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Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2014

ATHENS, Greece, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $7.7 million and net income available to common stockholders of $6.3 million for the third quarter of 2014, compared to net loss and net loss available to common stockholders of $3.2 million reported in the third quarter of 2013.

Time charter revenues were $45.1 million for the third quarter of 2014, compared to $41.9 million for the same quarter of 2013. This increase was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by decreased time charter rates compared to the third quarter of 2013.

Net loss and net loss available to common stockholders for the nine months ended September 30, 2014 amounted to $4.0 million and $7.7 million, respectively, compared to net loss and net loss available to common stockholders of $11.6 million for the same period of 2013. Time charter revenues were $129.4 million for the nine months ended September 30, 2014, compared to $124.5 million for the same period of 2013.

Share Repurchase Plan

As previously announced, on May 23, 2014, the Company's Board of Directors authorized a share repurchase plan, under which, during the third quarter of 2014, the Company repurchased and retired 1,038,645 shares at an aggregate cost of approximately $10.0 million, or an average of $9.65 per common share, decreasing the Company's issued and outstanding shares as of September 30, 2014 to 82,352,725.

Fleet Employment Profile (As of November 24, 2014)
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 24-Dec-14 - 10-Jan-15 1
2001 75,106
2 DIONE A $9,700 5.00% EDF Trading Limited, UK 19-Jul-12 10-Sep-14
$9,250 5.00% RWE Supply & Trading GmbH, Essen 12-Sep-14 12-Oct-15 - 27-Feb-16
2001 75,172
3 NIREFS A $8,000 5.00% Intermare Transport GmbH, Hamburg 29-Jan-13 15-Nov-14
$10,700 5.00% RICS Shipping Co. Ltd., Seoul 15-Nov-14 20-Dec-14 2
2001 75,311
4 ALCYON A $7,750 5.00% EDF Trading Limited, UK 21-Dec-12 7-Dec-14 - 21-May-15 1
2001 75,247
5 TRITON A $11,000 5.00% Bunge S.A., Geneva 16-Dec-13 24-Oct-14
2001 75,336 $9,250 5.00% Glencore Grain B.V., Rotterdam 24-Oct-14 24-Sep-15 - 24-Dec-15
6 OCEANIS A $9,000 5.00% Glencore Grain B.V., Rotterdam 19-Jun-14 19-Jan-15 - 19-Apr-15
2001 75,211
7 THETIS B $8,300 5.00% EDF Trading Limited, UK 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 19-Dec-14 - 14-Mar-15 1,3,4
2004 73,630
9 CALIPSO B $8,100 4.75% Cargill International S.A., Geneva 29-Jul-13 29-Apr-15 - 29-Aug-15
2005 73,691
10 CLIO B $8,600 4.75% Cargill International S.A., Geneva 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 4-Aug-14
$5,500 5.00% Bunge S.A., Geneva 4-Aug-14 3-Sep-14
$8,500 5.00% 3-Sep-14 4-Jul-15 - 4-Oct-15
2006 73,546
12 ARETHUSA B $7,300 5.00% Cargill International S.A., Geneva 22-Nov-12 20-Oct-14
$8,250 5.00% Intergis Co., Ltd, Seoul 20-Oct-14 20-Nov-14 5
$8,250 5.00% Glencore Grain B.V., Rotterdam 20-Nov-14 5-Mar-15 - 4-Jun-15
2007 73,593
13 ERATO C $6,500 5.00% Cargill International S.A., Geneva 9-Jan-13 15-Nov-14 6
$8,500 5.00% 27-Nov-14 6-Jan-15 - 8-Jan-15 1,7
2004 74,444 RWE Supply & Trading GmbH, Essen
14 CORONIS C $11,550 5.00% Oberon Holdings Limited 12-Jun-14 12-May-15 - 12-Aug-15
2006 74,381
15 MELITE D $7,750 5.00% Cargill International S.A., Geneva 28-Dec-12 19-Dec-14 - 1-Jan-15 1
2004 76,436
16 MELIA D $12,000 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 10-May-14 10-Apr-15 - 10-Jul-15
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 19-Jul-14
$11,350 4.75% Cargill International S.A., Geneva 19-Jul-14 19-Jun-15 - 19-Sep-15
2010 81,297
19 CRYSTALIA E $15,800 5.00% Glencore Grain B.V., Rotterdam 21-Feb-14 21-Aug-15 - 21-Nov-15
2014 77,525
20 ATALANDI E $13,500 5.00% Glencore Grain B.V., Rotterdam 13-May-14 13-Apr-15 - 13-Jul-15
2014 77,529
Kamsarmax Bulk Carriers
21 MAIA F $10,900 5.00% Glencore Grain B.V., Rotterdam 27-Feb-13 11-Sep-14 8
$12,000 5.00% RWE Supply & Trading GmbH, Essen 29-Sep-14 29-Sep-15 - 29-Jan-16
2009 82,193
22 MYRSINI F $15,500 4.75% Clearlake Shipping Pte. Ltd., Singapore 12-Feb-14 15-Feb-15 - 10-May-15 9,10
2010 82,117
23 MYRTO F $9,000 5.00% Cargill International S.A., Geneva 25-Jan-13 19-Dec-14 - 25-Jan-15 1
2013 82,131
Post-Panamax Bulk Carriers
24 ALCMENE $7,250 5.00% ADM International Sarl, Rolle, Switzerland 22-Feb-13 13-Jan-15 - 22-Feb-15 1
2010 93,193
