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Diana Shipping Inc. Reports Financial Results For The First Quarter Ended March 31, 2013

ATHENS, Greece, May 22, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported a net loss of $3.2 million for the first quarter of 2013, compared to net income of $20.0 million reported in the first quarter of 2012. The results for the 2013 first quarter included a loss of $3.3 million on the Company's investment in Diana Containerships Inc., arising from a non-cash impairment recorded by Diana Containerships related to the sale of certain older container vessels.

Time charter revenues were $42.6 million for the first quarter of 2013, compared to $57.6 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 addition to the Company's fleet of the vessels Leto, delivered in January 2012; Los Angeles, delivered in February 2012; Philadelphia and Melia, delivered in May 2012; Amphitrite, delivered in August 2012; Polymnia, delivered in November 2012; Myrto, delivered in January 2013; and Maia, delivered in February 2013.
  Fleet Employment Profile (As of May 21, 2013)
  Currently Diana'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 $15,600 5.00% Hyundai Merchant Marine Co., Ltd., Seoul, South Korea 18-Apr-11 10-Mar-13 1,2
  2001    75,106   $8,250 5.00% Intermare Transport GmbH, Hamburg 10-Mar-13 10-Sep-14 - 10-Jan-15  
                 
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 $12,250 5.00% Morgan Stanley Capital Group Inc. 18-Dec-11 29-Jan-13 3,4
  2001    75,311   $8,000 5.00% Intermare Transport GmbH, Hamburg 29-Jan-13 29-Jul-14 - 29-Jan-15  
                 
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 11-Nov-13 - 11-Feb-14 5
  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 22-Aug-13 - 22-Jun-14 6
  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 11-Aug-13 - 11-Dec-13  
  2005    73,691              
                 
10 CLIO B $10,750 5.00% Cargill International S.A., Geneva 22-Feb-12 22-Aug-13 - 22-Feb-14  
  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 7
  2007    73,593              
                 
13 ERATO C $12,200 5.00% Hyundai Merchant Marine Co., Ltd., Seoul, South Korea 26-Nov-11 9-Jan-13  
  2004    74,444   $6,500 5.00% Cargill International S.A., Geneva 9-Jan-13 9-Jul-14 - 9-Jan-15  
                 
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 $10,900 5.00% STX Panocean Co., Ltd., Seoul 2-May-12 17-Apr-13 8
  2005   76,225    $9,700  3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 17-Apr-13 2-Mar-14 - 17-May-14  
                 
                 
17 LETO   $12,900 5.00% EDF Trading Limited, UK 17-Jan-12 17-Jan-14 - 17-Nov-14  
  2010    81,297              
   
  Kamsarmax Bulk Carriers
18 MAIA E $10,900 5.00% Glencore Grain B.V., Rotterdam 27-Feb-13 12-Aug-14 - 27-Feb-15  
  2009    82,193              
                 
19 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
20 ALCMENE   $7,000 5.00% NCS Shipping Fareast Company Limited, British Virgin Islands 26-Dec-12 13-Feb-13 9
   2010    93,193   $7,250 5.00% ADM International Sarl, Rolle, Switzerland 22-Feb-13 7-Aug-14 - 22-Feb-15  
                 
21 AMPHITRITE   $10,000 5.00% Bunge S.A., Geneva 15-Aug-12 31-May-14 - 30-Oct-14 10
  2012    98,697              
                 
22 POLYMNIA   $8,000 5.00% Sino East Transportation Ltd, Hong Kong 21-Nov-12 7-Jan-13  
   2012    98,704   $7,600 5.00% Augustea Bunge Maritime Limited, Malta 16-Jan-13 16-Jul-14 - 16-Jan-15 11
   
  Capesize Bulk Carriers
23 NORFOLK   $74,750 3.75% Corus UK Limited 12-Feb-08 16-Jan-13 12
  2002    164,218   $10,700 4.50% Clearlake Shipping Pte. Ltd., Singapore 16-Jan-13 16-Jul-14 - 16-Jan-15  
                 
24 ALIKI   $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16  
  2005    180,235              
                 
25 TAMOU   $9,000 5.00% RWE Supply & Trading GmbH, Essen 15-Jun-13 30-Jun-13 13,14
  (tbr BALTIMORE)   $15,000 5.00%   1-Jul-13  1-Jul-16 - 1-Jan-17
  2005    177,243              
                 
