updated 5/6/2011 7:45:56 AM ET 2011-05-06T11:45:56

ATHENS, Greece, May 6, 2011 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $33.1 million for the first quarter of 2011, compared to net income of $28.8 million reported in the first quarter of 2010.

Time charter revenues were $69.4 million for the first quarter of 2011, compared to $62.2 million for the same period of 2010, mainly due to the addition to the Company's fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively.

Fleet Employment Profile (As of May 5, 2011)
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 Vessels
               
CORONIS C $24,000 5.00% Siba Ships Asia Pte.

Ltd.
6-Apr-10 6-Mar-12 - 21-Jun-12  
2006 74,381              
               
ERATO C $20,500 5.00% C Transport Panamax

Ltd., Isle of Man
4-Mar-10 4-Dec-11 - 4-Mar-12  
2004 74,444              
               
NAIAS B $19,750 5.00% J. Aron & Company,

New York
24-Sep-10 24-Aug-12 - 24-Oct-12
2006 73,546              
               
CLIO B $25,000 5.00% Daelim Corporation,

Seoul
8-May-10 8-Apr-12 - 8-Jun-12  
2005 73,691              
               
CALIPSO B $23,000 5.00% Cargill International

S.A., Geneva
4-Sep-10 20-Jul-11 - 19-Oct-11  
2005 73,691              
               
PROTEFS B $59,000 5.00% Hanjin Shipping Co.

Ltd., Seoul
18-Sep-08 18-Aug-11 - 18-Nov-11  
2004 73,630              
               
THETIS B $23,000 5.00% Glencore Grain BV,

Rotterdam
6-Mar-10 23-Feb-11  
    $13,750 5.00% Cargill International

S.A., Geneva
23-Feb-11 23-Jan-12 - 23-Apr-12  
2004 73,583              
               
DIONE A $20,500 5.00% Louis Dreyfus

Commodities S.A.,

Geneva
26-Sep-10 26-Jul-12 - 26-Nov-12  
2001 75,172              
               
DANAE A $12,000 5.00% Augustea Oceanbulk

Maritime Limitada,

Madeira
7-Apr-09 18-Apr-11
2001 75,106   $15,600 5.00% Hyundai Merchant

Marine Co., Ltd.,

Seoul, South Korea
18-Apr-11 18-Mar-13 - 18-May-13  
               
OCEANIS A $19,750 5.00% China National

Chartering Co. Ltd.

(Sinochart), Beijing
17-Sep-10 17-Aug-12 - 1-Nov-12  
2001 75,211              
               
TRITON A $19,500 4.75% Resource Marine

Pte., Ltd, Singapore
11-Dec-10 11-Nov-13 - 11-Feb-14
2001 75,336              
               
ALCYON A $34,500 4.75% Cargill International

S.A., Geneva
21-Feb-08 21-Nov-12 - 21-Feb-13  
2001 75,247              
               
NIREFS A $21,000 5.00% Louis Dreyfus

Commodities Suisse

S.A.
12-Feb-10 28-Dec-11 - 27-Mar-12  
2001 75,311              
               
MELITE   $24,250 5.00% J. Aron & Company,

New York
29-Jan-10 1-Feb-11  
    $16,500 5.00% Cargill International

S.A., Geneva
1-Feb-11 1-Jan-13 - 1-Mar-13  
2004 76,436              
 
Post-Panamax Vessels
               
ALCMENE   $20,250 5.00% Cargill International

S.A., Geneva
20-Nov-10 5-Oct-12 - 4-Jan-13  
2010 93,193              
 
Capesize Vessels
               
NORFOLK   $74,750 3.75% Corus UK Limited 12-Feb-08 12-Jan-13 - 12-Mar-13  
2002 164,218              
               
ALIKI   $45,000 4.75% Cargill International

S.A., Geneva
1-May-09 1-Mar-11  
2005 180,235   $26,500 5.00% Minmetals Logistics

Group Co. Ltd.,

Beijing
1-Mar-11 1-Feb-16 - 1-Apr-16  
               
SALT LAKE CITY   $55,800 5.00% Refined Success

Limited
28-Sep-07 28-Aug-12 - 28-Oct-12  
2005 171,810              
               
SIDERIS GS D $36,000 5.00% BHP Billiton

Marketing AG
30-Nov-09 16-Oct-10  
2006 174,186   $30,500      16-Oct-10 16-Feb-13 - 16-Jun-13  
               
SEMIRIO D $31,000 5.00% BHP Billiton

Marketing AG
15-Jun-09 30-Apr-11 - 30-Jul-11
2007 174,261   $17,350 5.00% Cargill International

