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 May 2006
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 [_]
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]
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") on May 11, 2006,
announcing the Company's Financial Results for the First Quarter Ended March 31,
2006, the declaration of a cash dividend and a Conference Call and Webcast to be
Held on May 12, 2006.
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
Email: ed.nebb@eurorscg.com
DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FIRST QUARTER ENDED MARCH 31, 2006
DECLARES CASH DIVIDEND OF $0.345 PER SHARE FOR THE FIRST QUARTER
CONFERENCE CALL AND WEBCAST TO BE HELD ON MAY 12, 2006
ATHENS, GREECE, May 11, 2006 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $11.7 million for the three months ended March 31, 2006 compared
to $14.6 million for the same period of 2005. Voyage and time charter revenues
were $24.2 million for the three months ended March 31, 2006, compared to $23.9
million for the same period of 2005. Voyage and time charter revenues and net
income reported for the first quarter of 2006 have been reduced by $0.8 million,
reflecting the non-cash amortization of the prepaid time charter revenue of the
vessel Thetis.
Dividend declaration
The Company has declared a cash dividend on its common stock of $0.345 per
share, based on the Company's results from operations during the quarter ended
March 31, 2006. The cash dividend will be payable on or about June 8, 2006 to
all shareholders of record as of May 18, 2006. The Company has 45 million shares
of common stock outstanding.
During the quarter ended March 31, 2006, there were 12.7 vessels on average
operating in the Company's fleet, as compared with 8.0 vessels during the
corresponding period of 2005.
Fleet Employment Profile
Currently Diana's fleet is employed as follows:
Sister
Name ships(3) Year Built DWT Employment (1) Expiration(2)
----------------- ---------- -------------- --------------- -------------------------- -----------------------
Nirefs A 2001 75,311 4TCs Average + 4.5%(4) Mar 04, 2006
Alcyon A 2001 75,247 $ 22,582 Oct 15, 2007
Triton A 2001 75,336 $18,250 May 12, 2006
Oceanis A 2001 75,211 $17,000 May 20, 2006
Dione A 2001 75,172 $16,300 June 10, 2006
Danae A 2001 75,106 $ 30,000 Jan 13, 2007
Protefs B 2004 73,630 4TCs Average(4) Jan 04, 2007
Calipso B 2005 73,691 4TCs Average(4) Dec 21, 2007
Clio B 2005 73,691 4TCs Average +$850(4) Jan 02, 2007
Thetis B 2004 73,583 $ 25,000 Jul 19, 2007
Erato C 2004 74,444 $ 21,000 Oct 22, 2006
Coronis C 2006 74,381 $ 21,000 Dec 27, 2006
Pantelis SP - 1999 169,883 $ 47,500 Jan 25, 2008
---------------
Total: 1,064,686
(1) Gross Time Charter Rate per day.
(2) Estimated dates assuming earliest redelivery by charterers.
(3) Each vessel is a sister ship of the other vessels that have the same
letter.
(4) Adjustable every 15 days based on the average of four main pre-determined
time charter routes, as published by the Baltic Exchange.
(5) As of March 31, 2006
Summary of Selected Financial & Other Data
Three Months Ended
March 31,
2006 2005
------- ---------
(unaudited) (unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
Voyage and time charter revenues $ 24,179 $ 23,906
Voyage expenses 1,755 1,634
Vessel operating expenses 4,927 3,176
Net income 11,716 14,555
FLEET DATA
Average number of vessels 12.7 8.0
Number of vessels at the end of the period 13.0 9.0
Weighted average age of fleet (in years) 3.8 3.8
Ownership days 1,146 723
Available days 1,112 723
Operating days 1,108 718
Fleet utilization 99.6% 99.3%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 20,165 $ 30,805
Daily vessel operating expenses (2) $ 4,299 $ 4,393
(1) Time charter equivalent rates, or TCE rates, are defined as our voyage and
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 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 webcast to review these results at 10:00 A.M. (Eastern Time) on Friday,
May 12, 2006.
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
1-877-692-2086 (for U.S.-based callers) or 1-973-935-8599 (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 1-877-519-4471 (for U.S.-based
callers) or 1-973-341-3080 (for international callers); callers must use the PIN
number 7358810.
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.
(See financial tables attached)
DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share, per day and fleet data
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
2006 2005
-------------- ---------------
(unaudited) (unaudited)
REVENUES:
Voyage and time charter revenues $ 24,179 $ 23,906
EXPENSES:
Voyage expenses 1,755 1,634
Vessel operating expenses 4,927 3,176
Depreciation and amortization of deferred charges 3,757 1,879
Management fees 572 363
Executive management services and rent 76 342
General and administrative expenses 824 430
Foreign currency losses (gains) 10 (8)
------------- ------------
Operating income 12,258 16,090
------------- ------------
OTHER INCOME (EXPENSES):
Interest and finance costs, net (785) (1,677)
Interest Income 243 142
------------- ------------
Total other income (expenses), net (542) (1,535)
------------- ------------
Net Income $ 11,716 $ 14,555
============= ============
Earnings per common share, basic and diluted $ 0.26 $ 0.49
============= ============
Weighted average number of common shares, basic and diluted 45,000,000 29,550,000
============= ============
BALANCE SHEET DATA
March 31, December 31,
2006 2005
-------------- -------------
ASSETS (unaudited)
------
Cash and cash equivalents 19,418 21,230
Other current assets 5,319 5,367
Advances for vessels under construction and acquisitions and other vessel costs - 4,221
Vessels' net book value 345,840 307,305
Other non-current assets 3,408 3,826
------------- -------------
Total assets $ 373,985 341,949
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long term debt 4,619 4,667
Long-term debt, net of current portion 51,169 12,859
Other non-current liabilities 247 265
Total stockholders' equity 317,950 324,158
------------- -------------
Total liabilities and stockholders' equity $ 373,985 341,949
============= =============
OTHER FINANCIAL DATA
Three Months Ended
March 31,
2006 2005
------------- --------------
(unaudited) (unaudited)
Net cash from operating activities $ 15,605 $ 17,754
Net cash used in investing activities (37,917) (72,232)
Net cash from financing activities 20,500 88,049
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: May 11, 2006 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
SK 23159 0002 669518