Diana Shipping Inc. announced that effective March 4, 2015, the Board of Directors of the company has increased its size from seven to nine members and has appointed Mr. Kyriacos Riris and Mrs. Semiramis Paliou to fill the resulting vacancies. The Board has determined that Mr. Riris will serve as an independent director. Mrs. Paliou will not be deemed to be an independent director. Mr. Riris will serve as a Class II director with an initial term expiring at the company's 2016 annual meeting of shareholders, and Mrs. Paliou will serve as a Class III director with an initial term expiring at the 2017 annual meeting of shareholders.

The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net loss of $6.2 million and net loss available to common stockholders of $7.7 million compared to net loss and net loss available to common stockholders of $9.6 million reported in the fourth quarter of 2013. Time charter revenues were $46.1 million compared to $39.5 million for the same quarter of 2013. This increase was mainly due to the increase in ownership days resulting from the enlargement of its fleet and was partly offset by decreased time charter rates. Operating loss was $5.183 million against $6.424 million a year ago. Loss per common share, basic and diluted was $0.10 against $0.12 a year ago. Net Cash provided by operating activities was $12.500 million against $16.395 million a year ago.

For the year, the company reported net loss and net loss available to common stockholders amounted to $10.3 million and $15.3 million, respectively, compared to net loss and net loss available to common stockholders of $21.2 million for 2013. Time charter revenues were $175.6 million compared to $164.0 million for 2013. Operating loss was $18.204 million against $8.653 million a year ago. Loss per common share, basic and diluted was $0.19 against $0.26 a year ago. Net Cash provided by operating activities was $44.910 million against $67.400 million a year ago.