0000919574-19-006406.txt : 20191015 0000919574-19-006406.hdr.sgml : 20191015 20191015094956 ACCESSION NUMBER: 0000919574-19-006406 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20191015 DATE AS OF CHANGE: 20191015 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DIANA SHIPPING INC. CENTRAL INDEX KEY: 0001318885 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-81513 FILM NUMBER: 191149700 BUSINESS ADDRESS: STREET 1: PENDELIS 16 STREET 2: 175 64 PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 00000 BUSINESS PHONE: 30-210-947-0100 MAIL ADDRESS: STREET 1: PENDELIS 16 STREET 2: 175 64 PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 00000 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Taracan Investments S.A. CENTRAL INDEX KEY: 0001771366 IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: PENDELIS 18 STREET 2: 175 64 PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 17564 BUSINESS PHONE: 302166002400 MAIL ADDRESS: STREET 1: PENDELIS 18 STREET 2: 175 64 PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 17564 SC 13D/A 1 d8371614_13d-a.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13D
THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)*

Diana Shipping Inc.
(Name of Issuer)

Common Stock, $0.01 par value per share
(Title of Class of Securities)

Y2066G104
(CUSIP Number)

 
Attn:  Mr. Ioannis Zafirakis
Pendelis 16, 175 64 Palaio Faliro
Athens, Greece
+ 30-210-9470-100
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)

June 3, 2019
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d‑1(f) or 240.13d-1(g), check the following box [  ].
 
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
   
*   The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



CUSIP No.
Y2066G104
   

1.
NAME OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
     
 
Simeon Palios
 

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
     
(a) [_]
     
(b) [x]

3.
SEC USE ONLY
 
     
     

4.
SOURCE OF FUNDS
 
     
 
OO
 

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
[_]
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
 
     
 
Greece
 

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
 
     
 
0
 

8.
SHARED VOTING POWER
 
     
 
15,513,891
 

9.
SOLE DISPOSITIVE POWER
 
0
 


10.
SHARED DISPOSITIVE POWER
   
     
 
15,513,891
 
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
     
 
15,513,891
 

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[  ]
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
16.04%
 

14.
TYPE OF REPORTING PERSON
 
     
 
IN
 
     

CUSIP No.
Y2066G104
   

1.
NAME OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
     
 
Steamship Shipbroking Enterprises Inc.
 

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
     
(a) [_]
     
(b) [x]

3.
SEC USE ONLY
 
     
     

4.
SOURCE OF FUNDS
 
     
 
OO
 

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
 
     
 
Marshall Islands
 

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
 
     
 
0
 

8.
SHARED VOTING POWER
 
     
 
15,513,891
 

9.
SOLE DISPOSITIVE POWER
     
 
0
 

10.
SHARED DISPOSITIVE POWER
   
     
 
15,513,891
 

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
     
 
15,513,891
 

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
 
   
         [  ]
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
     
 
16.04%
 

14.
TYPE OF REPORTING PERSON
 
     
 
CO
 
     

CUSIP No.
Y2066G104
   

1.
NAME OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
     
 
Taracan Investments S.A.
 

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
     
(a) [_]
     
(b) [x]

3.
SEC USE ONLY
 
     
     

4.
SOURCE OF FUNDS
 
     
 
OO
 

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
 
     
 
Panama
 

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
 
     
 
0
 

8.
SHARED VOTING POWER
 
     
 
15,339,690
 

9.
SOLE DISPOSITIVE POWER
     
 
0
 

10.
SHARED DISPOSITIVE POWER
   
     
 
15,339,690
 

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
     
 
15,339,690
 

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
 
   
         [  ]
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
     
 
15.85%
 

14.
TYPE OF REPORTING PERSON
 
     
 
CO
 
     


Item 1.
Security and Issuer.
 
     
 
This Amendment No. 3 to the Schedule 13D filed with the Commission on December 13, 2016, as amended by Amendment No. 1 to the Schedule 13D filed with the Commission on July 31, 2017 and Amendment No. 2 to the Schedule 13D filed with the Commission on February 22, 2019 (as amended, the “Schedule 13D”), relates to shares of common stock, par value $0.01 per share (including related preferred stock purchase rights) (“Shares”), of Diana Shipping Inc. (the “Issuer”). The principal executive office and mailing address of the Issuer is Pendelis 16, 175 64 Palaio Faliro, Athens, Greece.
 
     
Item 2.
Identity and Background.
 
     
 
This Amendment No. 3 to Schedule 13D is being filed on behalf of Simeon Palios (“Palios”), a citizen of Greece, Steamship Shipbroking Enterprises Inc. (previously named Diana Enterprises Inc.), a Marshall Islands corporation (“Steamship”), and Taracan Investments S.A., a Marshall Islands corporation (“Taracan”). Palios, Steamship and Taracan are collectively referred to as the “Reporting Persons.” Palios is the beneficial owner of a majority of the issued and outstanding shares of Steamship and Taracan, and may be deemed to have beneficial ownership of the Shares beneficially owned by Steamship and Taracan.
 
