Ladies and gentlemen welcome to the Diana Shipping Fourth Quarter 2008 Earnings Conference Call on the 19 of February 2009. For today's recorded presentation, all participants will be in a listen-only mode. After the presentation there will be an opportunity to ask questions. (Operator Instructions). I will now hand the conference over to Edward Nebb. Please go ahead sir.

Thank you David. And welcome to the Diana Shipping fourth quarter, year-end 2008 conference call. The members of the Diana Shipping Management team who are with us today, are Mr. Simeon Palios, Chairman and Chief Executive Officer, Mr. Anastassis Margaronis, President; Mr. Andreas Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Executive Vice-President and Secretary, and Ms. Maria Dede, Chief Accounting Officer. Before management begins their remarks, let me briefly summarize the Safe Harbor notice which you can see in its entirety in the news release that we issued this morning. Certain statements made during this conference call which are not statements of historical fact are forward-looking statements that are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions, expectations, projections, intentions, and belief as to future events that may not prove to be accurate. For description of the risks, uncertainties, and other factors that may cause future results to differ materially from what is forecast in the forward-looking statements, please refer to the Company's filings with the SEC. And now let me turn the call over to Mr. Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping.

Thank you, Nebb. Good morning and thank you for joining us today. I am pleased to report that Diana Shipping produced excellent operating and financial results for the fourth quarter and full year 2008. We are especially proud of this performance since it has been achieved despite the extremely challenging conditions facing global economies in general and the dry bulk sector in particular. During this period of great disruption in the market, Diana remains a strong profitable and a resilient company. We are well positioned, not only to withstand rough seas but also to capitalize on future opportunities. I would now like to share some of the highlights of our 2008 performance. More importantly, I would describe Diana's solid position as we look over the balance of 2009. Net income was $54.2 million U.S. for the fourth quarter 2008, an increase of nearly 49% from the comparable period of 2007. For the full year ended December 31, 2008 net income was $221.7 million U.S., an increase of more than 65% as compared to the prior year. Voyage and time charter revenues totaled $84.3 million U.S. for the fourth quarter of 2008 and $337.4 million U.S. for the full year. This represents an increase of 43% for the quarter and 77% for the year. We believe the same strategy that enabled Diana to produce these positive results will continue to serve the Company and our shareholders well in the difficult times that lie ahead. Let me review some of the key elements of our strategy which is prudent, time tested and intended to mitigate the risk. First, our chartering approach is designed to provide a high degree of revenue visibility. For the full year 2009, we have already fixed revenues for the majority of the available days. These revenues are significantly…

Thank you, Simeon and a warm welcome to all who have joined us in this conference call. The turbulence in the world economy has had profound influence on the dry bulk shipping trade market that can be seen from the Baltic indices mentioned below. The Baltic dry index started the fourth quarter of 2008 at 3025 and yesterday closed at 1986. The equivalent figures for the Baltic Cape Index were 4186 and 3587, while for the Baltic Panamax Index were 2102 and 1352 as of yesterday's close. There is no doubt that the future course of the trade market will be closely linked to the worldwide demand for steel, which in turn will move with the world GDP and industrial production growth. Let us look at the latter before discussing steel production. According to the IMS, during 2009 world growth is forecast to fall to its lowest level since World War II, with global output and trade plummeting. For this current year, the IMS expect real economic activity to contract by around 1.5% in the United States, 2% in the Euro area, and 2.5% in Japan. With positive growth of plus 6.7% in China, the IMS predict the world economic growth for 2009 to come in at around 0.5%. The well publicized simulative actions taken by governments around the world will undoubtedly help the world economy come out of its present down spiral, and the big question as usual is, when will this happen? According to a recent article in the Economist Magazine much depends on the effectiveness of these stimulus program, the last one announced just a few days ago by the Chinese Government which in turn hinges on the extent to which China is now a capitalist economy. Ironically the more it remains a command economy rather than…

