d1174001_6-k.htm
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 2011
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): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

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): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.


 
 
 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated February 22, 2011 of Diana Shipping Inc. (the "Company") announcing the Company's financial results for the fourth quarter and year ended December 31, 2010.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3D (File no. 333-150406) filed with the U.S. Securities and Exchange Commission (the "Commission") with an effective date of April 24, 2008, and the Company's registration statement on Form F-3 ASR (File no. 333-159016) filed with the Commission with an effective date of May 6, 2009.

 
 
 

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 22, 2011
By:
/s/ Andreas Michalopoulos
 
 
Andreas Michalopoulos
 
 
Chief Financial Officer and Treasurer



 
 
 

Exhibit 99.1



Corporate Contact:
Ioannis Zafirakis
Director, Executive Vice-President and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
 




DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2010

 
ATHENS, GREECE, February 22, 2011 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $32.3 million for the fourth quarter of 2010, compared to net income of $27.6 million reported in the fourth quarter of 2009.
 
Time charter revenues were $73.0 million for the fourth quarter of 2010, compared to $58.6 million for the same period of 2009, mainly due to the addition to the Company’s fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively, and the participation of the Company in Diana Containerships Inc., which was a majority-owned subsidiary during the fourth quarter 2010.
 
Net income to Diana Shipping Inc. for 2010 amounted to $128.8 million, compared to net income of $121.5 million for 2009. Time charter revenues were $275.4 million for 2010, compared to $239.3 million for 2009.
 
 
 
 

Fleet Employment Profile (As of February 22, 2011) ‡
Currently Diana’s fleet is employed as follows:
 
 
 
 
 
 
 
 
Vessel
Sister Ships*
Gross Rate (USD Per Day)
Com**
Charterer
Delivery Date to Charterer
Redelivery Date to Owners***
Notes
BUILT    DWT
 
 
 
 
 
 
 
 
Panamax Vessels
 
 
 
 
 
 
 
 
CORONIS
C
$24,000
5.00%
Siba Ships Asia Pte. Ltd.
6-Apr-10
6-Mar-12 - 21-Jun-12
1 
2006    74,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ERATO
C
$20,500
5.00%
C Transport Panamax Ltd., Isle of Man
4-Mar-10
4-Dec-11 - 4-Mar-12
 
2004    74,444
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NAIAS
B
$19,750
5.00%
J. Aron & Company, New York
24-Sep-10
24-Aug-12 - 24-Oct-12
 
2006    73,546
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLIO
B
$25,000
5.00%
Daelim Corporation, Seoul
8-May-10
8-Apr-12 - 8-Jun-12
 
2005    73,691
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALIPSO
B
$23,000
5.00%
Cargill International S.A., Geneva
4-Sep-10
20-Jul-11 - 19-Oct-11
 
2005    73,691
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROTEFS
B
$59,000
5.00%
Hanjin Shipping Co. Ltd., Seoul
18-Sep-08
18-Aug-11 - 18-Nov-11
 
2004    73,630
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THETIS
B
$23,000
5.00%
Glencore Grain BV, Rotterdam
6-Mar-10
23-Feb-11
6 
 
 
$13,750
5.00%
Cargill International S.A., Geneva
23-Feb-11
23-Jan-12 - 23-Apr-12
 
2004    73,583
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DIONE
A
$20,500
5.00%
Louis Dreyfus Commodities S.A., Geneva
26-Sep-10
26-Jul-12 - 26-Nov-12
 
2001    75,172
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DANAE
A
$12,000
5.00%
Augustea Oceanbulk Maritime Limitada, Madeira
7-Apr-09
12-Apr-11 - 12-May-11
2,3,6
2001    75,106
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCEANIS
A
$19,750
5.00%
China National Chartering Co. Ltd. (Sinochart), Beijing
17-Sep-10
17-Aug-12 - 1-Nov-12
 
2001    75,211
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRITON
A
$17,000
5.00%
Intermare Transport GmbH, Hamburg, Germany
10-Oct-09
20-Nov-10
4 
2001    75,336
 
$19,500
4.75%
Resource Marine Pte., Ltd, Singapore
11-Dec-10
11-Nov-13 - 11-Feb-14
5 
 
 
 
 
 
 
 
 
ALCYON
A
$34,500
4.75%
Cargill International S.A., Geneva
21-Feb-08
21-Nov-12 - 21-Feb-13
 
2001    75,247
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NIREFS
A
$21,000
5.00%
Louis Dreyfus Commodities Suisse S.A.
12-Feb-10
28-Dec-11 - 27-Mar-12
 
