Diana Shipping Inc F-3, filed Jun 4, 2021

Diana Shipping Inc. (DSX)

F-3 2021-06-04

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Title of Each Class of Securities to be Registered	Amount to be Registered⁽¹⁾	Proposed Maximum Aggregate Offering Price⁽¹⁾⁽²⁾	Amount of Registration Fee⁽³⁾⁽⁴⁾
Common stock, par value $0.01 per share
Preferred stock purchase rights⁽⁵⁾
Preferred stock, par value $0.01 per share
Debt securities⁽⁶⁾
Warrants⁽⁷⁾
Purchase contracts⁽⁸⁾
Rights⁽⁹⁾
Units⁽¹⁰⁾
Total		$750,000,000	$ 27,275

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	1
PROSPECTUS SUMMARY	2
RISK FACTORS	4
USE OF PROCEEDS	4
CAPITALIZATION	5
PRICE RANGE OF CAPITAL STOCK	6
PLAN OF DISTRIBUTION	7
TAX CONSIDERATIONS	8
DESCRIPTION OF CAPITAL STOCK	9
DESCRIPTION OF DEBT SECURITIES	15
DESCRIPTION OF WARRANTS	21
DESCRIPTION OF PURCHASE CONTRACTS	22
DESCRIPTION OF RIGHTS	23
DESCRIPTION OF UNITS	24
ENFORCEABILITY OF CIVIL LIABILITIES	25
EXPENSES	26
LEGAL MATTERS	26
EXPERTS	26
WHERE YOU CAN FIND ADDITIONAL INFORMATION	27

Vessel Name	Year Built	Capacity(dwt)	Vessel Type

Protefs	2004	73,630	Panamax Bulk Carrier
Calipso	2005	73,691	Panamax Bulk Carrier
Naias(1)	2006	73,546	Panamax Bulk Carrier
Melia	2005	76,225	Panamax Bulk Carrier
Artemis	2006	76,942	Panamax Bulk Carrier
Leto	2010	81,297	Panamax Bulk Carrier
Selina	2010	75,700	Panamax Bulk Carrier
Maera	2013	75,403	Panamax Bulk Carrier
Ismene	2013	77,901	Panamax Bulk Carrier
Crystalia	2014	77,525	Panamax Bulk Carrier
Atalandi	2014	77,529	Panamax Bulk Carrier
Maia	2009	82,193	Kamsarmax Bulk Carrier
Myrsini	2010	82,117	Kamsarmax Bulk Carrier
Medusa	2010	82,194	Kamsarmax Bulk Carrier
Myrto	2013	82,131	Kamsarmax Bulk Carrier
Astarte	2013	81,513	Kamsarmax Bulk Carrier
Alcmene	2010	93,193	Post-Panamax Bulk Carrier
Amphitrite	2012	98,697	Post-Panamax Bulk Carrier
Polymnia	2012	98,704	Post-Panamax Bulk Carrier
Electra	2013	87,150	Post-Panamax Bulk Carrier
Phaidra	2013	87,146	Post-Panamax Bulk Carrier
Aliki	2005	180,235	Capesize Bulk Carriers
Baltimore	2005	177,243	Capesize Bulk Carriers
Salt Lake City	2005	171,810	Capesize Bulk Carriers
Semirio	2007	174,261	Capesize Bulk Carriers
Boston	2007	177,828	Capesize Bulk Carriers
Houston	2009	177,729	Capesize Bulk Carriers
New York	2010	177,773	Capesize Bulk Carriers
Seattle	2011	179,362	Capesize Bulk Carriers
P. S. Palios	2013	179,134	Capesize Bulk Carriers
G. P. Zafirakis	2014	179,492	Capesize Bulk Carriers
Santa Barbara	2015	179,426	Capesize Bulk Carriers
New Orleans	2015	180,960	Capesize Bulk Carriers
Los Angeles	2012	206,104	Newcastlemax Bulk Carriers
Philadelphia	2012	206,040	Newcastlemax Bulk Carriers
San Francisco	2017	208,006	Newcastlemax Bulk Carriers
Newport News	2017	208,021	Newcastlemax Bulk Carriers

	As of December 31, 2020
	Actual			As Adjusted¹
	(in thousands of U.S. dollars)
Total debt (secured and unsecured)	$	423,056		$	425,741

