Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document type | 20-F |
Document period end date | Dec. 31, 2018 |
Amendment flag | false |
Document Fiscal Year Focus | 2018 |
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 | Accelerated Filer |
Entity well known seasoned issuer | No |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity common stock shares outstanding | 103,764,351 |
Trading Symbol | DSX |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 126,825 | $ 40,227 |
Accounts receivable, trade (Note 2(f)) | 2,948 | 4,937 |
Due from related parties (Notes 2(g) and 4(b)) | 0 | 82,660 |
Inventories (Note 2(h)) | 5,835 | 5,770 |
Prepaid expenses and other assets | 6,364 | 5,167 |
Total current assets | 141,972 | 138,761 |
FIXED ASSETS: | ||
Vessels' net book value (Note 5) | 991,403 | 1,053,578 |
Property and equipment, net (Note 6) | 22,425 | 22,650 |
Total fixed assets | 1,013,828 | 1,076,228 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash (Notes 2(e) and 7) | 24,582 | 25,582 |
Investments in related parties (Notes 2(v) and 3) | 3,263 | 3,249 |
Deferred charges, net (Notes 2(m), 2(n) and 5) | 4,151 | 2,902 |
Total assets | 1,187,796 | 1,246,722 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current (Note 7) | 96,434 | 60,763 |
Accounts payable, trade and other | 11,073 | 7,954 |
Due to related parties (Note 4(a) and 4(d)) | 182 | 271 |
Accrued liabilities | 13,377 | 8,246 |
Deferred revenue | 4,090 | 3,207 |
Total current liabilities | 125,156 | 80,441 |
Long-term debt, net of current portion and deferred financing costs, non-current (Note 7) | 434,113 | 540,621 |
Other non-current liabilities | 843 | 902 |
Commitments and contingencies (Note 8) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 9(a)) | 26 | 26 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 103,764,351 and 106,131,017 issued and outstanding at December 31, 2018 and 2017, respectively (Note 9(b)) | 1,038 | 1,061 |
Additional paid-in capital | 1,062,645 | 1,070,500 |
Accumulated other comprehensive income | 287 | 294 |
Accumulated deficit | (436,312) | (447,123) |
Total stockholders' equity | 627,684 | 624,758 |
Total liabilities and stockholders' equity | $ 1,187,796 | $ 1,246,722 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
CONSOLIDATED BALANCE SHEETS | ||
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 | 103,764,351 | 106,131,017 |
Common Stock, Shares Outstanding | 103,764,351 | 106,131,017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Time charter revenues | $ 226,189 | $ 161,897 | $ 114,259 |
EXPENSES: | |||
Voyage expenses | 7,405 | 8,617 | 13,826 |
Vessel operating expenses | 95,510 | 90,358 | 85,955 |
Depreciation and amortization of deferred charges | 52,206 | 87,003 | 81,578 |
General and administrative expenses | 29,518 | 26,332 | 25,510 |
Management fees to related party (Notes 3(b) and 4(d)) | 2,394 | 1,883 | 1,464 |
Impairment loss (Note 5) | 0 | 442,274 | 0 |
Loss from sale of vessels (Note 5) | 1,448 | 0 | 0 |
Insurance recoveries, net of other loss (Note 5) | 0 | (10,879) | 0 |
Gain on contract termination | 0 | 0 | (5,500) |
Other loss/(gain) | (542) | 296 | (253) |
Operating income/(loss) | 38,250 | (483,987) | (88,321) |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Note 10) | (30,506) | (26,628) | (21,949) |
Interest and other income (Note 4(b)) | 8,822 | 4,508 | 2,410 |
Gain/(loss) from equity method investments (Note 3) | 14 | (5,607) | (56,377) |
Total other expenses, net | (21,670) | (27,727) | (75,916) |
Net income/(loss) | 16,580 | (511,714) | (164,237) |
Dividends on series B preferred shares (Notes 9(a) and 11) | (5,769) | (5,769) | (5,769) |
Net income/(loss) attributed to common stockholders | $ 10,811 | $ (517,483) | $ (170,006) |
Earnings/(loss) per common share, basic and diluted (Note 11) | $ 0.1 | $ (5.41) | $ (2.11) |
Weighted average number of common shares, basic (Note 11) | 103,736,742 | 95,731,093 | 80,441,517 |
Weighted average number of common shares, diluted (Note 11) | 104,715,883 | 95,731,093 | 80,441,517 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net income/(loss) | $ 16,580 | $ (511,714) | $ (164,237) |
Other comprehensive income/(loss) (Actuarial gain/(loss)) | (7) | 109 | (84) |
Comprehensive income/(loss) | $ 16,573 | $ (511,605) | $ (164,321) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Other Comprehensive Income / (Loss) | Retained Earnings/ (Accumulated Deficit) |
Balance of shares at Dec. 31, 2015 | 2,600,000 | 82,546,017 | ||||
Balance at Dec. 31, 2015 | $ 1,218,366 | $ 26 | $ 825 | $ 976,880 | $ 269 | $ 240,366 |
Net income/(loss) | (164,237) | (164,237) | ||||
Issuance of restricted stock and compensation cost, shares (Note 9(e)) | 2,150,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(e)) | 8,313 | $ 22 | 8,291 | |||
Dividends on series B preferred stock (Note 9(a)) | (5,769) | (5,769) | ||||
Other comprehensive income / ( loss) | (84) | (84) | ||||
Balance of shares at Dec. 31, 2016 | 2,600,000 | 84,696,017 | ||||
Balance at Dec. 31, 2016 | 1,056,589 | $ 26 | $ 847 | 985,171 | 185 | 70,360 |
Net income/(loss) | (511,714) | (511,714) | ||||
Issuance of common stock, shares (Note 9(c)) | 20,125,000 | |||||
Issuance of common stock, value (Note 9(c)) | 77,311 | $ 201 | 77,110 | |||
Issuance of restricted stock and compensation cost, shares (Note 9(e)) | 1,310,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(e)) | 8,232 | $ 13 | 8,219 | |||
Dividends on series B preferred stock (Note 9(a)) | (5,769) | (5,769) | ||||
Other comprehensive income / ( loss) | 109 | 109 | ||||
Balance of shares at Dec. 31, 2017 | 2,600,000 | 106,131,017 | ||||
Balance at Dec. 31, 2017 | 624,758 | $ 26 | $ 1,061 | 1,070,500 | 294 | (447,123) |
Net income/(loss) | 16,580 | 16,580 | ||||
Stock repurchased and retired, shares (Note 9(d)) | (4,166,666) | |||||
Stock repurchased and retired, value (Note 9(d)) | (15,157) | $ (41) | (15,116) | |||
Issuance of restricted stock and compensation cost, shares (Note 9(e)) | 1,800,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(e)) | 7,279 | $ 18 | 7,261 | |||
Dividends on series B preferred stock (Note 9(a)) | (5,769) | (5,769) | ||||
Other comprehensive income / ( loss) | (7) | (7) | ||||
Balance of shares at Dec. 31, 2018 | 2,600,000 | 103,764,351 | ||||
Balance at Dec. 31, 2018 | $ 627,684 | $ 26 | $ 1,038 | $ 1,062,645 | $ 287 | $ (436,312) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 16,580 | $ (511,714) | $ (164,237) |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 52,206 | 87,003 | 81,578 |
Impairment loss (Note 5) | 0 | 442,274 | 0 |
Amortization of financing costs (Note 10) | 1,939 | 1,455 | 1,503 |
Amortization of free lubricants benefit | 0 | 0 | (15) |
Compensation cost on restricted stock (Note 9(c)) | 7,279 | 8,232 | 8,313 |
Actuarial loss/(gain) | (7) | 109 | (84) |
Loss from sale of vessels (Note 5) | 1,448 | 0 | 0 |
Gain from loan to a related party (Note 4 (b)) | (5,000) | 0 | 0 |
Gain from insurance recoveries, net of other loss (Note 5) | 0 | (10,879) | 0 |
Gain on shipbuilding contract termination | 0 | 0 | (278) |
Loss/(gain) from equity method investments (Note 3) | (14) | 5,607 | 56,377 |
(Increase) / Decrease in: | |||
Accounts receivable, trade | 1,989 | 966 | (1,391) |
Due from related parties | 43 | (141) | 3,334 |
Inventories | (65) | 90 | 391 |
Prepaid expenses and other assets | (1,197) | 142 | 620 |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | 3,119 | 1,382 | (2,391) |
Due to related parties | (89) | 246 | (39) |
Accrued liabilities, net of accrued preferred dividends | 5,131 | 2,512 | (715) |
Deferred revenue | 883 | 2,385 | (1,592) |
Other non-current liabilities | (59) | 162 | 117 |
Drydock costs | (4,256) | (6,418) | (2,489) |
Net cash provided by/(used in) Operating Activities | 79,930 | 23,413 | (20,998) |
Cash Flows from Investing Activities: | |||
Payments for vessel acquisitions, improvements and construction (Note 5) | (2,573) | (125,781) | (50,911) |
Proceeds from vessel sales, net of expenses (Note 5) | 14,578 | 2,032 | 0 |
Proceeds from insurance contract, net of expenses (Note 5) | 0 | 11,362 | 0 |
Proceeds from sale of investment (Note 3(a)) | 0 | 158 | 0 |
Proceeds from shipbuilding contract termination (Notes 5) | 0 | 0 | 9,413 |
Cash dividends from investment in a related party (Note 3(a)) | 0 | 0 | 96 |
Loan to a related party (Note 4(b)) | 0 | (40,000) | 0 |
Proceeds from loan to a related party (Note 4(b)) | 87,617 | 0 | 0 |
Payments for plant, property and equipment (Note 6) | (252) | (104) | (217) |
Net cash provided by/(used in) Investing Activities | 99,370 | (152,333) | (41,619) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt (Note 7) | 100,000 | 57,240 | 39,265 |
Proceeds from issuance of common stock, net of expenses (Note 9(c)) | 0 | 77,311 | 0 |
Cash dividends on preferred stock | (5,769) | (5,769) | (5,769) |
Payments for repurchase of common stock (Note 9(d)) | (15,157) | 0 | 0 |
Financing costs | (2,833) | (31) | (466) |
Loan payments (Note 7) | (169,943) | (55,164) | (42,489) |
Net cash provided by/(used in) Financing Activities | (93,702) | 73,587 | (9,459) |
Net increase / (decrease) in cash, cash equivalents and restricted cash | 85,598 | (55,333) | (72,076) |
Cash, cash equivalents and restricted cash at beginning of the year | 65,809 | 121,142 | 193,218 |
Cash, cash equivalents and restricted cash at end of the year | 151,407 | 65,809 | 121,142 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents | 126,825 | 40,227 | 98,142 |
Restricted cash | 24,582 | 25,582 | 23,000 |
Cash, cash equivalents and restricted cash at end of the year | 151,407 | 65,809 | 121,142 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Related party loan reduction in exchange for preferred shares (Note 3(a)) | 0 | 3,000 | 0 |
Interest, net of amounts capitalized | $ 25,683 | $ 24,503 | $ 19,265 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2018 | |