2001    75,311
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MELITE
 
$24,250
5.00%
J. Aron & Company, New York
29-Jan-10
1-Feb-11
 
 
 
$16,500
5.00%
Cargill International S.A., Geneva
1-Feb-11
1-Jan-13  1-Mar-13
 
2004     76,436
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post-Panamax Vessels
 
 
 
 
 
 
 
 
ALCMENE
 
$20,250
5.00%
Cargill International S.A., Geneva
20-Nov-10
5-Oct-12 - 4-Jan-13
 
2010     93,193
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capesize Vessels
 
 
 
 
 
 
 
 
NORFOLK
 
$74,750
3.75%
Corus UK Limited
12-Feb-08
12-Jan-13 - 12-Mar-13
 
2002  164,218
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ALIKI
 
$45,000
4.75%
Cargill International S.A., Geneva
1-May-09
1-Mar-11
6 
2005  180,235
 
$26,500
5.00%
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
1-Feb-16 - 1-Apr-16
 
 
 
 
 
 
 
 
 
SALT LAKE CITY
 
$55,800
5.00%
Refined Success Limited
28-Sep-07
28-Aug-12 - 28-Oct-12
 
2005  171,810
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIDERIS GS
D
$36,000
5.00%
BHP Billiton Marketing AG
30-Nov-09
16-Oct-10
 
 
 
$30,500
16-Oct-10
16-Feb-13 - 16-Jun-13
 
2006  174,186
              
 
 
 
 
 
 
 
 
SEMIRIO
D
$31,000
5.00%
BHP Billiton Marketing AG
15-Jun-09
30-Apr-11 - 30-Jul-11
 
2007  174,261
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BOSTON
D
$52,000
5.00%
BHP Billiton Marketing AG
13-Nov-07
28-Sep-11 - 28-Dec-11
7 
2007  177,828
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HOUSTON
D
$55,000
4.75%
Shagang Shipping Co.
3-Nov-09
3-Oct-14 - 3-Jan-15
8 
2009  177,729
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK
D
$48,000
3.75%
Nippon Yusen Kaisha, Tokyo (NYK)
3-Mar-10
3-Jan-15 - 3-May-15
 
2010  177,773
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vessels Under Construction
 
 
 
 
 
 
 
 
LOS ANGELES
E
N/A
N/A
N/A
N/A
N/A  N/A
9,10
2012  206,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PHILADELPHIA
E
N/A
N/A
N/A
N/A
N/A  N/A
9,11
2012  206,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
** Total commission percentage paid to third parties.
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
 
 
 
 
 
 
 
 
1 Vessel off-hire for drydocking from November 11, 2010 to November 23, 2010.
2 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples.
3 Vessel off-hire for drydocking from November 18, 2010 to December 8, 2010.
4 Vessel off-hire for drydocking from November 20, 2010 to December 11, 2010.
5 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
6 Based on latest information received from charterers.
7 The charterer has the option to employ the vessel for a further 11-13 month period. The optional period, if exercised, must be declared on or before the end of the 42nd month of employment and can only commence at the end of the 48th month, at the daily time charter rate of $52,000.
8 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co.
9 Year of delivery and dwt based on shipbuilding contracts.
10 Hull H1234
11 Hull H1235
 
 
 
 
 
 
 
 
‡ Fleet employment data excludes employment information with respect to vessels owned by Diana Containerships Inc., a majority-owned subsidiary as of December 31, 2010.

 
 
 


Summary of Selected Financial & Other Data
  
 
  
Three Months Ended
December 31,
    
Years Ended
December 31,
  
 
  
2010
    
2009
    
2010
    
2009
  
 
  
(unaudited)
    
(unaudited)
    
 
    
 
  
INCOME STATEMENT DATA (in thousands of US Dollars):
  
Time charter revenues
   $ 72,976     $ 58,640     $ 275,448     $ 239,342  
Voyage expenses
     3,514       2,896       12,392       11,965  
Vessel operating expenses
     14,927       11,310       52,585       41,369  
Net income attributed to Diana Shipping Inc.
     32,321       27,589       128,779       121,498  
FLEET DATA
  
Average number of vessels
     24.5       19.7       22.9       19.2  
Number of vessels
     25.0       20.0       25.0       20.0  
Weighted average age of drybulk fleet (in years)
     5.4       4.9       5.4       4.9  
Weighted average age of containerships (in years)
     0.6       -       0.6       -  
Ownership days
     2,251       1,813       8,348       7,000  
Available days
     2,198       1,798       8,208       6,930  
Operating days
     2,188       1,779       8,180       6,857  
Fleet utilization
     99.5 %     98.9 %     99.7 %     98.9 %
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
   $ 31,602     $ 31,003     $ 32,049     $ 32,811  
Daily vessel operating expenses (2)
   $ 6,631     $ 6,238     $ 6,299     $ 5,910  

 
 
 
(1)
Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.  Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions.  TCE is a non-GAAP measure.  TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2)
Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information
Diana Shipping Inc. will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 22, 2011.
 
