Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2013

ATHENS, Greece, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $3.2 million for the third quarter of 2013, compared to net income of $12.3 million reported for the third quarter of 2012.

Time charter revenues were $41.9 million for the third quarter of 2013, compared to $56.2 million for the same period of 2012, 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.

Net loss for the nine months ended September 30, 2013 amounted to $11.6 million, compared to net income of $49.6 million for the same period of 2012. Time charter revenues were $124.5 million for the nine months ended September 30, 2013, compared to $171.4 million for the same period of 2012.

Fleet Employment Profile (As of November 18, 2013)
Currently Diana Shipping Inc.'s fleet is employed as follows:

Vessel
BUILT DWT
Sister Ships* Gross Rate (USD Per Day)
Com**

Charterer
Delivery Date to Charterer Redelivery Date to Owners***
Notes
Panamax Bulk Carriers
1 DANAE A $8,250 5.00% Intermare Transport GmbH, Hamburg 10-Mar-13 10-Sep-14 - 10-Jan-15
2001 75,106
2 DIONE A $9,700 5.00% EDF Trading Limited, UK 19-Jul-12 19-Jul-14 - 19-Dec-14
2001 75,172
3 NIREFS A $8,000 5.00% Intermare Transport GmbH, Hamburg 29-Jan-13 29-Jul-14 - 29-Jan-15
2001 75,311
4 ALCYON A $7,750 5.00% EDF Trading Limited, UK 21-Dec-12 21-Nov-14 - 21-May-15
2001 75,247
5 TRITON A $19,500 4.75% Resource Marine Pte., Ltd, Singapore 11-Dec-10 8-Nov-13 1,2
$11,000 5.00% CCX Shipping Co., Ltd, Hong Kong 11-Nov-13 29-Nov-13 - 1-Dec-13 3
2001 75,336
6 OCEANIS A $9,250 5.00% Ultrabulk A/S, Copenhagen, Denmark 14-Aug-12 14-Jan-14 - 14-Jul-14
2001 75,211
7 THETIS B $10,500 5.00% EDF Trading Limited, UK 22-Feb-12 1-Sep-13
$8,300 5.00% 1-Sep-13 1-Jul-15 - 1-Dec-15
2004 73,583
8 PROTEFS B $9,000 5.00% Cargill International S.A., Geneva 14-Sep-12 14-Sep-14 - 14-Feb-15
2004 73,630
9 CALIPSO B $12,250 5.00% Louis Dreyfus Commodities Suisse S.A., Geneva 11-Oct-11 29-Jul-13
$8,100 4.75% Cargill International S.A., Geneva 29-Jul-13 29-Apr-15 - 29-Aug-15 4
2005 73,691
10 CLIO B $10,750 5.00% Cargill International S.A., Geneva 22-Feb-12 22-Aug-13
$8,600 4.75% 22-Aug-13 22-May-15 - 22-Aug-15
2005 73,691
11 NAIAS B $9,250 5.00% Ultrabulk A/S, Copenhagen, Denmark 2-Sep-12 2-Feb-14 - 2-Aug-14
2006 73,546
12 ARETHUSA B $7,300 5.00% Cargill International S.A., Geneva 22-Nov-12 22-May-14 - 22-Nov-14
2007 73,593
13 ERATO C $6,500 5.00% Cargill International S.A., Geneva 9-Jan-13 9-Jul-14 - 9-Jan-15 5
2004 74,444
14 CORONIS C $10,600 5.00% EDF Trading Limited, UK 12-Mar-12 27-Nov-13 - 27-Jun-14
2006 74,381
15 MELITE D $7,750 5.00% Cargill International S.A., Geneva 28-Dec-12 1-Jul-14 - 1-Jan-15
2004 76,436
16 MELIA D $9,700 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 17-Apr-13 2-Mar-14 - 17-May-14
2005 76,225
17 ARTEMIS $9,375 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 26-Aug-13 26-Jun-15 - 26-Oct-15
2006 76,942
18 LETO $12,900 5.00% EDF Trading Limited, UK 17-Jan-12 17-Jan-14 - 17-Nov-14
2010 81,297
Kamsarmax Bulk Carriers
19 MAIA E $10,900 5.00% Glencore Grain B.V., Rotterdam 27-Feb-13 12-Aug-14 - 27-Feb-15
2009 82,193
20 MYRSINI E $15,500 4.75% Clearlake Shipping Pte. Ltd., Singapore 12-Oct-13 12-Feb-14 - 27-Apr-14 6
2010 82,117
21 MYRTO E $9,000 5.00% Cargill International S.A., Geneva 25-Jan-13 25-Jul-14 - 25-Jan-15
2013 82,131
Post-Panamax Bulk Carriers
22 ALCMENE $7,250 5.00% ADM International Sarl, Rolle, Switzerland 22-Feb-13 7-Aug-14 - 22-Feb-15
2010 93,193
23 AMPHITRITE $10,000 5.00% Bunge S.A., Geneva 15-Aug-12 31-May-14 - 30-Oct-14 7
2012 98,697
24 POLYMNIA $7,600 5.00% Augustea Bunge Maritime Limited, Malta 16-Jan-13 16-Jul-14 - 16-Jan-15 8,9
2012 98,704
Capesize Bulk Carriers