S.A., Geneva
15-May-11 28-Feb-13 - 30-Jul-13  
               
BOSTON D $52,000 5.00% BHP Billiton

Marketing AG
13-Nov-07 28-Sep-11 - 28-Dec-11
2007 177,828              
               
HOUSTON D $55,000 4.75% Shagang Shipping Co. 3-Nov-09 3-Oct-14 - 3-Jan-15
2009 177,729              
               
NEW YORK D $48,000 3.75% Nippon Yusen Kaisha,

Tokyo (NYK)
3-Mar-10 3-Jan-15 - 3-May-15  
2010 177,773              
 
 
Vessels Under Construction
               
LOS ANGELES E N/A N/A N/A N/A N/A  7,8
2012 206,000              
               
PHILADELPHIA E N/A N/A N/A N/A N/A  7,9
2012 206,000              
               
               
* 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 Vessel off-hire for drydocking.
2 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples.
3 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
4 Estimated date.
5 The charterer has the option to employ the vessel for a further 11-13 month period. The optional period, if exercised, must be declared on or before the end of the 42nd month of employment and can only commence at the end of the 48th month, at the daily time charter rate of $52,000.
6 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co.
7 Year of delivery and dwt are based on shipbuilding contracts.
8 This newbuilding is also referred to as Hull H1234.
9 This newbuilding is also referred to as Hull H1235.
 
Summary of Selected Financial & Other Data
  Three Months Ended March 31,
  2011 2010
  (unaudited) (unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
Time charter revenues $69,436  $62,184 
Voyage expenses 2,904  2,410 
Vessel operating expenses 12,369  12,511 
Net income attributed to Diana Shipping Inc. 33,136  28,806 
FLEET DATA
Average number of vessels 23.4  21.0 
Number of vessels 23.0  22.0 
Weighted average age of vessels (in years) 5.6  4.8 
Ownership days 2,106  1,894 
Available days 2,106  1,869 
Operating days 2,101  1,864 
Fleet utilization 99.8% 99.7%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $31,592  $31,982 
Daily vessel operating expenses (2) $5,873  $6,606 
     
(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 Friday, May 6, 2011.

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 on www.dianashippinginc.com . A telephone replay will be available by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Account number 362 and Replay ID number 371556.

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. 

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.

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
     
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
     
  For the three months ended March 31,
  2011 2010
     
REVENUES:    
Time charter revenues  $69,436   $62,184 
Other revenues  122   -- 
     
EXPENSES:    
Voyage expenses  2,904   2,410 
Vessel operating expenses  12,369   12,511 
Depreciation and amortization of deferred charges  13,497   12,137 
General and administrative expenses  6,546   5,065 
Foreign currency losses / (gains)  8   (164)
Operating income  34,234   30,225 
     
OTHER INCOME / (EXPENSES):    
Interest and finance costs  (1,282)  (1,033)
Interest Income  213   249 
Loss from derivative instruments  (85)  (635)
Income from investment in Diana Containerships Inc.  54   -- 
Total other expenses, net  (1,100)  (1,419)
     
Net Income  $33,134   $28,806 
     
Loss assumed by non-controlling interests  2   -- 
Net income attributed to Diana Shipping Inc.  33,136   28,806 
Earnings per common share, basic and diluted  $0.41   $0.36 
Weighted average number of common shares, basic 80,965,400  80,630,738 
Weighted average number of common shares, diluted 80,975,802  80,695,136 
 
 
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of US Dollars)
   
  March 31, 2011 December 31, 2010
ASSETS    
     
Cash and cash equivalents $373,325  $345,414 
Other current assets 9,748  9,235 
Advances for vessels under construction and acquisitions and other vessel costs 35,614  35,280 
Vessels' net book value 1,056,071  1,160,850 
Other fixed assets, net 21,830  21,842 
Investments 9,289 --
Other non-current assets 11,337  12,768 
Total assets $1,517,214  $1,585,389 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities, including current portion of long-term debt $25,807  $32,510 
Long-term debt, net of current portion 356,695  376,303 
Other non-current liabilities 5,153  6,646 
Total stockholders' equity 1,129,559  1,169,930 
Total liabilities and stockholders' equity $1,517,214  $1,585,389 
 
OTHER FINANCIAL DATA
  Three Months Ended March 31,
  2011 2010 
  (unaudited) (unaudited)
Net Cash provided by Operating Activities  $42,164   $37,217 
Net Cash used in Investing Activities  (12,440)  (68,584)
Net Cash (used in) / provided by Financing Activities  (1,813)  46,625 
CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Executive Vice-President and Secretary
         Telephone: + 30-210-947-0100
         Email: izafirakis@dianashippinginc.com
         
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net

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