Thank you, Stacy and good morning. I think we'll be discussing the growth of the Diana's operational results for the fourth quarter and year-ended December 31, 2008, fourth quarter 2008. Net income for the fourth quarter of 2008 amounted to $54.2 million and the earnings per share of Diana Shipping amounted to $0.72. Voyage and time charter revenues increased by $84.3 million, compared to $58.9 million in 2007. The increase is attributable to increased average hire rate and the increase in the number of vessels in the fleet, after the acquisition of the Boston in November 2007, the Salt Lake City in December 2007 and the Norfolk in February 2008. Ownership days were 1748 for the fourth quarter of 2008, compared to 1542 in the same period of 2007, due to the enlargement of the fleet. Fleet utilization was 98.6% in the fourth quarter of '08 and 99.3% in 2007. The daily time charter equivalent rate for the fourth quarter of 2008 was $45,824, compared to $36,459 for 2007. Voyage expenses were $4.8 million for the quarter and operating expenses amounted to $9.9 million, an increase by 16%. The increase is attributable to the 13% increase of the ownership days resulting from the delivery of new Capesize vessels to our fleet, a 6% increase in crew costs, a 60% increase in insurance cost due to supplementary coals, and 8% increase in repair. Those increases were partly setoff with decreases in stores and spares. Daily operating expenses were $5,675 for the fourth quarter of 2008, compared to $5,516 in 2007, representing an increase of 3%. Depreciation and amortization of deferred charges amounted to $11million for the fourth quarter of 2008. General and administrative expenses decreased by $2 million or 39% for the fourth quarter of 2008 to $3.1 million, compared to…

Thank you sir. (Operator Instructions). And the first question comes from Doug Mavrinac from Jefferies & Company. Please go ahead. Douglas Mavrinac - Jefferies & Co.: Four (ph) questions for you all. First, it seems within the industry at least that there has been a resurgence in discussions and debates over the past few days related to time charter contract cancellations and/or renegotiations. Could you please share with us the status of your time for the contracts and with your counterparties and whether you have been approached by any of your counterparties about renegotiating the times of existing contracts?

Well during 2008, three vessels were delivered earlier than the earliest allow of the delivery dates specified in their one time charter contracts. Earlier these deliveries during 2008 ranged from a few days to a couple of weeks with a combined minor effect of the anticipated cash flow and earnings. Separately in the case of the bankruptcy of Atlas Bulk Shipping, the Calipso lost approximately U.S. $1.5 million in contracted higher, which was a portion between the fourth quarter of 2008 and the first quarter of 2009. Douglas Mavrinac - Jefferies & Co.: Okay, thank you Mr. Palios. And do you have any fears or thoughts that any of your vessels that are currently on charter, I mean looking at your charter, as its very, very high quality, very blue chip Cargill and BHP, NYK and all a long list, have any of those parties come to you and -- or first begun to pay you maybe less than the contracted rate? And then second, expressed that their desire to maybe reduce future payments that would be lower than the currently contracted rate?

No, they have not. Douglas Mavrinac - Jefferies & Co.: Okay, perfect, okay, great, thank you. And then sticking on the charter hire scene, looking at your charter list, you guys have a couple of Panamaxes that are operating on contract to contract that expire over the next one to two months. Can you please share with us your thoughts on how you intend to approach chartering those vessels relative to the class of charterer versus contractor rate and versus rates, and how you balance your goals for each of those?

Well, as these will be tested in line with the portfolio approach, which we have been using all along since our company became public in March 2005. This means that the vessels would be chartered to top-class charterers, so as to come open on different dates in the shipping cycle. Douglas Mavrinac - Jefferies & Co.: Okay, great. So, the class of charter, or the type of charter is probably one of things that you focus on above, but you know potentially what the rate is, its just you want the best quality of charter that you can get?

Indeed. Douglas Mavrinac - Jefferies & Co.: Okay, great, thank you. And then just two final questions before I turn it over. Given the recent improvement in both the charter rates within the markets, both voyage rates and time charter rates, can you share with us what you are seeing relative to asset values, whether you've seen a slight improvement or marked improvement or no change as it relates to current assets?

Well, the current assets have been improved, some how more than what they should. Douglas Mavrinac - Jefferies & Co.: Okay.

Of course we believe that this is a blip. Douglas Mavrinac - Jefferies & Co.: Okay. Great thank you. And then actually that's a segue to my final question. And if you could share with us Mr. Palios, your view on, you guys are on a very advantage position, one of the strongest balance sheets in the industry, if not the strongest. How do you approach making future acquisitions, what are you going to look forward and say this is potentially the right time for us to take advantage of our balance sheet strength?

Well, we are continuously monitoring the market for investment opportunities. These may come in the form of more divestures from ship yards, banks or the second hand markets from different owners. As far as other public companies are concerned, we have not as yet seen any compelling investment opportunities, mainly because of the issues affecting their balance sheets. These coupled with the fact that according to our calculation the discount to net asset value are not attractive enough, which has kept us from moving forward with any acquisition on such public entities. Douglas Mavrinac - Jefferies & Co.: Okay. Perfect, great. Thank you very much Mr. Palios.