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 ac counts of Diana Shipping Inc., or DSI , and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). DSI 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 Compan y also operates the majority of its own fleet through Diana Shipping Services S.A., or DSS, a wholly-owned subsidiary and a limited number of vessels through a 50% owned joint venture (Notes 3 and 4 ). Diana Shipping Services S.A. , or DSS , provides the Company and its vessels with management services since November 12, 2004, pursuant to management agreements and since October 1, 2013 administrative services with regards to services related to DSI’s operations and its subsidiaries . Such costs are eliminated in consolidation. As at December 31 , 2018 , DSS does not provide management services to eight vessels in the Company’s fleet whose management has been transferred progressively since August 2015 to D iana Wilhelmsen Management Limited, or DWM, (Notes 3 (b) and 4 (d)). During 2018 , 2017 and 2016 c harterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2018 2017 2016 A 16% 14% 15% B 15% 17% C 14% 12% 10% D 19% E 10% 10% |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies | 2 . Significant Accounting Policies 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. All intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consoli dates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Compa ny controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For e ntities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the initial determination of whether an entity is a VIE if certain types of events (“reconsideration events”) occur. I f the Company holds a variable interest in an entit y that previously was not a VIE, it reconsiders whether the entity has become a VIE. The Co mpany has identified that it has variable interests in Diana Containerships Inc. (renamed to Performance Shipping Inc. in February 2019), or Diana Containerships, and Diana Wilhelmsen Management Limited. The Company has assessed that Diana Containerships i s a VIE since 2017 but the Company is not the primary beneficiary (Notes 3 (a) and 4 (b) ). 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 a nd expenses during the reporting period. Actual results could differ from those estimates. c) Other Comprehensive Income / ( L oss): The Company separately presents certain transactions, which are recorded directly as components of stockholders’ equity. Ot her Comprehensive Income / (Loss) is presented in a separate statement. d) Foreign Currency Translation: The functional currency of the Company is the U.S. d ollar because the Company’s vessels operate in international shipping markets, and therefore prima rily transact business in U.S. d ollars. The Company’s accounting records are maintained in U.S. d ollars. Transactions involving other currencies during the year are converted into U.S. d ollars using the exchange rates in effect at the time of the transacti ons. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. d ollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. e) Cash and Cash Equivalents and Restricted Cash : 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. Restricted cash consists mainly of cash deposits required to be maintained at all times under the Company’s loan facilities (Note 7 ). As of December 31, 2018 and 2017 , restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage. f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, 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, 2018 and 2017 . g) Loan Receiva ble from Related Party : The amount shown as Due from related parties in the consolidated balance sheet as at December 31, 2017 , represent s a receivable from Diana Containerships with respect to a loan agreement, net of any provision for credit losses an d does not include the $5,000 discount premium which was received in 2018 when the loan was fully collected (Note 4 (b)). Interest income and fees, deriving from the agreement were recorded in the accounts as incurred. At each balance sheet d ate, amounts due under the aforementioned loan agreement were assessed for purposes of determining the appropriate provision for credit losses. As at December 31, 2017 , the Company assess ed the ability of Diana Containerships to meet its obligations und er the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships , equity offerings, sale plans, historical losses, and other risks/factors that could affect Diana Containerships’ futur e financial condition and its ability to meet its obligations . As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships would be able to meet its obligations under the loan in th e near future. h) Inventories : Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predic table costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. 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 , if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method . 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 ex tend 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 a voided 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. j) Property and equipment: The Company owns t he 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. The building has an estimated useful life of 55 years with no residual va lue. Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles which consist of motor scooters and a car . The useful life of the car is 10 years, of the office fur niture, equipment and the scooters is 5 years; and of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. k) Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain ident ifiable 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 , plus unamortized dry-docking costs , 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 an d 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 , 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 of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. Historical ten-year blended average one-year time charter rates are in line with the Company’s over all 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, where applicable; (ii) expected outflows for scheduled vessels’ m aintenance; (iii) vessel operating expenses; and (iv) fleet utilization; assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 were exceptional . In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company performed the exercise discussed above which resulted to recording an impairment on certain vessels’ carrying value (Note 5 ). No impairment loss was identified or recorded for 2018 (by excluding similarly to 2017 the charter rates for the years 2009-2010) and 2016 . 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. N o impairment loss was identified or recorded for 2018 , 2017 and 2016 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. l ) 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. 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 t heir 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 . m ) 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 or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment. n) Financing Costs : Fees paid to lenders for obtaining new loans or refinancin g 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 an d 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 f ees 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 lo ans obtained to finance vessels under construction, in which case they are capitalized to the vessels’ cost. o) Concentration of Credit Risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consis t principally of cash and trade accounts receivable. 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 colla teral for its accounts receivable and does not have any agreements to mitigate credit risk. p) Accounting for Revenues and Expenses : Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 8 42. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease ter m is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premi ums for navigating in restricted areas and damages cau sed by the charterers. Additionally, the charter er pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, un less they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company , as lessor, has elected not to allocate the considera tion in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee , are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, th e lease component i s considered the predominant component as th e Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts . q ) 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. r) E arnings / (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 comm on share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. s) 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 fi nancial 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 ch arters. 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. t) Fair Value Measurements : T he Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categori es: 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 d ata. u) Share Based Payments: The Company issues restricted share awards which are measured at their grant date fair value and are not subsequently re - measured. That cost is recognized over the period during which an employee is required to provide servi ce 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. Forfeitures of awards are accounted for when and if t hey occur. 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 modif ication. v) 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 reco rds 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. Dividends received , if any, reduce the carryi ng 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 obli gations and made payments on behalf of the entity. 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 t he carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. T he Company assessed the financial condition of Diana Containerships (Note 3 (a)) , the ma rket conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company recorded impairment in 2017 and 2016, which is included in Gain/(loss) from equity method investments in the accompanyin g statements of operations. w) Going concern: M anagement evaluate s, at each reporting period, whether there are conditions or events that raise substantial doubt about the C ompany's ability to continue as a going concern within one year from the date the financial statements are issued. x) Financial Instruments, Recognition and Measurement: Equity securities with no determinable value, such as the Company’s investment in Diana Containerships (Note 3 ) are recorded at their cost and they are assessed for impairment, in accordance with ASU 2016-01 Financial Instruments-Overall, Recognition and Measurement of Financial Assets and Financial Liabilities . The Company will continue to account its investment at cost minus impairment , if any, unless it determines that an observable transaction for a similar security took place, as determined in ASU 2018-03 Technical Corrections and Improvements to Financial Instruments – Overall. As at December 31, 2018 and 2017 , based on the Co mpany’s qualitative assessment as of these dates, no impairment has been recognized. y) Shares repurchased and retired: Company’s shares repurchased for retirement, are immediately cancelled and the Company’s share capital is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. |
