d1402956_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 July 2013
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 July 30, 2013 of Diana Shipping Inc. (the "Company") reporting the Company's financial results for the second quarter and six months ended June 30, 2013.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-181540) filed with the U.S. Securities and Exchange Commission with an effective date of July 6, 2012.


 
 
 

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: July 30, 2013
By:
/s/ Andreas Michalopoulos
 
 
Andreas Michalopoulos
Chief Financial Officer
 
 
  


 
 
 

EXHIBIT 99.1


 
Corporate Contact:
 
Ioannis Zafirakis
 
Director, Executive Vice-President and Secretary
 
Telephone: + 30-210-9470100
 
Email: izafirakis@dianashippinginc.com
 
Website: www.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 SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2013

 
ATHENS, GREECE, July 30, 2013 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported a net loss of $5.2 million for the second quarter of 2013, compared to net income of $17.4 million reported in the second quarter of 2012.
 
Time charter revenues were $40.0 million for the second quarter of 2013, compared to $57.6 million for the same quarter of 2012, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company's fleet of the vessels Philadelphia and Melia, delivered in May 2012; Amphitrite, delivered in August 2012; Polymnia, delivered in November 2012; Myrto, delivered in January 2013; and Maia, delivered in February 2013.
 
Net loss for the six months ended June 30, 2013 amounted to $8.4 million, compared to net income of $37.3 million for the same period of 2012. Time charter revenues were $82.6 million for the six months ended June 30, 2013, compared to $115.2 million for the same period of 2012.
 
 
 
 
 


 
Fleet Employment Profile (As of July 30, 2013)
 
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 Bulk Carriers
 
 
 
 
 
 
 
 
 
1
DANAE
A
$8,250
5.00%
Intermare Transport GmbH, Hamburg
10-Mar-13
10-Sep-14 - 10-Jan-15
 
 
2001    75,106
 
 
 
 
 
 
 
2
DIONE
A
$9,700
5.00%
EDF Trading Limited, UK
19-Jul-12
19-Jul-14 - 19-Dec-14
 
 
2001    75,172
 
 
 
 
 
 
 
3
NIREFS
A
$8,000
5.00%
Intermare Transport GmbH, Hamburg
29-Jan-13
29-Jul-14 - 29-Jan-15
 
 
2001    75,311
 
 
 
 
 
 
 
4
ALCYON
A
$7,750
5.00%
EDF Trading Limited, UK
21-Dec-12
21-Nov-14 - 21-May-15
 
 
2001    75,247
 
 
 
 
 
 
 
5
TRITON
A
$19,500
4.75%
Resource Marine Pte., Ltd, Singapore
11-Dec-10
11-Nov-13 - 11-Feb-14
1
 
2001    75,336
 
 
 
 
 
 
 
6
OCEANIS
A
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
14-Aug-12
14-Jan-14 - 14-Jul-14
 
 
2001    75,211
 
 
 
 
 
 
 
7
THETIS
B
$10,500
5.00%
EDF Trading Limited, UK
22-Feb-12
22-Aug-13 - 22-Jun-14
 
 
2004    73,583
 
 
 
 
 
 
 
8
PROTEFS
B
$9,000
5.00%
Cargill International S.A., Geneva
14-Sep-12
14-Sep-14 - 14-Feb-15
 
 
2004    73,630
 
 
 
 
 
 
 
9
CALIPSO
B
$12,250
5.00%
Louis Dreyfus Commodities Suisse S.A., Geneva
11-Oct-11
29-Jul-13
 
 
 
 
$8,100
4.75%
Cargill International S.A., Geneva
29-Jul-13
29-Apr-15 - 29-Aug-15
2
 
2005    73,691
 
 
 
 
 
 
 
10
CLIO
B
$10,750
5.00%
Cargill International S.A., Geneva
22-Feb-12
22-Aug-13
3
 
 
 
$8,600
4.75%
 
22-Aug-13
22-May-15 - 22-Aug-15
4
 
2005    73,691
 
 
 
 
 
 
 
