Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document type | '20-F |
Document period end date | 31-Dec-13 |
Amendment flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity registrant name | 'DIANA SHIPPING INC. |
Entity central index key | '0001318885 |
Entity current reporting status | 'Yes |
Entity voluntary filers | 'No |
Current fiscal year end date | '--12-31 |
Entity filer category | 'Large Accelerated Filer |
Entity well known seasoned issuer | 'No |
Entity common stock shares outstanding | 82,841,370 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $240,633 | $446,624 |
Accounts receivable, trade | 701 | 6,590 |
Due from related parties | 86 | 613 |
Inventories | 5,959 | 5,275 |
Prepaid expenses and other assets | 4,489 | 4,834 |
Prepaid charter revenue | 0 | 3,050 |
Total current assets | 251,868 | 466,986 |
FIXED ASSETS: | ' | ' |
Advances for vessels under construction and acquisitions and other vessel costs | 38,862 | 11,502 |
Vessels | 1,686,590 | 1,515,370 |
Accumulated depreciation | -366,215 | -304,232 |
Vessels' net book value | 1,320,375 | 1,211,138 |
Property and equipment, net | 22,826 | 22,774 |
Total fixed assets | 1,382,063 | 1,245,414 |
OTHER NON-CURRENT ASSETS: | ' | ' |
Due from related parties, non-current | 50,233 | 0 |
Investment in Diana Containerships Inc. | 15,640 | 24,734 |
Other non-current assets | 793 | 0 |
Deferred charges, net | 1,384 | 3,365 |
Prepaid charter revenue, non-current | 0 | 2,303 |
Total Assets | 1,701,981 | 1,742,802 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 46,532 | 45,032 |
Accounts payable, trade and other | 7,409 | 6,993 |
Due to related parties | 221 | 264 |
Accrued liabilities | 4,805 | 5,284 |
Deferred revenue, current | 3,278 | 2,827 |
Fair value of derivative instruments, current | 378 | 994 |
Other current liabilities | 129 | 83 |
Total current liabilities | 62,752 | 61,477 |
Long-term debt, net of current portion and deferred financing costs | 385,025 | 414,080 |
Other non-current liabilities | 812 | 821 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 82,841,370 and 82,233,424 issued and outstanding at December 31, 2013 and 2012, respectively | 828 | 822 |
Additional paid-in capital | 926,204 | 918,007 |
Other comprehensive income | 164 | 194 |
Retained earnings | 326,196 | 347,401 |
Stockholders' equity | 1,253,392 | 1,266,424 |
Total liabilities and stockholders' equity | $1,701,981 | $1,742,802 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Preferred Stock Par Or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock Shares Outstanding | 0 | 0 |
Common Stock Par Or Stated Value Per Share | $0.01 | $0.01 |
Common Stock Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock Shares Issued | 82,841,370 | 82,233,424 |
Common Stock Shares Outstanding | 82,841,370 | 82,233,424 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES: | ' | ' | ' |
Time Charter Revenues | $164,005 | $220,785 | $255,669 |
Other revenues | 447 | 2,447 | 1,117 |
EXPENSES: | ' | ' | ' |
Voyage expenses | 8,119 | 8,274 | 10,597 |
Vessel operating expenses | 77,211 | 66,293 | 55,375 |
Depreciation and amortization of deferred charges | 64,741 | 62,010 | 55,278 |
General and administrative expenses | 23,724 | 24,913 | 25,123 |
Foreign currency gain | -690 | -1,374 | -503 |
Operating income / (loss) | -8,653 | 63,116 | 110,916 |
OTHER INCOME / (EXPENSES): | ' | ' | ' |
Interest and finance costs | -8,140 | -7,618 | -4,924 |
Interest and other income | 1,800 | 1,432 | 1,033 |
Loss from derivative instruments | -118 | -518 | -737 |
Income / (loss) from investment in Diana Containerships Inc. | -6,094 | -1,773 | 1,207 |
Total other expenses, net | -12,552 | -8,477 | -3,421 |
Net income / (loss) | -21,205 | 54,639 | 107,495 |
Loss assumed by non-controlling interests | 0 | 0 | 2 |
Net income / (loss) attributed to Diana Shipping Inc. | ($21,205) | $54,639 | $107,497 |
Earnings / (loss) per share basic and diluted | ($0.26) | $0.67 | $1.33 |
Weighted average number of common shares, basic | 81,328,390 | 81,083,485 | 81,081,774 |
Weighted average number of common shares, diluted | 81,328,390 | 81,083,485 | 81,124,348 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' |
Net income / (loss) | ($21,205) | $54,639 | $107,495 |
Comprehensive loss assumed by non-controlling interests | 0 | 0 | 2 |
Other comprehensive income / (loss) (Actuarial gain/(loss)) | -30 | 306 | -96 |
Comprehensive income / (loss) | ($21,235) | $54,945 | $107,401 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | [CommonStockMember] | [AdditionalPaidInCapitalMember] | [OtherComprehensiveIncomeMember] | [RetainedEarningsMember] | [ParentMember] | [NoncontrollingInterestMember] |
In Thousands, except Share data | |||||||
Balance as at Dec. 31, 2010 | $1,169,930 | $820 | $908,467 | ($16) | $222,246 | $1,131,517 | $38,413 |
Balance of shares as at Dec. 31, 2010 | ' | 81,955,813 | ' | ' | ' | ' | ' |
Net income / (loss) | 107,495 | ' | ' | ' | 107,497 | 107,497 | -2 |
Issuance of restricted stock and compensation cost, shares | ' | 617,695 | ' | ' | ' | ' | ' |
Issuance of restricted stock and compensation cost | 8,147 | 6 | 8,141 | ' | ' | 8,147 | ' |
Stock repurchased and retired, shares | 154,091 | -154,091 | ' | ' | ' | ' | ' |
Stock repurchased and retired, value | -1,187 | -2 | -1,185 | ' | ' | -1,187 | ' |
Spin-off of Diana Containerships Inc. | -75,411 | ' | -19 | ' | -36,981 | -37,000 | -38,411 |
Actuarial gain/(loss) | -96 | ' | ' | -96 | ' | -96 | ' |
Balance as at Dec. 31, 2011 | 1,208,878 | 824 | 915,404 | -112 | 292,762 | 1,208,878 | 0 |
Balance of shares as at Dec. 31, 2011 | ' | 82,419,417 | ' | ' | ' | ' | ' |
Net income / (loss) | 54,639 | ' | ' | ' | 54,639 | 54,639 | ' |
Issuance of restricted stock and compensation cost, shares | ' | 667,614 | ' | ' | ' | ' | ' |
Issuance of restricted stock and compensation cost | 8,645 | 7 | 8,638 | ' | ' | 8,645 | ' |
Stock repurchased and retired, shares | 853,607 | -853,607 | ' | ' | ' | ' | ' |
Stock repurchased and retired, value | -6,044 | -9 | -6,035 | ' | ' | -6,044 | ' |
Actuarial gain/(loss) | 306 | ' | ' | 306 | ' | 306 | ' |
Balance as at Dec. 31, 2012 | 1,266,424 | 822 | 918,007 | 194 | 347,401 | 1,266,424 | ' |
Balance of shares as at Dec. 31, 2012 | ' | 82,233,424 | ' | ' | ' | ' | ' |
Net income / (loss) | -21,205 | ' | ' | ' | -21,205 | -21,205 | ' |
Issuance of restricted stock and compensation cost, shares | ' | 607,946 | ' | ' | ' | ' | ' |
Issuance of restricted stock and compensation cost | 8,203 | 6 | 8,197 | ' | ' | 8,203 | ' |
Actuarial gain/(loss) | -30 | ' | ' | -30 | ' | -30 | ' |
Balance as at Dec. 31, 2013 | $1,253,392 | $828 | $926,204 | $164 | $326,196 | $1,253,392 | ' |
Balance of shares as at Dec. 31, 2013 | ' | 82,841,370 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income / (loss) | ($21,205) | $54,639 | $107,495 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of deferred charges | 64,741 | 62,010 | 55,278 |
Amortization of financing costs | 473 | 379 | 278 |
Amortization of free lubricants benefit | -98 | -180 | -115 |
Compensation cost on restricted stock | 8,203 | 8,645 | 8,095 |
Actuarial gain / (loss) | -30 | 306 | -96 |
Change in fair value of derivative instruments | -616 | -36 | 39 |
Loss / (income) from investment in Diana Containerships Inc., net of dividends receivable | 5,094 | 2,273 | -707 |
(Increase) / Decrease in: | ' | ' | ' |
Receivables | 5,889 | -1,022 | -5,982 |
Due from related parties | 294 | -350 | 24 |
Inventories | -684 | -467 | -737 |
Prepaid expenses and other assets | 345 | -2,514 | -1,404 |
Prepaid charter revenue | 5,353 | 3,056 | 3,050 |
Other non-current assets | -793 | ' | ' |
Increase / (Decrease) in: | ' | ' | ' |
Accounts payable | 416 | -134 | 1,833 |
Due to related parties | -43 | 38 | -53 |
Accrued liabilities | -479 | 533 | 297 |
Deferred revenue | 451 | -5,309 | -9,489 |
Other liabilities | 135 | 99 | -489 |
Drydock costs | -46 | -2,080 | -3,087 |
Net Cash provided by Operating Activities | 67,400 | 119,886 | 154,230 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments for vessel acquisitions, improvements and construction | -198,581 | -171,195 | -58,284 |
Cash disposed-off upon partial spin-off of Diana Containerships Inc. | ' | ' | -12,024 |
Acquisition of additional interest in Diana Containerships Inc. | ' | ' | -20,000 |
Cash dividends from investment in Diana Containerships Inc. | 4,000 | 2,835 | 100 |
Loan to Diana Containerships Inc. | -50,000 | ' | ' |
Payments for property and equipment | -575 | -1,553 | -220 |
Net Cash used in Investing Activities | -245,156 | -169,913 | -90,428 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from long-term debt | 18,000 | 118,550 | 15,000 |
Proceeds from dividend reinvestment | ' | ' | 20 |
Payments for repurchase of common stock | ' | -6,044 | -1,187 |
Financing costs | -452 | -557 | -45 |
Loan payments | -45,783 | -31,972 | -6,330 |
Net Cash provided by / (used in) Financing Activities | -28,235 | 79,977 | 7,458 |
Net increase / (decrease) in cash and cash equivalents | -205,991 | 29,950 | 71,260 |
Cash and cash equivalents at beginning of the year | 446,624 | 416,674 | 345,414 |
Cash and cash equivalents at end of the year | 240,633 | 446,624 | 416,674 |
Cash paid during the year for: | ' | ' | ' |
Interest payments, net of amounts capitalized | $7,169 | $6,709 | $4,630 |
Basis_of_Presentation_and_Gene
Basis of Presentation and General Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Basis of Presentation and General Information [Abstract] | ' | |||||||
Basis of Presentation and General Information | ' | |||||||
1. Basis of Presentation and General Information | ||||||||
The accompanying consolidated financial statements include the accounts of Diana Shipping Inc. (“Diana” or “DSI”) and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). Diana was formed on March 8, 1999 as Diana Shipping Investment Corp. under the laws of the Republic of Liberia. In February 2005, the Company's articles of incorporation were amended. Under the amended articles of incorporation, the Company was renamed Diana Shipping Inc. and was re-domiciled from the Republic of Liberia to the Republic of the Marshall Islands. | ||||||||
The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the ownership of dry bulk carrier vessels. The Company also operates its own fleet through Diana Shipping Services S.A., a wholly owned subsidiary. As at December 31, 2013, the following subsidiaries are included in the consolidation: | ||||||||
a/a | Company | Vessel | Flag | Dwt | Date Built | Date Acquired | Place of Incorporation | |
PANAMAX VESSELS | ||||||||
1 | Panama Compania Armadora SA | Oceanis | Bahamas | 75,211 | May-01 | May-01 | Panama | |
2 | Husky Trading SA | Triton | Bahamas | 75,336 | Mar-01 | Mar-01 | Panama | |
3 | Changame Compania Armadora SA | Thetis | Bahamas | 73,583 | Aug-04 | Nov-05 | Panama | |
4 | Buenos Aires Compania Armadora SA | Alcyon | Bahamas | 75,247 | Feb-01 | Feb-01 | Panama | |
5 | Skyvan Shipping Company SA | Nirefs | Bahamas | 75,311 | Jan-01 | Jan-01 | Panama | |
6 | Cypres Enterprises Corp. | Protefs | Bahamas | 73,630 | Aug-04 | Aug-04 | Panama | |
7 | Urbina Bay Trading SA | Erato | Bahamas | 74,444 | Aug-04 | Nov-05 | Panama | |
8 | Chorrera Compania Armadora SA | Dione | Greek | 75,172 | Jan-01 | May-03 | Panama | |
9 | Darien Compania Armadora SA | Calipso | Bahamas | 73,691 | Feb-05 | Feb-05 | Panama | |
10 | Texford Maritime SA | Clio | Bahamas | 73,691 | May-05 | May-05 | Panama | |
11 | Eaton Marine SA | Danae | Greek | 75,106 | Jan-01 | Jul-03 | Panama | |
12 | Vesta Commercial SA | Coronis | Bahamas | 74,381 | Jan-06 | Jan-06 | Panama | |
13 | Ailuk Shipping Company Inc. | Naias | Marshall Islands | 73,546 | Jun-06 | Aug-06 | Marshall Islands | |
14 | Taka Shipping Company Inc. | Melite | Marshall Islands | 76,436 | Oct-04 | Jan-10 | Marshall Islands | |
15 | Bikar Shipping Company Inc. | Arethusa | Greek | 73,593 | Jan-07 | Jul-11 | Marshall Islands | |
16 | Mandaringina Inc. | Melia | Marshall Islands | 76,225 | Feb-05 | May-12 | Marshall Islands | |
17 | Jemo Shipping Company Inc. | Leto | Bahamas | 81,297 | Feb-10 | Jan-12 | Marshall Islands | |
18 | Fayo Shipping Company Inc. (Note 6) | Artemis | Marshall Islands | 76,942 | Sep-06 | Aug-13 | Marshall Islands | |
KAMSARMAX VESSELS | ||||||||
19 | Tuvalu Shipping Company Inc. (Note 6) | Myrto | Marshall Islands | 82,131 | Jan-13 | Jan-13 | Marshall Islands | |
20 | Jabat Shipping Company Inc. (Note 6) | Maia | Marshall Islands | 82,193 | Aug-09 | Feb-13 | Marshall Islands | |
21 | Makur Shipping Company Inc. (Notes 6) | Myrsini | Marshall Islands | 82,117 | Mar-10 | Oct-13 | Marshall Islands | |
POST-PANAMAX VESSELS | ||||||||
22 | Majuro Shipping Company Inc. | Alcmene | Marshall Islands | 93,193 | Jan-10 | Nov-10 | Marshall Islands | |
23 | Guam Shipping Company Inc | Amphitrite | Marshall Islands | 98,697 | Aug-12 | Aug-12 | Marshall Islands | |
24 | Palau Shipping Company Inc. | Polymnia | Marshall Islands | 98,704 | Nov-12 | Nov-12 | Marshall Islands | |
CAPESIZE VESSELS | ||||||||
25 | Jaluit Shipping Company Inc. | Sideris GS | Marshall Islands | 174,186 | Nov-06 | Nov-06 | Marshall Islands | |
26 | Bikini Shipping Company Inc. | New York | Marshall Islands | 177,773 | Mar-10 | Mar-10 | Marshall Islands | |
27 | Gala Properties Inc. | Houston | Marshall Islands | 177,729 | Oct-09 | Oct-09 | Marshall Islands | |
28 | Kili Shipping Company Inc. | Semirio | Marshall Islands | 174,261 | Jun-07 | Jun-07 | Marshall Islands | |
29 | Knox Shipping Company Inc. | Aliki | Marshall Islands | 180,235 | Mar-05 | Apr-07 | Marshall Islands | |
30 | Lib Shipping Company Inc. | Boston | Marshall Islands | 177,828 | Nov-07 | Nov-07 | Marshall Islands | |
31 | Marfort Navigation Company Ltd. | Salt Lake City | Cyprus | 171,810 | Sep-05 | Dec-07 | Cyprus | |
32 | Silver Chandra Shipping Company Ltd. | Norfolk | Cyprus | 164,218 | Aug-02 | Feb-08 | Cyprus | |
33 | Bokak Shipping Company Inc. (Note 6) | Baltimore | Marshall Islands | 177,243 | Mar-05 | Jun-13 | Marshall Islands | |
34 | Pulap Shipping Company Inc. (Note 6) | PS Palios | Marshall Islands | 179,134 | Jan-13 | Dec-13 | Marshall Islands | |
NEWCASTLEMAX VESSELS | ||||||||
35 | Lae Shipping Company Inc. | Los Angeles | Marshall Islands | 206,104 | Feb-12 | Feb-12 | Marshall Islands | |
36 | Namu Shipping Company Inc. | Philadelphia | Marshall Islands | 206,040 | May-12 | May-12 | Marshall Islands | |
UNDER CONSTRUCTION | ||||||||
37 | Erikub Shipping Company Inc. (Notes 5, 10 and 17) | H2528 (named Crystalia) | Greek | 77,525 | Feb-14 | Feb-14 | Marshall Islands | |
38 | Wotho Shipping Company Inc. (Notes 5 and 10) | H2529 (tbr Atalandi) | - | 76,000 | - | Expected in 2014 | Marshall Islands | |
39 | Aster Shipping Company Inc. (Notes 5 and 10) | H2548 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
40 | Aerik Shipping Company Inc. (Notes 5 and 10) | H2549 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
OTHER SUBSIDIARIES | ||||||||
41 | Cerada International SA | Dormant | Panama | |||||
42 | Diana Shipping Services SA | Manager | Panama | |||||
43 | Bulk Carriers (USA) LLC | Company’s representative in the US | Delaware - USA | |||||
Diana Shipping Services S.A. (the “Manager” or “DSS”) provides the Company and its vessels with management services since November 12, 2004, pursuant to management agreements and since October 1, 2014 administrative services with regards to services related to the holding company's operations and its subsidiaries. Such costs are eliminated in consolidation. Since April 2010 and until February 28, 2013, DSS provided to Diana Containerships Inc. (or “Diana Containerships”) and its vessels, administrative services and since June 2010 and until February 28, 2013, technical and commercial services (Note 4). | ||||||||
During 2013, 2012 and 2011 charterers that individually accounted for 10% or more of the Company's time charter revenues were as follows: | ||||||||
Charterer | 2013 | 2012 | 2011 | |||||
A | 19% | 10% | - | |||||
B | 17% | 18% | 18% | |||||
C | 11% | - | - | |||||
D | 11% | - | - | |||||
E | - | 12% | 11% | |||||
F | - | - | 12% |
Significant_Accounting_Policie
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | ' |
Significant Accounting Policies and Recent Accounting Pronouncements | ' |
2. Significant Accounting Policies | |
Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. | |