Recent Accounting Pronouncements adopted | Recent Accounting Pronouncements adopted On January 1, 2018, the Company adopted ASU No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. On the same date, the Company adopted ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments in this update clarify tha t receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The adoption of ASU No. 2016-13 and ASU No. 2018-19 did not have any effect in the Company’s financial statements and disclosures. On January 1, 2018, the Company adopted the ASU No. 2017-09, "Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting", which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a material effect in the Company's financial statements. On January 1, 2018, the Company adopted the provisions of ASU 2014-09 (Topic 606 – Revenue from Contracts with Customers), as amended from time to time, using the modified retrospective method to cont racts that were in effect at January 1, 2018. The standard, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance, and expands disclosure requi rements. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following five step method: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction pri ce to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s time charter agreements were determined to contain a lease and were accounted for under ASC 842 as discu ssed below. The prior period comparative information has not been restated for Topic 606 and continues to be reported under the accounting guidance in effect for those periods. Implementation of the new revenue standard did not have any impact on revenue recognition. There was no cumulative effect from the adoption of the new revenue standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. In the fourth quarter of 2018, the Company early adopted the ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with adoption reflected as of January 1, 2018, the beginning of the Company’s annual period in accordance with ASC 250, using the modified retrospective transition m ethod. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated deficit as of January 1, 2018. The prior perio d comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients un der ASC 842 which allowed the Company, as lessor, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at January 1, 2018, are operating leases and as the Company did not account for initial direct costs related to existing leases a t January 1, 2018, there were no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018. The Company did not have any material lease arrangements in which it was a lessee at the adoption date. Additionally, the Company, as lessor, e lected to apply the practical expedient, to not separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs AS C 842-10-15-42A through 42B are met (Note 2(p)). There was no cumulative effect from the adoption of the standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. |
Recent Accounting Pronouncements not yet adopted | Recent Accounting Pronouncements not yet adopted On August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Concept ual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements. ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modi fied disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial stat ements and related disclosures. On October 2018, the FASB issued ASU No. 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The Board is issuing this Update in response to stakeholders’ obs ervations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under common control, ii) considering indirect interests held through related parties under comm on control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is ef fective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures. |
Investments in related parties
Investments in related parties | 12 Months Ended |
Dec. 31, 2018 | |
Investments in related parties [Abstract] | |
Investments in related parties | 3 . Investments in related parties a) Diana Containerships Inc. (renamed to Performance Shipping Inc. in February 2019), or Diana Containerships : In 2017, the Company gradually sold all shares owned in the common stock of Diana Containerships, realizing an aggregate loss of $757 from the sale of such shares. For 2017 and 2016, the investment in Diana Containerships resulted in loss of $5,656 (includ ing the loss from the sale of shares) and $56,465, respectively, of which $3,124 and $17,568, respectively was impairment, which was recorded based on Diana Containerships’ market value on Nasdaq at the date of each impairment charge recognition. The loss and impairment are included in “Gain/(loss) from equity method investments” in the accompanying consolidated statements of operations. In 2016, DSI received dividends from Diana Containerships amounting to $96. On May 30, 2017, the company acquired 100 s hares of newly-designated Series C Preferred Stock, par value $0.01 per share, of Diana Containerships for $3,000 in exchange for a reduction of an equal amount in the principal amount of the Company’s outstanding loan to Diana Containerships at that date (Note 4 (b)). The Series C Preferred Stock has no dividend or liquidation rights and votes with the common shares of Diana Containerships, if any. Each share of the Series C Preferred Stock entitles the holder thereof to up to 250,000 votes, subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. The acquisition of shares of Series C Preferred Stock was approved by an independent committee of the Board of Directors of the Company. A s at December 31, 2018 and 2017 , the investment amounted to $3,000 for both periods and is included in “Investments in related parties”. b) Diana Wilhelmsen Management Limited, or DWM: DWM is a joint venture which was established on May 7, 2015 by Diana Ship Management Inc., a wholly owned subsidiary of DSI, and Wilhelmsen Ship Management Holding Limited, an unaffiliated third party, each hol ding 50% of DWM. As at December 31 , 2018 , DWM provided management services to eight vessels of the Company’s fleet (Note 4 (d)) following the sale of the m/v Triton and m/v Alcyon in December 2018 ( Note 5 ). The DWM office is located in Limassol, Cyprus. As at December 31 , 2018 and 2017 , the equity method investment in DWM amounted to $263 and $249 , respectively, and is included in “Investments in related parties” in the accompanying consolidated balan ce sheets. For 2018 , 2017 and 2016 , the investment in DWM resulted in gain of $14 , $49 , and $88 , respectively, and is included in “Gain/(loss) from equity method inves tments” in the accompanying consolidated statements of operations. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Transactions wtih Related Parties [Abstract] | |
Transactions with related parties | 4 . Transactions with related parties a) 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 of the Board. Travel expenses for 2018 , 2017 and 2016 amounted to $2,253 , $2,096 and $2,320 , respectively, and are mainly included in “Vessels, net book value”, “Vessel operating expenses” and “General and administrative expenses” in the accompanying consolidated financial statements. At December 31 , 2018 and 2017 , an amount of $63 and $162 , respectively, was payable to Altair and is included in “Due to related parties” in the accompanying consolidated balance sheets. b) Diana Containerships Inc. (renamed to Performance Shipping Inc. in February 2019), or Diana Containerships : On May 20, 2013, the Company entered into a five year unsecured loan of $50,000 with a subsidiary of Diana Containerships, drawn on August 20, 2013, for general corporate purposes and working capital. Following an amendment on September 9, 2015, the interest was set to LIBOR plus a margin of 3% per annum and a fixed fee of $200 would be payable on the maturity date. In addition, the borrower agreed to repay the principal amount of the loan on the last day of each interest per iod in amounts totalling $5,000 per annum, but not to exceed $32,500 in the aggregate. Following another amendment on August 24, 2016, the repayment of all outstanding principal amounts was deferred until a later date, the borrower was changed to another w holly-owned subsidiary of Diana Containerships and the interest rate of the deferral period increased to 3.35% per annum over LIBOR. On May 30, 2017, as discussed in Note 3 (a), the loan was decreased by $3,000, in order to acquire the Series C Preferred Stock issued by Diana Containerships. On June 30, 2017, DSI entered into a loan facility of $82,617 with Diana Containerships to refinance the existing loan amounting to $42,617 at that date (including the above mentioned fixed fee). The loan al so provided for an additional $5,000 interest-bearing discount premium payable on the termination date, unless waived according to certain terms of the loan agreement. The loan was collected in full in July 2018, including the additional $5,000 interest-be aring discount premium. The loan bore interest at the rate of 6% per annum for the first twelve months, scaled to 9% until full repayment. The loan facility was secured by first preferred mortgages on Diana Containerships’ vessels and included financial an d other covenants. As at December 31, 2017 the loan had an outstanding balance of $82,660 , including accrued interest and is separately presented in “Due from related parties” in the accompanying consolidated balance sheet. For the years ended December 31 , 2018 , 2017 and 2016 , interest and other income amounted to $7,055 (including the $5,000 additional discount premium), $3,855 and $1,692 , respectively, and is included in “Interest and other income” in the accompanying consolidated statements of operations. c) Steamship Shipbroking Enterprises Inc. or Steamship: Steamship is a company controlled by the Company’s CEO and Chairman of the Board which provides brokerage services to DS I pursuant to a Brokerage Services Agreement for a fixed fee amended annually on each anniversary of the agreement. The agreement was amended in November 21, 2018, to increase the fee from October 1, 2018 until expiration of the agreement in March 2019. Fo r 2018 , 2017 and 2016 , brokerage fees amounted to $1,850 , $1,800 and $1,680 , respectively, and are included in “General and administrative expenses” in the accompanying consolidated statements of o perations. As of December 31 , 2018 and 2017 , there was no amount due to Steamship, included in “Due to related parties” in the accompanying consolidated balance sheets. d) Diana Wilhelmsen Management Limited: As of December 31 , 2018 , DWM provided managemen t services to eight vessels of the Company’s fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels’ gross revenues. Management fees for 2018 , 2017 and 2016 amounted to $2,394 , $1,883 and $1,464 , respectively, and are separately presented as “Management fees to related party” in the accompanying consolidated statements of operations, whereas commercial fees amounted to $453 , $260 and $124 , respectively, and are included in “Voyage expenses” in the accompanying consolidated statements of operations. As at December 31 , 2018 and 2017 , there was an amount of $119 and $109 , respectively, due t o DWM, included in “Due to related parties” in the accompanying consolidated balance sheets. |