11
NAIAS
B
$9,250
5.00%
Ultrabulk A/S, Copenhagen, Denmark
2-Sep-12
2-Feb-14 - 2-Aug-14
 
 
2006    73,546
 
 
 
 
 
 
 
12
ARETHUSA
B
$7,300
5.00%
Cargill International S.A., Geneva
22-Nov-12
22-May-14  22-Nov-14
5
 
2007     73,593
 
 
 
 
 
 
 
13
ERATO
C
$6,500
5.00%
Cargill International S.A., Geneva
9-Jan-13
9-Jul-14 - 9-Jan-15
 
 
2004    74,444
 
 
 
 
 
 
 
14
CORONIS
C
$10,600
5.00%
EDF Trading Limited, UK
12-Mar-12
27-Nov-13 - 27-Jun-14
 
 
2006    74,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fleet Employment Profile (As of July 30, 2013)
 
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 Bulk Carriers
15
MELITE
D
$7,750
5.00%
Cargill International S.A., Geneva
28-Dec-12
1-Jul-14 - 1-Jan-15
 
 
2004     76,436
 
 
 
 
 
 
 
16
MELIA
D
$10,900
5.00%
STX Panocean Co., Ltd., Seoul
2-May-12
17-Apr-13
 
 
 
 
 
 
Rio Tinto Shipping Pty, Ltd., Melbourne
17-Apr-13
2-Mar-14 - 17-May-14
 
 
2005     76,225
 
$9,700
3.75%
 
 
 
 
17
SHOYO
 
-
-
-
-
- - -
6
 
(tbr ARTEMIS)
 
 
 
 
 
 
 
 
2006     76,942
 
 
 
 
 
 
 
18
LETO
 
$12,900
5.00%
EDF Trading Limited, UK
17-Jan-12
17-Jan-14 - 17-Nov-14
 
 
2010     81,297
 
 
 
 
 
 
 
 
Kamsarmax Bulk Carriers
19
MAIA
E
$10,900
5.00%
Glencore Grain B.V., Rotterdam
27-Feb-13
12-Aug-14 - 27-Feb-15
 
 
2009     82,193
 
 
 
 
 
 
 
20
MYRTO
E
$9,000
5.00%
Cargill International S.A., Geneva
25-Jan-13
25-Jul-14 - 25-Jan-15
 
 
2013     82,131
 
 
 
 
 
 
 
 
Post-Panamax Bulk Carriers
21
ALCMENE
 
$7,250
5.00%
ADM International Sarl, Rolle, Switzerland
22-Feb-13
7-Aug-14 - 22-Feb-15
 
 
2010     93,193
 
 
 
 
 
 
22
AMPHITRITE
 
$10,000
5.00%
Bunge S.A., Geneva
15-Aug-12
31-May-14 - 30-Oct-14
7
 
2012     98,697
 
 
 
 
 
 
 
23
POLYMNIA
 
$7,600
5.00%
Augustea Bunge Maritime Limited, Malta
16-Jan-13
16-Jul-14 - 16-Jan-15
8
 
2012    98,704
 
 
 
 
 
 
 
 
Capesize Bulk Carriers
24
NORFOLK
 
$10,700
4.50%
Clearlake Shipping Pte. Ltd., Singapore
16-Jan-13
16-Jul-14 - 16-Jan-15
 
 
2002    164,218
 
 
 
 
 
 
 
25
ALIKI
 
$26,500
5.00%
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
1-Feb-16 - 1-Apr-16
 
 
2005    180,235
 
 
 
 
 
 
 
26
BALTIMORE
 
$15,000
5.00%
RWE Supply & Trading GmbH, Essen
8-Jul-13
8-Jul-16 - 8-Jan-17
9
 
2005    177,243
 
 
 
 
 
 
 
27
SALT LAKE CITY
 
$13,000
5.00%
Morgan Stanley Capital Group Inc.
11-Aug-12
11-Jun-14 - 11-Dec-14
 
 
2005    171,810
 
 
 
 
 
 
 
28
SIDERIS GS
F
$13,500
4.75%
Cargill International S.A., Geneva
14-Mar-13
14-Dec-14 - 14-Jun-15
 
 
2006    174,186
 
 
 