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Other Comprehensive Income / (loss): The Company separately presents certain transactions, which are recorded directly as components of stockholders' equity. Other Comprehensive Income / (Loss) is presented in a separate statement. | |
Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. | |
Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may also include compensating cash balances kept against the Company's loan facilities that are not deemed to be sufficiently material to require segregation on the balance sheet. Such balances at December 31, 2013 and 2012 amounted to $18,000 and $15,000 in the aggregate and consisted of minimum cash deposits required to be maintained at all times under the Company's loan facilities (Note 9). | |
Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, ballast bonus billings, if any, hold cleanings and extra voyage insurance, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2013 and 2012. | |
Loan Receivable from Related Parties: The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2013, (Note 4(b)) represent amounts receivable from Diana Containerships Inc. with respect to a loan agreement with a wholly owned subsidiary of Diana Containerships Inc., net of any provision for credit losses. Interest income and fees, deriving from the agreement are recorded in the accounts as incurred. Costs incurred for the loan documentation were expensed as incurred. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. In order to estimate the allowance for credit losses, the Company assesses at each period end the ability of Diana Containerships to meet its obligations under the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships Inc. and historical losses, if any, and any other risks/factors that may affect its future financial condition and its ability to meet its obligations. No provision for credit losses was established as of December 31, 2013, since there was no indication that Diana Containerships Inc. will not be able to meet its obligations under the loan agreement. | |
Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method. | |
Vessel Cost: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets' construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period. | |
Property and equipment: The Company acquired in 2010 the land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation, but it is reviewed for impairment. The building which consists of office space, a warehouse and parking spaces has an estimated useful life of 55 years with no residual value and depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles. The useful life of the office furniture, equipment and vehicles is 5 years; and the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. | |
Prepaid/Deferred Charter Revenue: The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the charter and the net present value of future contractual cash flows. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference, capped to the vessel's fair value on a charter free basis, is recorded as prepaid charter revenue. When the opposite situation occurs, any difference, capped to the vessel's fair value on a charter free basis, is recorded as deferred revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. Such assets/liabilities are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | |
Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain identifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. | |
With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by considering the historical and estimated vessels' performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 year average historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of brokerage commissions. Historical ten-year blended average one-year time charter rates are in line with the Company's overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company's operating fleet and they cover at least a full business cycle; (ii) expected outflows for scheduled vessels' maintenance; (iii) vessel operating expenses increasing annually by an annual inflation rate of 3%, which approximates current projections for global inflation rate; (iv) effective fleet utilization of 98% taking into account the period each vessel is expected to remain off hire for scheduled maintenance (dry docking and special surveys) and 1% off hire days (other than for dry docking and special surveys) each year, assumptions in line with the Company's historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. | |
The Company concluded based on this exercise that step two of the impairment analysis was not required and has not identified any facts or circumstances that would require the write down of vessel values as at December 31, 2013 or in the future and no impairment loss has been identified or recorded for 2013, 2012 and 2011. | |
With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the useful life of the building. As at December 31, 2013, 2012 and 2011, no impairment loss was identified or recorded and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the near future. | |
Assets held for sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. | |
Reporting of discontinued operations: The current and prior year periods' results of operations and cash flows of assets (disposal groups) classified as held for sale are reported as discontinued operations when it is determined that their operations and cash flows will be eliminated from the ongoing operations of the Company as a result of their disposal, and that the Company will not have continuing involvement in the operation of these assets after their disposal. | |
Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. In 2013, the Company identified that the estimated scrap rate used for the determination of annual depreciation was not in line with the current average historical rate and as such, the estimated scrap rate was revised (Note 6). Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. | |
Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale. | |
Financing Costs: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest and finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred, unless they relate to loans obtained to finance vessels under construction, in which case they are capitalized to the vessels' cost. | |
Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and the loan receivable from a related party. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits its credit risk with the loan receivable by performing ongoing credit evaluations of Diana Containerships' financial condition. The loan agreement is guaranteed by Diana Containerships but does not have any collateral and the Company has not entered into any agreement to mitigate credit risk. | |
Accounting for Revenues and Expenses: Revenues are generated from time charter agreements and are usually paid fifteen days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues are recorded over the term of the charter as service is provided. Income representing ballast bonus payments by the charterer to the vessel owner is recognized in the period earned. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. Deferred revenue may also include deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis, or the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are due as the Company's revenues are earned. | |
Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations. | |
Earnings / (loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. | |
Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. | |
Variable Interest Entities: The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. As of December 31, 2013 and 2012, no such interests were identified. | |
Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities; | |
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
Share Based Payments: The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measures the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is re-measured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair value and are not subsequently re measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |
Derivatives: The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, in May 2009, the Company entered into a five-year zero cost collar agreement, novated in March 2012, to manage its exposure to interest rate changes related to its borrowings. The collar agreement is considered as an economic hedge agreement as it does not meet the criteria of hedge accounting; therefore, the change in its fair value is recognized in earnings (Note 16). | |
Equity method investments: Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company's share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity. | |
Investment_in_Diana_Containers
Investment in Diana Containerships Inc. | 12 Months Ended |
Dec. 31, 2013 | |
Investment in Diana Containerships Inc. [Abstract] | ' |
Investment in Diana Containerships Inc. | ' |
3. Investment in Diana Containerships Inc. | |
On January 18, 2011, the Company, which owned 54.6% of the share capital of Diana Containerships, spun off 2,667,015 shares, or 80% of its ownership in Diana Containerships, through a distribution of shares to its stockholders, recording a dividend of $36,981. Diana Containerships was de-consolidated from the Company's consolidated financial statements as its ownership decreased to about 11%. On June 15, 2011, in a public offering of Diana Containerships, the Company invested an additional amount of $20,000 in a concurrent private offering; however, the Company's ownership percentage has been diluted since then, as a result of increases in the issued share capital of Diana Containerships. Since the spin off, the Company, on the basis of the significant influence exercised over Diana Containerships through its shareholding, its common executive Board, until March 1, 2013 through Diana Shipping Services and since May 2013 through a loan agreement (Note 4(e)), accounts for its investment in Diana Containerships under the equity method according to ASC 323 “Investments – Equity Method and Joint Ventures”. | |
As at December 31, 2013 and 2012, the Company owned 9.51% and 10.4%, respectively, of the share capital of Diana Containerships Inc., and its investment of $15,640 for 2013 and $24,734 for 2012 is separately reflected in Investment in Diana Containerships Inc., in the accompanying consolidated balance sheets. As at December 31, 2013, the market value of the investment was $13,501 based on Diana Containerships closing price on Nasdaq of $4.05. | |
For 2013, 2012, and 2011, the investment in Diana Containerships resulted in a loss of $6,094, $1,773, and a gain of $1,207, respectively, which are separately presented in Gain/(loss) from investment in Diana Containerships Inc. in the accompanying consolidated statements of operations. Also during 2013, 2012, and 2011, the Company received dividends from Diana Containerships amounting to $4,000, $2,835, and $100, respectively. In addition, at December 31, 2013 and 2012, dividends declared but not received of $0 and $1,000, respectively, are included in Prepaid expenses and other assets in the respective accompanying consolidated balance sheets. |
Transacions_with_Related_Parti
Transacions with Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Transactions wtih Related Parties [Abstract] | ' |
Transactions with related parties | ' |
4. Transactions with Related Parties | |
Altair Travel Agency S.A. (“Altair”): The Company uses the services of an affiliated travel agent, Altair, which is controlled by the Company's CEO and Chairman. Travel expenses for 2013, 2012, and 2011, amounted to $2,640, $2,957, and $1,799, respectively, and are included in Vessels, Advances for vessels under construction and acquisitions and other vessel costs, Due from related parties, Vessel operating expenses and General and administrative expenses in the accompanying consolidated financial statements. At December 31, 2013 and 2012, an amount of $196 and $192, respectively, was payable to Altair and is included in Due to related parties in the accompanying consolidated balance sheets. | |
Diana Containerships Inc. (“Diana Containerships”): Until February 28, 2013, DSS received from Diana Containerships management fees of $15 per month for each vessel in operation and $20 per month for each laid-up vessel, 1% commissions on the gross hire and freight earned by each vessel and $10 per month for administrative fees pursuant to management and administrative services agreements between Diana Containerships, its vessel owning companies and DSS, which were terminated on March 1, 2013. For 2013, 2012, and 2011, revenues derived from the agreements with Diana Containerships amounted to $447, $2,447, and $1,117, respectively, and they are separately presented as Other revenues in the accompanying consolidated statements of operations. As at December 31, 2013 and 2012, there was an amount of $0 and $613, respectively, due from Diana Containerships and its vessels, relating to these management agreements, and is included in Due from related parties in the related accompanying consolidated balance sheet. | |
On May 20, 2013, the Company's Independent Committee of the Board of Directors and the Board of Directors approved to provide to Eluk Shipping Company Inc., a subsidiary of Diana Containerships, an unsecured loan of up to $50,000 to be used for general corporate purposes and working capital, which was drawn on August 20, 2013. The loan matures on the fourth anniversary of the draw down date, or on August 20, 2017, bears interest at LIBOR plus a margin of 5% per annum. The loan also bears a back-end fee equal to 1.25% per annum on the outstanding amount, receivable on the repayment date of such amount. The unsecured loan is guaranteed by Diana Containerships, and Diana Containerships and its subsidiaries may not incur additional indebtedness during the term of the loan without the prior consent of the Company. | |
As at December 31, 2013, there was an amount of $86 of interest and $50,233 of loan and fees due from Diana Containerships, separately presented in Due from related parties, current and non-current, respectively, in the related accompanying consolidated balance sheet. | |
For the period from the drawdown of the loan on August 20, 2013 to December 31, 2013, income from interest and fees amounted to $1,196 and is included in Interest and other income in the 2013 consolidated statement of operations. | |
Diana Enterprises Inc. (“Diana Enterprises”): Diana Enterprises is a company controlled by the Company's CEO and Chairman, and has entered into an agreement with DSS to provide brokerage services through DSS to DSI for an annual fee of $2,384 up to March 1, 2013 when the agreement was terminated and a monthly fee of $208 effective from March 1, 2013 until March 31, 2014, payable quarterly in advance. For 2013, 2012, and 2011, brokerage fees amounted to $2,481, $2,384 and $1,704, respectively, and are included in General and administrative expenses in the accompanying consolidated statements of operations. At December 31, 2013, there was an amount of $25 due to Diana Enterprises included in Due to related parties, in the accompanying balance sheet, while at December 31, 2012 there was no amount due to or from Diana Enterprises. Until March 1, 2013, DSS had an agreement with Diana Enterprises to provide brokerage services to Diana Containerships, which was terminated when DSS ceased from being the management company of the Diana Containerships' group. | |
Advances_for_Vessels_Under_Con
Advances for Vessels Under Construction and Acquisitions and Other Vessel Costs | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Advances For Property Plant And Equipment [Abstract] | ' | |||||
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs | ' | |||||
5. Advances for Vessels under Construction and Acquisitions and Other Vessel Costs | ||||||
The amounts in the accompanying consolidated balance sheets include payments to sellers of vessels or, in the case of vessels under construction, to the shipyards and other costs as analyzed below: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
Pre-delivery installments | $ | 37,810 | $ | 8,700 | ||
Advances for vessel acquisitions | - | 2,650 | ||||
Capitalized interest and finance costs | 624 | 100 | ||||
Other related costs | 428 | 52 | ||||
Total | $ | 38,862 | $ | 11,502 | ||
The movement of the account during 2013 and 2012 was as follows: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