Vessels, net book value
Vessels, net book value | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net book value [Abstract] | |
Vessels, net book value | 5 . Vessels , net book value The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 1,987,419 $ (583,507) $ 1,403,912 - Transfer from advances for vessels under construction and acquisition and other vessel costs 104,858 - 104,858 - Acquisitions, improvements and other vessel costs 67,787 - 67,787 - Vessel disposal (15,349) 12,834 (2,515) - Impairment charges (877,484) 438,573 (438,911) - Depreciation for the year - (81,553) (81,553) Balance, December 31, 2017 $ 1,267,231 $ (213,653) $ 1,053,578 - Improvements and other vessel costs 2,573 - 2,573 - Vessel disposal (41,213) 25,630 (15,583) - Depreciation for the year - (49,165) (49,165) Balance, December 31, 2018 $ 1,228,591 $ (237,188) $ 991,403 On January 4, 2017, the Company took delivery of Hull H2548 named San Francisco , and Hull H2549 named Newport News , which were under construction until then for an aggregate contract price of $95,400. In April 2017, the Company acquired the vessels Astarte , Electra and Phaidra from unaffiliated third party sellers for an aggregate purchase price of $67,250. All three vessels were delivered in May 2017. On July 25, 2017, the Melite run aground at Pulau Laut, Indonesia . Following this incident, on Sep tember 21, 2017, the owners served a notice of frustration of the voyage to the time-charterers and a notice of abandonment to the H&M and IV insurers as it was considered that the extent of damages and the estimated cost of repairs were such that the vess el constituted a constructive total loss. As of September 30, 2017, the vessel’s net book value was reduced to its scrap value of $2,515 resulting in an impairment of $19,807 which is included in “Impairment loss”, in the 2017 accompanying c onsolidated statement of operations. The vessel, which was insured for a value of $14,000 to H&M insurers, was sold to an unrelated third party at the recorded price in October 2017, and in November 2017, the Company received the balance of the insured val ue of the vessel amounting to $11,528, which is included in “Insurance recoveries, net of other loss” in the accompanying statement of operations. As at December 31, 2017, the Company’s estimate d undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of certain vessels over their remaining useful liv e s and their eventual disposition was less than their carrying amount plus any unamortized dry-docking costs. The Company performed the exercise discus sed above which resulted to recording an impairment on certain vessels’ carrying value (Note 2 ). Accordingly, the Company recognized an aggregate impairment loss of $422,466 , which is included in “Impairment loss” in the 2017 accompanying c onsolidated statement of operations of which $3,362 was written down from unamortized deferred drydocking costs. The fair value of the vessels was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on last done deals of sale of vessels with similar charact eristics, such as type, size and age. In November 2018, the Company entered into two Memoranda of Agreement with two unrelated third party companies to sell the vessel Triton , for a total consideration of $7,350 and the vessel Alcyon , for a total conside ration of $7,450. Both vessels were delivered to their new owners in December 2018. The vessels’ total net book value at the date of sale amounted to $15,583 . The aggregate loss from the vessels’ sale, including unamortized deferred drydockin g costs, amounted to $1,448 and is reflected in “Loss from sale of vessels” in the accompanying 2018 consolidated statement of operations. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2018 | |
Property and equipment, net [Abstract] | |
Property and equipment, net | 6 . 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, 2016 $ 26,582 $ (3,468) $ 23,114 - Additions in property and equipment 104 - 104 - Depreciation for the year - (568) (568) - Disposal of assets (3) 3 - Balance, December 31, 2017 $ 26,683 $ (4,033) $ 22,650 - Additions in property and equipment 252 - 252 - Depreciation for the year - (477) (477) Balance, December 31, 2018 $ 26,935 $ (4,510) $ 22,425 |
Long-term debt, current and non
Long-term debt, current and non-current | 12 Months Ended |
Dec. 31, 2018 | |
Long-term debt, current and non-current [Abstract] | |
Long-term debt, current and non-current | 7 . Long-term debt, current and non-current The amo unt of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: 2018 2017 8.5% Senior Unsecured Notes - 63,250 9.5% Senior Unsecured Bond 100,000 - Secured Term Loans 434,850 541,543 Total debt outstanding $ 534,850 $ 604,793 Less related deferred financing costs (4,303) (3,409) Total debt, net of deferred financing costs $ 530,547 $ 601,384 Less: Current portion of long term debt, net of deferred financing costs current (96,434) (60,763) Long-term debt, net of current portion and deferred financing costs, non-current $ 434,113 $ 540,621 8.5% Unsecured Senior Notes : On May 20, 2015, the Company offered $63,250 aggregate principal amount of 8.5% Senior Notes due 2020 (the “Notes”), including an overallotment, at the price of $25.0 per Note, pursuant to an approval obtained by a special committee of the Board of Directors. As part of the offering, the underwriters sold $12,750 aggregate principal amount of the Notes to, or to entities affiliated with, the Company’s chief executive officer, Mr. Simeon Palios, and other executive officers a nd certain directors of the Company at the public offering price. On October 29, 2018, the Company completed the redemption of all of its outstanding 8.50% Senior Notes due 2020 which until then had traded on the NYSE under the ticker symbol “DSXN” . The redemp tion price was equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the date of redemption . The Notes bore interest at a rate of 8.5% per year , payable quarterly in arrears on the 15th day of February, May , August and November of each year . The Notes include d financial and other covenants, including maximum net borrowings and minimum tangible net worth. 9.5% Senior Unsecured Bond : On September 27, 2018, the Company issued a $100,000 senior unsecured bond (the “Bond”) maturing in September 2023 and may issue up to an additional $25,000 of the Bond on one or more occasions. Entities affiliated with the Company’s chief executive officer, Mr. Simeon Palios, and other executive officers and directors of the Com pany purchased $16,200 aggregate principal amount of the Bond. The Bond bears interest from September 27, 2018 at a US Dollar fixed-rate coupon of 9.50% and is payable semi-annually in arrears in March and September of each year. The Bond is callable in th ree years and includes financial and other covenants. The Bond is trading on the Oslo Stock Exchange under the ticker symbol “DIASH01” . Secured Term Loans: The Company, through its subsidiaries, has entered into various long term loan agreements with ban k institutions to partly finance or, as the case may be, refinance part of the acquisition cost of certain of its fleet vessels. The loan agreements are repayable in quarterly or semi - annual installments plus one balloon installment per loan agreement to b e paid together with the last installment and bear interest at LIBOR plus margin ranging from 1% to 3% . Their maturities range from January 201 9 to January 2032 . For 2018 and 2017 , the weighted average interest rates of the secured term loans were 4.31% and 3.38% , respectively. As at December 31 , 2018 , the Company had the following agreements with banks : On October 22, 2009, the Company, through a wholly-owned subsidiary, entered into a $40 ,00 0 loan agreement with Bremer Landesbank (“Bremer”) to partly finance the acquisition cost of the Houston . The loan is repayable in 40 quarterly installments of $900 each plus one balloon installment of $4,000 to be paid together with the last installment on November 1 2 , 2019. The loa n bears interest at LIBOR plus a margin of 2.15% per annum. On October 2, 2010, the Company, through two wholly-owned subsidiaries, entered into a loan agreement with Export-Import Bank of China (“CEXIM Bank”) and DnB NOR Bank ASA (“DnB”) to finance part of the construction cost of the Los Angeles and the Philadelphia , for an amount of up to $82 , 6 00 , of which $72 , 1 00 was drawn on delivery. The Los Angeles advance is repayable in 40 quarterly installments of approximately $6 28 each and a balloon of $12 , 3 32 payable together with the last installment on February 15, 2022. The Philadelphia advance is repayable in 40 quarterly installments of approximately $ 581 each and a balloon of $11, 4 10 payable together with the last installment on May 18, 2022. The loan bea rs interest at LIBOR plus a margin of 2.50% per annum. Pursuant to an amendment of the loan agreement dated May 18, 2017, each of the individual banks were allowed to demand