| Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services. We specialize in the ownership and operation of dry bulk vessels. As of June 13, 2013 our fleet consists of 33 dry bulk carriers (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax). The company also expects to take delivery of one Panamax vessel during September 2013, two new-building Ice Class Panamax vessels during the fourth quarter of 2013 and the first quarter of 2014 and two new-building Newcastlemax vessels during the second quarter of 2016. As of the same date, the combined carrying capacity of our current fleet, excluding the five vessels not yet delivered, is approximately 3.7 million dwt with a weighted average age of 6.3 years. Diana Shipping also owns approximately 10,4% of the issued and outstanding shares of Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company that currently owns and operates eight Panamax container vessels. Among the distinguishing strengths that we believe provide us with a competitive advantage in the dry bulk shipping industry are the following:
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ManagementSimeon P. PaliosChief Executive Officer Anastasios C. Margaronis President Andreas Michalopoulos Chief Financial Officer and Treasurer Ioannis Zafirakis Executive Vice - President and Secretary Maria Dede Chief Accounting Officer |
| The origins of Diana in ship management go back even before 1907 where a company was built, which eventually controlled nearly the entire fleet of Greek passenger ships that connected the Greek islands with the mainland. In 1972, Simeon Palios set up a group of companies and a management company with the name Diana Shipping Agencies S.A. or DSA. Since its inception, DSA has concentrated on the management of various types of dry cargo and refrigerated vessels for principals associated with the group as well as for third parties. |
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| In 1986, another management company was created with the name Diana Shipping Services S.A. or DSS and until the mid-1990's the company based its development on managing second hand ships. In 1996, it turned also to newbuilds and since then has managed several bulk carriers and containerships from Polish, South Korean and Chinese shipyards. | From the founding of Diana Shipping Inc., formerly known as Diana Shipping Investment Corp., the commercial and technical management of the fleet has been carried out by DSA pursuant to separate management agreements between each of the vessel owning subsidiaries and the fleet manager. | From November 12, 2004 responsibility for the commercial and technical management of the fleet was transferred to Diana Shipping Services S.A., or DSS. As of April 1, 2006, DSS was acquired by Diana Shipping Inc., and the commercial and technical management of the fleet has been brought in-house. |
