FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2007
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Diana Shipping Inc.
Pendelis 16
175 64 Palaio Faliro
Athens, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release
issued by Diana Shipping Inc. on February 16, 2007 announcing the sale of one of
its Capesize dry bulk carriers and that it has entered into a time charter
contract with Cargill International S.A. for one of its Panamax vessels.
Exhibit 1
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
izafirakis@dianashippinginc.com
For Immediate Release
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Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
ed.nebb@eurorscg.com
DIANA SHIPPING INC. ANNOUNCES SALE OF CAPESIZE VESSEL
SIGNS LONG TERM TIME CHARTER AGREEMENT WITH CARGILL FOR ITS PANAMAX VESSEL
ATHENS, Greece, February 16, 2007 - Diana Shipping Inc. (NYSE:DSX), a global
shipping transportation company specializing in dry bulk cargoes, today
announced that it has signed a Memorandum of Agreement with an unaffiliated
third party for the sale of one of its Capesize dry bulk carriers, the Pantelis
SP, for the price before commissions of $81 million. The vessel, is expected to
be delivered to its new owners in early July 2007. The Pantelis SP is a 169,883
dwt Capesize bulk carrier built in 1999 that the Company purchased in February
2005 for a contract price of $63.5 million.
The Company also announced that it has entered into a time charter contract with
Cargill International S.A. for one of its Panamax vessels, the Clio, for a
period of minimum 23 to maximum 25 months at a gross daily charter of $27,000.
The time charter contract is expected to commence on or about February 25, 2007.
The Clio is a 73,691 dwt Panamax dry bulk carrier built in 2005.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
"It is the intention of the Company to apply the proceeds from the sale of its
oldest vessel towards the purchase of the new Capesize vessel, the Semirio,
whose purchase price is only $17 million more than the sale price of Pantelis
SP. Our shareholders should also note that the delivery of Pantelis SP to its
new owners is expected to occur in early July, and until that time the Company
will continue to receive revenues from the vessel. As far as the new charter of
Clio is concerned, this indicates once again that we are committed to increasing
the visibility of our earnings by taking advantage of favorable market
conditions and locking in healthy rates."
Upon completion of sale of Pantelis SP and including other vessels under
construction, the Company's fleet will consist of thirteen Panamax and four
Capesize dry bulk carriers. The weighted average age without taking into account
the vessels under construction will be 3.2 years.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services.
The Company specializes in transporting dry bulk cargoes, including such
commodities as iron ore, coal, grain and other materials along worldwide
shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "will," "may," "should," "expect" "pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping capacity, changes in
our operating expenses, including bunker prices, drydocking and insurance costs,
the market for our vessels, availability of financing and refinancing, changes
in governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
# # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DIANA SHIPPING INC.
(registrant)
Dated: February 21, 2007 By: /s/ Anastassis Margaronis
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Anastassis Margaronis
President
SK 23159 0002 749522