repayment in full of such bank's contribution in any or all advances on August 16, 2019. On March 1, 2019, the banks waived their right to exercise such a prepayment option. On September 13, 2011, the Company through one wholly-owned subsidiary entered into a loan agreement with Emporiki Bank of Greece S.A. (“Emporiki”) for a loan o f up to $15 ,00 0 to refinance part of the acquisition cost of the Arethusa . On December 13, 2012, Bikar, the Company, DSS and Credit Agricole Corporate and Investment Bank (“Credit Agricole”) entered into a supplemental loan agreement to transfer the outsta nding 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 $5 00 each and a balloon payment of $5 , 0 00 to be paid together with the las t 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. On May 24, 2013, the Company through two wholly-owned subs idiaries entered into a loan agreement with CEXIM Bank and DnB to finance part of the construction cost of Crystalia and Atalandi for an amount of up to $15 ,000 for each vessel, drawn on May 22, 2014. Each advance is repayable in 19 quarterly installments of $250 each and a balloon of $10,250 payable together with the last installment on February 22, 2019. The loan bears interest at LIBOR plus a margin of 3.0% per annum. In February 2019, the loan was repaid in full. On January 9, 2014, the Company through two wholly-owned subsidiaries entered into a loan agreement with Commonwealth Bank of Australia, London Branch , for a loan facility of up to $18 ,000 to finance part of the acquisition cost of the Melite and Artemis . The loan bears interest at LIBOR plus a margin of 2.25%. The loan was drawn in two tranches, one of $8 , 5 00 assigned to Melite and one of $9 , 5 00 assigned to Artemis . Tranche A was repaid in full in October 2017, as a result of the sale of the vessel following its grounding inciden t (Note 5 ). Tranche B is repayable in 32 equal consecutive quarterly inst allments of $156 each and a balloon of $4 , 5 00 payable on January 13, 2022. On December 18, 2014, the Company through two wholly-owned subsidiaries entered into a loan agreem ent with BNP Paribas (“BNP”), for a loan facility of up to $55 ,00 0 to finance part of the acquisition cost of the G. P. Zafirakis and the P. S. Palios , of which $53 , 5 00 was drawn. The loan bears interest at LIBOR plus a margin of 2%, and is repayable in 14 equal semi-annual installments of approximately $ 1,574 and a balloon of $31,466 payable on November 30, 2021. On March 17, 2015, the Company, through eight separate wholly-owned subsidiaries, entered into a loan agreement with Nordea Bank AB, London Bra nch, for a secured term loan facility of up to $110,000 of which o n March 19, 2015, the Company drew down $93,080 and repaid the then existing indebtedness with the bank . The loan is repayable in 24 equal consecutive quarterly installments of about $1,862 each and a balloon of about $48,402 payable together with the last installment on March 19, 2021. The loan bears interest at LIBOR plus a margin of 2.1% . On March 26, 2015, the Company, through three wholly-owned subsidiaries , entered into a loan agreemen t with ABN AMRO Bank N . V . for a secured term loan facility of up to $53,000, to refinance part of the acquisition cost of the vessels New York , Myrto and Maia . On March 30, 2015, the Company drew down the amount of $50,160 under the loan facility, which is repayable in 24 equal consecutive quarterly installments of about $994 each and a balloon of $26,310 payable together with the last installment on March 30, 2021. The loan bears interest at LIBOR plus a margin of 2.0% . On April 29, 2015, the Company, thr ough one wholly-owned subsidiar y, entered into a term loan agreement with Danish Ship Finance A/S for a loan facility of $30 , 0 00, drawn on April 30, 2015 to partly finance the acquisition cost of the Santa Barbara , which was delivered in January 2015. The loan is repayable in 28 equal consecutive quarterly installments of $ 500 each and a balloon of $16 ,00 0 payable together with the last installment on April 30, 2022. The loan bears interest at LIBOR plus a margin of 2.15%. On July 22, 2015, the Company ent ered into a term loan agreement with BNP Paribas for a loan of $165,000 drawn on July 24, 2015. This loan, having a balance of $130,000 on July 16, 2018, was repaid in full with $75,000 of proceeds under a new loan agreement entered into with BNP Paribas o n July 13, 2018 and with cash on hand. The original loan of $165,000 was repayable in 20 consecutive quarterly installments, the first eight installments in an amount of $2,500 each, followed by four installments in an amount of $5,000 each; eight installm ents in an amount of $7,000 each; and a balloon installment of $69,000 payable together with the last installment on July 24, 2020. The loan bore interest at LIBOR plus a margin of 2.35% per annum for the first two years; 2.3% per annum for the third year a nd 2.25% per annum until the final maturity of the loan. The new loan of $75,000, dated July 13, 2018, has a term of five years and is repayable in 20 consecutive quarterly installments of $1,562.5 and a balloon installment of $43,750 payable together with the last installment on July 16, 2023. The loan bears interest at LIBOR plus a margin of 2.3%. On September 30 , 2015, the Company , through two wholly-owned subsidiaries, entered into a term loan agreement with ING Bank N.V. for a loan of up to $ 39,683, available in two advances to finance part of the acquisition cost of the New Orleans and the Medusa . Advance A of $27,950 was drawn on November 19, 2015 and is repayable in 28 consecutive quarterly insta l lments of about $466 each and a balloon installment of about $ 14,907 payable together with the last installment on November 19, 2022. Advance B of $11,733 was drawn on October 6, 2015 and is repayable in 28 consecutive quarterly insta l lments of about $ 293 each and a balloon install ment of about $ 3,520 payable together with the last installment on October 6, 2022. The loan bears interest at LIBOR plus a margin of 1.65%. On January 7, 2016, the Company, through three wholly-owned subsidiaries, entered into a secured loan agreement with the Export-Import Bank of China for a loan of up to $75,735 in order to finance part of the co nstruction cost of Newport New s, San Francisco (Note 5 ) and Hull DY6006 . T he tranche for Hull DY6006 was cancelled pursuant to a Deed of Release date d February 6, 2017, as a result of the cancelation of its shipbuilding contract on October 31, 2016 . On January 4, 2017, the Company drew down $57,240 . The loan is repayable in 60 equal quarterly instalments of $954 each by January 4 , 2032 and be ar s interest at L I BOR plus a margin of 2.3%. On March 29, 2016, the Company, through two wholly-owned subsidiaries, entered into a term loan agreement with ABN AMRO Bank N.V. for a loan of $25,755, drawn on March 30, 2016, to finance the acquisition cost of the Selina and the Ismene . The loan is payable in eight consecutive quarterly installments of $855 each and a balloon installment of $18,915 payable together with the last installment by June 30, 2019. The first repayment installment was repaid on September 30, 2017. The loan bears interest at LIBOR plus a margin of 3%. On May 10, 2016, the Company , through one wholly-owned subsidiary, entered into a term loan agreement with DNB Bank ASA and the Export-Import Bank of China for a loan of $13,510, drawn on the same date, being the purchase price of the Maera . The loan is payable in seven equal consecutive quarterly installments of about $20 each , four equal consecutive quarterly installments of about $283 and a balloon of about $ 12,242 pay able together with the last installment on January 4, 2019. The loan bear s interest at LIBOR plus a margin of 3% per annum. According to the terms of the loan agreement, the Company prepaid an amount of $360 during 2018 which was deducted from the final balloon payment. In January 2019, the loan was repaid in full Under the secured term loans outstanding as of December 31 , 2018 , 33 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortga ges, having an aggregate carrying value of $813,387 . Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts that exceed a certain period, pledge over the s hares of the borrowers, manager’s undertaking and subordination and requisition compensation and either a corporate guarantee by DSI (the “Guarantor”) or a guarantee by the ship owning companies (where applicable), financial covenants, as well as operating account assignments. The lenders may also require additional security in the future in the event the borrowers breach certain covenants under the loan agreements. The secured term loans generally include restrictions as to changes in management and owners hip of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or the guarantor, maintained in the bank accounts of the borrowers, or the guarantor. As at December 31 , 2018 and 2017 , the minimum cash deposits required to be maintained at all times under the Company’s loan facilities , amounted to $24,000 and $25,000 , respectively and is included in “Restricted cash” in the ac companying consolidated balance sheets . Furthermore, the secured term loans contain cross default provisions and additionally the Company is not permitted to pay any dividends following the occurrence of an event of default. A s at December 31 , 2018 and 2017 , the Company was in compliance with all of its loan covenants. The maturities of the Company’s debt facilities described above, as at December 31 , 2018 , and throughout their term, are shown in the table below : Period Principal Repayment Year 1 $ 97,521 Year 2 36,132 Year 3 138,744 Year 4 78,717 Year 5 152,254 Year 6 and thereafter 31,482 Total $ 534,850 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8 . Commitments and Contingencies a) 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 proba ble and is able to reasonably estimate the probable exposure. 