25 AMPHITRITE $10,000 5.00% Bunge S.A., Geneva 15-Aug-12 15-Aug-14 11
$11,300 15-Aug-14 15-Jul-15 - 15-Oct-15
2012 98,697
26 POLYMNIA $7,600 5.00% Bunge S.A., Geneva 16-Jan-13 7-Dec-14 - 16-Jan-15 1,12
2012 98,704
Capesize Bulk Carriers
27 NORFOLK $10,700 4.50% Clearlake Shipping Pte. Ltd., Singapore 16-Jan-13 7-Dec-14 - 16-Jan-15 1,9,13
2002 164,218
28 ALIKI $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16 14
2005 180,235
29 BALTIMORE $15,000 5.00% RWE Supply & Trading GmbH, Essen 8-Jul-13 8-Jul-16 - 8-Jan-17
2005 177,243
30 SALT LAKE CITY $13,000 5.00% Morgan Stanley Capital Group Inc. 11-Aug-12 23-Nov-14
$16,200 5.00% Kawasaki Kisen Kaisha, Ltd., Tokyo 23-Nov-14 28-Dec-14 15
2005 171,810
31 SIDERIS GS G $13,500 4.75% Cargill International S.A., Geneva 14-Mar-13 19-Dec-14 - 14-Jun-15 1
2006 174,186
32 SEMIRIO G $14,000 4.75% Cargill International S.A., Geneva 19-Mar-13 19-Jan-15 - 19-Jun-15
2007 174,261
33 BOSTON G $14,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 24-Aug-13 9-Aug-15 - 8-Feb-16 9
2007 177,828
34 HOUSTON G $20,500 4.75% Clearlake Shipping Pte. Ltd., Singapore 3-Dec-13 24-Dec-14 - 18-Feb-15 1,9,16
2009 177,729
35 NEW YORK G $48,000 3.75% Nippon Yusen Kaisha, Tokyo (NYK) 3-Mar-10 2-Dec-14 1,17
2010 177,773
36 P. S. PALIOS $18,350 5.00% RWE Supply & Trading GmbH, Essen 3-Dec-13 18-Sep-15 - 31-Dec-15
2013 179,134
37 G. P. ZAFIRAKIS $25,250 5.00% RWE Supply & Trading GmbH, Essen 23-Aug-14 14-Feb-16 - 23-Jun-16
2014 179,492
Newcastlemax Bulk Carriers
38 LOS ANGELES H $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16
2012 206,104
39 PHILADELPHIA H $18,000 5.00% EDF Trading Limited, UK 17-May-12 17-Jan-16 - 17-Jul-16
2012 206,040
Vessels Under Construction
40 HULL DY6006 -- -- -- -- -- -- -- 18
2016 82,000
41 HULL H2548 I -- -- -- -- -- -- -- 18
2016 208,500
42 HULL H2549 I -- -- -- -- -- -- -- 18
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 Based on latest information.
2 Redelivery date based on an estimated time charter trip duration of about 35 days.
3 During September 2014, the vessel was off-hire for drydocking for approximately 12 days.
4 On October 14, 2014, the Company signed an addendum, extending the initially agreed maximum redelivery date by a month.
5 Charterers exercised their option to redeliver the vessel back to owners at West Coast India area and paid US$8,250 per day for the entire period instead of US$7,600 perday previously announced.
6 Vessel off-hire for drydocking from August 1, 2014 to August 16, 2014.
7 Redelivery dates based on an estimated time charter trip duration of about 40-42 days.
8 Vessel off-hire for drydocking from September 11, 2014 to September 29, 2014.
9 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
10 The vessel was off-hire for approximately 10 days.
11 On May 13, 2014, the charterers exercised 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.
12 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited, Malta.
13 Vessel off-hire for drydocking from September 9, 2014 to October 14, 2014.
14 Vessel off-hire for drydocking from October 17, 2014 to November 14, 2014.
15 Redelivery date based on an estimated time charter trip duration of about 35 days.
16 Vessel off-hire for drydocking from July 27, 2014 to August 5, 2014.
17 Nippon Yusen Kaisha, Tokyo (NYK) has agreed to compensate the owners in case of a redelivery of the vessel earlier than the previously agreed minimum date, i.e. January 3, 2015.
18 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,
2014 2013 2014 2013
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
Time charter revenues $ 45,147 $ 41,936 $ 129,442 $ 124,541
Voyage expenses 2,568 2,031 7,207 6,321
Vessel operating expenses 21,997 19,735 64,587 57,262
Net income / (loss) 7,742 (3,179) (4,033) (11,609)
Net income / (loss) available to common stockholders 6,300 (3,179) (7,671) (11,609)
FLEET DATA
Average number of vessels 38.4 33.4 37.5 32.3
Number of vessels 39 34.0 39 34.0
Weighted average age of vessels 6.8 6.7 6.8 6.7
Ownership days 3,537 3,072 10,234 8,808
Available days 3,463 3,072 10,120 8,808
Operating days 3,454 3,062 10,063 8,740
Fleet utilization 99.7% 99.7% 99.4% 99.2%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 12,295 $ 12,990 $ 12,079 $ 13,422
Daily vessel operating expenses (2) $ 6,219 $ 6,424 $ 6,311 $ 6,501
___________________
(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

