Greetings, and welcome to the Diana Shipping Incorporated First Quarter Conference Call and Webcast. At this time, all participates are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Edward Nebb, Investor Relations Advisor for Diana Shipping. Thank you, sir. You may begin.

Thank you, Dan. Greetings everyone, and welcome to the Diana Shipping Incorporated 2011 first quarter 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. Anastasios Margaronis, President; Mr. Andreas Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Executive Vice President and Secretary; and Ms. Maria Dede, Chief Accounting Officer. Before our management begins their remarks, let me briefly summarize the Safe Harbor notice, which you can see in today’s news release. Certain statements made during this conference call, which are not statements of historical fact are forward-looking statements and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act. Such forward-looking statements are based on assumptions, expectations, projections, intentions, and beliefs as to future events that may or not prove to be accurate. For a description of the risks, uncertainties, and other factors that may cause future results to differ materially from what is expressed or forecast in forward-looking statements, please refer to the company’s filings with the Securities and Exchange Commission. And with that, let me turn the call over to Mr. Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping.

Good morning and thank you for joining us. Diana Shipping delivered higher time charter revenues and increased net income for the first quarter of 2011 as compared to the same period a year ago. Our ability to achieve this solid financial and operating performance in spite of a difficult industry environment reaffirms the value of our long-term strategies. As we now conditions of the dry bulk shipping marketplace today continue to be challenging while demand is relatively robust the excessive growth in the supply of new vessel has outpaced that demand and weighs heavily on charter rates. Fortunately, we have consistently managed our business to produce stable results across a range of industry and economic scenarios and this disciplined approach has continued to stand the company in good shape. We have pursued a charter in policy that has enabled us to balance the duration of our time charters and to lessen the impact of the current interest rate environment. With the exception of all these three vessels the vast majority of the fleet is charter for extended period with delivery dates in 2012 and beyond. We continue to foster and maintain excellent relationship with quality Charterers and we have maintained a quarterly balance sheet with a strong cash position and minimal leverage, which provides the stay in power who has done a difficult industry cycle. Now, let me review some of the key aspects of our performance for the 2011 first quarter. Net income increased to US$33.1 million for the first quarter of 2011, up from US$28.8 million a year ago. Voyage and Time Charter revenues totaled US$69.4 million compared with US$62.2 million for the same period last year. The average daily Time Charter equivalent rate was US$31,592, relatively a change from US$31,982 a year ago. This result reflects the…

Thank you Simeon, and welcome to all who have joined us on this quarterly conference call. The quarter that just passed was one during which certain very strong messages were sent out by the dry bulk fleet market and anyone deciding to ignore these or take them lightly will be doing so at his own tariff. The Baltic Dry Index started the year at 1,693 on 31st, March 2011, stood at 1,530. The Baltic Cape Index were 2,285 on January 4 and ended the quarter at 1,768 while the Baltic Panamax Index started the year 1,798 and on March 31st have gone to 1,968, unfortunately it too declined sharply since then and yesterday it stood at 1,723. We feel that the signal eliminating from the markets are indeed confirming, very cautious expectations as far back as May 2009 when we said, “Beyond the short-term optimism, it is difficult to envisage a scenario not centered on a sharp freight market recession. The length and the depth of this recession will depend on the evolution of the global economy.” Later during the conference call, we went on to say, “The challenge for most shipping companies will be to survive over the next two years or so and then optimism will hopefully return to the industry. In the meantime opportunities will present themselves to acquire inexpensive assets with significant capital appreciation potential”. (Inaudible) told the unexpected strength of the economic recovery in 2010 and the related deliveries of several new building bulkers, not to mention the outright cancellations resulted in 2010 being a pretty decent year at least after the beginning of the last quarter. However the inevitable cannot be indefinitely postponed, regardless of the short or medium term factors which might temporarily at least influence its supply demand balance of bulk shipping.…

