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 October 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 [_]
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") today, October 28,
2005, announcing its earnings for the third quarter of 2005 and a dividend
declaration.
Exhibit 1
---------
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
E-mail: izafirakis@dianashippinginc.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
E-mail: ed.nebb@eurorscg.com
DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2005
DECLARES CASH DIVIDEND OF $0.465 PER SHARE FOR THE THIRD QUARTER
CONFERENCE CALL AND WEBCAST TO BE HELD NOVEMBER 3, 2005
ATHENS, GREECE, October 28, 2005 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $16.4 million for the third quarter of 2005, compared to net
income of $8.9 million recorded in the third quarter of 2004, representing an
increase of $7.5 million or 84%. Voyage and time charter revenues were $25.8
million for the third quarter of 2005, an increase of 70% from the $15.2 million
reported in the same period of 2004.
Net income for the nine months ended September 30, 2005 increased by $22.6
million or 79% to $51.1 million, compared to $28.5 million for the equivalent
period in 2004. Voyage and time charter revenues were $79.1 million for the
first nine months of 2005, compared to $45.4 million for the same period of
2004, representing an increase of 74%.
Dividend Declaration
--------------------
The Company has declared a cash dividend on its common stock of $0.465 per
share, based on the Company's results of operations during the third quarter
ended September 30, 2005. The cash dividend will be payable on or about November
22, 2005 to all shareholders of record as of November 7, 2005. The Company has
40 million shares of common stock outstanding.
Operating Results
-----------------
During the third quarter of 2005, there were 10 vessels on average operating in
the Company's fleet.
Fleet Employment Profile
Currently Diana's fleet is employed as follows:
Name Year Built Age DWT Employment91) Expiration(2)
---- ---------- --- --- ------------- -------------
*Nirefs 2001 4.7 75,311 $17,400 Nov 24, 2005
*Alcyon 2001 4.6 75,247 $ 22,582 Oct. 15, 2007
*Triton 2001 4.5 75,336 $ 37,300 Nov. 27, 2005
*Oceanis 2001 4.3 75,211 $ 28,500 Nov 23, 2005
*Dione 2001 4.7 75,172 $ 32,500 Nov. 4, 2005
*Danae 2001 4.7 75,106 $ 30,000 Jan. 13, 2007
**Protefs 2004 1.1 73,630 $ 18,000 Dec 22, 2005
**Calipso 2005 0.7 73,691 $ 17,250 Dec. 22, 2005(3)
**Clio 2005 0.4 73,691 $ 17,500 Dec 13, 2005
**Bolina 2004 1.1 73,583 $ 25,000 Jul. 4, 2007
(tbr Thetis)(4)
Pantelis SP 1999 6.6 169,883 $ 47,500 Jan. 25, 2008
----------
Total: 915,851
----------
1 Gross Time Charter Rate per day.
2 Estimated dates assuming earliest redelivery by charterers.
3 Based on latest information.
4 Based on latest information received from sellers, the expected delivery to
owners is November 25, 2005. *,** Each denotes a fleet of sister ships.
Summary of Selected Financials & Other Data
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
---------- ----------- ---------- -----------
(unaudited) (unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
Voyage and time charter revenues $ 25,802 $ 15,221 $ 79,099 $ 45,387
Voyage expenses 1,551 1,056 5,189 3,087
Vessel operating expenses 4,045 2,717 10,668 6,767
Net income 16,444 8,908 51,115 28,513
FLEET DATA
Average number of vessels 10.0 6.3 9.2 6.1
Number of vessels 10.0 7.0 10.0 7.0
Weighted average age of fleet (in years) 4.0 3.3 4.0 3.3
Ownership days 920 582 2,515 1,674
Available days 892 582 2,487 1,674
Operating days 891 580 2,480 1,670
Fleet utilization 99.9% 99.7% 99.7% 99.8%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 27,187 $ 24,338 $ 29,719 $ 25,269
Daily vessel operating expenses (2) $ 4,397 $ 4,668 $ 4,242 $ 4,042
----------
(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 webcast at 10:30 A.M.
Eastern Time on Thursday, November 3, 2005, to discuss these financial results.
Investors may access the webcast on the Company's website at
www.dianashippinginc.com by clicking on the webcast link. The webcast also is
accessible at www.viavid.net, by clicking on the Diana Shipping link under
"Events". Listeners should allow extra time before the webcast begins to
register for the webcast and download any necessary audio software. The
conference call also may be accessed by telephone by dialing 1-888-858-4756 (for
U.S.-based callers) or 1-973-935-2405 (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 enter the
code number 6657528.
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.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Expressed in thousands of U.S. Dollars, except share, per day and fleet data
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------- --------------- ----------------
2005 2004 2005 2004
----------------- ------------- --------------- ----------------
(unaudited) (unaudited)
REVENUES:
Voyage and time charter revenues $ 25,802 $ 15,221 $ 79,099 $ 45,387
EXPENSES:
Voyage expenses 1,551 1,056 5,189 3,087
Vessel operating expenses 4,045 2,717 10,668 6,767
Depreciation and amortization of deferred charges 2,629 1,278 6,967 3,666
Management fees 450 228 1,245 660
General and administrative expenses 734 373 2,447 1,357
Foreign currency losses/(gains) (11) 8 (29) 2
----------- ------------ ------------- ------------
Operating income 16,404 9,561 52,612 29,848
----------- ------------ ------------- ------------
OTHER INCOME (EXPENSES):
Interest and finance costs (257) (689) (2,162) (1,408)
Interest Income 297 36 665 73
----------- ------------ ------------- ------------
Total other income (expenses), net 40 (653) (1,497) (1,335)
----------- ------------ ------------- ------------
Net Income $ 16,444 $ 8,908 $ 51,115 $ 28,513
=========== ============ ============= ============
Earnings per common share, basic and diluted $ 0.41 $ 0.32 $ 1.40 $ 1.03
=========== ============ ============= ============
Weighted average number of common shares, basic and diluted 40,000,000 27,625,000 36,554,945 27,625,000
=========== ============ ============= ============
BALANCE SHEET DATA
September 30, December 31,
2005 2004
--------------- --------------
(unaudited)
ASSETS
Cash and cash equivalents $ 29,984 $ 1,758
Other current assets 2,107 1,791
Advances for vessels under construction and acquisitions
and other vessel costs 4,435 19,234
Vessels' net book value 232,218 132,853
Other non-current assets 1,949 -
---------- -----------
Total assets $ 270,693 $ 155,636
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long term debt $ 4,657 $ 11,344
Long-term debt, net of current portion - 85,168
Other non-current liabilities 276 72
Total stockholders' equity 265,760 59,052
---------- -----------
Total liabilities and stockholders' equity $ 270,693 $ 155,636
========== ===========
OTHER FINANCIAL DATA (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
---------- --------- ---------- ------------
(unaudited) (unaudited)
Net cash from operating activities $ 17,381 $ 10,647 $ 57,664 $ 33,060
Net cash used in investing activities (4,470) (16,921) (91,487) (25,739)
Net cash from/(used in) financing activities (21,600) (3,257) 62,049 (6,101)
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: October 28, 2005 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
23159.0003 #612756