FORM 6-K/A
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 August 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]
This amended Form 6-K is being filed by Diana Shipping Inc. (the Company") to
include the balance sheet and statement of income tables that were inadvertently
omitted from the Form 6-K filed on August 2, 2005 reporting the Company's
financial results for the second quarter and six months ended June 30, 2005.
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 August 1, 2005
reporting the financial results for the quarter ending June 30, 2005 and the
declaration of a cash dividend for the quarter ended June 30, 2005.
Exhibit 1
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Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
For Immediate Release
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2005
DECLARES CASH DIVIDEND FOR THE SECOND QUARTER
ATHENS, GREECE, August 1, 2005 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, today reported
net income of $20.1 million for the second quarter of 2005, compared to net
income of $12.4 million recorded in the second quarter of 2004, representing an
increase of $7.7 million or 62%. Voyage and time charter revenues were $29.4
million for the second quarter of 2005, an increase of 64% from the $17.9
million reported in the same period of 2004. The Company attributed the increase
in net income and revenue from vessels primarily to the enlargement of its fleet
and improved trading conditions in the second quarter of 2005 compared with the
same period of 2004.
Net income for the six months ended June 30, 2005 increased by $15.1 million or
77% to $34.7 million compared to $19.6 million in 2004. Voyage and time charter
revenues were $53.3 million for the first six months of 2005, compared to $30.2
million for the same period of 2004, representing an increase of 76%.
Dividend declaration
The Company has declared a cash dividend on its common stock of $0.54 per share,
based on the Company's operations during the second quarter ended June 30, 2005.
The cash dividend will be payable on August 31, 2005 to all shareholders of
record as of August 16, 2005. The Company has 40 million shares of common stock
outstanding.
During the second quarter of 2005, there were 9.6 vessels on average operating
in the Company's fleet after the delivery of a newbuilding panamax bulk carrier,
the Clio, on May 9, 2005.
Freight Market Commentary
The Company stated that it is continuing to pursue a policy of seeking short
term time charters for its vessels whose charters will expire during the third
quarter. Certain industry analysts have concluded that the strong chartering
inquiries witnessed during the first weeks of the third quarter of 2005 should
eventually lead to improved time charter rates later in the third quarter and
for the remainder of 2005. Diana Shipping management concurs with this view that
the current weakness in the charter market will be temporary, and has structured
its chartering policy to be in position to take advantage of an eventual return
to stronger earning opportunities.
Fleet Employment Profile
Currently Diana's fleet is employed as follows:
Date of
Name Built Age DWT Employment(1) Expiration(2)
---- ----- --- --- ------------- -------------
*NIREFS 31/1/2001 4.50 75,311 $ 40,000 Aug. 5, 20055
*ALCYON 9/2/2001 4.48 75,247 $ 22,582 Oct. 15, 2007
*TRITON 28/3/2001 4.35 75,336 $ 37,300 Nov. 27, 2005
*OCEANIS 30/5/2001 4.18 75,211 $ 30,650 Aug. 23, 20056
*DIONE 10/1/2001 4.56 75,172 $ 32,500 Nov. 4, 2005
*DANAE 8/1/2001 4.57 75,106 $ 30,000 Jan. 13, 2007
**PROTEFS 31/8/2004 0.92 73,630 $ 31,000 Sep. 1, 20056
**CALIPSO 3/2/2005 0.49 73,691 $ 17,250 Oct. 2, 2005
**CLIO 09/05/2005 0.23 73,691 $ 18,000+ Aug. 8, 20054
$200,000(3)
PANTELIS SP 26/2/1999 6.44 169,883 $ 47,500 Jan. 25, 2008
Weighted Average Age: 3.82
Total: 842,278
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1 Gross Time Charter Rate per day.
2 Estimated dates assuming earliest redelivery by charterers.
3 One-time payment to this fixture, and based on the estimated duration of 22
days, the effective gross time charter rate per day increases by
approximately $9,000 to approximately $27,000.
