Exhibit
1
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Corporate
Contact:
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Ioannis
Zafirakis
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Director,
Executive Vice-President and Secretary
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Telephone:
+ 30-210-9470100
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Email:
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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Comm-Counsellors,
LLC
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Telephone:
+ 1-203-972-8350
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Email:
enebb@optonline.net
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DIANA
SHIPPING INC. ANNOUNCES SCHEDULE FOR FIRST QUARTER EARNINGS RELEASE AND DIVIDEND
DECLARATION
COMPANY
ALSO ANNOUNCES ADOPTION OF A DIVIDEND REINVESTMENT AND DIRECT STOCK PURCHASE
PLAN AND ADOPTION OF A SALES AGENCY FINANCING AGREEMENT, AND APPOINTMENT OF NEW
TRANSFER AGENT
ATHENS,
GREECE April 24, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping
company specializing in the transportation of dry bulk cargoes, today announced
that it has adopted a dividend reinvestment and direct stock purchase plan,
adopted a sales agency financing agreement, changed its transfer agent, and has
scheduled its earnings release and dividend declaration for the first quarter of
2008.
Release of 2008 First
Quarter Financial Results and
Dividend Declaration
Scheduled for May 14, 2008
The
Company announced today that its financial results for the first quarter of
2008, which ended March 31, 2008, are scheduled to be released before the
opening of the U.S. financial markets on Wednesday, May 14, 2008.
The
declaration of the Company’s cash dividend for the first quarter of 2008 ended
March 31, 2008 will also be announced at that time.
The
Company’s management will conduct a conference call and simultaneous Internet
webcast to review these results at 9:00 A.M. (Eastern Daylight Time) on
Wednesday, May 14, 2008.
Investors
may access the webcast by visiting the Company’s website at www.dianashippinginc.com,
and clicking on the webcast link. The webcast also is accessible
at www.viavid.net,
by clicking on the Diana Shipping link under “Events”. The conference
call also may be accessed by telephone by dialing 1-800-762-9441 (for U.S.-based
callers) or 1-480-629-9041 (for international callers).
A
replay of the webcast will be available soon after the completion of the call
and will be accessible on both www.dianashippinginc.com
and www.viavid.net. A
telephone replay will be available by dialing 1-800-406-7325 (for U.S.-based
callers) or 1-303-590-3030 (for international callers); callers must use the PIN
number 3866085.
Dividend Reinvestment and
Direct Stock Purchase Plan
The
Company has filed a registration statement on Form F-3 and prospectus relating
to a Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”), which
will permit the Company’s shareholders to reinvest cash dividends in additional
common shares of the Company and will permit existing shareholders and others to
purchase the Company's common shares.
Highlights
of the Dividend Reinvestment and Direct Stock Purchase Plan:
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Existing
shareholders may purchase additional common shares of the Company by
reinvesting all or a portion of the dividends paid on the Company’s common
shares or by making optional cash investments of not less than $100 each,
or up to a maximum of $10,000 per
month.
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New
investors may make an initial investment in the Company’s common shares of
not less than $250 and up to a maximum of
$10,000.
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Participants
in the Plan may authorize electronic deductions from their bank account
for optional cash investments.
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For
further information about the Dividend Reinvestment and Direct Stock Purchase
Plan, please read our prospectus relating to the Plan that has been filed with
the U.S. Securities and Exchange Commission.
The
offering is being made only by means of a prospectus. A prospectus
related to the offering has been filed with the Securities and Exchange
Commission as part of the registration statement filed on Form F-3 on April 23,
2008. Mellon Bank, N.A will be the Plan Administrator, and copies of
the prospectus may be obtained from Mellon Bank, N.A. at BNY Mellon Shareowner
Services, c/o Mellon Investor Services, P.O. Box 358035, Pittsburgh, PA
15252-8035, telephone: (877) 277-2090 if you are in the United States or Canada,
(201) 680-6578 if you are outside the United States or Canada, or (800) 231-5469
for the hearing impaired (TDD).
Sales Agency Financing
Agreement
The
Company and certain selling shareholders have entered into a Sales Agency
Financing Agreement (the “SAF Agreement”) with BNY Capital Markets Inc., or
BNYCMI. The SAF Agreement and a prospectus supplement describing the
SAF Agreement has been filed with the Securities and Exchange Commission on
April 23, 2008. Common shares that may be sold under this SAF
Agreement have previously been registered on a shelf registration statement on
Form F-3 that was declared effective on June 15, 2007. As described
in the prospectus supplement, under the SAF Agreement the Company may offer and
sell up to an aggregate of $200 million of its common shares from time to time
and the selling shareholders named in the prospectus supplement may offer and
sell up to an aggregate of 2.5 million of their common shares of the
Company. The common shares sold under the SAF Agreement will be
offered at market prices prevailing at the time of sale. For further
information, please read the prospectus supplement relating to the SAF Agreement
that has been filed with the U.S. Securities and Exchange
Commission.
Mellon Investor Services LLC
is Our New Transfer Agent
As
of March 24, 2008, Mellon Investor Services LLC is the Company’s transfer
agent. You may learn more about our transfer agent by visiting their
website at http://www.mellon.com.
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.
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