Thank you, Anastasios and good morning to everyone. I am pleased to be discussing today with you Diana’s operational results for the first quarter 2011. Net income for Diana Shipping, Inc. for the first quarter 2011 amounted to $33.1 million and EPS of Diana Shipping amounted to $0.41. And Time Charter revenues increased to $69.4 million, compared to $62.2 million in 2010. The increase is attributable to increase revenues due to the addition in our fleet of the vessels Melite in January, New York in March and Alcmene, in November 2010. Ownership days were 2,106 for the first quarter of 2011 compared to 1,894 in the same period of 2010. Fleet utilization was 99.8% in the first quarter of 2011 and 99.7% in 2010. The daily time charter equivalent rate for the first quarter of 2011 was $31,592 compared to $31,982 for 2010. Voyage expenses were $2.9 million for the quarter. Operating expenses amounted to $12.4 million and decrease by 1%. A decrease is attributable to reduce the stores spares and repairs and maintenance costs of the vessels, this decrease was partly offset by increase in crew and insurance costs. Daily operating expenses were $5,873 for the first quarter 2011 compared to $6,606 in 2010, representing a decrease of 11%. Depreciation and amortization of deferred charges amounted to $13.5 million for the first quarter of 2011. General and administrative expenses increased by $1.4 million or 27% for the first quarter of 2011 to $6.5 million compared to $5.1 million in 2010. The increase was mainly attributable to increase in salaries and compensation cost on restricted stocks and was partly set off by the elimination of rent expense after the acquisition of the property we used to leave through DSX for expenses. Interest and finance costs increased by $0.3 million to $1.3 million for the quarter compared to $1 million in 2010. This increase was attributable to increased average debt during the first quarter of 2011 compared to 2010 and increased average interest rates. Thank you, for your attention. We would be please now to respond to your questions and I will turn the call to the operator who will instruct you as to the procedure for asking questions.

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Our first question is from Michael Webber of Wells Fargo. Caller, please proceed with your question.

How are you?

Very well.

Very well.

Hi Michael.

Just a couple of quick question. I wanted to start off on acquisitions and change of kind of the ongoing question, where are asset values now, I guess relative to where you guys have really looked to fully trigger on something. I guess maybe in terms of – maybe returns, I guess, where are our returns right now on the markets versus your hurdle rates? And what do you think is really going to drive those down?

Just a couple of quick question. I wanted to start off on acquisitions and change of kind of the ongoing question, where are asset values now, I guess relative to where you guys have really looked to fully trigger on something. I guess maybe in terms of – maybe returns, I guess, where are our returns right now on the markets versus your hurdle rates? And what do you think is really going to drive those down?

Hi Mike. This is Ioannis. How are you doing?

Good.

Good.

We got another set at hurdle in buying vessels ourselves, we have set the period and the period has started. It is true that during the last quarter we were not successful with our bid to purchase one or two more vessels. That was basically because as you know, that there was a period of proportionally high as regard to the values, high values compared to the rate.

Right.

Right.

And this is why we filed in our bids that we were not prepared to pay something that we didn’t feel it was correct. But slowly the market is getting there and the reason, and there is proper correlation between asset values and rate and we will start buying vessels pretty soon and something that our CEO can also talk about.

Well, Michael, as we speak, we are very close in concluding the batches of another Panamax vessel for which we will make the appropriate press release, as soon as the memorandum of agreement is signed. We are also negotiating another vessel within the parameters that we have explained. And as you can see, we are focusing our sales on the Capes, on the Panamax’s and on the post Panamax’s and that’s what we are going to do in the future also and I think the time has come that we have to start doing something.

Got you. No, that’s very helpful. Thank you for the additional color. We have seen, I guess recently some M&A in the shipping fees in general and I missed your point earlier, asset values have kind of hovered at a level, but it seem too high predicated based on where rates are. You do have some peers that are trading at or below any of the – it’s taking over competitor or acquiring your competitor or something you guys have looked at and if not, I guess what parameters would you really need to be able to be willing I guess to buy it off something like that?

Got you. No, that’s very helpful. Thank you for the additional color. We have seen, I guess recently some M&A in the shipping fees in general and I missed your point earlier, asset values have kind of hovered at a level, but it seem too high predicated based on where rates are. You do have some peers that are trading at or below any of the – it’s taking over competitor or acquiring your competitor or something you guys have looked at and if not, I guess what parameters would you really need to be able to be willing I guess to buy it off something like that?

We have to be very careful how we are going to do our new acquisitions and we will not be willing to buy ships in block. We will prefer to buy ships every two months or every three months rather than buying something on block and fixing the time we have made the acquisition, it’s much wiser to do it in stages.

