debt securities are entitled to receive a payment on account of
the principal or interest on the indebtedness evidenced by the subordinated debt
securities in certain events.

     If we default in the payment of any principal of, or premium, if any, or
interest on any senior debt when it becomes due and payable after any applicable
grace period, then, unless and until the default is cured or waived or ceases to
exist, we cannot make a payment on account of or redeem or otherwise acquire the
subordinated debt securities.

     If there is any insolvency, bankruptcy, liquidation or other similar
proceeding relating to us or our property, then all senior debt must be paid in
full before any payment may be made to any holders of subordinated debt
securities.

     Furthermore, if we default in the payment of the principal of and accrued
interest on any subordinated debt securities that is declared due and payable
upon an event of default under the subordinated debt indenture, holders of all
our senior debt will first be entitled to receive payment in full in cash before
holders of such subordinated debt can receive any payments.

     Senior debt means:

          o    the principal, premium, if any, interest and any other amounts
               owing in respect of our indebtedness for money borrowed and
               indebtedness evidenced by securities, notes, debentures, bonds or
               other similar instruments issued by us, including the senior debt
               securities or letters of credit;

          o    all capitalized lease obligations;

          o    all hedging obligations;

          o    all obligations representing the deferred purchase price of
               property; and

          o    all deferrals, renewals, extensions and refundings of obligations
               of the type referred to above;

          o    but senior debt does not include:

          o    subordinated debt securities; and

          o    any indebtedness that by its terms is subordinated to, or ranks
               on an equal basis with, our subordinated debt securities.

Covenants

     Any series of offered debt securities may have covenants in addition to or
differing from those included in the applicable indenture which will be
described in subsequent filings prepared in connection with the offering of such
securities, limiting or restricting, among other things:

          o    the ability of us or our subsidiaries to incur either secured or
               unsecured debt, or both;

          o    the ability to make certain payments, dividends, redemptions or
               repurchases;

          o    our ability to create dividend and other payment restrictions
               affecting our subsidiaries;

          o    our ability to make investments;

          o    mergers and consolidations by us or our subsidiaries;

          o    sales of assets by us;

          o    our ability to enter into transactions with affiliates;

          o    our ability to incur liens; and

          o    sale and leaseback transactions.

Modification of the Indentures

     Each indenture and the rights of the respective holders may be modified by
us only with the consent of holders of not less than a majority in aggregate
principal amount of the outstanding debt securities of all series under the
respective indenture affected by the modification, taken together as a class.
But no modification that:

     (1)  changes the amount of securities whose holders must consent to an
          amendment, supplement or waiver;

     (2)  reduces the rate of or changes the interest payment time on any
          security or alters its redemption provisions (other than any
          alteration to any such Section which would not materially adversely
          affect the legal rights of any holder under the indenture) or the
          price at which we are required to offer to purchase the securities;

     (3)  reduces the principal or changes the maturity of any security or
          reduce the amount of, or postpone the date fixed for, the payment of
          any sinking fund or analogous obligation;

     (4)  waives a default or event of default in the payment of the principal
          of or interest, if any, on any security (except a rescission of
          acceleration of the securities of any series by the holders of at
          least a majority in principal amount of the outstanding securities of
          that series and a waiver of the payment default that resulted from
          such acceleration);

     (5)  makes the principal of or interest, if any, on any security payable in
          any currency other than that stated in the Security;

     (6)  makes any change with respect to holders' rights to receive principal
          and interest, the terms pursuant to which defaults can be waived,
          certain modifications affecting shareholders or certain
          currency-related issues; or

     (7)  waives a redemption payment with respect to any Security or change any
          of the provisions with respect to the redemption of any securities

     will be effective against any holder without his consent. In addition,
other terms as specified in subsequent filings may be modified without the
consent of the holders.

Events of Default

     Each indenture defines an event of default for the debt securities of any
series as being any one of the following events:

          o    default in any payment of interest when due which continues for
               30 days;

          o    default in any payment of principal or premium when due;

          o    default in the deposit of any sinking fund payment when due;

          o    default in the performance of any covenant in the debt securities
               or the applicable indenture which continues for 60 days after we
               receive notice of the default;

          o    default under a bond, debenture, note or other evidence of
               indebtedness for borrowed money by us or our subsidiaries (to the
               extent we are directly responsible or liable therefor) having a
               principal amount in excess of a minimum amount set forth in the
               applicable subsequent filing, whether such indebtedness now
               exists or is hereafter created, which default shall have resulted
               in such indebtedness becoming or being declared due and payable
               prior to the date on which it would otherwise have become due and
               payable, without such acceleration having been rescinded or
               annulled or cured within 30 days after we receive notice of the
               default; and

          o    events of bankruptcy, insolvency or reorganization.

     An event of default of one series of debt securities does not necessarily
constitute an event of default with respect to any other series of debt
securities.

     There may be such other or different events of default as described in an
applicable subsequent filing with respect to any class or series of offered debt
securities.

     In case an event of default occurs and continues for the debt securities of
any series, the applicable trustee or the holders of not less than 25% in
aggregate principal amount of the debt securities then outstanding of that
series may declare the principal and accrued but unpaid interest of the debt
securities of that series to be due and payable. Any event of default for the
debt securities of any series which has been cured may be waived by the holders
of a majority in aggregate principal amount of the debt securities of that
series then outstanding.

     Each indenture requires us to file annually after debt securities are
issued under that indenture with the applicable trustee a written statement
signed by two of our officers as to the absence of material defaults under the
terms of that indenture. Each indenture provides that the applicable trustee may
withhold notice to the holders of any default if it considers it in the interest
of the holders to do so, except notice of a default in payment of principal,
premium or interest.

     Subject to the duties of the trustee in case an event of default occurs and
continues, each indenture provides that the trustee is under no obligation to
exercise any of its rights or powers under that indenture at the request, order
or direction of holders unless the holders have offered to the trustee
reasonable indemnity. Subject to these provisions for indemnification and the
rights of the trustee, each indenture provides that the holders of a majority in
principal amount of the debt securities of any series then outstanding have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the trustee or exercising any trust or power conferred on
the trustee as long as the exercise of that right does not conflict with any law
or the indenture.

Defeasance and Discharge

     The terms of each indenture provide us with the option to be discharged
from any and all obligations in respect of the debt securities issued thereunder
upon the deposit with the trustee, in trust, of money or U.S. government
obligations, or both, which through the payment of interest and principal in
accordance with their terms will provide money in an amount sufficient to pay
any installment of principal, premium and interest on, and any mandatory sinking
fund payments in respect of, the debt securities on the stated maturity of the
payments in accordance with the terms of the debt securities and the indenture
governing the debt securities. This right may only be exercised if, among other
things, we have received from, or there has been published by, the United States
Internal Revenue Service a ruling to the effect that such a discharge will not
be deemed, or result in, a taxable event with respect to holders. This discharge
would not apply to our obligations to register the transfer or exchange of debt
securities, to replace stolen, lost or mutilated debt securities, to maintain
paying agencies and hold moneys for payment in trust.

