Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31, 2014

Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31, 2014  ATHENS, Greece, May 14, 2014 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $6.0 million and net loss available to common stockholders of $6.8 million for the first quarter of 2014, compared to anet loss and net loss available to common stockholders of $3.2 million reported in the first quarter of 2013.  Time charter revenues were $41.1 million for the first quarter of 2014, compared to $42.6 million for the same period of 2013, 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 enlargement of our fleet.     Fleet Employment Profile (As of May 13, 2014)    Currently Diana Shipping Inc.'s fleet is employed as follows:                             Gross     Vessel       Sister Rate                        Delivery  Redelivery    BUILTDWT    Ships* (USD    Com** Charterer     Date to   Date to    Notes                         Per                         Charterer Owners***                         Day)    Panamax Bulk Carriers                                       Intermare               10-Sep-14 1  DANAE        A      $8,250  5.00% Transport     10-Mar-13 -                                                 GmbH, Hamburg           10-Jan-15    200175,106                                                                                           EDF Trading             19-Jul-14 2  DIONE        A      $9,700  5.00% Limited, UK   19-Jul-12 -                                                                         19-Dec-14    200175,172                                                                                           Intermare               29-Jul-14 3  NIREFS       A      $8,000  5.00% Transport     29-Jan-13 -                                                 GmbH, Hamburg           29-Jan-15    200175,311                                                                                           EDF Trading             21-Nov-14 4  ALCYON       A      $7,750  5.00% Limited, UK   21-Dec-12 -                                                                         21-May-15    200175,247                                                     5  TRITON       A      $11,000 5.00% Bunge S.A.,   16-Dec-13 1-Sep-14-                                        Geneva                  31-Oct-14    200175,336                                                                                           Ultrabulk 6  OCEANIS      A      $9,250  5.00% A/S,          14-Aug-12 4-Jun-14 - 1                                       Copenhagen,             14-Jul-14                                       Denmark    200175,211                                                     7  THETIS      B      $8,300  5.00% EDF Trading   1-Sep-13  1-Jul-15 - 2,3,4                                       Limited, UK             1-Dec-15    200473,583                                                                                           Cargill                 14-Sep-14 8  PROTEFS      B      $9,000  5.00% International 14-Sep-12 -                                                 S.A., Geneva           14-Feb-15    200473,630                                                                                           Cargill                 29-Apr-15 9  CALIPSO      B      $8,100  4.75% International 29-Jul-13 -                                                 S.A., Geneva           29-Aug-15    200573,691                                                                                           Cargill                 22-May-15 10 CLIO         B      $8,600  4.75% International 22-Aug-13 -          5                                       S.A., Geneva           22-Aug-15    200573,691                                                                                           Ultrabulk 11 NAIAS        B      $9,250  5.00% A/S,          2-Sep-12  12-Jun-14  1                                       Copenhagen,             - 2-Aug-14                                       Denmark    200673,546                                                                                           Cargill                 16-Jun-14 12 ARETHUSA     B      $7,300  5.00% International 22-Nov-12 -                                                 S.A., Geneva           22-Nov-14    200773,593                                                                                           Cargill                 9-Jul-14 - 13 ERATO        C      $6,500  5.00% International 9-Jan-13  9-Jan-15   6                                       S.A., Geneva    200474,444                                                     14 CORONIS      C      $10,600 5.00% EDF Trading   12-Mar-12 24-May-14  1                                       Limited, UK    200674,381                                                                                           Cargill                 1-Jul-14 - 15 MELITE       D      $7,750  5.00% International 28-Dec-12 1-Jan-15                                          S.A., Geneva    200476,436                                                                                           Rio Tinto 16 MELIA       D      $9,700  3.75% Shipping Pty, 17-Apr-13 10-May-14                                         Ltd.,                                       Melbourne                                                               10-Apr-15                      $12,000                   10-May-14 -                                                                         10-Jul-15    200576,225                                                                                           Rio Tinto               26-Jun-15 17 ARTEMIS            $9,375  3.75% Shipping Pty, 26-Aug-13 -                                                 Ltd.,                   26-Oct-15                                       Melbourne    200676,942                                                     18 LETO               $12,900 5.00% EDF Trading   17-Jan-12 4-Jun-14 - 1                                       Limited, UK             17-Nov-14    201081,297                                                                                           Glencore                21-Aug-15 19 CRYSTALIA    E      $15,800 5.00% Grain B.V.,   21-Feb-14 -                                                 Rotterdam               21-Nov-15    201477,525                                                                                           Glencore                13-Apr-15 20 ATALANDI     E      $13,500 5.00% Grain B.V.,   13-May-14 -                                                 Rotterdam               13-Jul-15    201477,529                                                        Kamsarmax Bulk Carriers                                       Glencore                12-Aug-14 21 