Okay, all right, that makes sense. I guess one more question I’ll turn it over, are you guys, a fair amount of management overlap with Diana container ships and the container ships space is actually been – it’s been very active recently, how would you guys classify, are you guys are splitting your time right now, do you think it’s about a 50-50 split or even a little bit more active on the container ships considering that the deal flow we’ve seen on that part of the business?

Okay, all right, that makes sense. I guess one more question I’ll turn it over, are you guys, a fair amount of management overlap with Diana container ships and the container ships space is actually been – it’s been very active recently, how would you guys classify, are you guys are splitting your time right now, do you think it’s about a 50-50 split or even a little bit more active on the container ships considering that the deal flow we’ve seen on that part of the business?

Actually we are splitting our time on a 50-50 basis.

Okay, okay. Great, all right. Thanks guys I appreciate your time.

Okay, okay. Great, all right. Thanks guys I appreciate your time.

Thank you, Mike.

Our next question is from Justin Yagerman of Deutsche Bank, caller please proceed with your question. Josh Casa – Deutsche Bank: Good afternoon everyone. This is Josh Casa for Justin.

Hi Josh. Josh Casa – Deutsche Bank: Hey how are you. I guess starting off on, is the current spot market, I know lot of people are banking on coal volumes picking up in the near-term, so I think people are citing low inventories in China, what are your thoughts in how the near prospects or may a bit of affirming rate in the Pacific?

Yeah it’s not unlikely that – that will happen, of course everything is relative and we have to remember that coal is also shipped up and down the coastal ports of China, down basically not up, and we’re not precluding any possibilities of that Andymax and Panamaxs might become busier transporting coal over the next quarter. However, what we’re looking at is a broader and longer term picture than that and what is the balance of the year and the first half of 2012, where visibility is fairly clear and we see a lot of ships coming on stream and not enough being scrapped in order to reverse the weakness that we have seen recently and which we anticipate might possibly be with us for a few quarters at least in the dry bulk freight market. Josh Casa – Deutsche Bank: Got it. And, as far as the opportunities you’re seeing to purchase vessels, I know people have been talking stressed vessels for over a year now. Have you seen any or any of these vessels you are bidding on from maybe owners you’re being pressured by their banks to sell, or are these just vessels that are coming in the open market on kind of normal market terms.

I don’t think we have a reached the stressed situation as yet dry cargo market, because when you’re totaling your vessel at a multiple to the running expense of the ship, then the situation is not distressed. Today you can charter a Cape or Panamax, for example, for a year around $14,000, $15,000 daily. That is not distressed, because you are at more than twice the running expenses of the ship. The distressed situation comes when the charter rate is equivalent to the running expenses or duration. Josh Casa – Deutsche Bank: So, you’re looking at charter rates compared to OpEx not necessarily all in cash breakevens?

Yes. We do, because the – all in cash breakeven depends very much on finance and other factors which vary from owner-to-owner and company-to-company. Josh Casa – Deutsche Bank: Got it. And I guess, when you think about these new purchases, how do you think about funding those – are you expecting just to pay for cash or should we look to see you guys take on maybe more debt and keep the dry powder?

Well, we’re starting entering the low part of market with zero bank lending, which means, that in theory, we have to reach a point. By the time that the market recovers, we’re 50% financed at those prices. And that is our goal. Do you follow me? Josh Casa – Deutsche Bank: I think so. I think I could follow up offline. But some questions, so thank you.

Thank you.

The new acquisitions will be made basically with the value I’ve said, leverage additional leverage of 50% we foresee. Josh Casa – Deutsche Bank: Okay. Thank you, guys.

Welcome.

Our next question comes from Fotis Giannakoulis of Morgan Stanley. Caller, please proceed with your question.

Congratulations for the good results. I want to ask you about the Chinese buyers, if they are back in the market. We’ve seen commodities coming off significantly the last few days. Not so much in coal and iron ore prices, but it seems that there is some pressure in terms of commodity prices. Do you see the Chinese coming back in the market and building (inaudible) again? And also, how do you explain the last few days, Panamax raised – they have firm up significantly. The index is around 30% higher than it used to be 10 days ago.

Congratulations for the good results. I want to ask you about the Chinese buyers, if they are back in the market. We’ve seen commodities coming off significantly the last few days. Not so much in coal and iron ore prices, but it seems that there is some pressure in terms of commodity prices. Do you see the Chinese coming back in the market and building (inaudible) again? And also, how do you explain the last few days, Panamax raised – they have firm up significantly. The index is around 30% higher than it used to be 10 days ago.