Defeasance of Certain Covenants

     The terms of the debt securities provide us with the right to omit
complying with specified covenants and that specified events of default
described in a subsequent filing will not apply. In order to exercise this
right, we will be required to deposit with the trustee money or U.S. government
obligations, or both, which through the payment of interest and principal will
provide money in an amount sufficient to pay principal, premium, if any, and
interest on, and any mandatory sinking fund payments in respect of, the debt
securities on the stated maturity of such payments in accordance with the terms
of the debt securities and the indenture governing such debt securities. We will
also be required to deliver to the trustee an opinion of counsel to the effect
that the deposit and related covenant defeasance should not cause the holders of
such series to recognize income, gain or loss for United States federal income
tax purposes.

     A subsequent filing may further describe the provisions, if any, of any
particular series of offered debt securities permitting a discharge defeasance.

Subsidiary Guarantees

     Certain of our subsidiaries may guarantee the debt securities we offer. In
that case, the terms and conditions of the subsidiary guarantees will be set
forth in the applicable prospectus supplement. Unless we indicate differently in
the applicable prospectus supplement, if any of our subsidiaries guarantee any
of our debt securities that are subordinated to any of our senior indebtedness,
then the subsidiary guarantees will be subordinated to the senior indebtedness
of such subsidiary to the same extent as our debt securities are subordinated to
our senior indebtedness.

Global Securities

     The debt securities of a series may be issued in whole or in part in the
form of one or more global securities that will be deposited with, or on behalf
of, a depository identified in an applicable subsequent filing and registered in
the name of the depository or a nominee for the depository. In such a case, one
or more global securities will be issued in a denomination or aggregate
denominations equal to the portion of the aggregate principal amount of
outstanding debt securities of the series to be represented by the global
security or securities. Unless and until it is exchanged in whole or in part for
debt securities in definitive certificated form, a global security may not be
transferred except as a whole by the depository for the global security to a
nominee of the depository or by a nominee of the depository to the depository or
another nominee of the depository or by the depository or any nominee to a
successor depository for that series or a nominee of the successor depository
and except in the circumstances described in an applicable subsequent filing.

     We expect that the following provisions will apply to depository
arrangements for any portion of a series of debt securities to be represented by
a global security. Any additional or different terms of the depository
arrangement will be described in an applicable subsequent filing.

     Upon the issuance of any global security, and the deposit of that global
security with or on behalf of the depository for the global security, the
depository will credit, on its book-entry registration and transfer system, the
principal amounts of the debt securities represented by that global security to
the accounts of institutions that have accounts with the depository or its
nominee. The accounts to be credited will be designated by the underwriters or
agents engaging in the distribution of the debt securities or by us, if the debt
securities are offered and sold directly by us. Ownership of beneficial
interests in a global security will be limited to participating institutions or
persons that may hold interest through such participating institutions.
Ownership of beneficial interests by participating institutions in the global
security will be shown on, and the transfer of the beneficial interests will be
effected only through, records maintained by the depository for the global
security or by its nominee. Ownership of beneficial interests in the global
security by persons that hold through participating institutions will be shown
on, and the transfer of the beneficial interests within the participating
institutions will be effected only through, records maintained by those
participating institutions. The laws of some jurisdictions may require that
purchasers of securities take physical delivery of the securities in
certificated form. The foregoing limitations and such laws may impair the
ability to transfer beneficial interests in the global securities.

     So long as the depository for a global security, or its nominee, is the
registered owner of that global security, the depository or its nominee, as the
case may be, will be considered the sole owner or holder of the debt securities
represented by the global security for all purposes under the applicable
indenture. Unless otherwise specified in an applicable subsequent filing and
except as specified below, owners of beneficial interests in the global security
will not be entitled to have debt securities of the series represented by the
global security registered in their names, will not receive or be entitled to
receive physical delivery of debt securities of the series in certificated form
and will not be considered the holders thereof for any purposes under the
indenture. Accordingly, each person owning a beneficial interest in the global
security must rely on the procedures of the depository and, if such person is
not a participating institution, on the procedures of the participating
institution through which the person owns its interest, to exercise any rights
of a holder under the indenture.

     The depository may grant proxies and otherwise authorize participating
institutions to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a holder is entitled to give or
take under the applicable indenture. We understand that, under existing industry
practices, if we request any action of holders or any owner of a beneficial
interest in the global security desires to give any notice or take any action a
holder is entitled to give or take under the applicable indenture, the
depository would authorize the participating institutions to give the notice or
take the action, and participating institutions would authorize beneficial
owners owning through such participating institutions to give the notice or take
the action or would otherwise act upon the instructions of beneficial owners
owning through them.

     Unless otherwise specified in an applicable subsequent filings, payments of
principal, premium and interest on debt securities represented by global
security registered in the name of a depository or its nominee will be made by
us to the depository or its nominee, as the case may be, as the registered owner
of the global security.

     We expect that the depository for any debt securities represented by a
global security, upon receipt of any payment of principal, premium or interest,
will credit participating institutions' accounts with payments in amounts
proportionate to their respective beneficial interests in the principal amount
of the global security as shown on the records of the depository. We also expect
that payments by participating institutions to owners of beneficial interests in
the global security held through those participating institutions will be
governed by standing instructions and customary practices, as is now the case
with the securities held for the accounts of customers registered in street
names, and will be the responsibility of those participating institutions. None
of us, the trustees or any agent of ours or the trustees will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial interests in a global security, or for
maintaining, supervising or reviewing any records relating to those beneficial
interests.

     Unless otherwise specified in the applicable subsequent filings, a global
security of any series will be exchangeable for certificated debt securities of
the same series only if:

          o    the depository for such global securities notifies us that it is
               unwilling or unable to continue as depository or such depository
               ceases to be a clearing agency registered under the Exchange Act
               and, in either case, a successor depository is not appointed by
               us within 90 days after we receive the notice or become aware of
               the ineligibility;

          o    we in our sole discretion determine that the global securities
               shall be exchangeable for certificated debt securities; or

          o    there shall have occurred and be continuing an event of default
               under the applicable indenture with respect to the debt
               securities of that series.