Beginning balance | $ | 11,502 | $ | 63,440 | ||
- Advances for vessels under construction and other vessel costs | 30,053 | 68,549 | ||||
- Advances for vessel acquisitions and other vessel costs | 23,983 | 31,827 | ||||
- Transferred to vessel cost (Note 6) | (26,676) | -152,314 | ||||
Ending balance | $ | 38,862 | $ | 11,502 | ||
On March 28, 2012, Erikub and Wotho, each entered into one shipbuilding contract with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd for the construction of one ice class Panamax dry bulk carrier for each subsidiary for the contract price of $29,000 each. Hull H2528, named “Crystalia”, was delivered on February 20, 2014 (Note 17) and hull H2529, to be named “Atalandi”, is expected to be delivered in the second quarter of 2014. As at December 31, 2013, the remaining contractual obligations amounted to $17,400 for Erikub (hull H2528) and $17,400 for Wotho (hull H2529) (Note 10). | ||||||
On May 17, 2013, Aster and Aerik, each entered into one shipbuilding contract with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd for the construction of one Newcastlemax dry bulk carrier for each subsidiary for the contract price of $48,700 each. The vessels are expected to be delivered in 2016. As at December 31, 2013, the remaining contractual obligations amounted to $41,395 for Aster (hull H2548) and $41,395 for Aerik (hull H2549) (Note 10). | ||||||
Vessels
Vessels | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Vessels [Abstract] | ' | |||||||
Vessels | ' | |||||||
6. Vessels | ||||||||
The amounts in the accompanying consolidated balance sheets are analyzed as follows: | ||||||||
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2011 | $ | 1,292,237 | $ | -245,518 | $ | 1,046,719 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 152,314 | - | 152,314 | |||||
- Acquisition, improvements and other vessel costs | 70,819 | - | 70,819 | |||||
- Depreciation for the year | - | -58,714 | -58,714 | |||||
Balance, December 31, 2012 | $ | 1,515,370 | $ | -304,232 | $ | 1,211,138 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 26,676 | - | 26,676 | |||||
- Acquisition, improvements and other vessel costs | 144,544 | - | 144,544 | |||||
- Depreciation for the year | - | -61,983 | -61,983 | |||||
Balance, December 31, 2013 | $ | 1,686,590 | $ | -366,215 | $ | 1,320,375 | ||
In December 2012, Tuvalu entered into a memorandum of agreement to purchase from an unaffiliated third party, a Kamsarmax dry bulk carrier, for the purchase price of $26,500. The vessel, was renamed “Myrto” and was delivered to the Company on January 25, 2013. Pre-delivery expenses amounted to $176. | ||||||||
During 2013, the Company, through subsidiaries (Note 1), entered into memoranda of agreement to purchase from unaffiliated third parties five vessels, one Panamax, two Kamsarmaxes and two Capesize vessels for an aggregate price of $141,423. Additional capitalized costs amounted to $2,627. Also, as at December 31, 2013, the Company had incurred $494 of additional capitalized costs for improvements to the existing fleet. | ||||||||
Effective January 1, 2013, the Company changed its estimated scrap rate of all of its vessels from $150 per lightweight ton to $250 per lightweight ton. This change was made because the historical scrap rates over the past ten years have increased and as such the $150 rate was not considered representative. For 2013, this increase in salvage values has reduced depreciation and net loss by approximately $2,946 and loss per share by approximately $0.04. | ||||||||
As of December 31, 2013, part of the Company's fleet (except of vessels Coronis, Melite, Artemis, Aliki, Baltimore, Myrsini and PS Palios), having an aggregate carrying value of $1,061,277 has been provided as collateral to secure the loan facilities discussed in Note 9. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
7. Property and equipment, net | ||||||||
The amounts in the accompanying consolidated balance sheets are analyzed as follows: | ||||||||
Property and Equipment | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2011 | $ | 22,552 | $ | -893 | $ | 21,659 | ||
- Additions in equipment and building improvements | 1,553 | - | 1,553 | |||||
- Depreciation for the year | - | -438 | -438 | |||||
Balance, December 31, 2012 | $ | 24,105 | $ | -1,331 | $ | 22,774 | ||
- Additions in equipment and building improvements | 575 | - | 575 | |||||
- Depreciation for the year | - | -523 | -523 | |||||
Balance, December 31, 2013 | $ | 24,680 | $ | -1,854 | $ | 22,826 |
Prepaid_Charter_Revenue_curren
Prepaid Charter Revenue, current and non-current | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Prepaid Charter Revenue [Abstract] | ' | ||||||
Prepaid Charter Revenue, current and non-current | ' | ||||||
8. Prepaid charter revenue, current and non-current | |||||||
In May 2009, on the acquisition of the vessel “Houston”, Gala paid an amount in excess of the predelivery installments for the construction of the vessel, which was recognized in assets as Prepaid charter revenue. This amount has been amortized in revenues since the delivery of the vessel to the time charterers. On November 26, 2013, the charterers terminated the charter earlier than the termination date determined under the terms of the charter party and redelivered the vessel to the owners, who started arbitration proceedings against the charterers seeking to mitigate their losses as a result of the early termination. As a result of this earlier termination of the charter party, the unamortized balance of prepaid charter revenue was fully amortized against Time charter revenues during 2013. The movement of the account as at December 31, 2013 and 2012 was as follows: | |||||||
Amount | Accumulated Amortization | Net | |||||
Balance, December 31, 2011 | $ | 15,000 | $ | -6,591 | $ | 8,409 | |
Amortization in the year | - | -3,056 | -3,056 | ||||
Balance, December 31, 2012 | $ | 15,000 | $ | -9,647 | $ | 5,353 | |
Amortization for the year | - | -5,353 | -5,353 | ||||
Balance, December 31, 2013 | $ | 15,000 | $ | -15,000 | $ | - | |
The amortization of prepaid charter revenue for 2013, 2012 and 2011 amounted to $5,353, $3,056, and $3,050, respectively, and is included in Time charter revenues in the accompanying consolidated statements of operations. |
Longterm_Debt_current_and_nonc
Long-term Debt, current and non-current | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Long Term Debt, current and non-current [Abstract] | ' | |||||
Long-term debt, current and non-current | ' | |||||
9. Long-term debt, current and non-current | ||||||
The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
Royal Bank of Scotland revolving credit facility | $ | 240,000 | $ | 270,000 | ||
Bremer Landesbank loan facility | 25,600 | 29,200 | ||||
Deutsche Bank AG loan facilities | 48,250 | 33,400 | ||||
Credit Agricole Corporate and Investment Bank | 13,000 | 14,000 | ||||
Export-Import Bank of China and DnB Bank ASA loan facility | 64,219 | 69,054 | ||||
Nordea Bank Finland Plc loan facilities | 42,027 | 45,224 | ||||
Total debt outstanding | $ | 433,096 | $ | 460,878 | ||
Less related deferred financing costs | -1,539 | -1,766 | ||||
Total debt, net of deferred financing costs | $ | 431,557 | $ | 459,112 | ||
Current portion of long term debt | $ | -46,532 | $ | -45,032 | ||
Long-term debt, non-current portion | $ | 385,025 | $ | 414,080 | ||
Royal Bank of Scotland (“RBS”) revolving credit facility: On February 18, 2005, the Company entered into a secured revolving credit facility with the Royal Bank for $230,000 which was increased to $300,000 on May 24, 2006 with an amended agreement. The amended facility was available in full until May 24, 2012. Since that date the available amount is reducing in semiannual amounts of $15,000 with a final reduction of $165,000 together with the last semi-annual reduction on May 24, 2016. The credit facility bears interest at LIBOR plus a margin ranging from 0.75% to 0.85%. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 1.1% and 1.1%, respectively. | ||||||
The credit facility is secured by a first priority or preferred ship mortgage on 18 vessels of the Company's fleet, assignment of all freights, earnings, insurances and requisition compensation. The lenders may also require additional security in the event the Company breaches certain covenants under the credit facility, including a shortfall in the hull cover ratio, as described below. | ||||||
The credit facility contains covenants including restrictions as to changes in management and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio, minimum liquidity of $400 per each vessel in the fleet mortgaged under or financed through the credit facility and other financial covenants. As at December 31, 2013 and 2012, the minimum liquidity requirement amounted to $7,600 and $6,800, respectively. Furthermore, the Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility. | ||||||
Bremer Landesbank (“Bremer”) loan facility: On October 22, 2009, Gala entered into a loan agreement with Bremer to partly finance, or, as the case may be, refinance, the contract price of the vessel “Houston” for an amount of $40,000. The loan is repayable in 40 quarterly installments of $900 plus one balloon installment of $4,000 to be paid together with the last installment on November 12, 2019. The loan bears interest at LIBOR plus a margin of 2.15%. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 2.5% and 2.6%, respectively. | ||||||
The loan is secured by a first preferred ship mortgage on the vessel “Houston”, a first priority assignment of all earnings, insurances, and requisition compensation and a corporate guarantee. The lenders may also require additional security in the future in the event the Company breaches certain covenants under the loan agreement and includes restrictions as to changes in management and ownership of the vessel, additional indebtedness, substitute charters in the case the vessel's current charter is prematurely terminated, as well as minimum requirements regarding hull cover ratio. Furthermore, the Company is not permitted to pay any dividends from the earnings of the vessel following the occurrence of an event of default. Also, Gala is required for the duration of the loan to maintain in its current account with the Bank sufficient funds to meet the next repayment installment and interest due at monthly intervals, any other outstanding indebtedness that becomes due with the bank and sufficient funds to cover the anticipated cost of the next special survey. As at December 31, 2013 and 2012, such funds amounted to $875 and $721, respectively. | ||||||
Deutsche Bank AG (“Deutsche”) loan facility: On October 8, 2009, Bikini entered into a loan agreement with Deutsche to partly finance, or, as the case may be, refinance, the contract price of the vessel “New York” (Hull H1107), for an amount of up to $40,000. The loan is repayable in 19 quarterly installments of $600 and a final installment of $28,600 on March 10, 2015. The loan bears interest at LIBOR plus a margin of 2.40% per annum. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 2.7% and 2.9%, respectively. | ||||||
The loan is secured by a first preferred ship mortgage on the vessel “New York” and second preferred ship mortgage on the vessels “Myrto and “Maia”, a first priority assignment of all earnings, insurances, and requisition compensation and a corporate guarantee. The lenders may also require additional security in the future in the event the Company breaches certain covenants including restrictions as to changes in management and ownership of the vessel, additional indebtedness, as well as minimum requirements regarding hull cover ratio, minimum liquidity of $400 for the borrower, average cash balance of $10,000 for the guarantor, and financial covenants. Furthermore, the Company is not permitted to pay any dividends which would result in a breach of financial covenants or if an event of default has occurred and is continuing. | ||||||
On June 18, 2013, Tuvalu and Jabat, entered into a loan agreement with Deutsche for a loan facility of $18,000 to finance part of the acquisition cost of the vessels “Maia” and “Myrto”, drawn on June 20, 2013. On the same date, Bikini entered into a supplemental agreement with Deutsche in order to amend the terms of the loan agreement dated October 9, 2009 with respect to the cross collateralization of the “New York” with “Maia” and “Myrto”. The loan is repayable in 20 consecutive equal quarterly installments of $375 and a balloon payment of $10,500 payable together with the final quarterly installment on June 20, 2018. The loan bears interest at LIBOR plus a margin of 3.0%. The Company paid an arrangement fee of $225 on the date of signing the facility agreement as well as an administration fee of $5 which is payable annually throughout the duration of the loan. The weighted average interest rate of the facility as at December 31, 2013 was 3.3%. | ||||||
The loan is secured with a corporate guarantee from DSI, first preferred mortgages on the vessels “Myrto” and “Maia” cross-collateralized with a second preferred mortgage on “New York”, first assignment of earnings, first assignment of time charter contracts with duration of more than 12 months, first assignment of insurances, pledge over the shares of the borrowers and manager's undertaking and subordination. The loan also has financial covenants and requires minimum liquidity of $500 for each borrower and $500 for each vessel owned by the guarantor and minimum requirements regarding hull cover ratio. Finally, the Borrowers are not permitted to pay any dividends that would result in breach of financial covenants or if an event of default has occurred and is continuing, unremedied and unwaived. | ||||||
Export-Import Bank of China and DnB Bank ASA (“Cex-Im and DnB”): On October 2, 2010, Lae and Namu entered into a loan agreement with the Export – Import Bank of China and DnB Bank ASA (formerly known as DnB NOR Bank ASA) to finance part of the construction cost of the “Los Angeles” and the “Philadelphia” for an amount of up to $82,600 of which $72,100 was drawn. | ||||||
The Lae advance is repayable in 40 quarterly installments of $628 and a balloon of $12,330 payable together with the last installment on February 15, 2022 and the Namu advance is repayable in 40 quarterly installments of $581 and a balloon of $11,410 payable together with the last installment on May 18, 2022. Each Bank has the right to demand repayment of the outstanding balance of any advance 72 months after the respective advance drawdown. Such demand shall be subject to written notification to be made no earlier than 54 months and not later than 60 months after the respective drawdown date for that advance. The loan bears interest at LIBOR plus a margin of 2.50% per annum and an agency fee of $10 is paid annually until its full repayment. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 2.8% and 2.9%, respectively. | ||||||
The loan is secured by a first preferred ship mortgage on the vessels, general assignments, charter assignments, operating account assignments, hull cover ratio, a corporate guarantee from DSI and manager's undertakings. The loan requires minimum liquidity of $400 for each borrower, an average cash balance of $10,000 for the guarantor and financial covenants. The Company is not permitted to pay any dividends that would result in an event of default or if an event of default has occurred and is continuing. | ||||||
On May 24, 2013, Erikub and Wotho entered into a loan agreement with Cex-Im and DnB to finance part of the construction cost of Hull H2528, named “Crystalia”, and Hull H2529, to be named “Atalandi”, for an amount of up to $15,000 for each vessel. The loan is available until April 30, 2014. | ||||||
Each advance will be repayable in 20 quarterly installments of $250 and a balloon of $10,000 payable together with the last installment. The loan matures in five years from the drawdown date of each tranche, but not later than March 31, 2019, unless otherwise agreed. The loan will bear interest at LIBOR plus a margin of 3.0% per annum, has a commitment fee of 0.2% on the total undrawn amount and an additional commitment fee of 0.4% on the undrawn amount to be provided by DnB amounting to $6,000 payable until the drawdown of the loan, and an annual agency fee of $10. The Company also paid arrangement fees of $177 on the date of signing the agreement. | ||||||
