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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2015

ATHENS, Greece, July 31, 2015 (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 $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.7 million and net loss attributed to common stockholders of $7.2 million reported in the second quarter of 2014.

Time charter revenues were $38.6 million for the second quarter of 2015, compared to $43.2 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss and net loss attributed to common stockholders for the six months ended June 30, 2015 amounted to $24.8 million and $27.7 million, respectively, compared to net loss and net loss attributed to common stock holders of $11.8 million and $14.0 million, respectively, for the same period of 2014. Time charter revenues were $80.6 million for the six months ended June 30, 2015, compared to $84.3 million for the same period of 2014.

Fleet Employment Profile (As of July 30, 2015)
Currently Diana Shipping Inc.'s fleet is employed as follows:
Vessel Gross
Rate Delivery
Sister (USD Per Date to
BUILT DWT Ships* Day) Com** Charterers Charterers Redelivery Date to Owners*** Notes
20 Panamax Bulk Carriers
1 DANAE A $7,650 3.75% Glencore Grain B.V., Rotterdam 16-Jan-15 16-Dec-15 16-Mar-16 1
2001 75,106
2 DIONE A $9,250 5.00% RWE Supply & Trading GmbH, Essen 12-Sep-14 12-Oct-15 - 27-Feb-16
2001 75,172
3 NIREFS A $7,500 5.00% Glencore Grain B.V., Rotterdam 25-Dec-14 25-Nov-15 25-Feb-16
2001 75,311
4 ALCYON A $7,750 5.00% EDF Trading Limited, UK 21-Dec-12 5-Aug-15 2,3
2001 75,247
5 TRITON A $9,250 5.00% Glencore Grain B.V., Rotterdam 24-Oct-14 24-Sep-15 - 24-Dec-15
2001 75,336
6 OCEANIS A $4,500 5.00% Glencore Grain B.V., Rotterdam 22-Mar-15 11-May-15
$7,200 5.00% 11-May-15 22-Feb-16 - 22-May-16
2001 75,211
7 THETIS B $8,300 5.00% EDF Trading Limited, UK 1-Sep-13 14-Jul-15
$7,000 5.00% Norden A/S, Copenhagen 14-Jul-15 14-Jun-16 - 14-Sep-16
2004 73,583
8 PROTEFS B $6,250 5.00% Glencore Grain B.V., Rotterdam 3-Apr-15 3-Mar-16 - 3-Jun-16
2004 73,630
9 CALIPSO B $8,100 4.75% Cargill International S.A., Geneva 29-Jul-13 29-Apr-15 4
$4,000 5.00% Centurion Bulk Pte. Ltd., Singapore 8-May-15 9-Jun-15 5
$6,000 5.00% China Shipping Bulk Carrier Co., Ltd., Hong Kong 9-Jun-15 9-Apr-16 - 9-Aug-16
2005 73,691
10 CLIO B $8,600 4.75% Cargill International S.A., Geneva 22-Aug-13 29-May-15
$4,500 5.00% Jaldhi Overseas Pte Ltd, Singapore 1-Jun-15 4-Aug-15 6
$6,500 5.00% Transgrain Shipping B.V., Rotterdam 4-Aug-15 4-May-16 - 4-Aug-16 7
2005 73,691
11 NAIAS B $8,500 5.00% Bunge S.A., Geneva 3-Sep-14 12-Jul-15
$6,800 4.75% Cargill International S.A., Geneva 12-Jul-15 12-May-16 - 12-Aug-16
2006 73,546
12 ARETHUSA B $7,100 5.00% Glencore Grain B.V., Rotterdam 5-Mar-15 5-Feb-16 - 5-May-16
2007 73,593
13 ERATO C $7,100 5.00% Glencore Grain B.V., Rotterdam 9-Mar-15 9-Feb-16 - 9-May-16
2004 74,444
14 CORONIS C $11,550 5.00% Oberon Holdings Limited 12-Jun-14 4-May-15 8,9
$5,300 5.00% Norvic Shipping North America Inc., Toronto 29-May-15 3-Jul-15
$6,500 5.00% Sandgate Maritime Ltd 3-Jul-15 3-Apr-16 - 3-Jul-16
2006 74,381
15 MELITE D $7,250 5.00% Glencore Grain B.V., Rotterdam 29-Jan-15 29-Sep-15 - 29-Jan-16
2004 76,436
16 MELIA D $12,000 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 10-May-14 7-Apr-15 10
$5,050 5.00% Bunge S.A., Geneva 9-Apr-15 19-May-15
$7,050 5.00% 19-May-15 9-Aug-15 - 9-Nov-15
2005 76,225
17 ARTEMIS $9,375 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 26-Aug-13 17-Jul-15 11
2006 76,942
18 LETO $11,350 4.75% Cargill International S.A., Geneva 19-Jul-14 19-Jun-15
$7,100 4.75% 19-Jun-15 4-Sep-16 - 3-Jan-17
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 21-Apr-15
$7,000 5.00% 21-Apr-15 21-May-15
$8,000 5.00% 21-May-15 21-Mar-16 - 21-Jun-16
2014 77,529
4 Kamsarmax Bulk Carriers
21 MAIA F $12,000 5.00% RWE Supply & Trading GmbH, Essen 29-Sep-14 29-Sep-15 - 29-Jan-16 12
2009 82,193
22 MYRSINI F $8,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 18-Feb-15 18-Dec-15 - 18-Apr-16 13,14
2010 82,117
23 MEDUSA F $7,450 4.75% Clearlake Shipping Pte. Ltd., Singapore 2-Jun-15 2-Apr-16 - 2-Aug-16 13
2010 82,194
24 MYRTO F $9,850 5.00% Glencore Grain B.V., Rotterdam 5-Jan-15 5-Dec-15 - 5-Mar-16
2013 82,131
3 Post-Panamax Bulk Carriers
25 ALCMENE $6,000 5.00% Topsail Shipping Co., Limited Hong Kong 15-Mar-15 13-Apr-15
$6,750 5.00% ADM International Sarl, Rolle, Switzerland 13-May-15 13-Feb-17 - 2-Jun-17
2010 93,193
26 AMPHITRITE G $11,300 5.00% Bunge S.A., Geneva 15-Aug-14 15-Jul-15