Yes. With regards to the commodities, as you said, we have to be careful to differentiate commodities such as platinum, gold and others, which indeed have come down, and silver and oil too, to certain extent, and iron ore and coal. Now, here Chinese has reasonably low stockpiles of coal, but not of iron ore as mentioned earlier on. So the Chinese might be opportunistic in their buying patterns. However, they are not we feel influenced dramatically by short-term price influences. They have a fairly long-term plan we have seen, not that we have any proof it, in acquiring and building up stockpiles of certain commodities. And they will do that not completely independently of their price, but they are going to be less sensitive than we would expect them to be. What we have seen happen in the iron ore trade, of course, is that they try to use their high inventory in order to ship when they feel it’s opportunistically to their advantage. With coal, because the stocks are low, we think they are going to be importing steadily more coal, or at least we hope to. The question that we have in our minds and we cannot really answer is how much coal is going to be coming from China itself and how much coal is going to be imported. And there the information that we have gathered, that unfortunately is inconclusive. Fotis Giannakoulis – Morgan Stanley: So shall we assume that there is a move in Panamax rates is driven by this low coal inventories and some stockpiling that we might see it continuing?

We will look at that in a couple of weeks and say with more certainty, but it’s very likely that it is. And of course, we shouldn’t forget the rainy season that is having its seasonal effect on that particular size of vessel.

What – we should also do not – we should not forget in the equation to have always the supply of vessel available for chartering. It’s a nice thing to try and see the demand, but also in the same equation we should put the supply of vessels, the number of vessels available for chartering. Fotis Giannakoulis – Morgan Stanley: Coming to exactly to this point, we’ve seen that spot prices are moving higher, but we do not see a number of period fixers. The number of period fixers has stayed low. Do you have a view on that and why is this happening and how do you expect this to develop the next few months?

Well I don’t think the chapter is of 100% sure, but the market is moving in direction it has shown the last three days. The market is not coming down with a straight line, and don’t going up with a straight line. So, I suppose what state he has explained to you is valid. Plus the fact that the mines in Australia are drying now and of course there is a supply of cargo from Australia. But overall what is very important is that the supply of tonnage is much more than the demand of tonnage. And that’s where we are facing the fact that – we think that the market is not on the up, as you are implying.

And Fotis, as regard to your question for the long-term employment of the Charter, they are in a period where they do not really know what to do. And simply they are waiting to see what’s going to happen. And we are certainly here to say that, it doesn’t mean that the Charter is know something more than we do, when they’re going for a longer or shorter term period.

You see the principle of our company is based on that fact. If you don’t know whether market would be going up or down, that’s why you hope to finding ways and means to delete that unknown. And that’s what we are doing. Fotis Giannakoulis – Morgan Stanley: Thank you for that. I want to take the opportunity of this conference call. I know that you are exporter of Diana in Containerships is a very, very small right now, it’s around 1%. But you still have this equity investment in Diana Containerships. Can you give us your quick thoughts on the containership market? We saw that the ideal capacity has dropped to pre-crisis levels as 11.1% at this point, seems that the climate is turning a little bit more optimistic on the liner side. How do you view the Chartering market in Containerships developing?

Fotis, thank you very much. And I do appreciate your interest in Diana Containerships, Inc. However, the management of Diana Shipping is not in a position to comment us to the financial performance or outlook of Diana Containerships or the containership sector generally during this call. Fotis Giannakoulis – Morgan Stanley: Okay. I appreciate. Thank you.

Our next question is from Gregory Lewis of Credit Suisse. Caller, please proceed with your question.

Thank you and good afternoon.

Thank you and good afternoon.

Hi, Greg. Gregory Lewis – Credit Suisse: Hi, so just following up on, I’m not sure if you were trying to talk about it or get to it. But when you were talking about iron ore in China, I guess, it’s the annual iron ore spot contracts have basically been over for a little over a year. And we’re seeing the shift pretty much the spot pricing. Given that, what type of impact do you think that’s had on the Cape market or do you think it’s still too early to tell whether that’s been a positive or negative for the overall health for the Cape market?