The loan will be secured by a first preferred or statutory cross collateralized ship mortgages on the vessels together with collateral deeds of covenants, first priority deeds of assignment of the insurances, earnings and requisition compensation of the vessels, a guarantee and indemnity of DSI, first priority charter assignments with duration of more than 12 months, first priority deeds of charge over the earnings accounts of the borrowers, first priority pledge over the shares of the borrowers hull cover ratio and manager's undertaking. The loan requires minimum liquidity of $200 for each borrower, and $500 for each vessel owned by the guarantor and financial covenants. The borrowers are not permitted to pay any dividends that would result in an event of default or would occur as a result thereof. | ||||||
Credit Agricole Corporate and Investment Bank (“Credit Agricole”): On September 13, 2011, Bikar entered into a loan agreement with Emporiki Bank of Greece, S.A (“Emporiki”) for a loan of up to $15,000 to refinance part of the acquisition cost of m/v “Arethusa”. On December 13, 2012, Bikar, the Company, DSS and Credit Agricole, entered into a supplemental loan agreement to set out amendments of the loan agreement to which the parties entered into in a supplemental agreement on December 11, 2012, to provide applicability of the English law and exclusive jurisdiction of English courts and to a deed of novation to transfer the outstanding loan balance, the ISDA master swap agreement and the existing security documents from Emporiki to Credit Agricole. | ||||||
The loan is repayable in 20 equal semiannual installments of $500 each and a balloon payment of $5,000 to be paid together with the last installment on September 15, 2021. The loan bears interest at LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 1.3% and 1.2%, respectively. | ||||||
The loan, which is secured by an equivalent amount of cash collateral, is also secured with a first priority mortgage on the vessel “Arethusa”, charter assignment on long term charters, first priority general assignment of all earnings, insurances and requisition compensation on the vessel, a corporate guarantee from DSI, manager's undertaking and a first priority pledge on the earnings account and the cash collateral account. The lender may also require additional security, if at any time the market value of the vessel and the cash standing in a pledged account with the bank becomes less than the required hull cover ratio. The loan also has other non-financial and financial covenants, minimum cash of $10,000 to be held by DSI and $500 to be held by Bikar and/or the guarantor. The Company is not permitted to pay any dividends, that would result in an event of default or if an event of default has occurred and is continuing. | ||||||
Nordea Bank Finland Plc.(“Nordea”): On February 7, 2012, Jemo (the “Borrower”) entered into an agreement with Nordea Bank Finland Plc, London Branch, for a secured term loan facility in the principal amount of $16,125 to partly finance the acquisition cost of “Leto”. The loan is repayable in 20 consecutive equal quarterly installments of $252 and a balloon payment of $11,085 payable together with the final quarterly installment on February 7, 2017. On June 21, 2012, the agreement between Jemo and Nordea Bank Finland Plc, was restated and amended by a supplemental agreement in order to include Mandaringina as a new borrower and increase the loan amount to up to $26,450 for the purpose of financing part of the acquisition cost of Melia. The additional advance for Mandaringina of $10,325 is repayable in 20 consecutive equal quarterly installments of $235 and a balloon of $5,625 payable together with the last installment on May 7, 2017. The loan bears interest at LIBOR plus a margin of 2.5%. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 2.7% and 2.7%, respectively. | ||||||
On December 20, 2012, Palau and Guam entered into a new loan agreement with Nordea for an amount of $20,000, to finance part of the acquisition cost of the vessels “Amphitrite” and “Polymnia”. The loan is repayable in 20 consecutive quarterly installments of $312 and a balloon installment of $13,760 payable together with the last installment on December 21, 2017. The loan bears interest at LIBOR plus a margin of 2.9%. The weighted average interest rate of the facility as at December 31, 2013 and 2012 was 3.1% and 3.1%, respectively. | ||||||
Both loans are secured with a corporate guarantee from DSI, a first priority or first preferred mortgage on the vessels, first priority assignment of earnings, first priority pledge of the earnings accounts, first priority assignment of the time charters and any subsequent long term charter contracts, first priority assignment of insurances, first priority pledge over the shares of the borrowers and manager's letter of subordination of rights and minimum hull value. The loans also have financial covenants and require minimum liquidity of $500 per vessel owned by the guarantor. Finally, the Company is not permitted to pay any dividends, that would result in an event of default or if an event of default has occurred and is continuing. | ||||||
Commonwealth Bank of Australia, London Branch (“CBA”): On October 24, 2013, Taka and Fayo both signed a commitment letter with CBA, for a loan facility of up to $18,000 to finance part of the acquisition cost of the vessels “Melite” and “Artemis”. The loan will bear interest at LIBOR plus a margin of 2.25%, an arrangement fee of $135 on signing the agreement, and a 1% commitment fee on the undrawn loan from signing of the agreement until the drawdown date (Note 17). | ||||||
As at December 31, 2013 and 2012, the maximum amount required by the banks as compensating cash balance amounted to $18,000 and $15,000, respectively. | ||||||
Total interest incurred on long-term debt for 2013, 2012, and 2011 amounted to $8,068, $7,342, and $5,129, respectively. Of the above amounts, $468, $321, and $635, respectively, were capitalized and included in Vessels and in Advances for vessels under construction and acquisitions and other vessel costs in the accompanying consolidated balance sheets. Interest expense on long-term debt, net of interest capitalized, is included in Interest and finance costs in the accompanying consolidated statements of operations. For 2013, 2012, and 2011 the Company incurred commitment fees on the undrawn portion of the loans amounting to $56, $122, and $468, respectively, of which $56, $103, and $422, respectively, are included in Vessels and in Advances for vessels under construction and acquisition and other vessel costs. | ||||||
The maturities of the Company's debt facilities described above, as at December 31, 2013, and throughout their term are as follows: | ||||||
Period | Principal Repayment | |||||
1-Jan-14 | to | 31-Dec-14 | $ | 46,532 | ||
1-Jan-15 | to | 31-Dec-15 | 72,732 | |||
1-Jan-16 | to | 31-Dec-16 | 194,132 | |||
1-Jan-17 | to | 31-Dec-17 | 43,374 | |||
1-Jan-18 | to | 31-Dec-18 | 20,686 | |||
1-Jan-19 | and thereafter | 55,640 | ||||
Total | $ | 433,096 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
10. Commitments and Contingencies | |||
Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. | |||
On March 20, 2013, the Company's fleet manager, DSS, was indicted by a federal grand jury in Norfolk, Virginia for alleged violations of law concerning maintenance of books and records and the handling of waste oils on the vessel Thetis. On August 8, 2013, the Chief Engineer and the second assistant engineer of the vessel Thetis were found guilty by the Court. While the Company believes it had meritorious defences against the charges and allegations set forth in the indictment, it was found vicariously liable for the acts of its employees. The sentencing hearing was held on December 5, 2013 and resulted in a fine of $1,100 and three and a half years of probation. | |||
The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy year that should be recorded in its consolidated financial statements. | |||
The Company has entered into shipbuilding contracts for the construction of two ice class Panamax dry bulk carriers for a contract price of $29,000 each and two Newcastlemax dry bulk carriers for a contract price of $48,700 each. As at December 31, 2013, the total obligations under these contracts amounted to $117,590 (Notes 5 and 17). | |||
As of December 31, 2013, all our vessels had fixed non-cancelable time charter contracts. The minimum contractual gross charter revenues to be generated from the existing as of December 31, 2013, non-cancelable time charter contracts until their expiration are as follows: | |||
Period | Amount | ||
Year 1 | $ | 122,473 | |
Year 2 | 41,448 | ||
Year 3 | 3,945 | ||
Total | $ | 167,866 |
Capital_Stock_and_Changes_in_C
Capital Stock and Changes in Capital Accounts | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Capital Stock and Changes in Capital Accounts [Abstract] | ' | ||||
Capital Stock and Changes in Capital Accounts | ' | ||||
11. Capital Stock and Changes in Capital Accounts | |||||
Preferred stock and common stock: The Company's authorized capital stock consists of 200,000,000 shares (all in registered form) of common stock, par value $0.01 per share and of 25,000,000 shares (all in registered form) of preferred stock, par value $0.01 per share. The holders of the common shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any (see also Note 17). | |||||
Incentive plan: In February 2005, the Company adopted an equity incentive plan (the “Plan”) for 2,800,000 common shares, which was amended and restated on October 21, 2008 and terminated in 2012 as all shares reserved had been issued. In May 2011, the Company's board of directors approved to adopt the Diana Shipping Inc. 2011 Equity Incentive Plan, with substantially the same terms and provisions as the Company's Amended and Restated 2005 Equity Incentive Plan. Under the 2011 Equity Incentive Plan, an aggregate of 5,000,000 common shares were reserved for issuance. | |||||
The plan entitles the Company's employees, officers and directors to receive options to acquire the Company's common stock and is administered by the Compensation Committee of the Company's Board Directors or such other committee of the Board as may be designated by the Board to administer the Plan. Under the terms of the plan, the Company's Board of Directors is able to grant a) incentive stock options, b) non-qualified stock options, c) stock appreciation rights, d) dividend equivalent rights, e) restricted stock, f) unrestricted stock, g) restricted stock units, and h) performance shares. No options, stock appreciation rights or restricted stock units can be exercisable prior to the first anniversary or subsequent to the tenth anniversary of the date on which such award was granted. The plan will expire 10 years from its adoption by the Board of Directors. Under the 2011 Equity Incentive Plan, the Administrator may waive or modify the application of forfeiture of awards of restricted stock and performance shares in connection with cessation of service with the Company. | |||||
The Company follows the provisions in ASC 718 “Compensation – Stock Compensation”, for purposes of accounting for such share-based payments. All share-based compensation provided to employees is recognized in accordance with the relevant guidance, and is included in General and administrative expenses in the accompanying consolidated statements of operations. | |||||
Restricted stock during the years ended December 31, 2013, 2012 and 2011 is analysed as follows: | |||||
Number of Shares | Weighted Average Grant Date Price | ||||
Outstanding at December 31, 2010 | $ | 1,187,887 | $ | 15.3 | |
Granted | 616,055 | 12.64 | |||
Vested | -419,880 | 15.44 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2011 | $ | 1,384,062 | $ | 14.07 | |
Granted | 667,614 | 9.13 | |||
Vested | -600,051 | 13.83 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2012 | $ | 1,451,625 | $ | 11.9 | |
Granted | 607,946 | 9.06 | |||
Vested | -701,198 | 12.64 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2013 | $ | 1,358,373 | $ | 10.25 | |
The fair value of the restricted shares has been determined with reference to the closing price of the Company's stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of operations over the respective vesting periods. During 2013, 2012, and 2011, an amount of $8,203, $8,645, and $8,087, respectively, was recognized in General and administrative expenses presented in the accompanying consolidated statements of operations. For 2011, General and administrative expenses also include compensation cost of $7, relating to Diana Containerships for restricted shares issued to its executive officers. | |||||
At December 31, 2013 and 2012, the total unrecognized cost relating to restricted share awards was $7,966 and $10,662, respectively. At December 31, 2013, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.81 years. | |||||
Share repurchase agreement: In December 2011, the Company entered into an agreement with Goldman, Sachs & Co. (the “Broker”) to repurchase its stock according to Rule 10b5-1(c)(l) and to the extend applicable to Rule 10b-18 under the Securities and Exchange Act of 1934. The agreement was terminated on February 29, 2012. On June 14 and August 2, 2012, the Company entered into two similar agreements which were terminated on July 11, and on October 15, 2012, respectively. The Company repurchased and retired 154,091 shares up to December 31, 2011 for an aggregate cost of $1,187, and additional shares of 853,607 in 2012 for an additional cost of $6,044. No such agreement was in effect for 2013. | |||||
Voyage_and_Vessel_Operating_Ex
Voyage and Vessel Operating Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Voyage And Vessel Operating Expenses [Abstract] | ' | |||||||
Voyage and Vessel Operating Expenses | ' | |||||||
12. Voyage and Vessel Operating Expenses | ||||||||
The amounts in the accompanying consolidated statements of operations are analyzed as follows: | ||||||||
2013 | 2012 | 2011 | ||||||
Voyage Expenses | ||||||||
Bunkers | $ | -62 | $ | -2,149 | $ | -1,663 | ||
Commissions charged by third parties | 7,939 | 10,273 | 11,963 | |||||
Miscellaneous | 242 | 150 | 297 | |||||
Total | $ | 8,119 | $ | 8,274 | $ | 10,597 | ||
Vessel Operating Expenses | ||||||||
Crew wages and related costs | $ | 45,451 | $ | 37,351 | $ | 31,497 | ||
Insurance | 6,438 | 4,747 | 4,369 | |||||
Spares and consumable stores | 14,825 | 14,996 | 12,686 | |||||
Repairs and maintenance | 5,548 | 6,609 | 5,903 | |||||
Tonnage taxes (Note 15) | 1,040 | 361 | 318 | |||||
Other operating expenses | 3,909 | 2,229 | 602 | |||||
Total | $ | 77,211 | $ | 66,293 | $ | 55,375 |
Interest_and_Finance_Costs
Interest and Finance Costs | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Interest and Finance Costs [Abstract] | ' | |||||||
Interest and Finance Costs | ' | |||||||
13. Interest and Finance Costs | ||||||||
The amounts in the accompanying consolidated statements of operations are analyzed as follows: | ||||||||
2013 | 2012 | 2011 | ||||||
Interest expense | $ | 7,600 | $ | 7,021 | $ | 4,494 | ||
Amortization of financing costs | 473 | 379 | 278 | |||||
Commitment fees and other costs | 67 | 218 | 152 | |||||
Total | $ | 8,140 | $ | 7,618 | $ | 4,924 |
Earnings_Loss_per_Share
Earnings / (Loss) per Share | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
14. Earnings / (Loss) per Share | ||||||||||||||
All shares issued (including the restricted shares issued under the Company's Incentive Plan) are the Company's common stock and have equal rights to vote and participate in dividends upon their vesting. The calculation of basic earnings / (loss) per share does not treat the non-vested shares (not considered participating securities) as outstanding until the time/service-based vesting restriction has lapsed. For the purpose of calculating diluted earnings per share the weighted average number of diluted shares outstanding includes the incremental shares assumed issued determined in accordance with the treasury stock method. | ||||||||||||||
For 2013 and on the basis that the Company incurred losses, the effect of any incremental shares would be anti-dilutive and therefore basic and diluted loss per share is the same. | ||||||||||||||
