d819509_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
For
the month of October 2007
Commission
File Number: 001-32458
DIANA
SHIPPING INC.
(Translation
of registrant’s name into English)
Pendelis
16, 175 64 Palaio Faliro, Athens, Greece
(Address
of principal executive office)
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 dated October 17,
2007 of Diana Shipping Inc. (the “Company”) announcing that it has signed two
Memoranda of Agreement with unaffiliated third parties for the purchase of
two
Capesize dry bulk carriers, MV “Thalassini Niki” and MV “Thalassini Kyra” to be
renamed MV “Salt Lake City” and MV “Norfolk” respectively.
Exhibit
1
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Corporate
Contact:
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Ioannis
Zafirakis
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Director
and Vice-President
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Telephone:
+ 30-210-9470100
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izafirakis@dianashippinginc.com
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For
Immediate Release
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Investor
and Media Relations:
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Edward
Nebb
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Euro
RSCG Magnet
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Telephone:
+ 1-212-367-6848
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ed.nebb@eurorscg.com
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DIANA
SHIPPING INC. ANNOUNCES AN EN BLOC DEAL FOR THE
ACQUISITION
OF
TWO MODERN CAPESIZE DRY BULK CARRIERS
ATHENS,
Greece, Oct. 17, 2007 – Diana Shipping Inc. (NYSE:DSX), a global shipping
transportation company specializing in dry bulk cargoes, today announced that
it
has signed two Memoranda of Agreement with unaffiliated third parties for the
purchase of two Capesize dry bulk carriers, MV “Thalassini Niki” and MV
“Thalassini Kyra” to be renamed MV “Salt Lake City” and MV “Norfolk”
respectively. The “Thalassini Niki” is a 2005 built Capesize vessel of 171,810
dwt and the “Thalassini Kyra” is a 2002 built Capesize vessel of 164,218 dwt.
The agreed-upon prices for the “Thalassini Niki” and “Thalassini Kyra” are
US$140 million and US$135 million, respectively.
The
“Thalassini Niki” is chartered as of September 28, 2007 to Refined Success Ltd.,
guaranteed by Cosco (H.K) Shipping Co Ltd. for a period of minimum 59 to maximum
61 months, at a daily rate of US$55,800 less 5% commission. The “Thalassini
Niki” is expected to be delivered to the company on or about November 30,
2007.
The
“Thalassini Kyra” is chartered to Corus UK Ltd. as agents on behalf of Corus
Staal B.V. for a period of minimum 59 to maximum 61 months, at a daily rate
of
US$74,750 less 3.75% commission. The charter period for “Thalassini Kyra” is
expected to commence upon delivery of the vessel to the company on or about
February 6, 2008.
The
employment of both vessels is anticipated to generate approximately US$225
million of gross revenues for the minimum scheduled period of the
charters.
Diana
Shipping Chairman and Chief Executive Officer, Simeon Palios,
commented:
“We
believe the acquisition of these vessels again demonstrates Diana’s ability to
efficiently deploy proceeds of equity offerings in a manner that is accretive
to
the projected dividends of the Company. Furthermore, the charter agreements
create a strong and stable cash flow while at the same time the period cover
reduces the residual value risk.”
Mr.
Palios added, “This en bloc deal gives the opportunity to Diana to prolong the
existing relationship with Cosco and also establish a relationship with the
Corus Group which is a subsidiary of Tata Steel. Tata Steel is the world’s sixth
largest steel producer, with a combined presence in nearly 50 countries;
including Corus, Tata Steel has 84,000 employees across five continents and
a
pro forma crude steel production of 27 million tons in 20071.”
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.
# # #
1
Source: Corus
Group website at www.corusgroup.com
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)
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Dated: October 17,
2007
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By:
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/s/
Anastassis Margaronis
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Anastassis
Margaronis
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President
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