Thank you.

And the next question comes from Justin Yagerman from Wachovia. Please go ahead.

Hey, good morning. How are you guys doing?

Hi, Justin. How are you?

I'm good. I wanted to get a sense of the upcoming chartering activity, obviously you've had a good concentration of your recent charters with Cargill. Is that something that you would look to change going forward or are you looking to diversify your charter book a bit more, I mean as you've built up a pretty decent critical mass there? Or is that kind of happened out of necessity that when you look at the top tier charterers, they're really the ones who are open to taking period right now.

Well the later is more closer to the truth than anything else. When things are weak, as far as the freight rates and freight market is concerned, there are not many good charterers offering for the type of business that we would be prepared to consider. Having said that, of course we are always monitoring the number of ships that we have charted to any one charter regardless how good that charter happens to be. And now we are of course aware of the fact that we have a good number of ships with Cargill and our first preference ideally would be to charter with another corporate, with equal or better status, on terms that would be similar of course with what Cargill would be prepared to offer for our time charter business.

What's the liquidity like in the time charter market right now, as you look out, I think the next couple, you guys are coming out for Panamax, in the one, two three, year, what are you looking at in terms of availability and what are rates like currently?

Well, we can see today something in the vicinity of excess of $15,000 space, which of course is well above the run expense of the ship for a year. And for two years, we are coming close to 16.5 to $17,000 daily, which again is not a bad rate.

And then the three year is not something you would entertain right now, I would assume?

Well provided the ships open at different days in the shipping cycle, yes. Because I think that's very important today, we don't have all the ships opening in the same time.

Yeah. I think it's a good point. When you weigh the acquisition opportunities that are out there, and you said that companies right now, there is nothing because of... even at a discount to their NAV, it sounds like you think asset values are going to drop more. And then you look at the new build or second hands out there, you also have a share repurchase authorization on the table, is that something that you consider doing, if you don't -- if you have to wait out for too long, or else is that fact that you guys are trading above NAV, something that would prevent you from thinking about doing that right now?

Hi Justin, this is Ioannis. Yeah, it sound that as long as we trade above NAV, and we are well priced as a company which we think we are -- we will continue being well priced. The share purchase program will not be used at all.

Okay, that makes a lot of sense. And then I guess last, and I'll turn it over to someone else. On the dividend policy, obviously we just moved away from that but I don't know if you guys have yet publicly said what kind of benchmark should be looking for to reinstate a policy at some point obviously, you're looking for opportunities in the market but you will be building cash over the next several quarters and if those opportunities don't arise, you'd be looking for ways to return some capital to shareholders. What are you looking at as benchmarks for reinstating a dividend policy or potentially a timeline for when you would maybe special dividend to out cash if you see the opportunities on market?

Justin maybe two of us will answer this, but my reply is that the dividend policy doesn't have a specific benchmark. As we have said from the very beginning, we will reinstate or follow a full payout dividend policy, when we start acquiring assets for cash flow, and not for appreciation of asset values. We consider it highly unlikely, so that we will not get a chance to acquire asset at attractive prices. The question is how attractive they will be. So the potential of appreciation in the value of these assets is the main reason for why we will be investing over the next few quarters. If we see that the potential for capital appreciation that is appreciation of the value of the asset has diminished then our acquisitions will be geared more towards cash flow and then we will consider reinstating the dividend policy the way we had it from when the Company became public.

That makes a lot of sense. What's is the highest level of debt that you guys would consider as you go about the acquisition of assets before you'd either come back to the market or try to refinancing and otherwise?

Of course you understand that depends on the market, but very clearly we would be able to leverage of the company up to levels 70-80% easily. Of course we have said that in the past, I don't we would easily do that at once because we feel that we cannot, the same way you cannot tell everything at the highest point, the same way you cannot find the lowest point in the market to buy. So the best way to have a maximum shareholder value is to sort of start your acquisitions and widen the span of your acquisition and therefore this 70-80% will not be done at once but gradually.

Justin, let me add something there, the growth that we think we are to the market becoming much, much better the higher the level as you are going to see in Diana.

Yeah. That makes a lot of sense. Okay, I appreciate the time guys. Thanks.

You are welcome.