For 2012 and 2011, the denominator of the diluted earnings per share calculation includes 0 and 42,574 shares, being the number of incremental shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Basic LPS | Diluted LPS | Basic EPS | Diluted EPS | Basic EPS | Diluted EPS | |||||||||
Net income / (loss) | $ | -21,205 | $ | -21,205 | $ | 54,639 | $ | 54,639 | $ | 107,497 | $ | 107,497 | ||
Weighted average number of basic shares outstanding | 81,328,390 | 81,328,390 | 81,083,485 | 81,083,485 | 81,081,774 | 81,081,774 | ||||||||
Incremental shares | - | - | - | - | - | 42,574 | ||||||||
Weighted average number of diluted common shares outstanding | - | 81,328,390 | - | 81,083,485 | - | 81,124,348 | ||||||||
Earnings / (loss) per share | $ | -0.26 | $ | -0.26 | $ | 0.67 | $ | 0.67 | $ | 1.33 | $ | 1.33 |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
15. Income Taxes | |
Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of operations (Note 12). | |
Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are “residents” of the Company's country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is “primarily and regularly traded on an established securities market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test). | |
Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock, (“5 Percent Override Rule”). | |
The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2013, 2012 and 2011 taxable years, and the Company takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company's control that could cause it to lose the benefit of this tax exemption in future years and thereby become subject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company's stock were, in combination with the Company's existing 5% shareholders, to own 50% or more of the Company's outstanding shares of its stock on more than half the days during the taxable year. | |
The Company estimates that since no more than the 50% of its shipping income would be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. The Company believes that it satisfies the Publicly-Traded Test and all of its United States source shipping income is exempt from U.S. federal income tax. Based on its U.S. source Shipping Income for 2013, 2012 and 2011, the Company would be subject to U.S. federal income tax of approximately $238, $289 and $217, respectively, in the absence of an exemption under Section 883. | |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments [Abstract] | ' |
Financial Instruments | ' |
16. Financial Instruments | |
The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The fair value of long-term loan receivable from Diana Containerships also approximates its recorded value, due to its variable interest rate. | |
The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In May 2009 (novated in March 2012), the Company entered into a five-year zero cost collar agreement with a floor at 1% and a cap at 7.8% of a notional amount of $100,000 to manage its exposure to interest rate changes related to its borrowings. The collar agreement is used as an economic hedge agreement and does not meet the criteria for hedge accounting; therefore, the changes in its fair value are recognized in earnings. | |
As of December 31, 2013 and 2012, the fair value of the swap resulted to a liability of $378 and $994, respectively, both separately presented in the accompanying consolidated balance sheets. For 2013, 2012, and 2011, the Company incurred from the swap loss amounting to $118, $518, and $737, respectively, and is separately presented as Loss from derivative instruments in the accompanying consolidated statements of operations. The fair value of the collar agreement determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820-10-35-47 Fair Value Measurements and Disclosure, Subsequent Re-measurement of FASB Accounting Standard Codification (ASC), is derived principally from or corroborated by observable market data. Inputs include interest rates, yield curves and other items that allow value to be determined. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
17. Subsequent Events | |
New vessel construction contract: On January 8, 2014 the Company, through its new subsidiary Houk Shipping Company Inc., signed a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd., for the construction of a Kamsarmax dry bulk vessel for a contract price of US$28,825. The Company expects to take delivery of the vessel in 2016. | |
Loan agreement: On January 9, 2014, Taka and Fayo both entered into a loan agreement with Commonwealth Bank of Australia, London Branch, for which a commitment letter had been signed in 2013 (Note 9) for a loan facility of up to $18,000 for the vessels “Melite” and “Artemis”. The loan was drawn on January 13, 2014 and the Company paid a non-refundable arrangement fee of $135 on signing the agreement. | |
Issuance of redeemable preferred stock: On February 24, 2014, the Company completed a public offering of 2,600,000 shares of Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, at $25.00 per share. The net proceeds from the offering (after the underwriting discount and other offering expenses payable by the Company) are expected to be $62,590. | |
Annual Incentive Bonus: On February 17, 2014 the Company's Board of Directors approved a cash bonus of $1,082, net of taxes and other withholdings, to all employees and executive management of the Company and 550,000 shares of restricted common stock awards to executive management and non-executive directors, pursuant to the Company's equity incentive plan. The fair value of the restricted shares is estimated at $6,859 and will be recognized in income ratably over three years, which is the restricted shares' vesting period. | |
Vessel delivery: On February 20, 2014, the Company took delivery of hull H2528, named “Crystalia”, which was under construction at the China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd (Note 5). | |
Diana Enterprises Inc.: On March 4, 2014, the Brokerage Services Agreement between DSS and Diana Enterprises (Note 4(c)) was terminated and replaced by a new agreement. Diana Enterprises will continue to provide brokerage services for a period of fifteen months starting from January 1, 2014 and for a revised monthly fee of $104 payable quarterly in advance. | |
Significant_Accounting_Policie1
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | ' |
Principles of Consolidation | '(a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates | '(b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other Comprehensive Income / (Loss) | '(c) Other Comprehensive Income / (loss): The Company separately presents certain transactions, which are recorded directly as components of stockholders’ equity. Other Comprehensive Income / (Loss) is presented in a separate statement. |
Foreign Currency Translation | '(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents | '(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may also include compensating cash balances kept against the Company’s loan facilities that are not deemed to be sufficiently material to require segregation on the balance sheet. Such balances at December 31, 2013 and 2012 amounted to $18,000 and $15,000 in the aggregate and consisted of minimum cash deposits required to be maintained at all times under the Company's loan facilities (Note 9). |
Accounts Receivable, Trade | '(f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, ballast bonus billings, if any, hold cleanings and extra voyage insurance, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2013 and 2012. |
Loan Receivable from Related Parties | '(g) Loan Receivable from Related Parties: The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2013, (Note 4(b)) represent amounts receivable from Diana Containerships Inc. with respect to a loan agreement with a wholly owned subsidiary of Diana Containerships Inc., net of any provision for credit losses. Interest income and fees, deriving from the agreement are recorded in the accounts as incurred. Costs incurred for the loan documentation were expensed as incurred. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. In order to estimate the allowance for credit losses, the Company assesses at each period end the ability of Diana Containerships to meet its obligations under the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships Inc. and historical losses, if any, and any other risks/factors that may affect its future financial condition and its ability to meet its obligations. No provision for credit losses was established as of December 31, 2013, since there was no indication that Diana Containerships Inc. will not be able to meet its obligations under the loan agreement. |
Inventories | '(h) Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method. |
Vessel Cost | '(i) Vessel Cost: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets' construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period. |
Property and equipment | '(j) Property and equipment: The Company acquired in 2010 the land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation, but it is reviewed for impairment. The building which consists of office space, a warehouse and parking spaces has an estimated useful life of 55 years with no residual value and depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles. The useful life of the office furniture, equipment and vehicles is 5 years; and the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. |
Prepaid/Deferred Charter Revenue | '(k) Prepaid/Deferred Charter Revenue: The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the charter and the net present value of future contractual cash flows. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference, capped to the vessel’s fair value on a charter free basis, is recorded as prepaid charter revenue. When the opposite situation occurs, any difference, capped to the vessel’s fair value on a charter free basis, is recorded as deferred revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. Such assets/liabilities are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. |
Impairment of Long-Lived Assets | '(l) Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain identifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. |
With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by considering the historical and estimated vessels’ performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 year average historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of brokerage commissions. Historical ten-year blended average one-year time charter rates are in line with the Company’s overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company’s operating fleet and they cover at least a full business cycle; (ii) expected outflows for scheduled vessels’ maintenance; (iii) vessel operating expenses increasing annually by an annual inflation rate of 3%, which approximates current projections for global inflation rate; (iv) effective fleet utilization of 98% taking into account the period each vessel is expected to remain off hire for scheduled maintenance (dry docking and special surveys) and 1% off hire days (other than for dry docking and special surveys) each year, assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. | |
The Company concluded based on this exercise that step two of the impairment analysis was not required and has not identified any facts or circumstances that would require the write down of vessel values as at December 31, 2013 or in the future and no impairment loss has been identified or recorded for 2013, 2012 and 2011. | |
With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the useful life of the building. As at December 31, 2013, 2012 and 2011, no impairment loss was identified or recorded and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the near future. | |
Assets held for sale | '(m) Assets held for sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. |
Reporting of discontinued operations | '(n) Reporting of discontinued operations: The current and prior year periods’ results of operations and cash flows of assets (disposal groups) classified as held for sale are reported as discontinued operations when it is determined that their operations and cash flows will be eliminated from the ongoing operations of the Company as a result of their disposal, and that the Company will not have continuing involvement in the operation of these assets after their disposal. |
Vessel Depreciation | '(o) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. In 2013, the Company identified that the estimated scrap rate used for the determination of annual depreciation was not in line with the current average historical rate and as such, the estimated scrap rate was revised (Note 6). Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. |
Accounting for Dry-Docking Costs | '(p) Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. |
Financing Costs | '(q) Financing Costs: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest and finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred, unless they relate to loans obtained to finance vessels under construction, in which case they are capitalized to the vessels’ cost. |
Concentration of Credit Risk | '(r) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and the loan receivable from a related party. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits its credit risk with the loan receivable by performing ongoing credit evaluations of Diana Containerships’ financial condition. The loan agreement is guaranteed by Diana Containerships but does not have any collateral and the Company has not entered into any agreement to mitigate credit risk. |
Accounting for Revenues and Expenses | '(s) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements and are usually paid fifteen days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues are recorded over the term of the charter as service is provided. Income representing ballast bonus payments by the charterer to the vessel owner is recognized in the period earned. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. Deferred revenue may also include deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis, or the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are due as the Company’s revenues are earned. |
Repairs and Maintenance | '(t) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations. |
Earnings/ (loss) per Common Share | '(u) Earnings / (loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. |
Segmental Reporting | '(v) Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Variable Interest Entities | '(w) Variable Interest Entities: The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. As of December 31, 2013 and 2012, no such interests were identified. |
Fair Value Measurements | '(x) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: |
Level 1: Quoted market prices in active markets for identical assets or liabilities; | |
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
Share Based Payment | '(y) Share Based Payments: The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measures the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is re-measured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair value and are not subsequently re measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. |
Derivatives | '(z) Derivatives: The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, in May 2009, the Company entered into a five-year zero cost collar agreement, novated in March 2012, to manage its exposure to interest rate changes related to its borrowings. The collar agreement is considered as an economic hedge agreement as it does not meet the criteria of hedge accounting; therefore, the change in its fair value is recognized in earnings (Note 16). |
Equity Method Investments | '(aa) Equity method investments: Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company’s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity. |
Recovered_Sheet1
Basis of presentation and general information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Basis of Presentation and General Information [Abstract] | ' | |||||||
Schedule Of Subsidiaries [Table Text Block] | ' | |||||||
a/a | Company | Vessel | Flag | Dwt | Date Built | Date Acquired | Place of Incorporation | |
PANAMAX VESSELS | ||||||||
1 | Panama Compania Armadora SA | Oceanis | Bahamas | 75,211 | May-01 | May-01 | Panama | |
2 | Husky Trading SA | Triton | Bahamas | 75,336 | Mar-01 | Mar-01 | Panama | |