     Upon any exchange, owners of beneficial interests in the global security or
securities will be entitled to physical delivery of individual debt securities
in certificated form of like tenor and terms equal in principal amount to their
beneficial interests, and to have the debt securities in certificated form
registered in the names of the beneficial owners, which names are expected to be
provided by the depository's relevant participating institutions to the
applicable trustee.

     In the event that the Depository Trust Company, or DTC, acts as depository
for the global securities of any series, the global securities will be issued as
fully registered securities registered in the name of Cede & Co., DTC's
partnership nominee.

     DTC is a limited purpose trust company organized under the New York Banking
Law, a "banking organization" within the meaning of the New York Banking Law, a
member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Exchange Act. DTC
holds securities that its participating institutions deposit with DTC. DTC also
facilitates the settlement among participating institutions of securities
transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in participating institutions'
accounts, thereby eliminating the need for physical movement of securities
certificates. Direct participating institutions include securities brokers and
dealers, banks, trust companies, clearing corporations and other organizations.
DTC is owned by a number of its direct participating institutions and by the New
York Stock Exchange, Inc., the American Stock Exchange, Inc. and the National
Association of Securities Dealers, Inc. Access to the DTC system is also
available to others, such as securities brokers and dealers and banks and trust
companies that clear through or maintain a custodial relationship with a direct
participating institution, either directly or indirectly. The rules applicable
to DTC and its participating institutions are on file with the Commission.

     To facilitate subsequent transfers, the debt securities may be registered
in the name of DTC's nominee, Cede & Co. The deposit of the debt securities with
DTC and their registration in the name of Cede & Co. will effect no change in
beneficial ownership. DTC has no knowledge of the actual beneficial owners of
the debt securities. DTC's records reflect only the identity of the direct
participating institutions to whose accounts debt securities are credited, which
may or may not be the beneficial owners. The participating institutions remain
responsible for keeping account of their holdings on behalf of their customers.

     Delivery of notices and other communications by DTC to direct participating
institutions, by direct participating institutions to indirect participating
institutions, and by direct participating institutions and indirect
participating institutions to beneficial owners of debt securities are governed
by arrangements among them, subject to any statutory or regulatory requirements
as may be in effect.

     Neither DTC nor Cede & Co. consents or votes with respect to the debt
securities. Under its usual procedures, DTC mails a proxy to the issuer as soon
as possible after the record date. The proxy assigns Cede & Co.'s consenting or
voting rights to those direct participating institution to whose accounts the
debt securities are credited on the record date.

     If applicable, redemption notices shall be sent to Cede & Co. If less than
all of the debt securities of a series represented by global securities are
being redeemed, DTC's practice is to determine by lot the amount of the interest
of each direct participating institutions in that issue to be redeemed.

     To the extent that any debt securities provide for repayment or repurchase
at the option of the holders thereof, a beneficial owner shall give notice of
any option to elect to have its interest in the global security repaid by us,
through its participating institution, to the applicable trustee, and shall
effect delivery of the interest in a global security by causing the direct
participating institution to transfer the direct participating institution's
interest in the global security or securities representing the interest, on
DTC's records, to the applicable trustee. The requirement for physical delivery
of debt securities in connection with a demand for repayment or repurchase will
be deemed satisfied when the ownership rights in the global security or
securities representing the debt securities are transferred by direct
participating institutions on DTC's records.

     DTC may discontinue providing its services as securities depository for the
debt securities at any time. Under such circumstances, in the event that a
successor securities depository is not appointed, debt security certificates are
required to be printed and delivered as described above.

     We may decide to discontinue use of the system of book-entry transfers
through the securities depository. In that event, debt security certificates
will be printed and delivered as described above.

The information in this section concerning DTC and DTC's book-entry system has
been obtained from sources that we believe to be reliable, but we take no
responsibility for its accuracy.

                        DESCRIPTION OF PURCHASE CONTRACTS

     We may issue purchase contracts for the purchase or sale of:

          o    debt or equity securities issued by us or securities of third
               parties, a basket of such securities, an index or indices of such
               securities or any combination of the above as specified in the
               applicable prospectus supplement;

          o    currencies; or

          o    commodities.

     Each purchase contract will entitle the holder thereof to purchase or sell,
and obligate us to sell or purchase, on specified dates, such securities,
currencies or commodities at a specified purchase price, which may be based on a
formula, all as set forth in the applicable prospectus supplement. We may,
however, satisfy our obligations, if any, with respect to any purchase contract
by delivering the cash value of such purchase contract or the cash value of the
property otherwise deliverable or, in the case of purchase contracts on
underlying currencies, by delivering the underlying currencies, as set forth in
the applicable prospectus supplement. The applicable prospectus supplement will
also specify the methods by which the holders may purchase or sell such
securities, currencies or commodities and any acceleration, cancellation or
termination provisions or other provisions relating to the settlement of a
purchase contract.

     The purchase contracts may require us to make periodic payments to the
holders thereof or vice versa, which payments may be deferred to the extent set
forth in the applicable prospectus supplement, and those payments may be
unsecured or prefunded on some basis. The purchase contracts may require the
holders thereof to secure their obligations in a specified manner to be
described in the applicable prospectus supplement. Alternatively, purchase
contracts may require holders to satisfy their obligations thereunder when the
purchase contracts are issued. Our obligation to settle such pre-paid purchase
contracts on the relevant settlement date may constitute indebtedness.
Accordingly, pre-paid purchase contracts will be issued under either the senior
indenture or the subordinated indenture.

                              DESCRIPTION OF UNITS

     As specified in the applicable prospectus supplement, we may issue units
consisting of one or more purchase contracts, warrants, debt securities,
preferred shares, common shares or any combination of such securities. The
applicable prospectus supplement will describe:

          o    the terms of the units and of the purchase contracts, warrants,
               debt securities, preferred shares and common shares comprising
               the units, including whether and under what circumstances the
               securities comprising the units may be traded separately;

          o    a description of the terms of any unit agreement governing the
               units; and a description of the provisions for the payment,
               settlement, transfer or exchange or the units.

                                    EXPENSES

     The following are the estimated expenses of the issuance and distribution
of the securities being registered under the registration statement of which
this prospectus forms a part, all of which will be paid by us.

                   SEC registration fee                    $58,363.62
                   Blue sky fees and expenses              $_________*
                   Printing and engraving expenses         $_________*
                   Legal fees and expenses                 $_________*
                   NYSE Supplemental Listing Fee           $_________*
                   Rating agency fees                      $_________*
                   Accounting fees and expenses            $_________*
                   Indenture Trustee fees and expenses     $_________*
                   Transfer Agent fees                     $_________*
                   Miscellaneous                           $_________*

                   Total                                   $_________*
                                                            =========

*    To be provided by amendment or as an exhibit to Report on Form 6-K that is
     incorporated by reference into this prospectus.