And the next question comes from John Chappell from J.P. Morgan. Please go ahead.

Thank you, good afternoon. Andreas, a quick follow up on the balance sheet, can you just talk about the timing of the debt assumption, year end debt was about $66 million higher at the end of the third quarter with no capital commitments for the next year, what was the timing purposes for that debt assumption?

Yeah, hi Jonathan. As you know for cash management purposes and because actually the flexibility of our credit facility enables us to do that, we were decreasing our debt to EBIT cash from operations we had in the previous quarter and we are keeping zero cash in the balance sheet. Now, during the fourth quarter as we decided to suspend the dividend, we drew down the total amount of debt relating to vessel purchases and decided to keep the cash from operations on our balance sheet as a cash item in order to be ready, should we need that cash promptly for vessel purchases as we discussed before. Now, the debt relating to the vessel purchases always was at around $200 million since the last delivery we had and that is more is directed (ph) at Norfolk in February ' 08. Now the additional $50 million that you see there, relates to us having the new shareholders who are striving to some equity fall on offerings happening between two quarters that were actually eligible for the dividend of the previous quarter and also to some very minor adjustments we had for the last 15 quarters in rounding-up the dividend. So, having said all of that, I think you have understood that our debt to book cap was 23% at the end of the year and this debt is very, very attractively priced for the Company. So, that's a bit of rationale we have behind the levels that you see there and we intend to keep those levels and for now until we start acquiring vessels whereby we will increase the levels of debt gradually according to the purchases that we will have.

Okay. And how much of the facility is still available for the final purchase of the New York and Los Angeles, next year?

At the moment, the facility in place that we have with RBS is the $300 million and before and this can be triggered at the time of delivery. So, but before that we have the ported (ph) facility in place which actually pays for all the pre-delivery finance as you know up to the delivery point of the vessel. And don't forget that once we get those vessels delivered, and even today there are banks that are there to lend us even more money than the available facility that we have with RBS against those vessels. So we feel very comfortable being able to finance those vessels.

And there is a small difference in the pricing of any new debt, because the pricing the debt with RBS cannot be repeated with any bank on any percentage finance. But apart from that, Andreas is absolutely correct. There are banks who are willing to finance at market rate, the acquisition of our Capesize new buildings, or the acquisition of any other secondhand tonnage, we might decide to make.

Okay. And Stacy or maybe Simeon, if you can just give me a little bit of color on what do you perceive has been happening in the last couple of months. You stated or Mr. Palios stated before that you thought there was a blip in the asset prices and you guys did a lot of chartering, re-chartering of ships in the last couple of months at prices that are well below current market levels. Do you think that recent run is temporary nature only and you're expecting more of a downturn in the middle of this year, which will provide you with more opportunities?

Well we believe that the number of tonnage which is coming from the year (ph) are going to be much more than the scrapping which Stacy said has hereon, and the translations. So, I think there are going to be an over hang of tonnage which is not going to be able to be absorbed by any small blip like that. We need something more substantial. Take for example the containers, the daily containers are in a worst shape than the dry cargo market. And of course, we have seen the values deteriorating much more than the values of the dry cargo. Well, given some time, we believe that we may see the values of the dry cargo ships to come closer to the values of the containers and then of course we have to move. As Andreas said before, you cannot ship it right in the very low, but still there is some room to for adjustment. A Cape today at $60 million, I don't think or 55 is not a bargain, for Panamax two year old or one year old at 30-$32 million again, is not a bargain I think.

Okay, good insight. My final question is the three vessels that were delivered earlier than the earliest part of the contract in '08 and well as the Calypso which lost a $1.5 million. Are you pursuing any legal action against the charters or are you just accepting the redelivery as part of the market situation today?

The Calypso with the surplus bulk shipping is going to be -- it has not finished as yet but we are pursuing it. And I think in about a month we will know what will happen there. The other vessels that we mentioned we are in arbitration and we have already arranged in one of the government (ph) settlement and basically we are going to get for sure some money back, Jonathan.

Okay, thanks very much to everybody.

Decision as you know is with the liquidators at the moment.

Okay. Thank you.

And the next...

Sorry, to interrupt, but we are talking about all these claims are in the vicinity all together in less than $3 million.

Thank you. And your next question comes from John Dawson from Dawson-Herman Capital Management. Please go ahead.

My question has already been answered.

Thank you John.

Thanks.

And the next question comes from Natasha Boyden from Cantor. Please go ahead.