3 | Changame Compania Armadora SA | Thetis | Bahamas | 73,583 | Aug-04 | Nov-05 | Panama | |
4 | Buenos Aires Compania Armadora SA | Alcyon | Bahamas | 75,247 | Feb-01 | Feb-01 | Panama | |
5 | Skyvan Shipping Company SA | Nirefs | Bahamas | 75,311 | Jan-01 | Jan-01 | Panama | |
6 | Cypres Enterprises Corp. | Protefs | Bahamas | 73,630 | Aug-04 | Aug-04 | Panama | |
7 | Urbina Bay Trading SA | Erato | Bahamas | 74,444 | Aug-04 | Nov-05 | Panama | |
8 | Chorrera Compania Armadora SA | Dione | Greek | 75,172 | Jan-01 | May-03 | Panama | |
9 | Darien Compania Armadora SA | Calipso | Bahamas | 73,691 | Feb-05 | Feb-05 | Panama | |
10 | Texford Maritime SA | Clio | Bahamas | 73,691 | May-05 | May-05 | Panama | |
11 | Eaton Marine SA | Danae | Greek | 75,106 | Jan-01 | Jul-03 | Panama | |
12 | Vesta Commercial SA | Coronis | Bahamas | 74,381 | Jan-06 | Jan-06 | Panama | |
13 | Ailuk Shipping Company Inc. | Naias | Marshall Islands | 73,546 | Jun-06 | Aug-06 | Marshall Islands | |
14 | Taka Shipping Company Inc. | Melite | Marshall Islands | 76,436 | Oct-04 | Jan-10 | Marshall Islands | |
15 | Bikar Shipping Company Inc. | Arethusa | Greek | 73,593 | Jan-07 | Jul-11 | Marshall Islands | |
16 | Mandaringina Inc. | Melia | Marshall Islands | 76,225 | Feb-05 | May-12 | Marshall Islands | |
17 | Jemo Shipping Company Inc. | Leto | Bahamas | 81,297 | Feb-10 | Jan-12 | Marshall Islands | |
18 | Fayo Shipping Company Inc. (Note 6) | Artemis | Marshall Islands | 76,942 | Sep-06 | Aug-13 | Marshall Islands | |
KAMSARMAX VESSELS | ||||||||
19 | Tuvalu Shipping Company Inc. (Note 6) | Myrto | Marshall Islands | 82,131 | Jan-13 | Jan-13 | Marshall Islands | |
20 | Jabat Shipping Company Inc. (Note 6) | Maia | Marshall Islands | 82,193 | Aug-09 | Feb-13 | Marshall Islands | |
21 | Makur Shipping Company Inc. (Notes 6) | Myrsini | Marshall Islands | 82,117 | Mar-10 | Oct-13 | Marshall Islands | |
POST-PANAMAX VESSELS | ||||||||
22 | Majuro Shipping Company Inc. | Alcmene | Marshall Islands | 93,193 | Jan-10 | Nov-10 | Marshall Islands | |
23 | Guam Shipping Company Inc | Amphitrite | Marshall Islands | 98,697 | Aug-12 | Aug-12 | Marshall Islands | |
24 | Palau Shipping Company Inc. | Polymnia | Marshall Islands | 98,704 | Nov-12 | Nov-12 | Marshall Islands | |
CAPESIZE VESSELS | ||||||||
25 | Jaluit Shipping Company Inc. | Sideris GS | Marshall Islands | 174,186 | Nov-06 | Nov-06 | Marshall Islands | |
26 | Bikini Shipping Company Inc. | New York | Marshall Islands | 177,773 | Mar-10 | Mar-10 | Marshall Islands | |
27 | Gala Properties Inc. | Houston | Marshall Islands | 177,729 | Oct-09 | Oct-09 | Marshall Islands | |
28 | Kili Shipping Company Inc. | Semirio | Marshall Islands | 174,261 | Jun-07 | Jun-07 | Marshall Islands | |
29 | Knox Shipping Company Inc. | Aliki | Marshall Islands | 180,235 | Mar-05 | Apr-07 | Marshall Islands | |
30 | Lib Shipping Company Inc. | Boston | Marshall Islands | 177,828 | Nov-07 | Nov-07 | Marshall Islands | |
31 | Marfort Navigation Company Ltd. | Salt Lake City | Cyprus | 171,810 | Sep-05 | Dec-07 | Cyprus | |
32 | Silver Chandra Shipping Company Ltd. | Norfolk | Cyprus | 164,218 | Aug-02 | Feb-08 | Cyprus | |
33 | Bokak Shipping Company Inc. (Note 6) | Baltimore | Marshall Islands | 177,243 | Mar-05 | Jun-13 | Marshall Islands | |
34 | Pulap Shipping Company Inc. (Note 6) | PS Palios | Marshall Islands | 179,134 | Jan-13 | Dec-13 | Marshall Islands | |
NEWCASTLEMAX VESSELS | ||||||||
35 | Lae Shipping Company Inc. | Los Angeles | Marshall Islands | 206,104 | Feb-12 | Feb-12 | Marshall Islands | |
36 | Namu Shipping Company Inc. | Philadelphia | Marshall Islands | 206,040 | May-12 | May-12 | Marshall Islands | |
UNDER CONSTRUCTION | ||||||||
37 | Erikub Shipping Company Inc. (Notes 5, 10 and 17) | H2528 (named Crystalia) | Greek | 77,525 | Feb-14 | Feb-14 | Marshall Islands | |
38 | Wotho Shipping Company Inc. (Notes 5 and 10) | H2529 (tbr Atalandi) | - | 76,000 | - | Expected in 2014 | Marshall Islands | |
39 | Aster Shipping Company Inc. (Notes 5 and 10) | H2548 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
40 | Aerik Shipping Company Inc. (Notes 5 and 10) | H2549 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
OTHER SUBSIDIARIES | ||||||||
41 | Cerada International SA | Dormant | Panama | |||||
42 | Diana Shipping Services SA | Manager | Panama | |||||
43 | Bulk Carriers (USA) LLC | Company’s representative in the US | Delaware - USA | |||||
Risks and Uncertainties [Abstract] | ' | |||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | |||||||
Charterer | 2013 | 2012 | 2011 | |||||
A | 19% | 10% | - | |||||
B | 17% | 18% | 18% | |||||
C | 11% | - | - | |||||
D | 11% | - | - | |||||
E | - | 12% | 11% | |||||
F | - | - | 12% |
Recovered_Sheet2
Advances for vessels under construction and acquisitions and other vessel costs (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Advances For Property Plant And Equipment [Abstract] | ' | |||||
Advances For Property Plant And Equipment [Table Text Block] | ' | |||||
31-Dec-13 | 31-Dec-12 | |||||
Pre-delivery installments | $ | 37,810 | $ | 8,700 | ||
Advances for vessel acquisitions | - | 2,650 | ||||
Capitalized interest and finance costs | 624 | 100 | ||||
Other related costs | 428 | 52 | ||||
Total | $ | 38,862 | $ | 11,502 | ||
Schedule of Advances For Property Plant And Equipment [Table Text Block] | ' | |||||
31-Dec-13 | 31-Dec-12 | |||||
Beginning balance | $ | 11,502 | $ | 63,440 | ||
- Advances for vessels under construction and other vessel costs | 30,053 | 68,549 | ||||
- Advances for vessel acquisitions and other vessel costs | 23,983 | 31,827 | ||||
- Transferred to vessel cost (Note 6) | (26,676) | -152,314 | ||||
Ending balance | $ | 38,862 | $ | 11,502 |
Vessels_Tables
Vessels (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Vessels [Abstract] | ' | |||||||
Schedule Of Property Plant And Equipment [Table Text Block] | ' | |||||||
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2011 | $ | 1,292,237 | $ | -245,518 | $ | 1,046,719 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 152,314 | - | 152,314 | |||||
- Acquisition, improvements and other vessel costs | 70,819 | - | 70,819 | |||||
- Depreciation for the year | - | -58,714 | -58,714 | |||||
Balance, December 31, 2012 | $ | 1,515,370 | $ | -304,232 | $ | 1,211,138 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 26,676 | - | 26,676 | |||||
- Acquisition, improvements and other vessel costs | 144,544 | - | 144,544 | |||||
- Depreciation for the year | - | -61,983 | -61,983 | |||||
Balance, December 31, 2013 | $ | 1,686,590 | $ | -366,215 | $ | 1,320,375 |
Property_and_equipment_net_Tab
Property and equipment, net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Schedule Of Property And Equipment [Table Text Block] | ' | |||||||
Property and Equipment | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2011 | $ | 22,552 | $ | -893 | $ | 21,659 | ||
- Additions in equipment and building improvements | 1,553 | - | 1,553 | |||||
- Depreciation for the year | - | -438 | -438 | |||||
Balance, December 31, 2012 | $ | 24,105 | $ | -1,331 | $ | 22,774 | ||
- Additions in equipment and building improvements | 575 | - | 575 | |||||
- Depreciation for the year | - | -523 | -523 | |||||
Balance, December 31, 2013 | $ | 24,680 | $ | -1,854 | $ | 22,826 |
Recovered_Sheet3
Prepaid charter revenue, current and non-current (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Prepaid Charter Revenue [Abstract] | ' | ||||||
Schedule of Prepaid Charter Revenue [Table Text Block] | ' | ||||||
Amount | Accumulated Amortization | Net | |||||
Balance, December 31, 2011 | $ | 15,000 | $ | -6,591 | $ | 8,409 | |
Amortization in the year | - | -3,056 | -3,056 | ||||
Balance, December 31, 2012 | $ | 15,000 | $ | -9,647 | $ | 5,353 | |
Amortization for the year | - | -5,353 | -5,353 | ||||
Balance, December 31, 2013 | $ | 15,000 | $ | -15,000 | $ | - |
Long_term_debt_current_and_non
Long term debt, current and non-current (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Instruments [Abstract] | ' | |||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||
31-Dec-13 | 31-Dec-12 | |||||
Royal Bank of Scotland revolving credit facility | $ | 240,000 | $ | 270,000 | ||
Bremer Landesbank loan facility | 25,600 | 29,200 | ||||
Deutsche Bank AG loan facilities | 48,250 | 33,400 | ||||
Credit Agricole Corporate and Investment Bank | 13,000 | 14,000 | ||||
Export-Import Bank of China and DnB Bank ASA loan facility | 64,219 | 69,054 | ||||
Nordea Bank Finland Plc loan facilities | 42,027 | 45,224 | ||||
Total debt outstanding | $ | 433,096 | $ | 460,878 | ||
Less related deferred financing costs | -1,539 | -1,766 | ||||
Total debt, net of deferred financing costs | $ | 431,557 | $ | 459,112 | ||
Current portion of long term debt | $ | -46,532 | $ | -45,032 | ||
Long-term debt, non-current portion | $ | 385,025 | $ | 414,080 | ||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||
Period | Principal Repayment | |||||
1-Jan-14 | to | 31-Dec-14 | $ | 46,532 | ||
1-Jan-15 | to | 31-Dec-15 | 72,732 | |||
1-Jan-16 | to | 31-Dec-16 | 194,132 | |||
1-Jan-17 | to | 31-Dec-17 | 43,374 | |||
1-Jan-18 | to | 31-Dec-18 | 20,686 | |||
1-Jan-19 | and thereafter | 55,640 | ||||
Total | $ | 433,096 |
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Fixed non-cancellable revenues under time charter contracts [Abstract] | ' | ||
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | ' | ||
Period | Amount | ||
Year 1 | $ | 122,473 | |
Year 2 | 41,448 | ||
Year 3 | 3,945 | ||
Total | $ | 167,866 |
Capital_Stock_and_Changes_in_C1
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Capital Stock and Changes in Capital Accounts [Abstract] | ' | ||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||
Number of Shares | Weighted Average Grant Date Price | ||||
Outstanding at December 31, 2010 | $ | 1,187,887 | $ | 15.3 | |
Granted | 616,055 | 12.64 | |||
Vested | -419,880 | 15.44 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2011 | $ | 1,384,062 | $ | 14.07 | |
Granted | 667,614 | 9.13 | |||
Vested | -600,051 | 13.83 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2012 | $ | 1,451,625 | $ | 11.9 | |
Granted | 607,946 | 9.06 | |||
Vested | -701,198 | 12.64 | |||
Forfeited or expired | - | - | |||
Outstanding at December 31, 2013 | $ | 1,358,373 | $ | 10.25 |
Recovered_Sheet4
Voyage and vessel operating expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Voyage And Vessel Operating Expenses [Abstract] | ' | |||||||
Schedule Of Voyage And Vessel Operating Expenses Analysis [Table Text Block] | ' | |||||||
2013 | 2012 | 2011 | ||||||
Voyage Expenses | ||||||||
Bunkers | $ | -62 | $ | -2,149 | $ | -1,663 | ||
Commissions charged by third parties | 7,939 | 10,273 | 11,963 | |||||
Miscellaneous | 242 | 150 | 297 | |||||
Total | $ | 8,119 | $ | 8,274 | $ | 10,597 | ||
Vessel Operating Expenses | ||||||||
Crew wages and related costs | $ | 45,451 | $ | 37,351 | $ | 31,497 | ||
Insurance | 6,438 | 4,747 | 4,369 | |||||
Spares and consumable stores | 14,825 | 14,996 | 12,686 | |||||
Repairs and maintenance | 5,548 | 6,609 | 5,903 | |||||
Tonnage taxes (Note 15) | 1,040 | 361 | 318 | |||||
Other operating expenses | 3,909 | 2,229 | 602 | |||||
Total | $ | 77,211 | $ | 66,293 | $ | 55,375 |
Interest_and_finance_costs_Tab
Interest and finance costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Interest and Finance Costs [Abstract] | ' | |||||||
Schedule Of Interest And Finance Costs [Table Text Block] | ' | |||||||
2013 | 2012 | 2011 | ||||||
Interest expense | $ | 7,600 | $ | 7,021 | $ | 4,494 | ||
Amortization of financing costs | 473 | 379 | 278 | |||||
Commitment fees and other costs | 67 | 218 | 152 | |||||
Total | $ | 8,140 | $ | 7,618 | $ | 4,924 |
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Basic LPS | Diluted LPS | Basic EPS | Diluted EPS | Basic EPS | Diluted EPS | |||||||||
Net income / (loss) | $ | -21,205 | $ | -21,205 | $ | 54,639 | $ | 54,639 | $ | 107,497 | $ | 107,497 | ||
Weighted average number of basic shares outstanding | 81,328,390 | 81,328,390 | 81,083,485 | 81,083,485 | 81,081,774 | 81,081,774 | ||||||||
Incremental shares | - | - | - | - | - | 42,574 | ||||||||
Weighted average number of diluted common shares outstanding | - | 81,328,390 | - | 81,083,485 | - | 81,124,348 | ||||||||
Earnings / (loss) per share | $ | -0.26 | $ | -0.26 | $ | 0.67 | $ | 0.67 | $ | 1.33 | $ | 1.33 |
Basis_of_presentation_and_gene1
Basis of presentation and general information, textual 1 (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation and General Information [Abstract] | ' |
Entity Incorporation, State Country Name | 'the Republic of the Marshal Islands |
Entity Incorporation, Date of Incorporation | 8-Mar-99 |
Basis_of_presentation_and_gene2
Basis of presentation and general information, textual 2 (Details) | Dec. 31, 2013 |
dwt | |
[PanamaCompaniaArmadoraSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,211 |
[HuskyTradingSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,336 |
[ChangameCompaniaArmadoraSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,583 |
[BuenosAiresCompaniaArmadoraSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,247 |
[SkyvanShippingCompanySaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,311 |
[CypresEnterprisesCorpMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,630 |
[UrbinaBayTradingSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 74,444 |
[ChorreraCompaniaArmadoraSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,172 |
[DarienCompaniaArmadoraSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,691 |
[TexfordMaritimeSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,691 |
[EatonMarineSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 75,106 |
[VestaCommercialSaMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 74,381 |
[AilukShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,546 |
[TakaShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 76,436 |
[BikarShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 73,593 |
[MandaringinaIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 76,225 |
[JemoShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 81,297 |
[FayoShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 76,942 |
[TuvaluShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 82,131 |
[JabatShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 82,193 |
[MakurShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 82,117 |
[MajuroShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 93,193 |
[GuamShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 98,697 |
[PalauShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 98,704 |
[JaluitShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 174,186 |
[BikiniShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 177,773 |
[GalaPropertiesIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 177,729 |
[KiliShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 174,261 |
[KnoxShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 180,235 |
[LibShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 177,828 |
[MarfortNavigationCompanyLimitedMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 171,810 |
[SilverChandraShippingCompanyLimitedMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 164,218 |
[BokakShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 177,243 |
[PulapShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 179,134 |
[LaeShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 206,104 |
[NamuShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 206,040 |
[ErikubShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Vessel Capacity | 77,525 |
[WothoShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Estimated Vessel Capacity | 76,000 |
[AsterShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Estimated Vessel Capacity | 208,500 |
[AerikShippingCompanyIncMember] | ' |
Capacity By Subsidiary [Line Items] | ' |
Estimated Vessel Capacity | 208,500 |
Basis_of_presentation_and_gene3
Basis of presentation and general information, details (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
[MinimumMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
[MajorCustomerMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 19.00% | 10.00% | ' |
[MajorCustomerBMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 17.00% | 18.00% | 18.00% |
[MajorCustomerCMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 11.00% | ' | ' |
[MajorCustomerDMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 11.00% | ' | ' |
[MajorCustomerEMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 12.00% | 11.00% |
[MajorCusstomerFMember] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 12.00% |
Significant_Accounting_Policie2
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash And Cash Equivalents Abstract | ' | ' | ' |
Compensating Balance, Amount | $18,000,000 | $15,000,000 | ' |
Property Plant And Equipment Impairment Or Disposa Abstract | ' | ' | ' |
Time charter equivalent rate assumed for asset impairment | '10 year average of 1 year time charter rates | ' | ' |
Assumed inflation percentage for asset impairment | 3.00% | ' | ' |
Assumed vessel utilization for asset impairment | 98.00% | ' | ' |
Off hire percentage assumed for asset impairment | 1.00% | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 |
Impairment of Real Estate | 0 | 0 | 0 |
Provision For Loan And Lease Losses Abstract | ' | ' | ' |
Provision For Loan Losses Expensed | 0 | ' | ' |
Receivables Abstract | ' | ' | ' |
Provision for Doubtful Accounts | $0 | $0 | ' |
Significant_Accounting_Policie3
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 2 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
[DrybulkersMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '25 years |
[BuildingMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '55 years |
Property, plant and equipment, salvage value | 0 |
[OfficeEquipmentMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
[VehiclesMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
[ComputerEquipmentMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 years |
[ComputerSoftwareIntangibleAssetMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 years |
Investment_in_Diana_Containers1
Investment in Diana Containerships Inc., textuals (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 |
[SubsidiariesMember] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percentage of Ownership before Transaction | ' | ' | ' | 54.60% |
Spinoff Transaction Shares | ' | ' | ' | 2,667,015 |
Spinoff Transaction Of Ownership Percentage | ' | ' | ' | 80.00% |
Dividends, Common Stock, Stock | ' | ' | ' | $36,981 |
Sale of Stock, Transaction Date | ' | ' | 15-Jun-11 | ' |
Payments to Acquire Equity Method Investments | ' | ' | 20,000 | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | 11.00% |
Equity Method Investment, Ownership Percentage | 9.51% | 10.40% | ' | ' |
Deconsolidation, Nature of Continuing Involvement, Description | 'on the basis of the significant influence exercised over Diana Containerships through its shareholding, its common executive Board, until March 1, 2013 through Diana Shipping Services and since May 2013 through a loan agreement | ' | ' | ' |
Equity Method Investments | 15,640 | 24,734 | ' | ' |
Equity Method Investment, Quoted Market Value | 13,501 | ' | ' | ' |
Share Price | $4.05 | ' | ' | ' |
Income / (loss) from Equity Method Investments | -6,094 | -1,773 | 1,207 | ' |
Cash dividends from investment in Diana Containerships Inc. | 4,000 | 2,835 | 100 | ' |
Dividends Receivable | $0 | $1,000 | ' | ' |
Related_parties_Details
Related parties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Other revenues | $447 | $2,447 | $1,117 |
Due to related parties | 221 | 264 | ' |
Due from related parties, current | 86 | 613 | ' |
Due from related parties, non-current | 50,233 | 0 | ' |
[AltairTravelAgencySaMember] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 2,640 | 2,957 | 1,799 |
Due to related parties | 196 | 192 | ' |
[EquityMethodInvesteeMember] | [ManagementAgreementsMember] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Monthly Management Fee Operating Vessels | 15 | ' | ' |
Monthly Management Fee Laid Up Vessels | 20 | ' | ' |
Revenue Commission Percentage | 1.00% | ' | ' |
Monthly Administrative Fee | 10 | ' | ' |
Related Party Transaction, Date of expiration | 1-Mar-13 | ' | ' |
Other revenues | 447 | 2,447 | 1,117 |
Due from related parties, current | 0 | 613 | ' |
[EquityMethodInvesteeMember] | [LoansReceivableMember] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Date of expiration | 20-Aug-17 | ' | ' |
Loan receivable from Diana Containerships Inc. | 50,000 | ' | ' |
Margin over Libor from agreement with Diana Containerships Inc. | 5.00% | ' | ' |
Back End Fee | 1.25% | ' | ' |
Due from related parties, current | 86 | ' | ' |
Due from related parties, non-current | 50,233 | ' | ' |
Interest income from loan with Diana Containerships Inc. | 1,196 | ' | ' |
[DianaEnterprisesIncMember] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Annual Brokerage Fee | ' | 2,384 | ' |
Monthly Administrative Fee | 208 | ' | ' |
Related Party Transaction, Amounts of Transaction | 2,481 | 2,384 | 1,704 |
Due to related parties | $25 | $0 | ' |
Advances_for_vessels_under_con1
Advances for vessels under construction and acquisitions and other vessel costs, detail 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Advances For Property Plant And Equipment [Abstract] | ' | ' | ' |
Pre-delivery installments | $37,810 | $8,700 | ' |
Advances For Vessel Acquisitions | 0 | 2,650 | ' |
Capitalized interest and finance costs | 624 | 100 | ' |
Other related costs | 428 | 52 | ' |
Total | $38,862 | $11,502 | $63,440 |
Advances_for_vessels_under_con2
Advances for vessels under construction and acquisitions and other vessel costs, detail 2 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Advances For Property Plant And Equipment [Abstract] | ' | ' |
Beginning balance | $11,502 | $63,440 |
Advances for vessels under construction and other vessel costs | 30,053 | 68,549 |
Advances for vessel acquisitions and other vessel costs | 23,983 | 31,827 |
Transferred to vessel cost | -26,676 | -152,314 |
Ending balance | $38,862 | $11,502 |
Advances_for_vessels_under_con3
Advances for vessels under construction and acquisitions and other vessel costs, textuals (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Advances For Property Plant And Equipment [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation | $117,590 |
[ErikubShippingCompanyIncMember] | ' |
Advances For Property Plant And Equipment [Line Items] | ' |
Contract Price Of Vessels Under Construction | 29,000 |
Unrecorded Unconditional Purchase Obligation | 17,400 |
[WothoShippingCompanyIncMember] | ' |
Advances For Property Plant And Equipment [Line Items] | ' |
Contract Price Of Vessels Under Construction | 29,000 |
Unrecorded Unconditional Purchase Obligation | 17,400 |
[AsterShippingCompanyIncMember] | ' |
Advances For Property Plant And Equipment [Line Items] | ' |
Contract Price Of Vessels Under Construction | 48,700 |
Unrecorded Unconditional Purchase Obligation | 41,395 |
[AerikShippingCompanyIncMember] | ' |
Advances For Property Plant And Equipment [Line Items] | ' |
Contract Price Of Vessels Under Construction | 48,700 |
Unrecorded Unconditional Purchase Obligation | $41,395 |
Vessels_detail_Details
Vessels, detail (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Property, Plant and Equipment [Roll Forward] | ' | ' |
Vessels, Beginning Balance | $1,515,370 | $1,292,237 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 26,676 | 152,314 |
Acquisitions, improvements and other vessel costs | 144,544 | 70,819 |
Vessels, Ending Balance | 1,686,590 | 1,515,370 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ' | ' |
Accumulated depreciation, Beginning Balance | -304,232 | -245,518 |
Depreciation | -61,983 | -58,714 |
Accumulated depreciation, Ending Balance | -366,215 | -304,232 |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Vessels net book value, Beginning Balance | 1,211,138 | 1,046,719 |
Vessels net book value, Ending Balance | $1,320,375 | $1,211,138 |
Vessels_textual_Details
Vessels, textual (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Line Items] | ' |
Property Plant And Equipment Collateral For Debt | $1,061,277 |
[TuvaluShippingCompanyIncMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Contract Price Of Vessels To Be Acquired | 26,500 |
Costs Capitalised In Vessels | 176 |
[NewVesselAcquisitionsMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Contract Price Of Vessels To Be Acquired | 141,423 |
Costs Capitalised In Vessels | 2,627 |
[ExistingFleetMember] | ' |
Property, Plant and Equipment [Line Items] | ' |
Costs Capitalised In Vessels | $494 |
Vessels_textual_2_Details
Vessels, textual 2 (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Change In Accounting Estimate [Line Items] | ' | ' |
Depreciation | ($61,983,000) | ($58,714,000) |
[SalvageValueMember] | ' | ' |
Change In Accounting Estimate [Line Items] | ' | ' |
Change In Accounting Estimate Description | 'Effective January 1, 2013, the Company changed its estimated scrap rate of all of its vessels from $150 per lightweight ton to $250 per lightweight ton. This change was made because the historical scrap rates over the past ten years have increased and as such the $150 rate was not considered representative. | ' |
Change In Accounting Estimate Financial Effect | 'For 2013, this increase in salvage values has reduced depreciation and net loss by approximately $2,946 and loss per share by approximately $0.04. | ' |
Earnings Per Share Basic | $0.04 | ' |
Property Plant And Equipment Salvage Value Per Ton | 250 | 150 |
Depreciation | $2,946,000 | ' |
Property_and_equipment_detail_
Property and equipment detail, detail (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Property, Plant and Equipment [Roll Forward] | ' | ' | ' |
Beginning Balance | $24,105 | $22,552 | ' |
Additions in equipment and building improvements | 575 | 1,553 | 220 |
Ending Balance | 24,680 | 24,105 | 22,552 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ' | ' | ' |
Accumulated Depreciation, Property and Equipment, Beginning Balance | -1,331 | -893 | ' |
Depreciation for the year | -523 | -438 | ' |
Accumulated Depreciation, Property and Equipment, Ending Balance | -1,854 | -1,331 | -893 |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' |
Property And Equipment Net, Beginning Balance | 22,774 | 21,659 | ' |
Property And Equipment Net, Ending Balance | $22,826 | $22,774 | $21,659 |
Prepaid_charter_revenue_textua
Prepaid charter revenue, textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement In Prepaid Charter Revenue Gross [Roll Forward] | ' | ' | ' |
Prepaid Charter Revenue Gross, Beginning Balance | $15,000 | $15,000 | ' |
Prepaid Charter Revenue, Additions | 0 | 0 | ' |
Prepaid Charter Revenue Gross, Ending Balance | 15,000 | 15,000 | 15,000 |
Movement in Accummulated Amortization Of Prepaid Charter Revenue [Roll Forward] | ' | ' | ' |
Accumulated Amortization Prepaid Charter Revenue, Beginning Balance | -9,647 | -6,591 | ' |
Prepaid Charter Revenue Amortization | -5,353 | -3,056 | -3,050 |
Accumulated Amortization Prepaid Charter Revenue, Ending Balance | -15,000 | -9,647 | -6,591 |
Prepaid Charter Revenue Net [Abstract] | ' | ' | ' |
Prepaid Charter Revenue, Net, Beginning Balance | 5,353 | 8,409 | ' |
Prepaid Charter Revenue, Net, Ending Balance | $0 | $5,353 | $8,409 |
Prepaid_charter_revenue_detail
Prepaid charter revenue, detail (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Prepaid Charter Revenue [Abstract] | ' | ' | ' |
Prepaid Charter Revenue Amortization | $5,353 | $3,056 | $3,050 |
Debt_detail_Details
Debt, detail (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | $433,096 | $460,878 |
Deferred financing costs | -1,539 | -1,766 |
Total debt, net of deferred financing costs | 431,557 | 459,112 |
Current portion of long-term debt | 46,532 | 45,032 |
Long-term debt, net of current portion and deferred financing costs | 385,025 | 414,080 |
[RevolvingCreditFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 240,000 | 270,000 |
[BremerLandesbankLoanFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 25,600 | 29,200 |
[DeutscheBankAgLoanFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 48,250 | 33,400 |
[CreditAgricoleCorporateAndInvestmentBankMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 13,000 | 14,000 |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 64,219 | 69,054 |
[NordeaBankFinlandPlcLoanFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | $42,027 | $45,224 |
Debt_textuals_1_Details
Debt, textuals 1 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Compensating Balance, Amount | $18,000 | $15,000 |
[RoyalBankOfScotlandRevolvingCreditFacilityFebruary2005Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 18-Feb-05 | ' |
Debt Instrument, Face Amount | 230,000 | ' |
[RoyalBankOfScotlandRevolvingCreditFacilityMay2006Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 24-May-06 | ' |
Debt Instrument, Face Amount | 300,000 | ' |
Line of Credit Facility, Date of First Required Payment | 24-May-12 | ' |
Debt Instrument, Frequency of Periodic Payments | 'semiannually | ' |
Debt Instrument, Periodic Payment, Principal | 15,000 | ' |
Debt Instrument, Baloon Payment | 165,000 | ' |
Debt Instrument, Maturity Date | 24-May-16 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin ranging from 0.75% to 0.85% | ' |
Long-term Debt, Weighted Average Interest Rate | 1.10% | 1.10% |
Debt Instrument, Priority | 'first priority or preferred ship mortgage | ' |
Number Of Vessels Collateral For Debt | 18 | ' |
Compensating Balance, Description | 'minimum liquidity of $400 per each vessel in the fleet mortgaged under or financed through the credit facility | ' |
Compensating Balance, Amount | 7,600 | 6,800 |
Minimum liquidity per vessel | 400 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility. | ' |
[RoyalBankOfScotlandRevolvingCreditFacilityMay2006Member] | [MaximumMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loan Margin Percentage | 0.85% | ' |
[RoyalBankOfScotlandRevolvingCreditFacilityMay2006Member] | [MinimumMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loan Margin Percentage | 0.75% | ' |
[BremerLandesbankLoanFacilityMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 22-Oct-09 | ' |
Debt Instrument, Face Amount | 40,000 | ' |
Debt Instrument Number Of Periodic Payment | 40 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 900 | ' |
Debt Instrument, Baloon Payment | 4,000 | ' |
Debt Instrument, Maturity Date | 12-Nov-19 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.15% | ' |
Long-term Debt, Weighted Average Interest Rate | 2.50% | 2.60% |
Debt Instrument, Priority | 'first preferred ship mortgage on the vessel "Houston" | ' |
Compensating Balance, Amount | 875 | 721 |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends from the earnings of the vessel following the occurrence of an event of default. | ' |
[DeutscheBankAgLoanFacilityMember] | [BikiniShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 8-Oct-09 | ' |
Debt Instrument, Face Amount | 40,000 | ' |
Debt Instrument Number Of Periodic Payment | 19 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 600 | ' |
Debt Instrument, Baloon Payment | 28,600 | ' |
Debt Instrument, Maturity Date | 10-Mar-15 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.40% | ' |
Long-term Debt, Weighted Average Interest Rate | 2.70% | 2.90% |
Debt Instrument, Priority | 'first preferred ship mortgage on the vessel "New York" and second preferred ship mortgage on the vessels "Myrto" and "Maia" | ' |
Compensating Balance, Description | 'minimum liquidity of $400 for the borrower, average cash balance of $10,000 for the guarantor | ' |
Compensating Balance, Amount | 10,000 | ' |
Borrower Minimum Liquidity | 400 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends which would result in a breach of financial covenants or if an event of default has occurred and is continuing. | ' |
[DeutscheBankAgLoanFacilityMember] | [TuvaluAndJabatMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 18-Jun-13 | ' |
Debt Instrument, Face Amount | 18,000 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 375 | ' |
Debt Instrument, Baloon Payment | 10,500 | ' |
Debt Instrument, Maturity Date | 20-Jun-18 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 3.00% | ' |
Long-term Debt, Weighted Average Interest Rate | 3.30% | ' |
Debt Issuance Costs | 225 | ' |
Debt Instrument, Fee Amount | 5 | ' |
Debt Instrument, Priority | 'first preferred mortgages on the vessels "Myrto" and "Maia" cross-collateralized with a second preferred mortgage on "New York" | ' |
Compensating Balance, Description | 'minimum liquidity of $500 for each borrower and $500 for each vessel owned by the guarantor | ' |
Borrower Minimum Liquidity | 500 | ' |
Minimum liquidity per vessel | 500 | ' |