Shareholders’ equity
Preferred stock	$	26		$	26
Common stock, $0.01 par value; 200,000,000 shares authorized and 89,275,002 and 91,535,002 shares issued and outstanding at December 31, 2020 and the date of this prospectus, respectively		893			915
Additional paid-in capital		1,020,164			1,005,088
Accumulated other comprehensive income		69			69
Accumulated deficit		(592,582	)		(594,249	)
Total stockholders' equity	$	428,570		$	411,849

Total capitalization	$	851,626		$	837,590

FOR THE YEAR ENDED:	HIGH		LOW
December 31, 2020	$	3.08	$	1.27
December 31, 2019	$	3.95	$	2.45
December 31, 2018	$	5.10	$	3.06
December 31, 2017	$	6.03	$	3.30
December 31, 2016	$	4.47	$	2.02


	Copies to:
	Edward S. Horton, Esq. Seward & Kissel LLP One Battery Park Plaza New York, New York 10004 (212) 574-1200 (telephone number) (212) 480-8421 (facsimile number)

FOR THE QUARTER ENDED:	HIGH		LOW
March 31, 2021	$	3.60	$	1.89
December 31, 2020	$	2.03	$	1.34
September 30, 2020	$	1.58	$	1.37
June 30, 2020	$	1.99	$	1.36
March 31, 2020	$	3.08	$	1.27
December 31, 2019	$	3.95	$	3.01
September 30, 2019	$	3.73	$	3.02
June 30, 2019	$	3.31	$	2.90
March 31, 2019	$	3.57	$	2.45

FOR THE MONTH:	HIGH		LOW
May 2021	$	4.81	$	3.72
April 2021	$	3.75	$	2.96
March 2021	$	3.55	$	2.80
February 2021	$	3.60	$	2.50
January 2021	$	2.43	$	1.89

Commission Registration Fee	$	27,275
FINRA Filing Fee		*
NYSE Supplemental Listing Fee		*
Legal Fees and Expenses		*
Accounting Fees and Expenses		*
Printing and Engraving Expenses		*
Transfer Agent and Registrar Fees and Expenses		*
Indenture Trustee Fees and Expenses		*
Blue Sky Fees and Expenses		*
Miscellaneous		*
Total		*

	DIANA SHIPPING INC.

	By:	/s/ Semiramis Paliou
	Name:	Semiramis Paliou
	Title:	Director and Chief Executive Officer

Signature		Title

/s/ Semiramis Paliou		Director and Chief Executive Officer
Semiramis Paliou		(Principal Executive Officer)

/s/ Simeon P. Palios		Director and Chairman of the Board
Simeon P. Palios

/s/ Anastassis Margaronis		Director and President
Anastassis Margaronis

/s/ Ioannis Zafirakis		Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
Ioannis Zafirakis		(Principal Financial Officer)

/s/ Eleftherios Papatrifon		Chief Operating Officer
Eleftherios Papatrifon

/s/ Maria Dede		Chief Accounting Officer
Maria Dede		(Principal Accounting Officer)

/s/ William Lawes		Director
William Lawes

/s/ Konstantinos Psaltis		Director
Konstantinos Psaltis

/s/ Kyriacos Riris		Director
Kyriacos Riris

/s/ Apostolos Kontoyannis		Director
Apostolos Kontoyannis

/s/ Konstantinos Fotiadis		Director
Konstantinos Fotiadis

	BULK CARRIERS (USA) LLC

	By: Diana Shipping Inc., its Sole Member

	By:	/s/ Semiramis Paliou
	Name:	Semiramis Paliou
	Title:	Director and Chief Executive Officer