Thank you, a pretty good morning gentlemen.

Good morning.

I just wanted to touch again on acquisitions, just very briefly, you almost referred to some of the Capesize and Panamax vessels but would hand these other vehicles that you see (ph) in terms of acquisition?

Yes, but we will mainly focus on Capes and Panamaxs, but we will not exclude the Supermaxs.

Is there any particular reason for that?

I think it's much easier to deal with the Capes and Panamaxs and more easy to operate, and I think the running expenses are less also.

Okay, great, thank you. And I think perhaps you may have touched on this briefly in your comments, but clearly Panamax rates have been lagging, Cape fairly significantly over the last couples of months. So, in your opinion what is driving that discrepancy and what's going to be the catalyst that causes Panamax rates to normalize more with respect to the Cape?

Well the reason that has been driving the creation of this gap is obviously the iron ore transportation, particularly from South America. Now the limit of course will come when it pays to make two Panamax shipments as opposed to one Capesize shipment from South America to the Far East. The problem sometimes is that shippers do not accept the splitting the stems of the cargoes in other words creating smaller parcels for their own logistical reason. But when the difference in time charter rates becomes compelling, then there will be a demand for more Panamax's which are going to replace Capes which most of which have now left the anchorages and lay up, and are busy transporting iron ore or waiting to discharge iron ore in China. The other reason I mentioned earlier was this seasonal grain trade from South America which we subtended during the past few years, we ignore because we had such a strong freight market, we didn't pay much attention to the grain trade. But now this will come possibly as a catalyst to lead to an improvement in and already firming Panamax freight market.

Okay, great. And then just lastly on a fairly minor note, what would you suggest a good run rate for Diana, for a daily vessel (ph) project expense going forward?

Well I think...

Hi. I think basically the daily OpEx of around the average daily OpEx of around 5,800 for both Capes and Panamaxs is a pretty good run rate. Now I would put at around at 5,600 Panamax and around 6,000 a Cape. So I would see the operating expenses of the vessel not increasing that much during 2009 at least that's what we if nothing unexpected arises that's the way we would see that.

Okay, great. Thank you very much.

Welcome.

And the next question comes from Gregory Louis from Credit Suisse. Please go ahead.

Yes, thank you and good afternoon.

Good afternoon, Greg.

Hi, Greg.

I guess my question is related to lower quality owners. Are you seeing in the market the discrimination of lower quality owners and is that sort of helping push rates higher?

Are you referring from a charters point of view.

Yes.

Actually, leave out lower quality owners from their chartering impossibilities.

Yes.

It's something that always comes as a factor in deciding which ship to charter when there is weakness in the market and a greater and larger choice from the charterers point of view to chart the vessel. We feel that it is playing a role, but not a significant one at this point in time from as regards with strengthening of rates. When the point comes that there is a shortage of tonnage then as we have seen in the past, any ship will be chartered whether it belongs to a reputable or a non-reputable charter. But for the time being, we see that operators who are regarded as more serious are benefiting from rates that they can get where which others cannot.

Okay. Great. And then I just wanted to touch on the last two vessels that were actually chartered in January on like one year time charters. What was sort of the rationales for going out and fixing those that are around 10,000 or $11,000 a day as opposed to just leaving them in the spot market?

This is exactly what our CFO has been explaining during his comments that we do not try to forecast what the market is going to do, Greg. We have to place the vessels to open in a different time in the cycle. And basically the main thinking process besides that was for how long we were going to fix the vessel and what was the current rate for that period about that. We either have a portfolio approach to ships, all you see or we don't. If we do have a portfolio approach that targets the way of chartering the vessels, we have to stick on that. If we start changing and waiting for a while before the markets gets better or worst, then we don't have a strategy basically. Simon: And also if I may add, if you have to fix for trans Atlantic, or trans Pacific voyage, which will take you approximately 40 to 50 days at the rate of $3,000 or $4000 a day, then to average out for the whole year, the $10,000 as you mentioned before, you have to charter the rates in excess of 14 and are you going to be certain that the rate is there. So, quite honestly for a company of our own, of this size and this type of ships and this age of vessels since there are, is almost not so relevant to try and charter the vessels at $1,000 daily more or less. It's almost irrelevant thus Ioannis said, it depends a lot when the vessel is open, to open in different days in the shipping set. That's more important, so you have always ready to fix ships.