 
 
 
 

 
 
 


 
Fleet Employment Profile (As of July 30, 2013)
 
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
 
Capesize Bulk Carriers
29
SEMIRIO
F
$14,000
4.75%
Cargill International S.A., Geneva
19-Mar-13
19-Jan-15 - 19-Jun-15
 
 
2007    174,261
 
 
 
 
 
 
 
30
BOSTON
F
$14,000
5.00%
Morgan Stanley Capital Group Inc.
29-Oct-11
25-Aug-13
3
 
 
 
$14,250
4.75%
Clearlake Shipping Pte. Ltd., Singapore
25-Aug-13
10-Aug-15 - 9-Feb-16
4
 
2007    177,828
 
 
 
 
 
 
 
31
HOUSTON
F
$55,000
4.75%
Shagang Shipping Co.
3-Nov-09
3-Oct-14 - 3-Jan-15
10
 
2009    177,729
 
 
 
 
 
 
 
32
NEW YORK
F
$48,000
3.75%
Nippon Yusen Kaisha, Tokyo (NYK)
3-Mar-10
3-Jan-15 - 3-May-15
 
 
2010    177,773
 
 
 
 
 
 
 
 
Newcastlemax Bulk Carriers
33
LOS ANGELES
G
$18,000
5.00%
EDF Trading Limited, UK
9-Feb-12
9-Dec-15 - 9-Apr-16
 
 
2012    206,104
 
 
 
 
 
 
 
34
PHILADELPHIA
G
$18,000
5.00%
EDF Trading Limited, UK
17-May-12
17-Jan-16 - 17-Jul-16
 
 
2012    206,040
 
 
 
 
 
 
 
 
Vessels Under Construction
35
HULL H2528
H
-
-
-
-
- - -
11
 
(tbn CRYSTALIA)
 
 
 
 
 
 
 
 
2013    76,000
 
 
 
 
 
 
 
36
HULL H2529
H
-
-
-
-
- - -
11
 
(tbn ATALANDI)
 
 
 
 
 
 
 
 
2014   76,000
 
 
 
 
 
 
 
37
HULL H2548
I
-
-
-
-
- - -
12
 
2016   208,500
 
 
 
 
 
 
 
38
HULL H2549
I
-
-
-
-
- - -
12
 
2016   208,500
 
 
 
 
 
 
 
 
* 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 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
2 The previous charterers, Louis Dreyfus Commodities Suisse S.A., Geneva, have agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from the estimated redelivery date from the previous charterers, to August 11, 2013.
3 Estimated redelivery date from the charterers.
4 Estimated delivery date to the charterers.
5 Vessel off-hire for unscheduled maintenance from April 14, 2013 to April 16, 2013.
6 Expected date of delivery to the buyers during September 2013.
7 The charterer has the option to employ the vessel for a further 11 to 14 month period at a gross charter rate of US$11,300 per day. The optional period, if exercised, must be declared on or before the end of the 21st month of employment and will only commence at the end of the 24th month.
8 The charterer has the option to further employ the vessel for about 11 to maximum 13 months at a gross charter rate of US$11,000 per day. The optional period, if exercised, must be declared on or before the 22nd month of employment and will only commence at the end of the 24th month.
9 Vessel delivered to the Company on June 13, 2013. Due to scheduled maintenance, the vessel was delivered to the charterers on July 8, 2013.
10 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.
11 Based on latest information received by the yard.
12 Year of delivery and dwt are based on shipbuilding contract.


 
 
 


Summary of Selected Financial & Other Data (unaudited)
  
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2013
    
2012
    
2013
    
2012
  
                         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
  
Time charter revenues
   $ 40,005     $ 57,583     $ 82,605     $ 115,185  
Voyage expenses
     2,093       2,922       4,291       5,101  
Vessel operating expenses
     19,569       15,371       37,527       30,028  
Net income / (loss)
     (5,246 )     17,377       (8,430 )     37,338  
FLEET DATA
  
Average number of vessels
     32.2       27.2       31.7       26.3  
Number of vessels
     33.0       28.0       33.0       28.0  
Weighted average age of vessels
     6.4       5.9       6.4       5.9  
Ownership days
     2,930       2,472       5,736       4,785  
Available days
     2,930       2,456       5,736       4,739  
Operating days
     2,906       2,445       5,678       4,723  
Fleet utilization
     99.2 %     99.6 %     99.0 %     99.7 %
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
   $ 12,939     $ 22,256     $ 13,653     $ 23,229  
Daily vessel operating expenses (2)
   $ 6,679     $ 6,218     $ 6,542     $ 6,275  

 
 
 
(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, July 30, 2013.
 
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 for 30 days on www.dianashippinginc.com.  A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 417255.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company's vessels are employed primarily on medium to long-term time charters and transport a range of 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
  
                         
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
  
                         
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2013
    
2012
    
2013
    
2012
  
                         
 REVENUES:
                        
 Time charter revenues
   $ 40,005     $ 57,583     $ 82,605     $ 115,185  
 Other revenues
     -       618       447       1,186  
                                 
 EXPENSES:
                                
 Voyage expenses
     2,093       2,922       4,291       5,101  
 Vessel operating expenses
     19,569       15,371       37,527       30,028  
 Depreciation and amortization of deferred charges
     15,919       15,327       31,468       29,915  
 General and administrative expenses
     5,479       6,564       10,943       12,682  
 Foreign currency gains
     (317 )     (378 )     (391 )     (772 )
 Operating income / (loss)
     (2,738 )     18,395       (786 )     39,417  
                                 
 OTHER INCOME / (EXPENSES):
                                
 Interest and finance costs
     (2,025 )     (1,855 )     (4,089 )     (3,398 )
 Interest income
     150       517       350       895  
 Loss from derivative instruments
     (30 )     (39 )     (33 )     (240 )
 Income / (loss) from investment in Diana Containerships Inc.
     (603 )     359       (3,872 )     664  
 Total other expenses, net
     (2,508 )     (1,018 )     (7,644 )     (2,079 )
                                 
 Net Income / (loss)
     (5,246 )     17,377       (8,430 )     37,338  
                                 
Earnings / (loss) per common share, basic and diluted
   $ (0.06 )   $ 0.21     $ (0.10 )   $ 0.46  
                                 
Weighted average number of common shares, basic and diluted
     81,382,997       81,393,077       81,222,049       81,309,564  
                                 
   
Three months ended June 30,
    
Six months ended June 30,
  
      2013       2012       2013       2012  
Net income / (loss)
   $ (5,246 )   $ 17,377     $ (8,430 )   $ 37,338  
Other comprehensive loss (Actuarial loss)
     -       -       (98 )     -  
Comprehensive income / (loss)
   $ (5,246 )   $ 17,377     $ (8,528 )   $ 37,338  

 
 
 


CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
        
(in thousands of U.S. Dollars)
        
             
   
June 30, 2013
    
December 31, 2012
  
ASSETS
            
             
Cash and cash equivalents
   $ 375,346     $ 446,624  
Other current assets
     16,155       20,362  
Advances for vessels under construction and acquisitions and other vessel costs
     39,459       11,502  
Vessels' net book value
     1,255,909       1,211,138  
Other fixed assets, net
     22,985       22,774  
Other non-current assets
     22,690       30,402  
Total assets
   $ 1,732,544     $ 1,742,802  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities, including current portion of long-term debt
   $ 61,694     $ 61,477  
Long-term debt, net of current portion and deferred financing costs
     408,047       414,080  
Other non-current liabilities
     839       821  
Total stockholders' equity
     1,261,964       1,266,424  
Total liabilities and stockholders' equity
   $ 1,732,544     $ 1,742,802  
 

 
OTHER FINANCIAL DATA (unaudited)
  
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2013
    
2012
    
2013
    
2012
  
                         
 Net Cash provided by Operating Activities
   $ 16,454     $ 31,590     $ 33,848     $ 68,033  
 Net Cash used in Investing Activities
     (52,506 )     (55,559 )     (100,186 )     (117,293 )
 Net Cash provided by / (used in) Financing Activities
     (932 )     33,423       (4,940 )     84,062