Debt Instrument, Restrictive Covenants | 'The borrowers are not permited to pay any dividends that would result in breach of financial covenants or if an event of default has occurred and is continuing, unremedied and unwaived. | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [LaeAndNamuMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 2-Oct-10 | ' |
Debt Instrument, Face Amount | 82,600 | ' |
Proceeds From Issuance Of Debt | 72,100 | ' |
Debt Instrument, Payment Terms | 'Each Bank has the right to demand repayment of the outstanding balance of any advance 72 months after the respective advance drawdown. Such demand shall be subject to written notification to be made no earlier than 54 months and not later than 60 months after the respective drawdown date for that advance. | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.50% | ' |
Long-term Debt, Weighted Average Interest Rate | 2.80% | 2.90% |
Debt Instrument, Fee Amount | 10 | ' |
Debt Instrument, Priority | 'first preferred ship mortgage on the vessels | ' |
Compensating Balance, Description | 'The loan requires minimum liquidity of $400 for each borrower, an average cash balance of $10,000 for the guarantor | ' |
Compensating Balance, Amount | 10,000 | ' |
Borrower Minimum Liquidity | 400 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends, that would result in an event of default or if an event of default has occurred and is continuing. | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [LaeShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Number Of Periodic Payment | 40 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 628 | ' |
Debt Instrument, Baloon Payment | 12,330 | ' |
Debt Instrument, Maturity Date | 15-Feb-22 | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [NamuShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Number Of Periodic Payment | 40 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 581 | ' |
Debt Instrument, Baloon Payment | 11,410 | ' |
Debt Instrument, Maturity Date | 18-May-22 | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [ErikubAndWothoMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 24-May-13 | ' |
Debt Instrument Term | '5 years | ' |
Debt Instrument, Maturity Date | 31-Mar-19 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 3.00% | ' |
Commitment Fee Percentage | 0.20% | ' |
Debt instrument, commitment fees | 'an additional commitment fee of 0.4% on the undrawn amount to be provided by DnB, amounting to $6,000 | ' |
Debt Issuance Costs | 177 | ' |
Debt Instrument, Fee Amount | 10 | ' |
Debt Instrument, Priority | 'frst preferred or statutory cross collateralized ship mortgages on the vessels | ' |
Compensating Balance, Description | 'The loan requires minimum liquidity of $200 for each borrower and $500 for each vessel owned by the guarantor | ' |
Borrower Minimum Liquidity | 200 | ' |
Minimum liquidity per vessel | 500 | ' |
Debt Instrument, Restrictive Covenants | 'The borrowers are not permitted to pay any dividends that would result in an event of default or would occur as a result thereof. | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [ErikubShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 15,000 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 250 | ' |
Debt Instrument, Baloon Payment | 10,000 | ' |
[ExportImportBankOfChinaAndDnbBankAsaLoanFacilityMember] | [WothoShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 15,000 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 250 | ' |
Debt Instrument, Baloon Payment | 10,000 | ' |
[CreditAgricoleCorporateAndInvestmentBankMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 13-Sep-11 | ' |
Debt Instrument, Face Amount | 15,000 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'semiannual installments | ' |
Debt Instrument, Periodic Payment, Principal | 500 | ' |
Debt Instrument, Baloon Payment | 5,000 | ' |
Debt Instrument, Maturity Date | 15-Sep-21 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank | ' |
Long-term Debt, Weighted Average Interest Rate | 1.30% | 1.20% |
Debt Instrument, Priority | 'first priority mortgage on the vessel "Arethusa" | ' |
Compensating Balance, Description | 'Minimum cash of $10,000 to be held by DSI and $500 to be held by Bikar and/or the guarantor | ' |
Compensating Balance, Amount | 10,000 | ' |
Borrower Minimum Liquidity | 500 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends, that would result to an event of default or if an event of default has occurred and is continuing. | ' |
[CreditAgricoleCorporateAndInvestmentBankMember] | [MaximumMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loan Margin Percentage | 2.50% | ' |
[CreditAgricoleCorporateAndInvestmentBankMember] | [MinimumMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loan Margin Percentage | 1.00% | ' |
[NordeaBankFinlandPlcLoanFacilityMember] | [JemoAndMandaringinaMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 21-Jun-12 | ' |
Debt Instrument, Face Amount | 26,450 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.50% | ' |
Long-term Debt, Weighted Average Interest Rate | 2.70% | 2.70% |
Debt Instrument, Priority | 'first priority or preferred mortgage on the vessels | ' |
Compensating Balance, Description | 'Minimum liquidity of $500 per vessel owned by the guarantor | ' |
Minimum liquidity per vessel | 500 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends, that would result in an event of default or if an event of default has occurred and is continuing. | ' |
[NordeaBankFinlandPlcLoanFacilityMember] | [JemoShippingCompanyIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 7-Feb-12 | ' |
Debt Instrument, Face Amount | 16,125 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 252 | ' |
Debt Instrument, Baloon Payment | 11,085 | ' |
Debt Instrument, Maturity Date | 7-Feb-17 | ' |
[NordeaBankFinlandPlcLoanFacilityMember] | [MandaringinaIncMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 10,325 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 235 | ' |
Debt Instrument, Baloon Payment | 5,625 | ' |
Debt Instrument, Maturity Date | 7-May-17 | ' |
[NordeaBankFinlandPlcLoanFacilityMember] | [PalauAndGuamMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 20-Dec-12 | ' |
Debt Instrument, Face Amount | 20,000 | ' |
Debt Instrument Number Of Periodic Payment | 20 | ' |
Debt Instrument, Frequency of Periodic Payments | 'quarterly installments | ' |
Debt Instrument, Periodic Payment, Principal | 312 | ' |
Debt Instrument, Baloon Payment | 13,760 | ' |
Debt Instrument, Maturity Date | 21-Dec-17 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.90% | ' |
Long-term Debt, Weighted Average Interest Rate | 3.10% | 3.10% |
Debt Instrument, Priority | 'first priority or preferred mortgage on the vessels | ' |
Compensating Balance, Description | 'Minimum liquidity of $500 per vessel owned by the guarantor | ' |
Minimum liquidity per vessel | 500 | ' |
Debt Instrument, Restrictive Covenants | 'The Company is not permitted to pay any dividends, that would result in an event of default or if an event of default has occurred and is continuing. | ' |
[CommonwealthBankOfAustraliaCommitmentMember] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 24-Oct-13 | ' |
Debt Instrument, Face Amount | 18,000 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus a margin | ' |
Loan Margin Percentage | 2.25% | ' |
Commitment Fee Percentage | 1.00% | ' |
Debt Issuance Costs | $135 | ' |
Debt_textuals_2_Details
Debt, textuals 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long Term Debt, current and non-current [Abstract] | ' | ' | ' |
Compensating Balance, Amount | $18,000 | $15,000 | ' |
Interest Costs Incurred | 8,068 | 7,342 | 5,129 |
Interest Costs, Capitalized During Period | 468 | 321 | 635 |
Debt Instrument, Unused Borrowing Capacity, Fee | 56 | 122 | 468 |
Debt Instrument Unused Borrowing Capacity Fee Capitalized | $56 | $103 | $422 |
Debt_textuals_3_Details
Debt, textuals 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $46,532 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 72,732 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 194,132 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 43,374 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 20,686 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 55,640 | ' |
Total debt outstanding | $433,096 | $460,878 |
Recovered_Sheet5
Commitments and Contingencies, textuals (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Environmental Remediation Obligations Abstract | ' |
Insurance Coverage For Pollution | $1,000,000,000 |
Supplemental Calls Review Period | '3 years |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation | 117,590,000 |
[ErikubShippingCompanyIncMember] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Contract Price Of Vessels Under Construction | 29,000,000 |
Unrecorded Unconditional Purchase Obligation | 17,400,000 |
[WothoShippingCompanyIncMember] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Contract Price Of Vessels Under Construction | 29,000,000 |
Unrecorded Unconditional Purchase Obligation | 17,400,000 |
[AsterShippingCompanyIncMember] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Contract Price Of Vessels Under Construction | 48,700,000 |
Unrecorded Unconditional Purchase Obligation | 41,395,000 |
[AerikShippingCompanyIncMember] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Contract Price Of Vessels Under Construction | 48,700,000 |
Unrecorded Unconditional Purchase Obligation | $41,395,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies, textuals 2 (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loss Contingency Abstract | ' |
Loss Contingency Lawsuit Filing Date | '2013-03-20 |
Litigation Settlement Amount | $1,100 |
Commitments_and_Contingencies_2
Commitments and Contingencies, detail (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | ' |
Year 1 | $122,473 |
Year 2 | 41,448 |
Year 3 | 3,945 |
Total | $167,866 |
Capital_Stock_and_Changes_in_C2
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Common Stock Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock Par Or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock Par Or Stated Value Per Share | $0.01 | $0.01 |
Capital_Stock_and_Changes_in_C3
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) | 1 Months Ended | |
31-May-11 | Feb. 28, 2005 | |
[RestrictedStockMember] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock Incentive Plan, Number of Shares Authorized | 5,000,000 | 2,800,000 |
Stock Incentive Plan, Expiration Date | 2-May-21 | ' |
Capital_Stock_and_Changes_in_C4
Capital Stock and Changes in Capital Accounts, textuals 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Non vested restricted common stock, beginning balance | 1,451,625 | 1,384,062 | 1,187,887 |
Granted | 607,946 | 667,614 | 616,055 |
Vested | -701,198 | -600,051 | -419,880 |
Forfeited or expired | ' | ' | ' |
Non vested restricted common stock, ending balance | 1,358,373 | 1,451,625 | 1,384,062 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted Average Grant Date Fair Value, beginning balance | $11.90 | $14.07 | $15.30 |
Weighted Average Grant Date Fair Value, Granted | $9.06 | $9.13 | $12.64 |
Weighted Average Grant Date Fair Value, Vested | $12.64 | $13.83 | $15.44 |
Weighted Average Grant Date Fair Value, Forfeited or expired | ' | ' | ' |
Weighted Average Grant Date Fair Value, enging balance | $10.25 | $11.90 | $14.07 |
Capital_Stock_and_Changes_in_C5
Capital Stock and Changes in Capital Accounts, textuals 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost on restricted stock | $8,203 | $8,645 | $8,095 |
[ParentCompanyMember] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost on restricted stock | 8,203 | 8,645 | 8,087 |
Unrecognized cost for unvested restricted shares | 7,966 | 10,662 | ' |
Total Compensation Cost Not yet Recognized, Period for Recognition | '0 years 9 months 27 days | ' | ' |
[SubsidiariesMember] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost on restricted stock | ' | ' | $7 |
Capital_Stock_and_Changes_in_C6
Capital Stock and Changes in Capital Accounts, textuals 5 (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' |
Stock repurchased and retired, shares | 853,607 | 154,091 |
Stock Repurchased and Retired During Period, Value | $6,044 | $1,187 |
Voyage_and_Operating_Expenses_
Voyage and Operating Expenses, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Direct Operating Costs [Abstract] | ' | ' | ' |
Bunkers | ($62) | ($2,149) | ($1,663) |
Commissions charged by third parties | 7,939 | 10,273 | 11,963 |
Mischellaneous | 242 | 150 | 297 |
Voyage expenses | $8,119 | $8,274 | $10,597 |
Voyage_and_Operating_Expenses_1
Voyage and Operating Expenses, details 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Costs and Expenses [Abstract] | ' | ' | ' |
Crew wages and related costs | $45,451 | $37,351 | $31,497 |
Insurance | 6,438 | 4,747 | 4,369 |
Spares and consumable stores | 14,825 | 14,996 | 12,686 |
Repairs and maintenance | 5,548 | 6,609 | 5,903 |
Tonnage taxes | 1,040 | 361 | 318 |
Other operating expenses | 3,909 | 2,229 | 602 |
Vessel operating expenses | $77,211 | $66,293 | $55,375 |
Interest_and_Finance_Costs_det
Interest and Finance Costs, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and Finance Costs [Abstract] | ' | ' | ' |
Interest expense | $7,600 | $7,021 | $4,494 |
Amortization of financing costs | 473 | 379 | 278 |
Commitment fees and other costs | 67 | 218 | 152 |
Interest and finance costs | $8,140 | $7,618 | $4,924 |
Earnings_loss_per_share_textua
Earnings / (loss) per share, textual (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Incremental shares | 0 | 0 | 42,574 |
Earnings_loss_per_share_detail
Earnings / (loss) per share, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net income / (loss) | ($21,205) | $54,639 | $107,495 |
Weighted average number of common shares, basic | 81,328,390 | 81,083,485 | 81,081,774 |
Incremental shares | 0 | 0 | 42,574 |
Weighted average number of common shares, diluted | 81,328,390 | 81,083,485 | 81,124,348 |
Earnings / (loss) per share | ($0.26) | $0.67 | $1.33 |
Income_Taxes_textual_Details
Income Taxes, textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Uncertainties [Abstract] | ' | ' | ' |
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | ' | ' |
Minimum Vote And Value Percentage Of Regularly Traded Stock | 50.00% | ' | ' |
Significant Shareholder Percentage | 5.00% | ' | ' |
Tax Rate On US Source Shipping Income | 2.00% | ' | ' |
Unrecognized tax expense | $238 | $289 | $217 |
Financial_Instruments_textual_
Financial Instruments, textual (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-09 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial Instruments [Abstract] | ' | ' | ' | ' |
Types of Interest Rate Derivatives Used | 'a five-year zero-cost collar agreement | ' | ' | ' |
Derivative, Floor Interest Rate | 1.00% | ' | ' | ' |
Derivative, Cap Interest Rate | 7.80% | ' | ' | ' |
Notional Amount of financial instrument | $100,000 | ' | ' | ' |
Fair value of derivative instruments | ' | 378 | 994 | ' |
Loss from derivative instruments | ' | ($118) | ($518) | ($737) |
Subsequent_Events_textual_Deta
Subsequent Events, textual (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | [ConstructionContractsMember] | [DebtMember] | [SeriesBPreferredStockMember] | [AnnualIncentiveBonusMember] | [StockCompensationPlanMember] | [DianaEnterprisesIncMember] | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event, Date | ' | ' | 8-Jan-14 | 9-Jan-14 | 24-Feb-14 | 17-Feb-14 | 17-Feb-14 | 4-Mar-14 |
Restricted stock issued subsequent to year-end | ' | ' | ' | ' | ' | ' | 550,000 | ' |
Vesting period of restricted stock issued | ' | ' | ' | ' | ' | ' | '3 years | ' |
Debt Instrument, Face Amount | ' | ' | ' | $18,000 | ' | ' | ' | ' |
Contract Price Of Vessels Under Construction | ' | ' | 28,825 | ' | ' | ' | ' | ' |
Debt Issuance Costs | ' | ' | ' | 135 | ' | ' | ' | ' |
Preferred Stock Shares Issued | 0 | 0 | ' | ' | 2,600,000 | ' | ' | ' |
Preferred Stock Par Or Stated Value Per Share | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' |
Preferred Stock Value Per Share | ' | ' | ' | ' | $25 | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | ' | ' | 62,590 | ' | ' | ' |
Monthly Brokerage Fee Revised | ' | ' | ' | ' | ' | ' | ' | 104 |
Accrued Bonus | ' | ' | ' | ' | ' | 1,082 | ' | ' |
Unrecognized cost for unvested restricted shares | ' | ' | ' | ' | ' | ' | $6,859 | ' |