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link.  The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible on www.dianashippinginc.com.  A telephone replay will be available by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Account number 362 and Replay ID number 365940.

About the Company
Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services.  The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
 
 
 
 
 
 
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,” “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.

(See financial tables attached)

 
 
 


DIANA SHIPPING INC.
  
FINANCIAL TABLES
  
Expressed in thousands of U.S. Dollars, except share and per share data
  
 
  
 
    
 
    
 
    
 
  
CONSOLIDATED STATEMENTS OF INCOME
  
 
  
 
    
 
    
 
    
 
  
 
  
For the three months ended December 31,
    
For the years ended
December 31,
  
 
  
2010
    
2009
    
2010
    
2009
  
 
  
(unaudited)
    
(unaudited)
    
 
    
 
  
REVENUES:
  
 
    
 
    
 
    
 
  
Time charter revenues
   $ 72,976     $ 58,640     $ 275,448     $ 239,342  
 
                                
EXPENSES:
                                
Voyage expenses
     3,514       2,896       12,392       11,965  
Vessel operating expenses
     14,927       11,310       52,585       41,369  
Depreciation and amortization of deferred charges
     14,254       11,655       53,083       44,686  
General and administrative expenses
     7,136       4,781       25,347       17,464  
Foreign currency gains
     (94 )     (92 )     (1,598 )     (478 )
Operating income
     33,239       28,090       133,639       124,336  
 
                                
OTHER INCOME / (EXPENSES):
                                
Interest and finance costs
     (1,452 )     (856 )     (5,213 )     (3,284 )
Interest Income
     218       240       920       951  
Gain / (loss) from derivative instruments
     308       115       (1,477 )     (505 )
Total other expenses, net
     (926 )     (501 )     (5,770 )     (2,838 )
 
                                
Net Income
   $ 32,313     $ 27,589     $ 127,869     $ 121,498  
 
                                
Loss assumed by non-controlling interests
     8       -       910       -  
 
                                
Net income attributed to Diana Shipping Inc.
     32,321       27,589       128,779       121,498  
 
                                
Earnings per common share, basic
   $ 0.40     $ 0.34     $ 1.60     $ 1.55  
 
                                
Earnings per common share, diluted
   $ 0.40     $ 0.34     $ 1.59     $ 1.55  
 
                                
Weighted average number of common shares, basic
     80,767,241       80,516,863       80,682,770       78,282,775  
 
                                
Weighted average number of common shares, diluted
     80,984,846       80,695,378       80,808,232       78,385,464  

 
 
 


CONDENSED CONSOLIDATED BALANCE SHEET DATA
    
 
  
(in thousands of US Dollars)
    
 
  
 
  
December 31,
  
 
  
2010
    
2009
  
ASSETS
  
 
    
 
  
 
  
 
    
 
  
 Cash and cash equivalents
   $ 345,414     $ 282,438  
 Other current assets
     9,235       14,718  
 Advances for vessels under construction and acquisitions and other vessel costs
     35,280       29,630  
 Vessels' net book value
     1,160,850       979,343  
 Other fixed assets, net
     21,842       200  
 Other non-current assets
     12,768       14,096  
Total assets
   $ 1,585,389     $ 1,320,425  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
 
                
 Current liabilities, including current portion of long-term debt
   $ 32,510     $ 32,386  
 Long-term debt, net of current portion
     376,303       276,081  
 Other non-current liabilities
     6,646       12,633  
 Total stockholders' equity
     1,169,930       999,325  
Total liabilities and stockholders' equity
   $ 1,585,389     $ 1,320,425  
 
 
OTHER FINANCIAL DATA
  
 
  
Three Months Ended
December 31,
    
Years Ended
December 31
  
 
  
2010
    
2009
    
2010
    
2009
  
 
  
(unaudited)
    
(unaudited)
    
 
    
 
  
 Net Cash provided by Operating Activities
   $ 50,351     $ 40,473     $ 178,292     $ 151,903  
 Net Cash used in Investing Activities
     (54,595 )     (22,645 )     (252,313 )     (73,081 )
 Net Cash provided by Financing Activities
     38,463       12,972       136,997       141,583