ATHENS, GREECE, December 20, 2005 – Diana Shipping Inc. (NYSE: DSX) today announced that its President, Anastassis Margaronis, has been interviewed by the Wall Street Reporter online publication. The interview may be heard by logging onto the website www.wallstreetreporter.com
Among the topics discussed in the interview are the following:
- Supply and demand conditions and the role of China and India in driving the growth of the dry bulk shipping market.
- Management’s view as to short-term trends in dry bulk shipping rates, and the effect that any rise in those rates will have on the Company, as Diana Shipping has seven vessels on short-term time charters that will expire through early 2006.
- The Company’s strategy of maintaining a young, cost-efficient fleet.
- The track record and significant equity ownership of the Company’s management team.
- Τhe Company’s low level of debt and its ability to support future growth.
- Diana Shipping’s high dividend payout policy (quarterly dividends equal to 100% of cash from operations, less drydocking reserves).
About Diana Shipping Inc.
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. The Company currently owns nine modern Panamax and one modern Capesize bulk carrier and has agreed to acquire three additional modern Panamax dry bulk carriers.
Additional information about the Company may be found in the Company’s prospectus dated December 6, 2005, that is filed with the SEC and which you may obtain, free of charge, by visiting the SEC Web site at www.sec.gov.
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.