MAIA         F      $10,900 5.00% Grain B.V.,   27-Feb-13 -                                                 Rotterdam               27-Feb-15    200982,193                                                                                           Clearlake 22 MYRSINI      F      $15,500 4.75% Shipping Pte. 12-Oct-13 12-Feb-14  7                                       Ltd.,                                       Singapore                                                               15-Feb-15                                               12-Feb-14 -                                                                         10-May-15    201082,117                                                                                           Cargill                 25-Jul-14 23 MYRTO        F      $9,000  5.00% International 25-Jan-13 -                                                 S.A., Geneva            25-Jan-15    201382,131                                                        Post-Panamax Bulk Carriers                                       ADM 24 ALCMENE            $7,250  5.00% International 22-Feb-13 7-Aug-14 -                                        Sarl, Rolle,            22-Feb-15                                       Switzerland    201093,193                                                                                           Bunge S.A.,             31-May-14 25 AMPHITRITE         $10,000 5.00% Geneva        15-Aug-12 -          8                                                               30-Oct-14    201298,697                                                                                           Bunge S.A.,             16-Jul-14 26 POLYMNIA           $7,600  5.00% Geneva        16-Jan-13 -          9,10                                                               16-Jan-15    201298,704                                                        Capesize Bulk Carriers                                       Clearlake               16-Jul-14 27 NORFOLK            $10,700 4.50% Shipping Pte. 16-Jan-13 -          7                                       Ltd.,                   16-Jan-15                                       Singapore    2002164,218                                                                                          Minmetals 28 ALIKI              $26,500 5.00% Logistics     1-Mar-11  1-Feb-16 -                                        Group Co.               1-Apr-16                                       Ltd., Beijing    2005180,235                                                                                          RWE Supply &            8-Jul-16 - 29 BALTIMORE          $15,000 5.00% Trading GmbH, 8-Jul-13  8-Jan-17   4                                       Essen    2005177,243                                                                                          Morgan                  11-Jun-14 30 SALT LAKE          $13,000 5.00% Stanley       11-Aug-12 -               CITY                              Capital Group           11-Dec-14                                       Inc.    2005171,810                                                                                          Cargill                 14-Dec-14 31 SIDERIS GS   G      $13,500 4.75% International 14-Mar-13 -                                                 S.A., Geneva            14-Jun-15    2006174,186                                                                                          Cargill                 19-Jan-15 32 SEMIRIO      G      $14,000 4.75% International 19-Mar-13 -                                                 S.A., Geneva           19-Jun-15    2007174,261                                                                                          Clearlake 33 BOSTON       G      $14,250 4.75% Shipping Pte. 24-Aug-13 9-Aug-15 - 7                                       Ltd.,                   8-Feb-16                                       Singapore    2007177,828                                                                                          Clearlake               19-Oct-14 34 HOUSTON     G      $20,500 4.75% Shipping Pte. 3-Dec-13  -          7                                       Ltd.,                   18-Feb-15                                       Singapore    2009177,729                                                                                          Nippon Yusen            3-Jan-15 - 35 NEW YORK     G      $48,000 3.75% Kaisha, Tokyo 3-Mar-10  3-May-15                                          (NYK)    2010177,773                                                                                          RWE Supply &            18-Sep-15 36 P. S. PALIOS       $18,350 5.00% Trading GmbH, 3-Dec-13  -                                                 Essen                   31-Dec-15    2013179,134                                                       Newcastlemax Bulk Carriers 37 LOS ANGELES  H      $18,000 5.00% EDF Trading   9-Feb-12  9-Dec-15 -                                        Limited, UK             9-Apr-16    2012206,104                                                                                          EDF Trading             17-Jan-16 38 PHILADELPHIA H      $18,000 5.00% Limited, UK   17-May-12 -                                                                         17-Jul-16    2012206,040                                                       Vessels Under Construction 39 HULL DY6006        --      --    --            --        -- -- --   11    201682,000                                                     40 HULL H2548   I      --      --    --            --        -- -- --   11    2016208,500                                                    41 HULL H2549   I      --      --    --            --        -- -- --   11    2016208,500                                                    * 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 Based on latest information. 2 Vessel off-hire for unscheduled maintenance from February 12, 2014 to March 7, 2014. 3 Vessel off-hire from April 21, 2014 to April 23, 2014. 4 Vessel currently off-hire for drydocking. 5 Vessel off-hire for drydocking from December 12, 2013 to January 2, 2014. 6 Vessel off-hire for unscheduled maintenance from February 14, 2014 to February 23, 2014. 7 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group. 8 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. 9 The charterer has the option to further employ the vessel for about 11 to a 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. 10 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited, Malta. 11 Year of delivery and dwt are based on shipbuilding contract.   