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 ar e 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 Associat ion 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. b) As at December 31 , 2018 , all of the Company’s vessels were fixed under time charter agreements. T he minimum contractual gross charter revenue expected to be generated from fixed and non-cancelable time charter contracts existing as at December 31 , 2018 and until their expirat ion was as follows: Period Amount Year 1 $ 131,917 Year 2 5,211 Total $ 137,128 |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | 9 . Capital Stock and Changes in Capital Accounts a) Preferred stock : As at December 31 , 2018 and 2017 , the Company’s authorized preferred stock consists of 25,000,000 shares (all in registered form) of preferred stock, par value $0.01 per share, of which 1,000,000 are designated as Series A Participating Preferred Shares and 5,000,000 are designated as Series B Preferred Shares. As at December 31 , 2018 and 2017 , the Company had 2,600,000 Series B Preferred Shares issued and outstanding with par value $0.01 per share, at $25.00 per share and with liquidation preference at $25.00 per share and zero Series A Participating Preferred Shares issued and outstan ding. Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limi ted protective voting rights. Also, holders of series B preferred shares, rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation. Dividends on the Series B preferred shares are cumulative from the date of original issue and are payable on the 15th day of January, April, July and October of each year at the dividend rate of 8.875% per annum, or $2.21875 per share per annum. For 2018 , 2017 , and 2016 , dividends on Series B preferred shares a mounted to $5,769 . At any time on or after February 14, 2019, the Company may redeem, in whole or in part, the series B preferred shares at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends there on to the date of redemption, whether or not declared. b) 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. The holders of the common shares are entitl ed to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. c) Offering of common shares: On April 26, 2017, the Company issued a total 20,125,000 common shares, at a price of $4.00 per share, in a public offer ing. As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price. The net pro ceeds from the offering after underwriting discounts and other offering expenses were $77,311 . d) Repurchase of common shares: In December 201 8 , the Company repurchased a total of 4,166,666 common shares, at a price of $ 3 . 6 0 per share, in a ten der offer which commenced in November 2018 . The total cost from the tender offer amounted to $15,157 . e) Incentive plan : In November 2014, the Company adopt ed the 2014 Equity Incen tive Plan to issue awards to Key Persons in the form of (a) non-qualified stock, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) dividend equivalents, (f) unrestricted stock and (g) other equity-based or equity-related Awards for a maximum number of 5,000,000 shares of commo n stock. This number was increased to 13,000,000 on May 31, 2018, after an amendment of the plan. A s at December 31 , 2018 , 9,124,759 remained reserved for issuance. Restricted stock during 2018 , 2017 and 2016 is analysed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2015 2,764,312 $ 8.27 Granted 2,150,000 2.26 Vested (971,646) 8.67 Outstanding at December 31, 2016 3,942,666 $ 4.89 Granted 1,310,000 3.95 Vested (1,611,549) 5.46 Outstanding at December 31, 2017 3,641,117 $ 4.30 Granted 1,800,000 3.82 Vested (1,679,484) 4.38 Outstanding at December 31, 2018 3,761,633 $ 4.04 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. For 2018 , 2017 and 2016 , an amount of $7,279 , $8,232 , and $8,313 , respectively, was recognized in “General and administrative expenses” present ed in the accompanying consolidated statements of operations. At December 31 , 2018 and 2017 , the total unrecognized cost relating to restricted share awards was $10,106 and $10,509 , respectively. At December 31 , 2018 , the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.86 years. f) Share Repurchase Agreement: On May 22, 2014, the Company’s Board of Direct ors authorized a share repurchase plan for up to $100,000 worth of shares of the Company’s common stock. During the years ended December 31 , 2018 and 2017 , the Company did not repurchase any shares. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 10 . Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2018 2017 2016 Interest expense $ 28,299 $ 24,978 $ 19,523 Amortization of financing costs 1,939 1,455 1,503 Loan expenses 268 195 923 Total $ 30,506 $ 26,628 $ 21,949 Total interest on long-term debt for 2018 , 2017 and 2016 amounted to $28,299 , $24,991 and $21,009 , respectively, of which $0 , $13 and $1,486 , respectively, w ere capitalized and included “Vessels, net book value”, in the accompanying consolidated balance sheets . |
Earnings_(loss) per Share
Earnings/(loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(loss) per Share [Abstract] | |
Earnings/(loss) per Share | 11 . Earnings/(l oss ) per Share All common shares issued (including the restricted shares issued under the Company’s i ncentive p lan s) are the Company’s common stock and have equal rights to vote and participate in dividends. 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 2018 , the denominator of the diluted earnings per share calculation includes 979,141 shares, being the number of incremental shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. For 2017 and 2016 and on the basis that the Company i ncurred losses, the effect of incremental shares would be anti-dilutive and therefore basic and diluted loss per share was the same. Profit or loss attributable to common equity holders is adjusted by the amount of dividends on Series B Preferred Stock as follows: 2018 2017 2016 Net income/(loss) $ 16,580 $ (511,714) $ (164,237) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,769) Net income/(loss) attributed to common stockholders 10,811 (517,483) (170,006) Weighted average number of common shares, basic 103,736,742 95,731,093 80,441,517 Incremental shares 979,141 - - Weighted average number of common shares, diluted 104,715,883 95,731,093 80,441,517 Earnings/(loss) per share, basic and diluted $ 0.10 $ (5.41) $ (2.11) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 12 . 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 . 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 t han 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 U nited 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 ta xable 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 mo re 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 2018 , 2017 and 2016 taxable years, and the Compa ny 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 s ubject 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 so urce 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 s hipping income is exempt from U.S. federal income tax. Based on its U.S. source Shipping Income for 2018 , 2017 and 2016 , the Company would be subject to U.S. federal income tax of approximately $172 , $136 and $80 , respectiv ely, in the absence of an exemption under Section 883. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures | 13 . Financial Instruments and Fair Value Disclosures 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 the Bond (Note 7 ) having a fixed interest rate amounted to $97,500 as of December 31 , 2018 , and was determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements based on the quoted price of the instrument on that date as provided by the selling bank . The Company is exposed to interest rate fluctuations associated wit h its variable rate borrowings. Currently , the company doe s not have any derivative instruments to manage such fluctuations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14 . Subsequent Events a) Series B Preferred Stock Dividends : On January 15, 2019, the Company paid a dividend on its series B preferred stock, amounting to $0.5546875 per share, or $1,442, to its stockholders of record as of January 14, 2019. b) Series C Preferred Stock : On January 31, 2019, DSI issued 10,675 shares of its newly-designated Series C Preferred Stock, par value $0.01 per share, to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase price of $1,066. The Series C Preferred Stock will vote with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. The transaction was approved una nimously by a committee of the Board of Directors established for the purpose of considering the transaction and consisting of the Company's independent directors. The Series C Preferred Stock has no dividend or liquidation rights and cannot be transferred without the consent of the Company except to the holder’s affiliates and immediate family members. c) Sale of Vessels: On February 14 and February 15, 2019 the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement to sell the vessels Danae and Dione to two affiliated parties controlled by one Director each, for the purchase price of $7,200 each. The transaction was approved by disinterested directors of the Company and the agreed upon sale price was based, among ot her factors, on independent third-party broker valuations obtained by the Company. Danae is expected to be delivered to her new owners latest by June 28, 2019 and Dione by April 15, 2019 . d) Annual Incentive Bonus: On February 20, 2019 the Company’s Bo ard of Directors approved the grant of 2,000,000 shares of restricted common stock awards to executive management and non-executive directors, pursuant to the Company’s 2014 equity incentive plan, as amended. The fair value of the restricted shares based o n the closing price on the date of the Board of Directors’ approval was $5,980 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years. e) Tender Offer: On February 27, 2019 the Company commenced a tender offer to purchase up to 5,178,571 shares of its outstanding common stock using funds available from cash and cash equivalents at a price of $2.80 per share , net to the seller, in cash, less any applicable withholding taxes and without interest. The tender offer is scheduled to expire on March 27, 2019. f) New Loan Agreement: On March 5 , 2019, the Company, through two wholly owned subsidiaries, entered into a $19,000 loan agreement with DNB Bank ASA, for the purpose of providing the borrowers with working capital. The loan will be available until March 20, 2019 and will be re payable in 20 consecutive quarterly instalments of $477 .3 and a balloon of $ 9,454 , latest by March 20, 2024 . |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. All intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consoli dates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Compa ny controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For e ntities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the initial determination of whether an entity is a VIE if certain types of events (“reconsideration events”) occur. I f the Company holds a variable interest in an entit y that previously was not a VIE, it reconsiders whether the entity has become a VIE. The Co mpany has identified that it has variable interests in Diana Containerships Inc. (renamed to Performance Shipping Inc. in February 2019), or Diana Containerships, and Diana Wilhelmsen Management Limited. The Company has assessed that Diana Containerships i s a VIE since 2017 but the Company is not the primary beneficiary (Notes 3 (a) and 4 (b) ). |