$7,700 5.00% 15-Jul-15 30-Apr-17 - 30-Aug-17
2012 98,697
27 POLYMNIA G $7,500 5.00% Vroon Dry Cargo Chartering B.V., Breskens 17-Jan-15 17-Oct-15 - 17-Feb-16 15
2012 98,704
12 Capesize Bulk Carriers
28 NORFOLK $10,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 4-Mar-15 4-Apr-16 - 4-Aug-16 13
2002 164,218
29 ALIKI $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16
2005 180,235
30 BALTIMORE $15,000 5.00% RWE Supply & Trading GmbH, Essen 8-Jul-13 8-Jul-16 - 8-Jan-17
2005 177,243
31 SALT LAKE CITY BCI 4TCs AVG + 3.5% 5.00% K Noble Hong Kong Ltd., Hong Kong 7-Feb-15 7-Nov-16 - 7-Feb-17 16
2005 171,810
32 SIDERIS GS H $10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 22-Feb-15 22-Dec-15 - 22-Apr-16
2006 174,186
33 SEMIRIO H $10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 20-Feb-15 20-Feb-16 - 20-Jun-16
2007 174,261
34 BOSTON H $14,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 24-Aug-13 9-Aug-15
13
$13,000 4.75% 9-Aug-15 25-May-17 - 24-Oct-17
2007 177,828
35 HOUSTON H $12,750 5.00% RWE Supply & Trading GmbH, Essen 4-Jan-15 4-Jan-16 - 4-Apr-16
2009 177,729
36 NEW YORK H $12,850 4.75% Clearlake Shipping Pte. Ltd., Singapore 17-Dec-14 17-Feb-16 - 17-Jun-16 13
2010 177,773
37 P. S. PALIOS $18,350 5.00% RWE Supply & Trading GmbH, Essen 3-Dec-13 18-Sep-15
$13,000 5.00% 18-Sep-15 31-Dec-16 - 31-Mar-17
2013 179,134
38 G. P. ZAFIRAKIS I $25,250 5.00% RWE Supply & Trading GmbH, Essen 23-Aug-14 14-Feb-16 - 23-Jun-16
2014 179,492
39 SANTA BARBARA I $12,000 5.00% RWE Supply & Trading GmbH, Essen 13-Jan-15 13-Dec-15 - 13-Mar-16
2015 179,426
2 Newcastlemax Bulk Carriers
40 LOS ANGELES J $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16
2012 206,104
41 PHILADELPHIA J $18,000 5.00% EDF Trading Limited, UK 17-May-12 17-Jan-16 - 17-Jul-16
2012 206,040
4 Vessels Under Construction
42 HULL No. H1364 -- -- -- -- -- -- -- 17
(tbn. NEW ORLEANS)
2015 180,000
43 HULL DY6006 -- -- -- -- -- -- -- 18
2016 82,000
44 HULL H2548 K -- -- -- -- -- -- -- 18
(tbn. SAN FRANCISCO)
2016 208,500
45 HULL H2549 K -- -- -- -- -- -- -- 18
(tbn. NEWPORT NEWS)
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.
*** Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty.
1 Vessel off hire for unscheduled maintenance from April 1, 2015 to April 6, 2015.
2 Based on latest information.
3 In May 2015, owners and charterers mutually agreed to extend the maximum redelivery date.
4 During April 2015, the vessel was off hire for drydocking for approximately 21 days.
5 Charter included a one time gross ballast bonus payment of US$50,000.
6 Estimated redelivery date from the charterers.
7 Estimated delivery date to the charterers.
8 Charterers have agreed to compensate the owners for the early redelivery of the vessel on around May 4, 2015 until the minimum agreed redelivery date May 12, 2015.
9 Vessel on scheduled drydocking from May 4, 2015 to May 26, 2015.
10 Rio Tinto Shipping Pty, Ltd., Melbourne has agreed to compensate the owners for the early redelivery of the vessel on April 7, 2015 until the minimum agreed redelivery date April 10, 2015.
11 Currently without an active charterparty. Vessel on scheduled drydocking.
12 During April 2015, the vessel was off hire for approximately 6 days.
13 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
14 Vessel off hire for drydocking from May 6, 2015 to May 28, 2015.
15 Charter includes a one time gross ballast bonus payment of US$237,500.
16 Vessel off hire for drydocking from June 1, 2015 to June 21, 2015.
17 Expected date of delivery to the Company during October 2015.
18 Year of delivery and dwt are based on shipbuilding contract.
Summary of Selected Financial & Other Data (unaudited)
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
Time charter revenues $ 38,569 $ 43,150 $ 80,575 $ 84,295
Voyage expenses 4,127 2,241 9,052 4,640
Vessel operating expenses 21,333 21,934 43,122 42,590
Net loss (14,058) (5,748) (24,820) (11,775)
Net loss attributed to common stockholders (15,500) (7,190) (27,705) (13,970)
FLEET DATA
Average number of vessels 40.3 37.5 40.1 37.0
Number of vessels 41.0 38.0 41.0 38.0
Weighted average age of vessels 7.2 6.8 7.2 6.8
Ownership days 3,670 3,417 7,258 6,697
Available days 3,583 3,379 7,103 6,657
Operating days 3,519 3,371 7,006 6,609
Fleet utilization 98.20% 99.80% 98.60% 99.30%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 9,613 $ 12,107 $ 10,069 $ 11,966
Daily vessel operating expenses (2) $ 5,813 $ 6,419 $ 5,941 $ 6,360
(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 Friday, July 31, 2015.