So from that out, it almost sounds like you are prepared to believe that we are at a drop in the cycle, because when I look back at your chartering strategy back in '05 and you had a lot of vessels in the spot market, it seem like you were expecting a rising rate environment. So when I look at charters like that, I mean clearly it looks like you were focused more on utilization of the vessel than potential upside?

I don't think that we ever had a lot of vessels in the spot markets, Greg. However, don't forget that we were raising equity and we were buying always vessels that we could, and we had placed in our portfolio management and seek this type of situation that we explained earlier. So basically our chartering strategy has always been the same and this why you have seen Diana at the moment having charter rates at a much higher level than what the market is today. Basically, we have a hedged chartering strategy, we are hedging our days without using the other days at all by doing a physical hedge.

Okay, that's all for me. Thank you very much.

You're welcome.

And the next question comes from Urs Dür from Lazard Capital Markets. Please go ahead. Urs Dür - Lazard Capital Markets LLC.: Hi, good afternoon.

Hi, Urs. Urs Dür - Lazard Capital Markets LLC.: All my questions have been answered. So thank you guys for the call. Thank you.

Thank you.

The next question comes form Scott Burk from Oppenheimer. Please go ahead. G. Scott Burk - Oppenheimer & Co. Inc.: Hi, good morning guys. Just a couple of more questions for you. Going back to the acquisition questions, I'm wondering, you are spending off, 40 million or $50 million per quarter in cash flow. So, you've got a lot of cash flow to buy vessels, would you expect to you that kind of store up cash to buy a big, big, big acquisition... a big, big fleet at once, or would you expect to see more ones and twos added to the fleet in the coming quarters?

Well, as we said before as far as lot of the public companies are concerned, we have not as yet seen any compelling investment opportunities, mainly, because our future is affecting their balances. This coupled with requirement (ph) according to our calculations in discount to net asset value are not attractive enough, have kept us out from moving away with any acquisition of such public entities. But of course there are private companies which we have our eyes on and but it is little bit pre-mature, it's little bit pre-mature. It's coming, I think within the next three to four months we will see different values. G. Scott Burk - Oppenheimer & Co. Inc.: Okay. And you expect those values on the corporate side as you are saying or just for slightly lower vessel prices, individual vessel prices?

Well, I think it will come from the banks or the shipyards or private individuals. G. Scott Burk - Oppenheimer & Co. Inc.: Okay.

It will come, without any doubt. G. Scott Burk - Oppenheimer & Co. Inc.: Okay. And then I had a question about, just kind of an accounting question, there has been some talk about the potential for write-downs of asset values for the fourth quarter and maybe for the first quarter. Did you guys get having discussions with your auditors and with your accountants about that in terms of writing down some of the asset values on the balance sheet?

No, absolutely not, we don't have... we haven't got this type of discussions with our auditors. So, no. You must know that our balance sheet and in general it's so clean that we've done all our tax impairments, etcetera for the year. Everything has come up clean. We will obviously file the 20-F as quickly as possible as well which is like the annual reports. So, you will be able to see the detailed accounts, read the notes and management discussions in there. So, but don't expect any surprise. Our accounts for the moment are more than clean than without any issues of this sort. G. Scott Burk - Oppenheimer & Co. Inc.: Okay and then one final question, I saw a report a couple of days ago that you had, or one of the vessels was had been sub-chartered from your goods charter, but it was sub-chartered out to Armada and have you seen the impact to your bottom lines from that?

Not really. Nothing because the vessel is chartered to be (inaudible) and as a matter of fact the major chatters are going to have second thoughts in chartering ships from sub-charterers, makes our acquisition even stronger. So, we are going to charter ships better in the future because they refrain from sub-chartering or chattering ships from sub-charterers. You mention the Boston and the Boston is chartered to be BHP Billiton. So we have nothing at all, where everything is smooth. G. Scott Burk - Oppenheimer & Co. Inc.: Okay. Thanks very much.

If you're feeling that our name is mentioned in this kind of situation because we have nothing to do with those charters as I've said. As you know that Boston is chartered for four years, with an optional year, to BHP Billiton at 52,000 a day and that's the vessel you mentioned. G. Scott Burk - Oppenheimer & Co. Inc.: Right, thank you.

You're welcome.

And now, there seems to be no further questions at this time, sir.

Well thank you again for your interest in and support of Diana Shipping. We are confident that our strategies will continue to enhance our strength and stability and that our company is well positioned to take advantage of opportunities for our long term profitable growth. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.