                                  LEGAL MATTERS

        The validity of the securities offered by this prospectus will be passed
upon for us by Seward & Kissel LLP, New York, New York with respect to matters
of U.S. and Marshall Island law.

                                     EXPERTS

     The consolidated financial statements of Diana Shipping Inc. appearing in
Diana Shipping Inc.'s Annual Report on Form 20-F for the year ended December 31,
2005, have been audited by Ernst & Young (Hellas) Certified Auditors Accountants
S.A., independent registered public accounting firm, as set forth in their
report thereon, included therein, and incorporated herein by reference. Such
consolidated financial statements are incorporated herein by reference in
reliance upon such report given on the authority of such firm as experts in
accounting and auditing.

                    WHERE YOU CAN FIND ADDITIONAL INFORMATION

     As required by the Securities Act of 1933, we filed a registration
statement relating to the securities offered by this prospectus with the
Commission. This prospectus is a part of that registration statement, which
includes additional information.

Government Filings

     We file annual and special reports within the Commission. You may read and
copy any document that we file at the public reference facilities maintained by
the Commission at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may
obtain information on the operation of the public reference room by calling 1
(800) SEC-0330, and you may obtain copies at prescribed rates from the Public
Reference Section of the Commission at its principal office in Washington, D.C.
20549. The Commission maintains a website (http://www.sec.gov) that contains
reports, proxy and information statements and other information regarding
registrants that file electronically with the Commission. In addition, you can
obtain information about us at the offices of the New York Stock Exchange, 20
Broad Street, New York, New York 10005.

Information Incorporated by Reference

     The Commission allows us to "incorporate by reference" information that we
file with it. This means that we can disclose important information to you by
referring you to those filed documents. The information incorporated by
reference is considered to be a part of this prospectus, and information that we
file later with the Commission prior to the termination of this offering will
also be considered to be part of this prospectus and will automatically update
and supersede previously filed information, including information contained in
this document.

     We incorporate by reference the documents listed below and any future
filings made with the Commission under Section 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934:

     o    Annual Report on Form 20-F for the year ended December 31, 2005, filed
          with the Commission on April 13, 2006 and amended on April 14, 2006,
          which contains audited consolidated financial statements for the most
          recent fiscal year for which those statements have been filed;

     o    Our Report on Form 6-K filed with the Commission on May 12, 2006.

     o    Our Report on Form 6-K filed with the Commission on May 25, 2006.

     o    Our Report on Form 6-K filed with the Commission on June 1, 2006.

     o    Our Report on Form 6-K filed with the Commission on June 13, 2006.

     o    Our Report on Form 6-K filed with the Commission on July 31, 2006.

     o    Our Report on Form 6-K filed with the Commission on August 9, 2006.

     o    Our Report on Form 6-K filed with the Commission on August 15, 2006.

     o    Our Report on Form 6-K filed with the Commission on September 6, 2006.

     o    Our Report on Form 6-K filed with the Commission on September 13,
          2006.

     o    Our Report on Form 6-K filed with the Commission on September 19,
          2006.

     o    Our Report on Form 6-K filed with the Commission on September 22,
          2006.

     o    Our Report on Form 6-K filed with the Commission on November 8, 2006.

     o    Our Report on Form 6-K filed with the Commission on December 1, 2006.

     o    Our Report on Form 6-K filed with the Commission on December 13, 2006.

     We are also incorporating by reference all subsequent annual reports on
Form 20-F that we file with the Commission and certain Reports on Form 6-K that
we furnish to the Commission after the date of this prospectus (if they state
that they are incorporated by reference into this prospectus) until we file a
post-effective amendment indicating that the offering of the securities made by
this prospectus has been terminated. In all cases, you should rely on the later
information over different information included in this prospectus or the
prospectus supplement.

     You should rely only on the information contained or incorporated by
reference in this prospectus and any accompanying prospectus supplement. We have
not, and any underwriters have not, authorized any other person to provide you
with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. We are not, and the
underwriters are not, making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. You should assume that
the information appearing in this prospectus and any accompanying prospectus
supplement as well as the information we previously filed with the Commission
and incorporated by reference, is accurate as of the dates on the front cover of
those documents only. Our business, financial condition and results of
operations and prospects may have changed since those dates.

     You may request a free copy of the above mentioned filings or any
subsequent filing we incorporated by reference to this prospectus by writing or
telephoning us at the following address:

     Diana Shipping Inc.
     Pendelis 16
     175 64 Palaio Faliro
     Athens, Greece
     (30) 210 947-0100

Information provided by the Company

     We will furnish holders of our common shares with annual reports containing
audited financial statements and a report by our independent public accountants,
and intend to furnish semi-annual reports containing selected unaudited
financial data for the first six months of each fiscal year. The audited
financial statements will be prepared in accordance with United States generally
accepted accounting principles and those reports will include a "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section for the relevant periods. As a "foreign private issuer", we are exempt
from the rules under the Securities Exchange Act prescribing the furnishing and
content of proxy statements to shareholders. While we intend to furnish proxy
statements to any shareholder in accordance with the rules of the New York Stock
Exchange, those proxy statements are not expected to conform to Schedule 14A of
the proxy rules promulgated under the Exchange Act. In addition, as a "foreign
private issuer", we are exempt from the rules under the Exchange Act relating to
short swing profit reporting and liability.


                                     PART II

                   INFORMATION NOT REQUIRED IN THE PROSPECTUS

                     --------------------------------------

Item 8.   Indemnification of Directors and Officers.

          Section 7.01 of the By-Laws of the Company provides that:

          The corporation shall indemnify any director or officer of the
          corporation who was or is an "authorized representative" of the
          corporation (which shall mean for the purposes of this Article a
          director or officer of the corporation, or a person serving at the
          request of the corporation as a director, officer, partner or trustee
          of another corporation, partnership, joint venture, trust or other
          enterprise) and who was or is a "party" (which shall include for
          purposes of this Article the giving of testimony or similar
          involvement) or is threatened to be made a party to any "third party
          proceeding" (which shall mean for purposes of this Article any
          threatened, pending or completed action, suit or proceeding, whether
          civil, criminal, administrative or investigative, other than an action
          by or in the right of the corporation) by reason of the fact that such
          person was or is an authorized representative of the corporation,
          against expenses which shall include for purposes of this Article
          attorneys' fees), judgments, penalties, fines and amounts paid in
          settlement actually and reasonably incurred by such person in
          connection with such third party proceeding if such person acted in
          good faith and in a manner such person reasonably believed to be in,
          or not opposed to, the best interests of the corporation and, with
          respect to any criminal third party proceeding (which shall include
          for purposes of this Article any investigation which could or does
          lead to a criminal third party proceeding) had not reasonable cause to
          believe such conduct was unlawful. The termination of any third party
          proceeding by judgment, order, settlement, indictment, conviction or
          upon a plea of no contest or its equivalent, shall not, of itself,
          create a presumption that the authorized representative did not act in
          good faith and in a manner which such person reasonably believed to be
          in or not opposed to the best interests of the corporation, and, with
          respect to any criminal third party proceeding, had reasonable cause
          to believe that such conduct was unlawful.