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 13614338.

About the Company

Diana Shipping Inc. is a 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 LOSS
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
REVENUES:
Time charter revenues $ 38,569 $ 43,150 $ 80,575 $ 84,295
EXPENSES:
Voyage expenses 4,127 2,241 9,052 4,640
Vessel operating expenses 21,333 21,934 43,122 42,590
Depreciation and amortization of deferred charges 18,818 17,340 37,264 34,214
General and administrative expenses 6,185 6,285 11,897 12,533
Foreign currency loss / (gain) 44 (85) (481) (150)
Operating loss (11,938) (4,565) (20,279) (9,532)
OTHER INCOME / (EXPENSES):
Interest and finance costs (3,351) (2,103) (5,893) (4,063)
Interest and other income 928 939 1,801 1,844
Income from derivative instruments -- 72 -- 68
Gain / (loss) from investment in Diana Containerships Inc. 303 (91) (449) (92)
Total other expenses, net (2,120) (1,183) (4,541) (2,243)
Net loss (14,058) (5,748) (24,820) (11,775)
Dividends on series B preferred shares (1,442) (1,442) (2,885) (2,195)
Net loss attributed to common stockholders (15,500) (7,190) (27,705) (13,970)
Loss per common share, basic and diluted $ (0.19) $ (0.09) $ (0.35) $ (0.17)
Weighted average number of common shares, basic and diluted 79,562,705 82,113,536 79,412,074 81,924,654
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
Net loss $ (14,058) $ (5,748) $ (24,820) $ (11,775)
Comprehensive loss $ (14,058) $ (5,748) $ (24,820) $ (11,775)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)
June 30, 2015 December 31, 2014
ASSETS
Cash and cash equivalents $ 274,751 $ 218,901
Other current assets 16,620 19,333
Advances for vessels under construction and acquisitions and other vessel costs 37,814 29,500
Vessels' net book value 1,405,826 1,373,133
Other fixed assets, net 23,714 23,887
Due from related parties, non-current 51,180 50,866
Investment in Diana Containerships Inc. 67,151 67,546
Other non-current assets 5,526 3,956
Total assets $ 1,882,582 $ 1,787,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long-term debt, net of deferred financing costs, current $ 82,409 $ 98,092
Long-term debt, net of current portion and deferred financing costs, non-current 543,020 405,522
Other non-current liabilities 1,267 1,282
Total stockholders' equity 1,255,886 1,282,226
Total liabilities and stockholders' equity $ 1,882,582 $ 1,787,122
OTHER FINANCIAL DATA (unaudited)
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
Net Cash provided by operating activities $ 5,833 $ 11,163 $ 14,266 $ 20,800
Net Cash used in investing activities (29,262) (19,223) (76,867) (38,261)
Net Cash provided by financing activities $ 67,156 $ 9,760 $ 118,451 $ 85,934

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.