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 a nd expenses during the reporting period. Actual results could differ from those estimates. |
Other Comprehensive Income / (Loss) | c) Other Comprehensive Income / ( L oss): The Company separately presents certain transactions, which are recorded directly as components of stockholders’ equity. Ot her 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. d ollar because the Company’s vessels operate in international shipping markets, and therefore prima rily transact business in U.S. d ollars. The Company’s accounting records are maintained in U.S. d ollars. Transactions involving other currencies during the year are converted into U.S. d ollars using the exchange rates in effect at the time of the transacti ons. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. d ollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents and Restricted Cash | e) Cash and Cash Equivalents and Restricted Cash : 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. Restricted cash consists mainly of cash deposits required to be maintained at all times under the Company’s loan facilities (Note 7 ). As of December 31, 2018 and 2017 , restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage. |
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, 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, 2018 and 2017 . |
Loan Receivable from Related Party | g) Loan Receiva ble from Related Party : The amount shown as Due from related parties in the consolidated balance sheet as at December 31, 2017 , represent s a receivable from Diana Containerships with respect to a loan agreement, net of any provision for credit losses an d does not include the $5,000 discount premium which was received in 2018 when the loan was fully collected (Note 4 (b)). Interest income and fees, deriving from the agreement were recorded in the accounts as incurred. At each balance sheet d ate, amounts due under the aforementioned loan agreement were assessed for purposes of determining the appropriate provision for credit losses. As at December 31, 2017 , the Company assess ed the ability of Diana Containerships to meet its obligations und er the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships , equity offerings, sale plans, historical losses, and other risks/factors that could affect Diana Containerships’ futur e financial condition and its ability to meet its obligations . As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships would be able to meet its obligations under the loan in th e near future. |
Inventories | h) Inventories : Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predic table costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. 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 , if any, are also stated at the lower of cost or net realizable value 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 ex tend 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 a voided 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 owns t he 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. The building has an estimated useful life of 55 years with no residual va lue. Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles which consist of motor scooters and a car . The useful life of the car is 10 years, of the office fur niture, equipment and the scooters is 5 years; and of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. |
Impairment of Long-Lived Assets | k) Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain ident ifiable 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 , plus unamortized dry-docking costs , 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 an d 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 , 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 of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. Historical ten-year blended average one-year time charter rates are in line with the Company’s over all 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, where applicable; (ii) expected outflows for scheduled vessels’ m aintenance; (iii) vessel operating expenses; and (iv) fleet utilization; assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 were exceptional . In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company performed the exercise discussed above which resulted to recording an impairment on certain vessels’ carrying value (Note 5 ). No impairment loss was identified or recorded for 2018 (by excluding similarly to 2017 the charter rates for the years 2009-2010) and 2016 . 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. N o impairment loss was identified or recorded for 2018 , 2017 and 2016 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. |
Vessel Depreciation | l ) 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. 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 t heir 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 | m ) 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 or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment. |
Financing Costs | n) Financing Costs : Fees paid to lenders for obtaining new loans or refinancin g 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 an d 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 f ees 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 lo ans obtained to finance vessels under construction, in which case they are capitalized to the vessels’ cost. |
Concentration of Credit Risk | o) Concentration of Credit Risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consis t principally of cash and trade accounts receivable. 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 colla teral for its accounts receivable and does not have any agreements to mitigate credit risk. |
Accounting for Revenues and Expenses | p) Accounting for Revenues and Expenses : Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 8 42. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease ter m is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premi ums for navigating in restricted areas and damages cau sed by the charterers. Additionally, the charter er pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, un less they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company , as lessor, has elected not to allocate the considera tion in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee , are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, th e lease component i s considered the predominant component as th e Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts . |
Repairs and Maintenance | q ) 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 | r) E arnings / (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 comm on share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. |
Segmental Reporting | s) 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 fi nancial 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 ch arters. 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. |
Fair Value Measurements | t) Fair Value Measurements : T he Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categori es: 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 d ata. |
Share Based Payments | u) Share Based Payments: The Company issues restricted share awards which are measured at their grant date fair value and are not subsequently re - measured. That cost is recognized over the period during which an employee is required to provide servi ce 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. Forfeitures of awards are accounted for when and if t hey occur. 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 modif ication. |
Equity method investments | v) 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 reco rds 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. Dividends received , if any, reduce the carryi ng 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 obli gations and made payments on behalf of the entity. 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 t he carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. T he Company assessed the financial condition of Diana Containerships (Note 3 (a)) , the ma rket conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company recorded impairment in 2017 and 2016, which is included in Gain/(loss) from equity method investments in the accompanyin g statements of operations. |
Going concern | w) Going concern: M anagement evaluate s, at each reporting period, whether there are conditions or events that raise substantial doubt about the C ompany's ability to continue as a going concern within one year from the date the financial statements are issued. |
Financial Instruments, Recognition and Measurement | x) Financial Instruments, Recognition and Measurement: Equity securities with no determinable value, such as the Company’s investment in Diana Containerships (Note 3 ) are recorded at their cost and they are assessed for impairment, in accordance with ASU 2016-01 Financial Instruments-Overall, Recognition and Measurement of Financial Assets and Financial Liabilities . The Company will continue to account its investment at cost minus impairment , if any, unless it determines that an observable transaction for a similar security took place, as determined in ASU 2018-03 Technical Corrections and Improvements to Financial Instruments – Overall. As at December 31, 2018 and 2017 , based on the Co mpany’s qualitative assessment as of these dates, no impairment has been recognized. |