26 SALT LAKE CITY   $13,000 5.00% Morgan Stanley Capital Group Inc. 11-Aug-12 11-Jun-14 - 11-Dec-14  
  2005    171,810              
                 
27 SIDERIS GS F $30,500 5.00% BHP Billiton Marketing AG 16-Oct-10 14-Mar-13 15
   2006    174,186   $13,500 4.75% Cargill International S.A., Geneva 14-Mar-13 14-Dec-14 - 14-Jun-15  
                 
28 SEMIRIO F $17,350 5.00% Cargill International S.A., Geneva 30-May-11 19-Mar-13  
  2007     174,261   $14,000 4.75%   19-Mar-13  19-Jan-15 - 19-Jun-15
                 
                 
29 BOSTON F $14,000 5.00% Morgan Stanley Capital Group Inc. 29-Oct-11 29-Aug-13 - 29-Dec-13 16
  2007    177,828              
                 
30 HOUSTON F $55,000 4.75% Shagang Shipping Co. 3-Nov-09 3-Oct-14 - 3-Jan-15 17
  2009    177,729              
                 
31 NEW YORK F $48,000 3.75% Nippon Yusen Kaisha, Tokyo (NYK) 3-Mar-10 3-Jan-15 - 3-May-15  
  2010    177,773              
   
  Newcastlemax Bulk Carriers
32 LOS ANGELES G $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16  
  2012    206,104              
                 
33 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
34 HULL H2528 H - - - - - - - 18
  2013    76,000              
                 
35 HULL H2529 H - - - - - - - 18
  2013    76,000              
                 
36 HULL H2548 I - - - - - - - 18
  2016    208,500              
                 
37 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 Vessel off-hire for unscheduled maintenance from March 4, 2013 to March 6, 2013.
2 Hyundai Merchant Marine Co. Ltd., Seoul, South Korea, has agreed to compensate the owners for the early redelivery of the vessel on March 10, 2013 until the minimum agreed redelivery date, March 18, 2013.
3 Vessel off-hire for drydocking from September 26, 2012 to October 15, 2012.
4 Vessel off-hire for unscheduled maintenance from October 18, 2012 to November 30, 2012.
5 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
6 Vessel off-hire from September 23, 2012 to October 3, 2012.
7 Vessel off-hire for unscheduled maintenance from April 14, 2013 to April 16, 2013.
8 Vessel off-hire for drydocking from November 27, 2012 to December 10, 2012.
9 Charter includes a one time gross ballast bonus payment of US$390,000.
10 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.
11 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.
12 Since September 2010 charterers' name has changed to Tata Steel UK, Limited.
13 Expected date of delivery to the buyers by the end of May 2013 (based on latest information received by the sellers).
14 Estimated date of delivery to the charterers.
15 Since October 25, 2012 charterers have changed to BHP Billiton Singapore Pte Ltd.
16 Morgan Stanley Capital Group Inc. has the option to employ the vessel for a further minimum eleven (11) to a maximum thirteen (13) month period at a gross rate of US$15,000 per day starting twenty-four (24) months after delivery of the vessel to the charterer.
17 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.
18 Year of delivery and dwt are based on shipbuilding contract.
     
Summary of Selected Financial & Other Data (unaudited)    
   Three months ended March 31, 
  2013 2012
     
INCOME STATEMENT DATA (in thousands of US Dollars):    
Time charter revenues  $ 42,601  $ 57,601
Voyage expenses 2,199 2,178
Vessel operating expenses 17,957 14,657
Net income / (loss) (3,183) 19,961
FLEET DATA     
Average number of vessels 31.2 25.4
Number of vessels 32.0 26.0
Weighted average age of vessels 6.1 6.0
Ownership days 2,806 2,313
Available days 2,806 2,283
Operating days 2,772 2,278
Fleet utilization 98.8% 99.8%
AVERAGE DAILY RESULTS     
Time charter equivalent (TCE) rate (1)  $ 14,398  $ 24,276
Daily vessel operating expenses (2)  $ 6,400  $ 6,337
     
(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 Wednesday, May 22, 2013.

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