Semiramis Paliou, the daughter of Diana Shipping founder Simeon Palios, has become chief executive of the dry bulk shipowner.

The move was revealed as the company reported that it narrowed losses for the fourth quarter and full year.

Palios formed Diana Shipping Agencies, Diana Shipping's predecessor, in 1972 and served as managing director until November 2004.

In February 2005, he founded Diana Shipping and since then has been chief executive and chairman.