FORM 6-K
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 May 2006
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]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of a press
release issued by Diana Shipping Inc. (the "Company") on May 24, 2006,
announcing that the Company has entered an agreement amending its $230.0 million
revolving credit facility with the Royal Bank of Scotland plc, to increase the
facility to $300.0 million.
Corporate Contact:
Ioannis Zafirakis
Director and Vice-President
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
FOR IMMEDIATE RELEASE
Investor and Media Relations:
Edward Nebb
Euro RSCG Magnet
Telephone: + 1-212-367-6848
Email: ed.nebb@eurorscg.com
DIANA SHIPPING INC. SIGNS A $300 MILLION
AMENDED CREDIT FACILITY
WITH THE ROYAL BANK OF SCOTLAND PLC
ATHENS, GREECE, May 24, 2006 - Diana Shipping Inc. (NYSE: DSX), a global
shipping transportation company specializing in dry bulk cargoes, has entered
into an agreement amending its $230.0 million revolving credit facility with the
Royal Bank of Scotland plc, to increase the facility amount to $300.0 million.
The amended credit facility has a term of ten years from May 24, 2006, the
new availability date, and the Company is permitted to borrow up to the facility
limit, provided that conditions to drawdown are satisfied and that borrowings do
not exceed 75% of the aggregate value of the mortgaged vessels. The facility
limit will be $300.0 million for a period of six years (increased from five
years) from the availability date at which time the facility limit will be
reduced by $15.0 million (decreased from $20.0 million) to $285.0 million.
Thereafter, the facility limit will be reduced by $15.0 million (increased from
$13.5 million) semi-annually over a period of four years with a final reduction
of $180.0 million at the time of the last semi-annual reduction.
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios,
commented: "We are pleased to announce an amended credit facility that will
enhance our Company's financial flexibility, provide further resources to
support our future growth, and provide savings in our finance costs compared to
the previous facility."
The amended credit facility contains various industry standard financial
covenants.
The amended facility will bear interest at the rate of 0.75% to 0.85% over
LIBOR (decreased from 1% over LIBOR), depending upon the amount drawn as a
percentage of the value of the vessels. The Company will pay a commitment fee of
0.25% per annum (decreased from 0.35%) on the undrawn amount of the facility.
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.
# # #
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: May 24, 2006 By: /s/ Anastassis Margaronis
-------------------------
Anastassis Margaronis
President
SK 23159 0002 673178