Summary of Selected Financial & Other Data (unaudited)                                                  Three months ended March 31,                                                  2014           2013                                                                 STATEMENT OF OPERATIONS DATA (in thousands of US                 Dollars): Time charter revenues                             $ 41,145      $ 42,601 Voyage expenses                                   2,398          2,199 Vessel operating expenses                         20,656         17,957 Net loss                                          (6,027)        (3,183) Net loss available to common stockholders         (6,780)        (3,183) FLEET DATA                                                      Average number of vessels                         36.4           31.2 Number of vessels                                 37            32 Weighted average age of vessels                   6.7            6.1 Ownership days                                    3,280          2,806 Available days                                    3,278          2,806 Operating days                                    3,238          2,772 Fleet utilization                                 98.8%          98.8% AVERAGE DAILY RESULTS                                           Time charter equivalent (TCE) rate (1)            $11,820       $14,398 Daily vessel operating expenses (2)               $6,298        $6,400  ________  (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 Wednesday, May 14, 2014.  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 13579143.  About the Company  Diana Shipping Inc. is a leading global provider of shipping transportation services through its ownership 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, vessel 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 LOSS                                                                                                                  Three months ended March 31,                                                  2014           2013                                                                 REVENUES:                                                        Time charter revenues                             $41,145        $42,601 Other revenues                                    --             447                                                                 EXPENSES:                                                        Voyage expenses                                   2,398          2,199 Vessel operating expenses                         20,656         17,957 Depreciation and amortization of deferred charges 16,874         15,549 General and administrative expenses               6,248          5,464 Foreign currency gain                             (65)           (74) Operating income / (loss)                         (4,966)        1,953                                                                 OTHER INCOME / (EXPENSES):                                       Interest and finance costs                        (1,960)        (2,064) Interest and other income                         904            200 Loss from derivative instruments                  (4)            (4) Loss from investment in Diana Containerships Inc. (1)            (3,268) Total other expenses, net                         (1,061)        (5,136)                                                                 Net loss                                          (6,027)        (3,183)                                                                 Earnings allocated to preferred stock             (753)          --                                                                 Net loss attributed to common stockholders        (6,780)        (3,183)                                                                 Loss per common share, basic and diluted          $(0.08)      $(0.04)                                                                 Weighted average number of common shares, basic   81,733,673     81,059,313 and diluted                                                                                                                  Three months ended March 31,                                                  2014           2013 Net loss                                          $(6,027)     $(3,183) Other comprehensive loss (Actuarial loss)         --             (98) Comprehensive loss                                $(6,027)     $(3,281)   CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited) (in thousands of U.S. Dollars)                                                                                                          March 31, 2014 December 31, 2013 ASSETS                                                                                                                   Cash and cash equivalents                     $307,406     $240,633 Other current assets                          12,928         11,235 Advances for vessels under construction and   27,034         38,862 acquisitions and other vessel costs Vessels' net book value                       1,335,348      1,320,375 Other fixed assets, net                       22,726         22,826 Other non-current assets                      66,791         68,050 Total assets                                  $1,772,233   $1,701,981                                                             LIABILITIES AND STOCKHOLDERS' EQUITY                                                             Current liabilities, including current        $90,978      $62,752 portion of long-term debt Long-term debt, net of current portion and    369,198        385,025 deferred financing costs Other non-current liabilities                 749            812 Total stockholders' equity                    1,311,308      1,253,392 Total liabilities and stockholders' equity    $1,772,233   $1,701,981                                                             OTHER FINANCIAL DATA (unaudited)                                              Three months ended March 31,                                              2014           2013                                                             Net Cash provided by operating activities     $9,637       $17,394 Net Cash used in investing activities         (19,038)       (47,680) Net Cash provided by / (used in) financing    $76,174      $(4,008) activities  CONTACT: Corporate Contact:          Ioannis Zafirakis          Director, Chief Operating Officer and Secretary          Telephone: + 30-210-9470100          Email: izafirakis@dianashippinginc.com          Website: www.dianashippinginc.com                   Investor and Media Relations:          Edward Nebb          Comm-Counsellors, LLC          Telephone: + 1-203-972-8350          Email: enebb@optonline.net  
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