In the long-term it should be a positive, because it should avoid chartering in (inaudible) and stop here having all sorts of enquires being fulfilled at once before the exploration of a contract period, and then all of a sudden a lull. But for the time being we have seen that the volatility in the iron ore chartering markets has been primarily influenced by the high iron ore stockpile in China rather than anything else. So the spot market is being watched and the iron stockpiles – iron ore stockpiles are being used by the Chinese to the advantage of the Speed Mills in China. That’s all we can see for the time being. Gregory Lewis – Credit Suisse: Okay, great. And then just, I mean, you touched on the grain market, it sounded like you were forecasting grains, the grain trade that actually retreat about 20 million tons I believe I think that’s what you mentioned. I mean, how do you think about that given the fact that Supermax rates have been rather strong, Panamax rates have been rather strong, I mean we’re heading into the typical seasonal grain trade, which seems like it’s going to be fairly good, I mean that – how do you sort of balance with the expectation that the grain volumes are going to be down year-over-year?

Yes, the first thing that I have to mention is that my comments were very limited use for predicting rate because more or less historical rather than future rates. We haven’t been able to find reliable information about the 2011, 2012 season. Therefore, what I mentioned is basically what has been happening by about say 80% and only 20% is what is going to happen for the rest of this season, which is very limited. Now don’t forget that 20 million tons is not much, when you consider the tonnage of Handymax and Panamax’s, flowering the oceans. The great market has still having the effect that it used to have on rates, about 20 or 25 years ago. It’s of peripheral interest and I would say that more or less a seasonal influence over this market is all that it’s worth looking at nowadays. From now on what can happen during this summer is going to be effected by forecast for the new 2011-2012 season, and we don’t know what will happen then. And, furthermore, the Handymax’s and Panamax’s and there rates are influenced far more from the Chinese coastal trade then the world grain trade because that trade as I mentioned in China is very close, so it may have even exceeded as we speak 600 million tons. While we are talking about the world grain trade or exports of around 300 million. Imagine then that we have focus if you are talking about Handymax and Panamax rates more to the Chinese coastal trade then to the world grain trade. Gregory Lewis – Credit Suisse: Okay, great. That’s perfect. And then just really quick, it sounds like you had mentioned kind of Panamax Time Charter rates right now, if – when and if Diana goes out and acquire some new tonnage. Should we expect those vessels to sort of be turnaround and put on, I guess, roughly 12-month charters or do we think those are going to sort of operate in the spot market?

They will be part of the whole big sellers we have said in the past. They would part of the portfolio approach that we have and they will be place to open up the stage where we do not have other vessels opening. The spot exposure that we have for our fleet is through the whole portfolio approach and it’s through the vessel that we are opening every now and then. Gregory Lewis – Credit Suisse: Okay. So in other words we should expect that of these vessels purchased it’s going to be placed on a one year Time Charter?

For two or three.

Yes. Gregory Lewis – Credit Suisse: Okay. Thank you very much for the time.

Thank you.

You’re welcome.

Our next question comes from Scott Malat of Goldman Sachs. Caller, please proceed with your question.

Good morning. Thanks. Just wanted to ask on the Newcastlemax what are you seeing out there and market acceptance for those, are there any encouraging signs out there to point to?

Good morning. Thanks. Just wanted to ask on the Newcastlemax what are you seeing out there and market acceptance for those, are there any encouraging signs out there to point to?

Yes. We are closely looking at present. Of course the first Newcastlemax is coming at the end of the year very early 2012. And there are major charters sniffing around, yes. Scott Malat – Goldman Sachs: Okay. Thanks. That’s all operating expenses; maybe you could help us things through the outlook for those the puts and takes with supply increasing so much, would you expect some rise in fuel costs, whether insurance rates doing anything – any help on that will be great?

We budget the operating expenses at $6,500 a day per vessel for the entire fleet. This quarter as you might have guided was better than expected mainly for the seasonal – I mean it was let’s say by – not by accident, but I mean that happens type of fleet we have. We had some dry dockings that were postponed for Q2 and the costs associated to those etcetera, etcetera. So you should budget 6,500 per day per vessel for the fleet that would – I hope answer your questions. Scott Malat – Goldman Sachs: So, even though, we came in so below at this quarter. We still see the same number it’s – and the differences in quarters was really dry docking. There’s nothing other...

Usually, dry docking lubricants as well this quarter some of our vessels were waiting to discharge. So, while we were waiting to discharge the consume less lubricants. The lubricant number was quite big in the overall ratio, and therefore we immediately had a difference there. So, therefore, that’s why we expect this number of $6,500 to be more or less accurate going forward. Scott Malat – Goldman Sachs: Okay. Thank. That’s helpful.

Our next question is from Urs Dür of Lazard Capital Markets. Please proceed with your question, caller. Urs Dür: Hello, gentlemen.

Hello, gentlemen.

Hello.

Hi. Urs Dür – Lazard Capital Markets: Hi. In recent days and it’s a little esoteric and I guess sort of its place is here in recent days, we’ve seen the broader markets sell-off commodities quite aggressively and obviously it just looks like trade, just like, it look like a trade on the way up. The Chinese are bit price sensitive and with concerns of inflation going forward, do you see any influence possibly on the market if you would see a further fall in commodity prices for increase near term demand due to price sensitivity?

Possible that we might get some increased stockpiling if this trend continues. Of course, we have to keep in mind that there are limit as to how much the Chinese or anyone for that matter can stockpile from commodity that they need. But it couldn’t surprise us and that could be a welcome, so to boost to the market which is better and rather badly, but we have to stress that we consider that as being a short-term influence rather than a long-term influence on the trade market for the next few quarters. Urs Dür – Lazard Capital Markets: Great, excellent. You have got $4.60 in cash per share, negative net debt and it’s fantastic that you are looking at acquiring a couple of ships that’s great, but this is a dramatic amount of fire power for company when you have near or the bottom of the cycle values although as you point out you expect them to grow up further and you have been right. Any chance you are going to do something bigger than one or two ships along the way or do something else with that cash?

We would also – we have said in the past, we are opposed to the idea to invest a large amount of our dry powder at one point in the cycle. So we do not foresee something like this happening. What we foresee happening is that we would be more active from now onwards for the next year and half or so and we will – you will see us buying slowly, but steadily assets, individual assets? Urs Dür – Lazard Capital Markets: Excellent. I’m glad that you are sticking to your strategy and plans. Thank you very much for time guys.

Thank you.

Our final question is from Salvatore Vitale of Sterne Agee. Caller, please proceed with your question.

Good morning, gentlemen.

Good morning, gentlemen.

Good morning. Salvatore Vitale – Sterne Agee: I have a quick questions just a follow-up on a question that was asked earlier, regarding your deployment of the one-off acquisitions of vessels that you will be making over, let’s call it over the next few quarters, excuse me. Given that, if I’m looking at the clock since one year Calimax rates are currently about $8,300 and your vessel OpEx is about $6,500, I think someone said earlier. Would it make more sense to just employ them under spot market at least temporarily giving that spot rates are currently about 12,000? You know, and I understand that you bearish on the dry book market, but even if they fall by half then you still not – too much more soft then having a fixed demand on the one year Time Charter. How do you think about that – about that pension between having the certainty of Time Charter versus the significant spread between the spot rate and the Time Charter rate?

The beauty – Salva, this is Ioannis. The beauty of our chartering strategy and the fact that we have 25 vessels in the water – the new businesses that we are talking about is that we do not have to do what exactly you describe, since we will have another vessel opening after few months to take advantage. If the market picks up and we charter at a better rate. We are doing basically as you know better than me a physical casing of our rigs without having to have the spot exposure on the vessel. We have the spot exposure by having a vessel always in the cycle to fix. So basically they are doing what you described in a different manner. Salvatore Vitale – Sterne Agee: Okay. That makes sense. Thank you very much.

Thank you.

Welcome.

We do have another question is from (inaudible). Caller, please proceed with your question.

Good morning.

Good morning.

What are your thoughts or plans on resumption of a dividend?

As long as we are in this part of cycle where we consider buying out as a good opportunity. We do not foresee the restatement of the dividend. We think that we have a very good use of the money that we have in the company. And also we are afraid of a bulk market being with us that for a while and therefore we need to insure the survival of the company.

Okay. Thank you very much.

Thank you.

There are no further questions at this time. I would now like to turn floor back to management for closing comments.

Thank you again for your interest and support of Diana Shipping. We are proud of the company’s performance in a difficult marketplace. And we look forward to speak with you next quarter. Thank you.

Ladies and gentlemen, this concludes today’s teleconference. You may now disconnect your lines at this time. And thank you for your participation.