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 September 2005
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 Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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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
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press
release issued by Diana Shipping Inc. (the "Company") today, September 6, 2005,
announcing new short term time charter contracts and the purchase of one panamax
bulk carrier.
Exhibit 1
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
For Immediate Release
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Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
DIANA SHIPPING INC. ANNOUNCES TWO
NEW SHORT TERM TIME CHARTER CONTRACTS AND THE PURCHASE OF
ONE PANAMAX BULK CARRIER
ATHENS, GREECE, September 6, 2005 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today
announced that it has arranged for its Panamax dry bulk carriers, Nirefs and
Clio, to continue their employment under short term charter contracts with
B.H.P. Billiton Marketing AG and Cargill International S.A., respectively, under
the following terms: the Nirefs for a period of approximately 12-15 days, at a
gross rate of $11,750 per day and the Clio for a period of approximately 3-5
months, at a gross rate of $17,500 per day. Both vessels are Panamax dry bulk
carriers, the Nirefs of 75,311 dwt built in Korea in 2001 and the Clio of 73,691
dwt built in China in 2005.
The Company further announced that on September 5, 2005, one of its wholly owned
subsidiaries signed a Memorandum of Agreement for the purchase of a Panamax bulk
carrier vessel, the m.v. "BOLINA", for $44,250,000. The vessel was delivered in
August 2004 from its builder, Jiangnan Shipyard (Group) Co., Ltd in Shanghai,
and is a sister vessel to three Panamaxes already owned by the Company. The
purchase contract also provides for the assumption by the Company's subsidiary
of the vessel's present time charter at $25,000 per day gross with Messrs. BUNGE
S.A. of Geneva, Switzerland, to July 2007. Diana Shipping expects delivery of
the vessel between October 1, 2005 and December 15, 2005. Upon completion of the
purchase, the Diana Shipping Inc. fleet will consist of 10 Panamax vessels and
one Capesize vessel.
The Company also announced that in the future it will continue to issue press
releases relating to all new charters that it enters into for a period of twelve
months or longer, but will no longer issue press releases relating to charters
of less than twelve months.
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. Diana Shipping Inc. priced its initial public offering of
common stock on March 17, 2005.
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," "except," "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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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: September 6, 2005 By: /s/ Anastassis Margaronis
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Anastassis Margaronis
President
23159.0003 #599046