          Section 7.02 of the By-laws of the Company provides that:

          The corporation shall indemnify any director or officer of the
          corporation who was or is an authorized representative of the
          corporation and who was or is a party or is threatened to be made a
          party to any "corporate proceeding" (which shall mean for purposes of
          the Article any threatened, pending or completed action or suit by or
          in the right of the corporation to procure a judgment in its favor or
          any investigative proceeding by or on behalf of the corporation) by
          reason of the fact that such person was or is an authorized
          representative of the corporation, against expensed (including
          attorneys' fees) actually and reasonably incurred by such person in
          connection with the defense or settlement of such corporate proceeding
          if such person acted in good faith and in a manner such person
          reasonably believed to in, or not opposed to, the best interests of
          the corporation, except that no indemnification shall be made in
          respect of any claim, issue or matter as to which such person shall
          have been adjudged to be liable for negligence or misconduct in the
          performance of such person's duty to the corporation unless and only
          to the extent that the court in which such corporate proceeding was
          pending shall determine upon application that, despite the
          adjudication of liability but in view of all the circumstances of the
          case, such authorized representative is fairly and reasonably entitled
          to indemnity for such expenses which the court shall deem proper.

          Section 7.03 of the By-laws of the Company provides that:

          To the extent that an authorized representative of the corporation who
          neither was nor is a director or officer of the corporation has been
          successful on the merits or otherwise in defense of any third party or
          corporate proceeding or in defense of any claim, issue or matter
          therein, such person shall be indemnified against actually and
          reasonably incurred by such person in connection therewith. Such an
          authorized representative may, at the discretion of the corporation,
          be indemnified by the corporation in any other circumstances to any
          extent if the corporation would be required by Section 7.01 or 7.02 of
          this Article to indemnify such person in such circumstances to such
          extent if such person were or had been a director or officer of the
          corporation.

          Section 60 of the Associations Law of the Republic of the Marshall
          Islands provides as follows:

          Indemnification of directors and officers.

          (1) Actions not by or in right of the corporation. A corporation shall
          have power to indemnify any person who was or is a party or is
          threatened to be made a party to any threatened, pending or completed
          action, suit or proceeding whether civil, criminal, administrative or
          investigative (other than an action by or in the right of the
          corporation) by reason of the fact that he is or was a director or
          officer of the corporation, or is or was serving at the request of the
          corporation as a director or officer of another corporation,
          partnership, joint venture, trust or other enterprise, against
          expenses (including attorneys' fees), judgments, fines and amounts
          paid in settlement actually and reasonably incurred by him in
          connection with such action, suit or proceeding if he acted in good
          faith and in a manner he reasonably believed to be in or not opposed
          to the best interests of the corporation, and, with respect to any
          criminal action or proceeding, had no reasonable cause to believe his
          conduct was unlawful. The termination of any action, suit or
          proceeding by judgment, order, settlement, conviction, or upon a plea
          of no contest, or its equivalent, shall not, of itself, create a
          presumption that the person did not act in good faith and in a manner
          which he reasonably believed to be in or not opposed to the bests
          interests of the corporation, and, with respect to any criminal action
          or proceedings, had reasonable cause to believe that his conduct was
          unlawful.

          (2) Actions by or in right of the corporation. A corporation shall
          have the power to indemnify any person who was or is a party or is
          threatened to be made a party to any threatened, pending or completed
          action or suit by or in the right of the corporation to procure a
          judgment in its favor by reason of the fact that he is or was a
          director or officer of the corporation, or is or was serving at the
          request of the corporation, or is or was serving at the request of the
          corporation as a director or officer of another corporation,
          partnership, joint venture, trust or other enterprise against expenses
          (including attorneys' fees) actually and reasonably incurred by him or
          in connection with the defense or settlement of such action or suit if
          he acted in good faith and in a manner he reasonably believed to be in
          or not opposed to the best interests of the corporation and except
          that no indemnification shall be made in respect of any claims, issue
          or matter as to which such person shall have been adjudged to be
          liable for negligence or misconduct in the performance of his duty to
          the corporation unless and only to the extent that the court in which
          such action or suit was brought shall determine upon application that,
          despite the adjudication of liability but in view of all the
          circumstances of the case, such person is fairly and reasonably
          entitled to indemnity for such expenses which the court shall deem
          proper.

          (3) When director or officer successful. To the extent that a director
          or officer of a corporation has been successful on the merits
          orotherwise in defense of any action, suit or proceeding referred to
          in subsections (1) or (2) of this section, or in the defense of a
          claim, issue or matter therein, he shall be indemnified against
          expenses (including attorneys' fees) actually and reasonably incurred
          by him in connection therewith.

          (4) Payment of expenses in advance. Expenses incurred in defending a
          civil or criminal action, suit or proceeding may be paid in advance of
          the final disposition of such action, suit or proceeding as authorized
          by the board of directors in the specific case upon receipt of an
          undertaking by or on behalf of the director or officer to repay such
          amount if it shall ultimately be determined that he is not entitled to
          be indemnified by the corporation as authorized in this section.

          (5) Indemnification pursuant to other rights. The indemnification and
          advancement of expenses provided by, or granted pursuant to, the other
          subsections of this section shall not be deemed exclusive of any other
          rights to which those seeking indemnification or advancement of
          expenses may be entitled under any bylaw, agreement, vote of
          stockholders or disinterested directors or otherwise, both as to
          action in his official capacity and as to action in another capacity
          while holding such office.

          (6) Continuation of indemnification. The indemnification and
          advancement of expenses provided by, or granted pursuant to, this
          section shall, unless otherwise provided when authorized or ratified,
          continue as to a person who has ceased to be a director, officer,
          employee or agent and shall inure to the benefit of the heirs,
          executors and administrators of such a person.

          (7) Insurance. A corporation shall have the power to purchase and
          maintain insurance on behalf of any person who is or was a director or
          officer of the corporation or is or was serving at the request of the
          corporation as a director or officer against any liability asserted
          against him and incurred by him in such capacity whether or not the
          corporation would have the power to indemnify him against such
          liability under the provisions of this section.