Exhibit Number	Description

1.1	Form of Underwriting Agreement (for equity securities)*
1.2	Form of Underwriting Agreement (for debt securities)*
4.1	Form of Common Stock Certificate (1)
4.2	Certificate of Designations of Rights, Preferences and Privileges of Series A Participating Preferred Stock of Diana Shipping Inc. (2)
4.3	Stockholders Rights Agreement between Diana Shipping Inc. and Computershare Trust Company, N.A., dated January 15, 2016 (3)
4.4	Form of Preferred Stock Certificate*
4.5	Form of 8.875% Series B Cumulative Redeemable Perpetual Preferred Stock Certificate (4)
4.6	Statement of Designation of the Rights, Preferences and Privileges of the 8.875% Series B Cumulative Redeemable Perpetual Preferred Shares of Diana Shipping Inc. (5)
4.7	Certificate of Designation of Rights, Preferences and Privileges of Series C Preferred Stock of the Company (6)
4.8	Form of Senior Debt Security Indenture (7)
4.9	Form of Subordinated Debt Security Indenture (8)
4.10	Form of Warrant Agreement*
4.11	Form of Purchase Contract*
4.12	Form of Rights Agreement*
4.13	Form of Unit Agreement*
4.14	Secured Loan Agreement dated May 14, 2021 between, Diana Shipping Inc., certain Borrowers and ABN AMRO Bank N.V.
5.1	Opinion of Seward & Kissel LLP, United States and Marshall Islands counsel to Diana Shipping Inc.
8.1	Opinion of Seward & Kissel LLP with respect to certain U.S. tax matters
23.1	Consent of Seward & Kissel (included in Exhibit 5.1 and Exhibit 8.1)
23.2	Consent of Independent Registered Public Accounting Firm
24.1	Power of Attorney (included in the signature page hereto)
25.1	Form of T-1 Statement of Eligibility (senior debt securities indenture)**
25.2	Form of T-1 Statement of Eligibility (subordinated debt securities indenture)**

Section 1	Interpretation	2
1	Definitions and Interpretation	2
Section 2	The Loan	26
2	The Loan	26
3	Purpose	26
4	Conditions of Utilisation	26
Section 3	Utilisation	28
5	Advance	28
Section 4	Repayment, Prepayment and Cancellation	29
6	Repayment	29
7	Illegality, Prepayment and Cancellation	29
Section 5	Costs of Utilisation	33
8	Interest	33
9	Interest Periods	34
10	Changes to the Calculation of Interest	35
11	Fees	36
Section 6	Additional Payment Obligations	37
12	Tax Gross Up and Indemnities	37
13	Increased Costs	46
14	Other Indemnities	48
15	Mitigation by the Lenders	51
16	Costs and Expenses	51
Section 7	Accounts and Application of Earnings	53
17	Accounts	53
18	Additional Security	54
19	Guarantee and Indemnity	55

Section 8	Representations, Undertakings and Events of Default	59
20	Representations	59
21	Information Undertakings	65
22	Financial Covenants	68
23	General Undertakings	69
24	Events of Default	77
Section 9	Changes to Parties	83
25	Changes to the Lenders	83
26	Changes to the Obligors	89
Section 10	The Finance Parties	91
27	Role of the Agent, the Security Agent	91
28	Parallel Debt (Covenant to pay the Security Agent)	103
29	Application of Proceeds	104
30	Conduct of Business by the Finance Parties	106
31	Sharing among the Finance Parties	106
Section 11	Administration	108
32	Payment Mechanics	108
33	Set-Off	111
34	Notices	111
35	Calculations and Certificates	114
36	Partial Invalidity	115
37	Remedies and Waivers	115
38	Amendments and Waivers	115
39	Confidentiality	122
40	Disclosure of Lender Details by Agent	126
41	Counterparts	128
42	Joint and Several Liability	128
Section 12	Governing Law and Enforcement	130
43	Governing Law	130

44	Enforcement	130
Schedule 1	Part I The Original Lenders	131
Schedule 2	Part I Initial Conditions Precedent	132
	Part II Utilisation Conditions Precedent	135
	Part IIIConditions Subsequent	138
Schedule 3	Utilisation Request	139
Schedule 4		141
	Form of Transfer Certificate	141
Schedule 5	Form of Assignment Agreement	144
Schedule 6	Form of Accession Deed	148
Schedule 7	Form of Compliance Certificate	151
Schedule 8		152
	Additional Definitions	152
Schedule 9	FORM OF SUSTAINABILITY PERFORMANCE CERTIFICATE	154

Sustainability targets achieved	Margin Adjustment (per annum)
KPI 1 and KPI 2	10 basis points decrease
KPI 1	5 basis points decrease
KPI 2	0 basis points decrease
None of KPI 1 and KPI 2	10 basis points increase

Name of Original Lender	Commitment	Treaty Passport scheme reference number and jurisdiction of residence (if applicable)
ABN AMRO Bank N.V.	Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands

1	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2	We wish to make a Utilisation on the following terms:

	Proposed Utilisation Date:	[ ] (or, if that is not a Business Day, the next Business Day)

	Currency of Utilisation:	[ ]

	Amount:	[ ]

	Interest Period:	[ ]

	Vessel:	[ ]

3	We confirm that each condition specified in Clause 4.1 (Further conditions precedent) is satisfied on the date of this Utilisation Request.