The principal business address for Steamship is Ymittou 6, 17564 Palaio Faliro, Athens, Greece. The principal business address for each of the other Reporting Persons is Pendelis 16, 175 64 Palaio Faliro, Athens, Greece.
 
To the best of the Reporting Persons’ knowledge, none of the Reporting Persons has, during the last five years, been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.
 
 
Item 3.
Source and Amount of Funds or Other Consideration.
 
     
 
This Amendment No. 3 amends the Schedule 13D to add the following paragraph to Item 3 of the Schedule 13D:
 
On February 27, 2019, the Issuer announced the commencement of a tender offer to purchase up to 5,178,571 shares, or about 4.9%, of its then outstanding common stock using funds available from cash and cash equivalents at a price of $2.80 per share (“Tender Offer No. 2”).  On April 2, 2019, the Issuer announced that it purchased a total of 3,889,386.6175 shares in connection with Tender Offer No. 2 for an aggregate purchase price of US$10,890,282.53.
 
On April 15, 2019, the Issuer announced the commencement of a tender offer to purchase up to 3,125,000 shares, or about 3.1%, of its then outstanding common stock using funds available from cash and cash equivalents at a price of $3.20 per share (“Tender Offer No. 3”).  On May 14, 2019, the Issuer announced that the Issuer increased the purchase price to be paid in Tender Offer No. 3 to $3.40 per share and extended Tender Offer No. 3 to allow additional time for stockholders to tender their shares. On June 5, 2019, the Issuer announced that the Issuer purchased a total of 3,125,000 shares in connection with Tender Offer No. 3 for an aggregate purchase price of US$10,625,000.
 
On June 14, 2019, the Issuer announced the commencement of a tender offer to purchase up to 2,000,000 shares, or about 2.0%, of its then outstanding common stock using funds available from cash and cash equivalents at a price of $3.25 per share (“Tender Offer No. 4,” and together with Tender Offer No. 1, Tender Offer No. 2 and Tender Offer No. 3, the “Tender Offers”).  On July 11, 2019, the Issuer announced that it increased the purchase price to be paid in Tender Offer No. 4 to $3.75 per share and extended Tender Offer No. 4 to allow additional time for stockholders to tender their shares. On July 31, 2019, the Issuer announced that the Issuer purchased a total of 2,000,000 shares in connection with Tender Offer No. 4 for an aggregate purchase price of US$7,500,000.
 
The purchase of the common stock in each of the Tender Offers has been funded with proceeds from the sale of vessels that were sold based on the Issuer’s long-term policy of fleet renewal.
 
 



Item 5.
Interest in Securities of the Issuer.
 
     
 
(a. & b.) As of the date hereof, the Issuer had 96,749,965 Shares outstanding.  Based on the foregoing, the following persons report beneficial ownership of the following Shares:
 
Taracan is the record holder of 15,339,690 Shares, representing 15.85% of the Issuer’s issued and outstanding Shares.  Steamship indirectly may be deemed to beneficially own 15,513,891 Shares through Taracan and Limon as the result of Steamship’s ability to control the vote and disposition of such entities, representing 16.04% of the Issuer’s issued and outstanding Shares.
 
Steamship has the sole power to vote or direct the vote of 0 Shares and has the shared power to vote or direct the vote of 15,513,891 Shares. Limon has the sole power to vote or direct the vote of 0 Shares and has the shared power to vote or direct the vote of 174,201 Shares. Taracan has the sole power to vote or direct the vote of 0 Shares and has the shared power to vote or direct the vote of 15,339,690 Shares. Palios has the sole power to vote or direct the vote of 0 Shares and has the shared power to vote or direct the vote of 15,513,891 Shares.
 
(c.) Except as described in Item 6, no other transactions in the Shares were effected by the persons enumerated in Item 2 during the past 60 days.
 
(d.) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Shares beneficially owned by the Reporting Persons.
 
(e.) Not applicable.
 
     
     
Item 7.
Material to be Filed as Exhibits.
 
     
 
Not applicable.
 


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 
October 15, 2019
 
(Date)
   

     
     
 
Steamship Shipbroking Enterprises Inc.
     
 
By
/s/ Symeon Palios
   
Symeon Palios
   
Principal
     
     
 
Taracan Investments S.A.
     
 
By
/s/ Symeon Palios
   
Symeon Palios
   
Principal
     
     
     
 
/s/ Simeon Palios
 
Simeon Palios
     


Attention:  Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).