25 NORFOLK $10,700 4.50% Clearlake Shipping Pte. Ltd., Singapore 16-Jan-13 16-Jul-14 - 16-Jan-15 6
2002 164,218
26 ALIKI $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16
2005 180,235
27 BALTIMORE $15,000 5.00% RWE Supply & Trading GmbH, Essen 8-Jul-13 8-Jul-16 - 8-Jan-17 10
2005 177,243
28 SALT LAKE CITY $13,000 5.00% Morgan Stanley Capital Group Inc. 11-Aug-12 11-Jun-14 - 11-Dec-14
2005 171,810
29 SIDERIS GS F $13,500 4.75% Cargill International S.A., Geneva 14-Mar-13 14-Dec-14 - 14-Jun-15
2006 174,186
30 SEMIRIO F $14,000 4.75% Cargill International S.A., Geneva 19-Mar-13 19-Jan-15 - 19-Jun-15
2007 174,261
31 BOSTON F $14,000 5.00% Morgan Stanley Capital Group Inc. 29-Oct-11 24-Aug-13
$14,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 24-Aug-13 9-Aug-15 - 8-Feb-16 6
2007 177,828
32 HOUSTON F $55,000 4.75% Shagang Shipping Co. 3-Nov-09 3-Oct-14 - 3-Jan-15 11
2009 177,729
33 NEW YORK F $48,000 3.75% Nippon Yusen Kaisha, Tokyo (NYK) 3-Mar-10 3-Jan-15 - 3-May-15
2010 177,773
34 JK PIONEER $18,350 5.00% RWE Supply & Trading GmbH, Essen 26-Nov-13 11-Sep-15 - 31-Dec-15 12
(tbr P. S. PALIOS)
2013 179,134
Newcastlemax Bulk Carriers
35 LOS ANGELES G $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16
2012 206,104
36 PHILADELPHIA G $18,000 5.00% EDF Trading Limited, UK 17-May-12 17-Jan-16 - 17-Jul-16
2012 206,040
Vessels Under Construction
37 HULL H2528 H -- -- -- -- -- -- -- 13
(tbn CRYSTALIA)
2014 76,000
38 HULL H2529 H -- -- -- -- -- -- -- 13
(tbn ATALANDI)
2014 76,000
39 HULL H2548 I -- -- -- -- -- -- -- 14
2016 208,500
40 HULL H2549 I -- -- -- -- -- -- -- 14
2016 208,500
* 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 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
2 Resource Marine Pte., Ltd, Singapore has agreed to compensate the owners for the early redelivery of the vessel on November 8, 2013 till the minimum agreed redelivery date, November 11, 2013.
3 Redelivery dates based on an estimated voyage duration of about 18-20 days.
4 The previous charterers, Louis Dreyfus Commodities Suisse S.A., Geneva, have agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from July 29, 2013 to August 11, 2013.
5 Vessel off-hire from October 20, 2013 to October 21, 2013.
6 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
7 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.
8 The charterer has the option to further employ the vessel for about 11 to 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.
9 Since October 12, 2013, charterers have changed to Bunge S.A., Geneva.
10 Vessel delivered to the Company on June 13, 2013. Due to scheduled maintenance, the vessel was delivered to the charterers on July 8, 2013.
11 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.
12 Estimated date.
13 Based on latest information received by the yard.
14 Year of delivery and dwt are based on shipbuilding contract.
Summary of Selected Financial & Other Data (unaudited)
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
Time charter revenues $ 41,936 $ 56,220 $ 124,541 $ 171,405
Voyage expenses 2,031 1,090 6,321 6,191
Vessel operating expenses 19,735 16,950 57,262 46,977
Net income / (loss) (3,179) 12,285 (11,609) 49,623
FLEET DATA
Average number of vessels 33.4 28.5 32.3 27.0
Number of vessels 34.0 29.0 34.0 29.0
Weighted average age of vessels 6.7 5.9 6.7 5.9
Ownership days 3,072 2,624 8,808 7,409
Available days 3,072 2,584 8,808 7,323
Operating days 3,062 2,567 8,740 7,290
Fleet utilization 99.7% 99.3% 99.2% 99.5%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 12,990 $ 21,335 $ 13,422 $ 22,561
Daily vessel operating expenses (2) $ 6,424 $ 6,460 $ 6,501 $ 6,341
(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 Tuesday, November 19, 2013.

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 422637.

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, 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.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012
REVENUES:
Time charter revenues $ 41,936 $ 56,220 $ 124,541 $ 171,405
Other revenues -- 614 446 1,800
EXPENSES:
Voyage expenses 2,031 1,090 6,321 6,191
Vessel operating expenses 19,735 16,950 57,262 46,977
Depreciation and amortization of deferred charges 16,397 15,993 47,865 45,908
General and administrative expenses 5,399 6,222 16,342 18,904
Foreign currency gains (182) (338) (573) (1,110)
Operating income / (loss) (1,444) 16,917 (2,230) 56,335
OTHER INCOME / (EXPENSES):
Interest and finance costs (2,057) (2,165) (6,146) (5,564)
Interest and other income 520 291 870 1,186
Loss from derivative instruments (58) (276) (92) (516)
Loss from investment in Diana Containerships Inc. (140) (2,482) (4,011) (1,818)
Total other expenses, net (1,735) (4,632) (9,379) (6,712)
Net Income / (loss) (3,179) 12,285 (11,609) 49,623
Earnings / (loss) per common share, basic and diluted $ (0.04) $ 0.15 $ (0.14) $ 0.61
Weighted average number of common shares, basic and diluted 81,382,997 80,931,326 81,276,288 81,182,564
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012
Net income / (loss) $ (3,179) $ 12,285 $ (11,609) $ 49,623
Other comprehensive loss (Actuarial loss) -- -- (98) --
Comprehensive income / (loss) $ (3,179) $ 12,285 $ (11,707) $ 49,623
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)

September 30, 2013 December 31, 2012
ASSETS
Cash and cash equivalents $ 315,740 $ 446,624
Other current assets 14,990 20,362
Advances for vessels under construction and acquisitions and other vessel costs 40,904 11,502
Vessels' net book value 1,261,502 1,211,138
Other fixed assets, net 22,931 22,774
Other non-current assets 70,920 30,402
Total assets $ 1,726,987 $ 1,742,802

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities, including current portion of long-term debt $ 61,475 $ 61,477
Long-term debt, net of current portion and deferred financing costs 403,787 414,080
Other non-current liabilities 873 821
Total stockholders' equity 1,260,852 1,266,424
Total liabilities and stockholders' equity $ 1,726,987 $ 1,742,802
OTHER FINANCIAL DATA (unaudited)
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012

Net Cash provided by operating activities $ 17,157 $ 29,519 $ 51,005 $ 97,552
Net Cash used in investing activities (72,353) (24,372) (172,539) (141,665)
Net Cash provided by / (used in) financing activities $ (4,410) $ (4,169) $ (9,350) $ 79,893

CONTACT: Corporate Contact: Ioannis Zafirakis Director, Executive Vice-President 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.netSource:Diana Shipping Inc.