6-K 1 d566379_6-k.txt 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 April 2005 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 hereto as Exhibit 1 is a copy of the press release issued by Diana Shipping Inc. (the "Company") on April 25, 2005 announcing the Company's earnings for the fourth quarter and full year of 2004. Exhibit 1 DIANA SHIPPING INC. REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2004 Athens, Greece, April 25, 2005 -- Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, today reported net income of $31.6 million for the fourth quarter of 2004. This represents an increase of $28.2 million or 829% compared to net income of $3.4 million for the fourth quarter of 2003. Results for the twelve months ended December 31, 2004, show net income of $60.1 million, which increased by $50.6 million or 533% compared to net income of $9.5 million for 2003. The company attributed the sharp increase in earnings primarily to higher voyage and time charter revenues, as well as a gain on the sale of a vessel in October 2004. Voyage and time charter revenues rose 111% for the fourth quarter and 153% for the year ended December 31, 2004, as compared with the respective 2003 periods, largely due to fleet expansion and increases in time charter hire rates. Announcement of First Quarter Results; Expected Dividend Declaration Diana Shipping expects to report its financial results for the first quarter of 2005, including the declaration of its dividend for the 14-day stub period ended March 31, 2005, on May 5, 2005. The daily Time Charter Equivalent rate for the first quarter of 2005 is expected to be approximately 15% higher than the Time Charter Equivalent for the fourth quarter of 2004 and approximately 45% higher than the Time Charter Equivalent for the first quarter of 2004. Summary of Selected Financials and Other Data Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- INCOME STATEMENT DATA (in thousands of US Dollars) Voyage and time charter revenues 63,839 25,277 18,452 8,749 Voyage expenses 4,330 1,549 1,243 595 Vessel operating expenses 9,514 6,267 2,747 2,231 Net income 60,083 9,489 31,570 3,399 FLEET DATA: Average number of vessels 6.3 5.1 7.0 6.0 Number of vessels 7.0 6.0 7.0 6.0 Weighted average age of the fleet 3.4 2.9 3.4 2.9 Ownership days 2,319 1,852 644 552 Available days 2,319 1,852 644 552 Operating days 2,315 1,845 644 552 Utilization 99.8% 99.6% 100% 100% AVERAGE DAILY RESULTS: Time charter equivalent (TCE) rate 25,661 12,812 26,722 14,772 Daily vessel operating expenses 4,103 3,384 4,266 4,042
Fleet Employment Profile Currently Diana's fleet is employed as follows: Vessel's name Employment Expiration(2) ------------- ---------- ------------- Alcyon (TC) $ 22,582 Oct. 15, 2007 Calipso (TC) $ 40,000 Jul. 5, 2005 Clio(1) N/A N/A Danae (TC) $ 30,000 Jan. 13, 2007 Dione (TC) $ 32,500 Nov. 4, 2005 Nirefs (TC) $ 40,000 Aug. 15, 2005 Oceanis (TC) $ 30,650 Aug. 20, 2005 Pantelis SP (TC) $ 47,500 Jan. 25, 2008 Protefs (TC) $ 31,000 Aug. 5, 2005 Triton (TC) $ 37,300 Nov. 27, 2005 ---------- 1 Expected delivery from the shipyard on May 15, 2005 2 Assuming earliest redelivery Webcast Information Diana Shipping Inc. will conduct a conference call and webcast at 10:30 A.M. (Eastern Time) on Tuesday, April 26, 2005, to discuss these financial results. Investors may access the webcast on the Company's website at www.dianashippinginc.com by clicking on the webcast link. The webcast also is accessible at www.viavid.net, by clicking on the Diana Shipping link under "Events". Listeners should allow extra time before the webcast begins to register for the webcast and download any necessary audio software. The conference call also may be accessed by telephone by dialing 1-888-858-4756 (for U.S.-based callers) or 1-973-935-2405 (for international callers). A replay of the webcast will be available shortly after the completion of the call and will be accessible on both www.dianashippinginc.com and www.viavid.net. A telephone replay will be available by dialing 1-877-519-4471 (for U.S.-based callers) or 1-973-341-3080 (for international callers); callers must use the PIN number 5978642. About the Company Diana Shipping Inc. (NYSE: DSX) 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. completed its initial public offering of common stock on March 23, 2005. (See financial tables attached) DIANA SHIPPING INC. CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars, except for share and per share data)
Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 ------------ ------------ ----------- -------------- REVENUES: Revenue from vessels $ 18,452 $ 8,749 $ 63,839 $ 25,277 EXPENSES: Voyage expenses 1,243 595 4,330 1,549 Vessel operating expenses 2,747 2,231 9,514 6,267 Depreciation 1,421 1,201 5,087 3,978 Management fees 287 216 947 728 Executive management services and rent 382 367 1,528 1,470 General and administrative expenses 89 63 300 123 Foreign currency losses 1 10 3 20 ------------ ------------ ----------- -------------- Operating income 12,282 4,066 42,130 11,142 ============ ============ =========== ============== OTHER INCOME (EXPENSES): Interest and finance costs, net (757) (674) (2,165) (1,680) Interest income 63 7 136 27 Gain on vessel's sale 19,982 - 19,982 - ------------ ------------ ----------- -------------- Total other income (expenses), net 19,288 (667) 17,953 (1,653) ============ ============ =========== ============== Net income $ 31,570 $ 3,399 $ 60,083 $ 9,489 ============ ============ =========== ============== Earnings per common share, basic and diluted $ 1.14 $ 0.12 $ 2.17 $ 0.37 ============ ============ =========== ============== Weighted average number of common shares 27,625,000 27,625,000 27,625,000 25,340,596 ============ ============ =========== ==============
BALANCE SHEET DATA December 31, 2004 2003 ---------- ---------- ASSETS Cash and cash equivalents $ 1,758 $ 7,441 Other current assets 1,791 1,631 Advances for vessels under construction and acquisitions and other vessel costs 19,234 8,642 Vessels' net book value 132,853 116,703 Other non-current assets - 77 ---------- ---------- Total assets $ 155,636 $ 134,494 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current liabilities, including current portion of long term debt $ 11,344 $ 9,107 Long-term debt, net of current portion 85,168 76,601 Other non-current liabilities 72 345 Total stockholders' equity 59,052 48,441 ---------- ---------- Total liabilities and stockholders' equity $ 155,636 $ 134,494 ========== ========== Year ended December 31, 2004 2003 ----------- ------------ Cash Flows from Operating Activities: Net income $ 60,083 $ 9,489 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,087 3,978 Executive management services and rent 1,528 1,470 Amortization of financing costs 88 73 Gain on sale of vessel (19,982) - Other (264) (245) Change in operating assets and liabilities 839 453 ---------- ------------ Net Cash from Operating Activities 47,379 15,218 ---------- ------------ Cash Flows from Investing Activities: Advances for vessels under construction and acquisitions and other vessel costs (17,021) (10,854) Vessel acquisitions (35,956) (41,869) Proceeds from sale of vessel 41,199 - ----------- ---------- Net Cash used in Investing Activities (11,778) (52,723) ----------- ---------- Cash Flows from Financing Activities: Proceeds from long-term debt 15,750 33,500 Issuance of common stock - 14,000 Decrease in restricted cash 169 334 Other 86 (357) Payments of long-term debt (6,289) (4,398) Cash dividends (51,000) - ----------- ------------ Net Cash from (used in) Financing Activities (41,284) 43,079 ----------- ------------ Net increase (decrease) in cash and cash equivalents (5,683) 5,574 Cash and cash equivalents at beginning of year 7,441 1,867 ----------- ------------ Cash and cash equivalents at end of year $ 1,758 $ 7,441 =========== ============ SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the year for: Interest payments, net of amounts capitalized $ 2,279 $ 1,393 =========== ============ Non-cash financing activities: Executive management services and rent $ 1,528 $ 1,470 =========== ============
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," "intend," "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. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. 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 in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, 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 important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including our Registration Statement on Form F-1, our Annual Report on Form 20-F, when filed, and our reports on Form 6-K. Contacts: Diana Shipping Services S.A. Manager for Diana Shipping Inc. Pendelis 16 175 64 Palaio Faliro Athens, Greece Tel: (30) 210 947-0100 E-mail: investors@dianashippinginc.com Web-site: www.dianashippinginc.com Mr. Konstantinos Koutsomitopoulos Chief Financial Officer Diana Shipping Inc. Tel: (30) 210 947-0100 Mr. Simeon Palios Chairman & CEO Diana Shipping Inc. Tel: (30) 210 947-0100 23159.0002 #566379 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: April 25, 2005 By: /s/ Anastassis Margaronis -------------------------- Anastassis Margaronis President 23159.0002 #566379