Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2009


ATHENS, GREECE, May 6, 2009 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $34.8 million for the first quarter of 2009. This compared to net income of $53.2 million reported in the first quarter of 2008.
Voyage and time charter revenues were $62.7 million for the first quarter of 2009, compared to $78.9 million for the same period of 2008, due to a decrease in prevailing time charter rates and operating days partly offset by the increase in operating days due to the acquisition of the Norfolk in February 2008.
Chairman and Chief Executive Officer’s Comments
“In a period of continuing economic uncertainty, Diana Shipping delivered profitable results for the 2009 first quarter by following our time-tested strategies. We have continued to manage our fleet for maximum revenue visibility, we have cultivated relationships with many of the world’s leading charterers, and we have maintained a solid balance sheet with a minimal degree of leverage. As a result, we continue to believe that our Company is well-positioned to take advantage of the many opportunities that should arise out of the current turbulence in the dry bulk marketplace. We will continue to employ our strategic discipline, strong financial resources and long-term perspective to create value from such opportunities for the benefit of our shareholders,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping…