UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2006
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.
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]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a press release issued
on November 27, 2006 by Diana Shipping Inc. (the "Company") announcing that the
Company has entered into a time charter of the MV Dione and the Company's
acceptance of an offer letter relating to a credit facility with the Royal Bank
of Scotland PLC.
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
For Immediate Release
---------------------
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
Email: ed.nebb@eurorscg.com
DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT
FOR MV DIONE AND
ACCEPTS OFFER LETTER FOR CREDIT FACILITY OF
US$200 MILLION FROM ROYAL BANK OF SCOTLAND PLC
ATHENS, GREECE, November 27, 2006 - Diana Shipping Inc. (NYSE: DSX), a global
shipping company specializing in the transportation of dry bulk cargoes, today
announced that it has entered into a time charter contract with Pacific Carriers
Limited, Singapore for one of its Panamax dry bulk carriers, the Dione, for a
minimum eleven (11) to about thirteen (13) month period. The gross charter hire
rate will be US$28,500 per day and the new charter is expected to commence on or
about December 7, 2006. The Dione is a 75,172 dwt Panamax dry bulk carrier built
2001 and is currently employed at US$17,000 per day.
This employment is expected to generate approximately US$9.5 million of gross
revenues for Diana Shipping for the minimum period of the charter.
The Company also announced that it has accepted an offer letter from Royal Bank
of Scotland for a 364-day credit facility of up to US$200 million, which will be
made available to the Company upon full utilization of the existing Revolving
Credit Facility of US$300 million.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
"We are pleased to announce a new time charter contract for the Dione and our
co-operation with a first class charterer such as Pacific Carriers Limited. The
new contract enhances Diana's earnings visibility and dividend paying ability
for 2007.
"We are also pleased to announce the further strengthening of our long standing
relationship with Royal Bank of Scotland through the acceptance of an offer
letter for a new loan facility which would support Diana's growth potential
should a suitable opportunity present itself in the medium term."
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. Diana Shipping Inc. priced its initial public offering of
common stock on March 17, 2005.
Cautionary Statement Regarding Forward-Looking Statement
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.
# # #
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: November 28, 2006 By: /s/ Anastassis Margaronis
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Anastassis Margaronis
President
SK 23159 0002 725609