4	The proceeds of the Utilisation should be paid as follows:

5	This Utilisation Request is irrevocable.

[Executed as a Deed By: [Affiliate of a Borrower]
_____________________________	Signature of Director
_____________________________ in the presence of	Name of Director
_____________________________	Signature of witness
_____________________________	Name of witness
_____________________________	Address of witness
_____________________________
_____________________________
_____________________________
_____________________________	Occupation of witness]

Signed:	………………………………………………
	Chief Finance Officer
	of
	Diana Shipping Inc.

Key Performance Indicators	Baseline 2020		2022	2023	2024	2025
KPI 1: Fleet AER Score	3.04	Targets	3.01	2.98	2.95	2.92
KPI 2: Safety ECBT Score	8.36	Targets	8.50	8.75	9.00	9.25

Lelu Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

Rairok Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

Lae Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

Namu Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

Fayo Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

Ujae Shipping Company Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101	)
Department/Officer: Mr Ioannis Zafirakis		)

The Original Guarantor		)
		)
Diana Shipping Inc.		)
		)
By: Ioannis Zafirakis		) /s/ Ioannis Zafirakis
		)
Address:	c/o Diana Shipping Services S.A.	)
	Pendelis 16, 175 64 Palaio Faliro, Athens,	)
	Greece	)
Fax no.:	+30 210 9470101
Department/Officer: Mr Ioannis Zafirakis		)

The Agent		)
		)
ABN AMRO Bank N.V.		)
		)
By:	Nigel Vaughan Bowen-Morris	) /s/ Nigel Vaughan Bowen-Morris
		)
Address:	Gustav Mahlerlaan 10,	)
	1082 PP Amsterdam, The Netherlands	)
Fax no.:	+31 (0) 10 401 53 23	)
Department/Officer: Global Transportation and Logistics		)

The Security Agent		)
		)
ABN AMRO Bank N.V		)
		)
By:	Nigel Vaughan Bowen-Morris	) /s/ Nigel Vaughan Bowen-Morris
		)
Address:	Gustav Mahlerlaan 10,	)
	1082 PP Amsterdam, The Netherlands	)
Fax no.:	+31 (0) 10 401 53 23	)
Department/Officer: Global Transportation and Logistics		)

The Arranger		)
		)
ABN AMRO Bank N.V.		)
		)
By:	Nigel Vaughan Bowen-Morris	) /s/ Nigel Vaughan Bowen-Morris
		)
Address:	Gustav Mahlerlaan 10,	)
	1082 PP Amsterdam, The Netherlands	)
Fax no.:	+31 (0) 10 401 53 23	)
Department/Officer: Global Transportation and Logistics		)

The Original Lenders		)
		)
ABN AMRO Bank N.V.		)
		)
By:	Nigel Vaughan Bowen-Morris	) /s/ Nigel Vaughan Bowen-Morris
		)
Address:	Gustav Mahlerlaan 10,	)
	1082 PP Amsterdam, The Netherlands	)
Fax no.:	+31 (0) 10 401 53 23	)
Department/Officer: Global Transportation and Logistics		)

The Swap Provider		)
		)
ABN AMRO Bank N.V.		)
		)
By:	Nigel Vaughan Bowen-Morris	) /s/ Nigel Vaughan Bowen-Morris
		)
Address:	Gustav Mahlerlaan 10,	)
	1082 PP Amsterdam, The Netherlands	)
Fax no.:	+31 (0) 10 401 53 23	)
Department/Officer: Global Transportation and Logistics		)

	Seward & Kissel llp ONE BATTERY PARK PLAZA NEW YORK, NEW YORK 10004

	TELEPHONE: (212) 574-1200 FACSIMILE: (212) 480-8421 WWW.SEWKIS.COM	901 K Street, NW WASHINGTON, D.C. 20001 TELEPHONE: (202) 737-8833 FACSIMILE: (202) 737-5184