The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, November 25, 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 13593167.

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.

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,
2014 2013 2014 2013
REVENUES:
Time charter revenues $ 45,147 $ 41,936 $ 129,442 $ 124,541
Other revenues -- -- -- 446
EXPENSES:
Voyage expenses 2,568 2,031 7,207 6,321
Vessel operating expenses 21,997 19,735 64,587 57,262
Depreciation and amortization of deferred charges 17,998 16,397 52,212 47,865
General and administrative expenses 6,203 5,399 18,736 16,342
Foreign currency gain (130) (182) (280) (573)
Operating loss (3,489) (1,444) (13,020) (2,230)
OTHER INCOME / (EXPENSES):
Interest and finance costs (2,198) (2,057) (6,261) (6,146)
Interest and other income 899 520 2,742 870
Income / (loss) from derivative instruments -- (58) 68 (92)
Income / (loss) from investment in Diana Containerships Inc. 12,530 (140) 12,438 (4,011)
Total other income / (expenses), net 11,231 (1,735) 8,987 (9,379)
Net income / (loss) 7,742 (3,179) (4,033) (11,609)
Earnings allocated to preferred stock (1,442) -- (3,638) --
Net income / (loss) attributed to common stockholders 6,300 (3,179) (7,671) (11,609)
Earnings / (loss) per common share, basic and diluted $ 0.08 $ (0.04) $ (0.09) $ (0.14)
Weighted average number of common shares, basic 81,745,223 81,382,997 81,864,186 81,276,288
Weighted average number of common shares, diluted 82,065,783 81,382,997 81,864,186 81,276,288
Three months ended September 30, Nine months ended September 30,
2014 2013 2014 2013
Net income / (loss) $ 7,742 $ (3,179) $ (4,033) $ (11,609)
Other comprehensive loss (Actuarial loss) -- -- -- (98)
Comprehensive income / (loss) $ 7,742 $ (3,179) $ (4,033) $ (11,707)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)
September 30, 2014 December 31, 2013
ASSETS
Cash and cash equivalents $ 201,176 $ 240,633
Other current assets 17,199 11,235
Advances for vessels under construction and acquisitions and other vessel costs 19,329 38,862
Vessels' net book value 1,390,757 1,320,375
Other fixed assets, net 22,804 22,826
Other non-current assets 120,824 68,050
Total assets $ 1,772,089 $ 1,701,981
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long-term debt $ 93,025 $ 62,752
Long-term debt, net of current portion and deferred financing costs 373,975 385,025
Other non-current liabilities 738 812
Total stockholders' equity 1,304,351 1,253,392
Total liabilities and stockholders' equity $ 1,772,089 $ 1,701,981
OTHER FINANCIAL DATA (unaudited)
Three months ended September 30, Nine months ended September 30,
2014 2013 2014 2013
Net Cash provided by operating activities $ 11,610 $ 17,157 $ 32,410 $ 51,005
Net Cash used in investing activities (102,841) (72,353) (141,102) (172,539)
Net Cash provided by / (used in) financing activities $ (16,699) $ (4,410) $ 69,235 $ (9,350)

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.netSource:Diana Shipping Inc.