Item 9.   Exhibits

     A list of exhibits included as part of this registration statement is set
forth in the Exhibit Index which immediately precedes such exhibits and is
incorporated herein by reference.

Item 10.  Undertakings.

     The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
               made, a post-effective amendment to this registration statement,

               (i)  To include any prospectus required by Section 10(a)(3) of
                    the Securities Act of 1933;

               (ii) To reflect in the prospectus any facts or events arising
                    after the effective date of the registration statement (or
                    the most recent post-effective amendment thereof) which,
                    individually or in the aggregate, represent a fundamental
                    change in the information set forth in the registration
                    statement. Notwithstanding the foregoing, any increase or
                    decrease in volume of securities offered (if the total
                    dollar value of securities offered would not exceed that
                    which was registered) and any deviation from the low or high
                    end of the estimated maximum offering range may be reflected
                    in the form of prospectus filed with the Commission pursuant
                    to Rule 424(b) if, in the aggregate, the changes in volume
                    and price represent no more than 20 percent change in the
                    maximum aggregate offering price set forth in the
                    "Calculation of Registration Fee" table in the effective
                    registration statement.

              (iii) To include any material information with respect to the
                    plan of distribution not previously disclosed in the
                    registration statement or any material change to such
                    information in the registration statement.

               Paragraphs 1(i), 1(ii) and 1(iii) above, do not apply if the
               information required to be included in a post effective amendment
               is contained in reports filed with or furnished to the Commission
               that are incorporated by reference in this Registration Statement
               or is contained in a form of prospectus filed pursuant to Rule
               424(b) under the Securities Act that is part of this Registration
               Statement,

               (2)  That, for the purpose of determining any liability under the
                    Securities Act of 1933, as amended, each such post-effective
                    amendment shall be deemed to be a new registration statement
                    relating to the securities offered therein, and the offering
                    of such securities at that time shall be deemed to be the
                    initial bona fide offering thereof.

               (3)  To remove from registration by means of a post-effective
                    amendment any of the securities being registered which
                    remain unsold at the termination of the offering.

               (4)  To file a post-effective amendment to the registration
                    statement to include any financial statements required by
                    Item 8.A. of Form 20-F at the start of any delayed offering
                    or throughout a continuous offering. Financial statements
                    and information otherwise required by Section 10(a)(3) of
                    the Act need not be furnished, provided, that the registrant
                    includes in the prospectus, by means of a post-effective
                    amendment, financial statements required pursuant to this
                    paragraph (a)(4) and other information necessary to ensure
                    that all other information in the prospectus is at least as
                    current as the date of those financial statements.
                    Notwithstanding the foregoing, with respect to registration
                    statements on Form F-3, a post-effective amendment need not
                    be filed to include financial statements and information
                    required by Section 10(a)(3) of the Securities Act of 1933
                    or Rule 3-19 of this chapter if such financial statements
                    and information are contained in periodic reports filed with
                    or furnished to the Commission by the registrant pursuant to
                    Section 13 or Section 15(d) of the Securities Exchange Act
                    of 1934 that are incorporated by reference in the Form F-3.

               (5)  Each prospectus filed by the registrant pursuant to Rule
                    424(b)(3) shall be deemed to be part of this Registration
                    Statement as of the date the filed prospectus was deemed
                    part of and included in this Registration Statement.

               (6)  Each prospectus required to be filed pursuant to Rule
                    424(b)(2), (b)(5), or (b)(7) as part of this Registration
                    Statement for the purpose of providing the information
                    required by section 10(a) of the Securities Act of 1933
                    shall be deemed to be part of and included in this
                    Registration Statement as of the earlier of the date such
                    form of prospectus is first used after effectiveness or the
                    date of the first contract of sale of securities in the
                    offering described in the prospectus. As provided in Rule
                    430B, for liability purposes of the issuer and any person
                    that is at that date an underwriter, such date shall be
                    deemed to be a new effective date of the registration
                    statement relating to the securities in the registration
                    statement to which that prospectus relates, and the offering
                    of such securities at that time shall be deemed to be the
                    initial bona fide offering thereof. Provided, however, that
                    no statement made in a registration statement or prospectus
                    that is part of the registration statement or made in a
                    document incorporated or deemed incorporated by reference
                    into the registration statement or prospectus that is part
                    of the registration statement will, as to a purchaser with a
                    time of contract of sale prior to such effective date,
                    supersede or modify any statement that was made in the
                    registration statement or prospectus that was part of the
                    registration statement or made in any such document
                    immediately prior to such effective date.

               (7)  The undersigned registrant undertakes that in a primary
                    offering of securities of the undersigned registrant
                    pursuant to this Registration Statement, regardless of the
                    underwriting method used to sell the securities to the
                    purchaser, if the securities are offered or sold to such
                    purchaser by means of any of the following communications,
                    the undersigned registrant will be a seller to the purchaser
                    and will be considered to offer or sell such securities to
                    such purchaser:

                    (i)  Any preliminary prospectus or prospectus of the
                         undersigned registrant relating to the offering
                         required to be filed pursuant to Rule 424;

                    (ii) Any free writing prospectus relating to the offering
                         prepared by or on behalf of the undersigned registrant
                         or used or referred to by the undersigned registrant;

                   (iii) The portion of any other free writing prospectus
                         relating to the offering containing material
                         information about the undersigned registrant or its
                         securities provided by or on behalf of the undersigned
                         registrant; and

                    (iv) Any other communication that is an offer in the
                         offering made by the undersigned registrant to the
                         purchaser.

               (8)  The undersigned registrant hereby undertakes that, for
                    purposes of determining any liability under the Securities
                    Act of 1933, each filing of the registrant's annual report
                    pursuant to Section 13(a) or 15(d) of the Securities
                    Exchange Act of 1934 (and, where applicable, each filing of
                    an employee benefit plan's annual report pursuant to Section
                    15(d) of the Securities Exchange Act of 1934) that is
                    incorporated by reference in the registration statement
                    shall be deemed to be a new registration statement relating
                    to the securities offered therein, and the offering of such
                    securities at that time shall be deemed to be the initial
                    bona fide offering thereof.

               (9)  The undersigned registrant hereby undertakes to deliver or
                    cause to be delivered with the prospectus, to each person to
                    whom the prospectus is sent or given, the latest annual
                    report, to security holders that is incorporated by
                    reference in the prospectus and furnished pursuant to and
                    meeting the requirements of Rule 14a-3 or Rule 14c-3 under
                    the Securities Exchange Act of 1934; and, where interim
                    financial information required to be presented by Article 3
                    of Regulation S-X is not set forth in the prospectus, to
                    deliver, or cause to be delivered to each person to whom the
                    prospectus is sent or given, the latest quarterly report
                    that is specifically incorporated by reference in the
                    prospectus to provide such interim financial information.