4 Based on "10 days approximate redelivery notice to owners" dated July 29,
2005.
5 Based on the "5 days definite redelivery notice to owners" dated July 31,
2005.
6 Based on the last scheduled voyage by charterers.
*,** Each denotes a fleet of sister ships.
Summary of Selected Financials & Other Data
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
---- ---- ---- ----
INCOME STATEMENT DATA (in thousands of US Dollars):
Voyage and time charter revenues 29,391 17,865 53,297 30,166
Voyage expenses 2,004 1,195 3,638 2,031
Vessel operating expenses 3,448 2,107 6,624 4,050
Net income 20,116 12,357 34,671 19,605
FLEET DATA
Average number of vessels 9.6 6.0 8.8 6.0
Number of vessels 10.0 6.0 10.0 6.0
Weighted average age of fleet (in years) 3.7 3.3 3.7 3.3
Ownership days 872 546 1,595 1,092
Available days 872 546 1,595 1,092
Operating days 871 546 1,589 1,090
Fleet utilization 99.9% 100.0% 99.6% 99.8%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate 31,407 30,531 31,134 25,765
Daily vessel operating expenses 3,954 3,859 4,153 3,709
Conference Call and Webcast Information
Diana Shipping Inc. will conduct a conference call and webcast at 10:30 A.M.
Eastern Time on August 2, 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 6272718.
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
Expressed in thousands of U.S. Dollars, except share, per day and fleet data
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
---- ---- ---- ----
REVENUES:
Revenue from vessels $ 29,391 $ 17,865 $ 53,297 $ 30,166
EXPENSES:
Voyage expenses 2,004 1,195 3,638 2,031
Vessel operating expenses 3,448 2,107 6,624 4,050
Depreciation 2,459 1,188 4,338 2,388
Management fees 431 216 794 432
General and administrative expenses 941 600 1,713 984
Foreign currency losses/(gains) (10) (6) (18) (6)
----------- ------------ ----------- ------------
Operating income 20,118 12,565 36,208 20,287
----------- ------------ ----------- ------------
OTHER INCOME (EXPENSES):
Interest and finance costs, net (228) (230) (1,905) (719)
Interest Income 226 22 368 37
----------- ------------ ------------ -----------
Total other income (expenses), net (2) (208) (1,537) (682)
----------- ------------ ------------ -----------
Net Income $ 20,116 $ 12,357 $ 34,671 $ 19,605
=========== ============ ============ ============
Earnings per common share $ 0.50 $ 0.45 $ 1.00 $ 0.71
=========== ============ ============ ============
Weighted average number of common shares 40,000,000 27,625,000 34,803,867 27,625,000
=========== ============ ============ ============
BALANCE SHEET DATA
June 30, December 31,
2005 2004
---- ----
ASSETS
Cash and cash equivalents 38,673 1,758
Other current liabilities 1,647 1,791
Advances for vessels under construction and acquisitions and other vessel costs - 19,234
Vessels' net book value 234,766 132,853
Other non-current assets 1,281 -
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Total assets 276,367 155,636
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long term debt 5,249 11,344
Long-term debt, net of current portion - 85,168
Other non-current liabilities 240 72
Total stockholders' equity 270,878 59,052
------------- -------------
Total liabilities and stockholders' equity 276,367 155,636
============= =============
OTHER FINANCIAL DATA
Three Months Ended
June 30, Six Months Ended June 30,
2005 2004 2005 2004
---- ---- ---- ----
Net cash from operating activities 22,433 13,905 40,283 22,413
Net cash used in investing activities (14,785) (3,426) (87,017) (8,818)
Net cash from/(used in) financing activities (4,220) (913) 83,649 (2,844)
# # #
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: August 3, 2005 By: /s/ Anastassis Margaronis
--------------------------
Anastassis Margaronis
President
23159.0002 #591247a