               (10) The undersigned registrant hereby undertakes to file an
                    application for the purpose of determining the eligibility
                    of the trustee to act under subsection (a) of Section 310 of
                    the Trust Indenture Act in accordance with the rules an
                    regulations prescribed by the Commission under Section
                    305(b)(2) of the Trust Indenture Act.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        DIANA SHIPPING INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director, Chief Executive Officer
                                               and Chairman of the Board

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                          Title
---------                          -----

/s/ Simeon P. Palios               Director, Chief Executive Officer and
--------------------               Chairman of the Board
Simeon P. Palios

/s/ Anastassis Margaronis          Director and President
-------------------------
Anastassis Margaronis

/s/ Ioannis Zafirakis              Director, Vice President and Secretary
---------------------
Ioannis Zafirakis

/s/ Andre-Nikolas Michalopoulos    Chief Financial Officer and Treasurer
-------------------------------
Andre-Nikolas Michalopoulos

/s/ Maria Dede                     Chief Accounting Officer
--------------
Maria Dede

/s/ Apostolos Kontoyannis          Director
-------------------------
Apostolos Kontoyannis

/s/ William Lawes                  Director
-----------------
William Lawes

/s/ Boris Nachamkin                Director
-------------------
Boris Nachamkin

/s/ Konstantinos Psaltis           Director
------------------------
Konstantinos Psaltis

Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Diana Shipping Inc.,
has signed this registration statement in the city of Athens, country of Greece
on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        AILUK SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                   Title
---------                                   -----

/s/ Simeon Palios                           Director & President
------------------
Simeon Palios

/s/ Andre-Nikolas Michalopoulos             Director & Treasurer
--------------------------------
Andre-Nikolas Michalopoulos

/s/ Ioannis Zafirakis                       Director & Secretary
----------------------
Ioannis Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Ailuk Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        BIKINI SHPPING COMPANY INC.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                 Title
---------                                 -----

/s/ Simeon Palios                         Director & President
------------------
Simeon Palios

/s/ Andre-Nikolas Michalopoulos           Director & Treasurer
-------------------------------
Andre-Nikolas Michalopoulos

/s/  Anastassis Margaronis                Director & Secretary
---------------------------
Anastassis Margaronis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Bikini Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       ---------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        BUENOS AIRES COMPANIA ARMADORA S.A.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                  Director & President
--------------------
Simeon P. Palios

/s/  Nicolaos Mammous                Director & Vice-President & Treasurer
---------------------
Nicolaos Mammous

/s/  Ioannis Zafirakis               Director & Secretary
----------------------
Ioannis Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Buenos Aires
Compania Armadora S.A., has signed this registration statement in city of
Athens, country of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       ---------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        CERADA INTERNATIONAL S.A.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/  Simeon P. Palios                Director & President
---------------------
Simeon P. Palios

/s/  Ioannis Zafirakis               Director & Vice-President & Treasurer
-----------------------
Ioannis Zafirakis

/s/  Semiramis Paliou                Director & Secretary
---------------------
Semiramis Paliou

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Cerada International
S.A., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        CHANGAME COMPANIA ARMADORA S.A.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/  Semiramis Paliou                Director & Vice-President
----------------------
Semiramis Paliou

/s/  Ioannis Zafirakis               Director & Treasurer
------------------------
Ioannis Zafirakis

/s/  Christoforos Sarantis           Director & Secretary
---------------------------
Christoforos Sarantis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Changame Compania
Armadora S.A., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        CHORRERA COMPANIA ARMADORA S.A.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/  Georgios Zafirakis              Director & Vice-President & Treasurer
------------------------
Georgios Zafirakis

/s/  Christoforos Sarantis           Director & Secretary
--------------------------
Christoforos Sarantis

                            Authorized Representative

         Pursuant to the requirement of the Securities Act of 1933, the
undersigned, the duly undersigned representative in the United States of
Chorrera Compania Armadora S.A., has signed this registration statement in city
of Athens, country of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        CYPRES ENTERPRISES CORP.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

            KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

                Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/  Ioannis Zafirakis               Director & Vice-President & Treasurer
-----------------------
Ioannis Zafirakis

/s/  Anastassis Margaronis           Director & Secretary
--------------------------
Anastassis Margaronis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Cypres Enterprises
Corp., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        DARIEN COMPANIA ARMADORA S.A.


                                        By:    /s/  Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 President & Director
--------------------
Simeon P. Palios

/s/  Isidoros Margaronis             Director & Vice-President & Treasurer
-------------------------
Isidoros Margaronis

/s/  Georgios Zafirakis              Director & Secretary
-----------------------
Georgios Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Darien Compania
Armadora S.A., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        DIANA SHIPPING SERVICES S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                   Title
---------                                   -----

/s/ Simeon P. Palios                        Director & President
--------------------
Simeon P. Palios

/s/  Kalomoira-Chryssi Giannakari           Director & Vice-President
----------------------------------
Kalomoira-Chryssi Giannakari

/s/  Ioannis Zafirakis                      Director & Treasurer
----------------------
Ioannis Zafirakis

/s/  Anastassis Margaronis                  Director & Secretary
--------------------------
Anastassis Margaronis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Diana Shipping
Services S.A., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        EATON MARINE S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/  Anastassis Margaronis           Director & Vice-President
---------------------------
Anastassis Margaronis

/s/  Nicolaos Mammous                Director & Treasurer & Secretary
---------------------
Nicolaos Mammous

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Eaton Marine S.A.,
has signed this registration statement in city of Athens, country of Greece on
December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        ENIWETOK SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                     Title
---------                                     -----

/s/ Simeon Palios                             Director & President
------------------
Simeon Palios

/s/ Andre-Nikolas Michalopoulos               Director & Treasurer
-------------------------------
Andre-Nikolas Michalopoulos

/s/ Kalomoira-Chryssi Giannakari              Director & Secretary
---------------------------------
Kalomoira-Chryssi Giannakari

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Eniwetok Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        HUSKY TRADING, S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/   Christoforos Sarantis          Director &Vice-President
----------------------------
Christoforos Sarantis

/s/   Semiramis Paliou               Director & Treasurer
----------------------
Semiramis Paliou

/s/   Nicolaos Mammous               Director & Secretary
-----------------------
Nicolaos Mammous

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Husky Trading, S.A.,
has signed this registration statement in city of Athens, country of Greece on
December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        JALUIT SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon Palios                    Director & President
------------------
Simeon Palios

/s/ Anastassis Margaronis            Director & Treasurer
--------------------------
Anastassis Margaronis

/s/ Nicolaos Mammous                 Director & Secretary
---------------------
Nicolaos Mammous

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Jaluit Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        PANAMA COMPANIA ARMADORA S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
---------------------
Simeon P. Palios

/s/  Nicolaos Mammous                Director & Vice-President
----------------------
Nicolaos Mammous

/s/  Christoforos Sarantis           Director & Treasurer
---------------------------
Christoforos Sarantis

/s/  Ioannis Zafirakis               Director & Secretary
-----------------------
Ioannis Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Panama Compania
Armadora S.A., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        SKYVAN SHIPPING COMPANY S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
--------------------
Simeon P. Palios

/s/  Semiramis Paliou                Director & Vice-President & Treasurer
---------------------
Semiramis Paliou

/s/  Ioannis Zafirakis               Director & Secretary
-----------------------
Ioannis Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Skyvan Shipping
Company S.A., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        TEXFORD MARITIME S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/  Simeon P. Palios                Director & President
---------------------
Simeon P. Palios

/s/  Semiramis Paliou                Director & Vice-President
----------------------
Semiramis Paliou

/s/  Anastassis Margaronis           Director & Treasurer & Secretary
---------------------------
Anastassis Margaronis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Texford Maritime
S.A., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        URBINA BAY TRADING, S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
---------------------
Simeon P. Palios

/s/  Anastassis Margaronis           Director & Vice-President & Treasurer
--------------------------
Anastassis Margaronis

/s/  Nicolaos Mammous                Director & Secretary
------------------------
Nicolaos Mammous

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Urbina Bay Trading,
S.A., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        VESTA COMMERCIAL, S.A.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
---------------------
Simeon P. Palios

/s/  Semiramis Paliou                Director & Vice-President & Secretary
---------------------
Semiramis Paliou

/s/  Ioannis Zafirakis               Director & Treasurer
-----------------------
Ioannis Zafirakis

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Vesta Commercial
S.A., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member


By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        KILI SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
---------------------
Simeon P. Palios

/s/  Anastassis Margaronis           Director & Secretary
--------------------------
Anastassis Margaronis

/s/  Semiramis Paliou                Director & Treasurer
---------------------
Semiramis Paliou

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Kili Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        KNOX SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                 Title
---------                                 -----

/s/ Simeon P. Palios                      Director & President
---------------------
Simeon P. Palios

/s/  Semiramis Paliou                     Director & Secretary
---------------------
Semiramis Paliou

/s/  Kalomira-Chryssi Giannakari          Director & Treasurer
--------------------------------
Kalomira-Chryssi Giannakari

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Knox Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        LIB SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                            Title
---------                            -----

/s/ Simeon P. Palios                 Director & President
---------------------
Simeon P. Palios

/s/  Ioannis Zafirakis               Director & Secretary
-----------------------
Ioannis Zafirakis

/s/  Nicolaos Mammous                Director & Treasurer
----------------------
Nicolaos Mammous

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Lib Shipping Company
Inc., has signed this registration statement in city of Athens, country of
Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        MAJURO SHIPPING COMPANY INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                    Title
---------                                    -----

/s/ Simeon P. Palios                         Director & President
---------------------
Simeon P. Palios

/s/ Andre-Nikolas Michalopoulos              Director & Secretary
-------------------------------
Andre-Nikolas Michalopoulos

/s/  Kalomira-Chryssi Giannakari             Director & Treasurer
--------------------------------
Kalomira-Chryssi Giannakari

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Majuro Shipping
Company Inc., has signed this registration statement in city of Athens, country
of Greece on December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Athens, country of Greece on December 13, 2006.

                                        TAKA SHIPPING INC.


                                        By:    /s/ Simeon P. Palios
                                               ---------------------------------
                                        Name:  Simeon P. Palios
                                        Title: Director & President

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Anastassis Margaronis, Ioannis
Zafirakis, Gary J. Wolfe and Robert E. Lustrin his or her true and lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on December 13,
2006 in the capacities indicated.

Signature                                    Title
---------                                    -----

/s/ Simeon P. Palios                         Director & President
---------------------
Simeon P. Palios

/s/  Nicolaos Mammous                        Director & Secretary
----------------------
Nicolaos Mammous

/s/ Andre-Nikolas Michalopoulos              Director & Treasurer
-------------------------------
Andre-Nikolas Michalopoulos

                            Authorized Representative

     Pursuant to the requirement of the Securities Act of 1933, the undersigned,
the duly undersigned representative in the United States of Taka Shipping Inc.,
has signed this registration statement in city of Athens, country of Greece on
December 13, 2006.

BULK CARRIERS (USA) LLC

By:  Diana Shipping Inc., its Sole Member

By:    /s/ Simeon P. Palios
       --------------------------------------
Name:  Simeon P. Palios
Title: Director,  Chief Executive Officer and
       Chairman of the Board


Exhibits            Description of Exhibits

1.1                 Form of Underwriting Agreement *

3.1                 Amended and Restated Articles of Incorporation of Diana
                    Shipping Inc. **

3.2                 Amended and Restated By Laws of Diana Shipping Inc. ***

4.1                 Specimen Common share certificate **

4.2                 Specimen preferred shares certificate *

4.3                 Form of warrant agreement *

4.4                 Form of purchase contract *

4.5                 Form of Unit agreement *

4.6                 Form of debt security indenture ****

4.7                 Form of subordinated debt security indenture ****

5.1                 Opinion of Seward & Kissel LLP, United States and Marshall
                    Islands counsel to Diana Shipping Inc.

11.1                Computation of ratio of earnings to fixed charges (included
                    herein under the heading "Ration of Earnings to Fixed
                    Charges")

21.1                Subsidiaries of the Company

23.1                Consent of Seward & Kissel (included in Exhibit 5.1)

23.2                Consent of Independent Registered Public Accounting Firm

24.1                Power of Attorney (contained on signature page)

25.1                Form of T-1 Statement of Eligibility (senior indenture) *

*    To be filed as an amendment or as an exhibit to a report filed pursuant to
     the Securities Exchange Act of 1934, as amended and incorporated by
     reference herein.

**   Filed as an Exhibit to the Company's Amended Registration Statement (File
     No. 333-123052) on March 15, 2005.

***  Filed as an Exhibit to the Company's Registration Statement (File No.
     333-123052) on March 1, 2005.

**** Filed as an Exhibit to the Company's Registration Statement (File No.
     333-133410) on April 19, 2006.

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