Shares repurchased and retired | y) Shares repurchased and retired: Company’s shares repurchased for retirement, are immediately cancelled and the Company’s share capital is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements adopted On January 1, 2018, the Company adopted ASU No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. On the same date, the Company adopted ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments in this update clarify tha t receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The adoption of ASU No. 2016-13 and ASU No. 2018-19 did not have any effect in the Company’s financial statements and disclosures. On January 1, 2018, the Company adopted the ASU No. 2017-09, "Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting", which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a material effect in the Company's financial statements. On January 1, 2018, the Company adopted the provisions of ASU 2014-09 (Topic 606 – Revenue from Contracts with Customers), as amended from time to time, using the modified retrospective method to cont racts that were in effect at January 1, 2018. The standard, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance, and expands disclosure requi rements. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following five step method: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction pri ce to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s time charter agreements were determined to contain a lease and were accounted for under ASC 842 as discu ssed below. The prior period comparative information has not been restated for Topic 606 and continues to be reported under the accounting guidance in effect for those periods. Implementation of the new revenue standard did not have any impact on revenue recognition. There was no cumulative effect from the adoption of the new revenue standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. In the fourth quarter of 2018, the Company early adopted the ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with adoption reflected as of January 1, 2018, the beginning of the Company’s annual period in accordance with ASC 250, using the modified retrospective transition m ethod. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated deficit as of January 1, 2018. The prior perio d comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients un der ASC 842 which allowed the Company, as lessor, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at January 1, 2018, are operating leases and as the Company did not account for initial direct costs related to existing leases a t January 1, 2018, there were no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018. The Company did not have any material lease arrangements in which it was a lessee at the adoption date. Additionally, the Company, as lessor, e lected to apply the practical expedient, to not separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs AS C 842-10-15-42A through 42B are met (Note 2(p)). There was no cumulative effect from the adoption of the standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. Recent Accounting Pronouncements not yet adopted On August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Concept ual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements. ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modi fied disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial stat ements and related disclosures. On October 2018, the FASB issued ASU No. 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The Board is issuing this Update in response to stakeholders’ obs ervations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under common control, ii) considering indirect interests held through related parties under comm on control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is ef fective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and General Information [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer 2018 2017 2016 A 16% 14% 15% B 15% 17% C 14% 12% 10% D 19% E 10% 10% |
Vessels, net book value (Tables
Vessels, net book value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net book value [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 1,987,419 $ (583,507) $ 1,403,912 - Transfer from advances for vessels under construction and acquisition and other vessel costs 104,858 - 104,858 - Acquisitions, improvements and other vessel costs 67,787 - 67,787 - Vessel disposal (15,349) 12,834 (2,515) - Impairment charges (877,484) 438,573 (438,911) - Depreciation for the year - (81,553) (81,553) Balance, December 31, 2017 $ 1,267,231 $ (213,653) $ 1,053,578 - Improvements and other vessel costs 2,573 - 2,573 - Vessel disposal (41,213) 25,630 (15,583) - Depreciation for the year - (49,165) (49,165) Balance, December 31, 2018 $ 1,228,591 $ (237,188) $ 991,403 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property and equipment, net [Abstract] | |
Schedule Of Property And Equipment [Table Text Block] | Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 26,582 $ (3,468) $ 23,114 - Additions in property and equipment 104 - 104 - Depreciation for the year - (568) (568) - Disposal of assets (3) 3 - Balance, December 31, 2017 $ 26,683 $ (4,033) $ 22,650 - Additions in property and equipment 252 - 252 - Depreciation for the year - (477) (477) Balance, December 31, 2018 $ 26,935 $ (4,510) $ 22,425 |
Long term debt, current and non
Long term debt, current and non-current (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long term debt, current and non-current [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2018 2017 8.5% Senior Unsecured Notes - 63,250 9.5% Senior Unsecured Bond 100,000 - Secured Term Loans 434,850 541,543 Total debt outstanding $ 534,850 $ 604,793 Less related deferred financing costs (4,303) (3,409) Total debt, net of deferred financing costs $ 530,547 $ 601,384 Less: Current portion of long term debt, net of deferred financing costs current (96,434) (60,763) Long-term debt, net of current portion and deferred financing costs, non-current $ 434,113 $ 540,621 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Principal Repayment Year 1 $ 97,521 Year 2 36,132 Year 3 138,744 Year 4 78,717 Year 5 152,254 Year 6 and thereafter 31,482 Total $ 534,850 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period Amount Year 1 $ 131,917 Year 2 5,211 Total $ 137,128 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2015 2,764,312 $ 8.27 Granted 2,150,000 2.26 Vested (971,646) 8.67 Outstanding at December 31, 2016 3,942,666 $ 4.89 Granted 1,310,000 3.95 Vested (1,611,549) 5.46 Outstanding at December 31, 2017 3,641,117 $ 4.30 Granted 1,800,000 3.82 Vested (1,679,484) 4.38 Outstanding at December 31, 2018 3,761,633 $ 4.04 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Finance Costs [Abstract] | |
Schedule Of Interest And Finance Costs [Table Text Block] | 2018 2017 2016 Interest expense $ 28,299 $ 24,978 $ 19,523 Amortization of financing costs 1,939 1,455 1,503 Loan expenses 268 195 923 Total $ 30,506 $ 26,628 $ 21,949 |
Earnings_(loss) per Share (Tabl
Earnings/(loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(loss) per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 2016 Net income/(loss) $ 16,580 $ (511,714) $ (164,237) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,769) Net income/(loss) attributed to common stockholders 10,811 (517,483) (170,006) Weighted average number of common shares, basic 103,736,742 95,731,093 80,441,517 Incremental shares 979,141 - - Weighted average number of common shares, diluted 104,715,883 95,731,093 80,441,517 Earnings/(loss) per share, basic and diluted $ 0.10 $ (5.41) $ (2.11) |
Basis of Presentation and Gen_3
Basis of Presentation and General Information, textual (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and General Information [Abstract] | |
Entity Incorporation, State Country Name | the Republic of the Marshall Islands |
Entity Incorporation, Date of Incorporation | Mar. 8, 1999 |
Diana Wilhelmsen Management Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Number of vessels under management services | 8 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information, detail (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Major Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 14.00% | 15.00% |
Major Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 17.00% | |
Major Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 12.00% | 10.00% |
Major Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 19.00% | ||
Major Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 438,911 | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 24,582 | 25,582 | |
Amortization of debt discount premium | (5,000) | 0 | $ 0 |
Receivables [Abstract] | |||
Provision for Doubtful Accounts | $ 0 | 0 | |
Provision For Loan And Lease Losses [Abstract] | |||
Provision For Loan Losses Expensed | $ 0 | ||
Property Plant And Equipment Impairment Or Disposal [Abstract] | |||
Time charter equivalent rate assumed for asset impairment | 10 year average of historical 1 year time charter rates. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 were exceptional. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. | ||
Number of Reportable Segments | 1 | ||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |
Cash Guarantee [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | 582 | 582 | |
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amortization of debt discount premium | (5,000) | ||
Drybulkers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 1 (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 55 years |
Property, plant and equipment, salvage value | $ 0 |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Drybulkers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Investments in related parties,
Investments in related parties, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Income / (loss) from Equity Method Investments | $ 14 | $ (5,607) | $ (56,377) |
Cash dividends from investment in related party | 0 | 0 | 96 |
Diana Containerships Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income / (loss) from Equity Method Investments | (5,656) | (56,465) | |
Equity Method Investment, Other than Temporary Impairment | 3,124 | 17,568 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | (757) | ||
Cash dividends from investment in related party | 96 | ||
Diana Wilhelmsen Management Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income / (loss) from Equity Method Investments | $ 14 | 49 | $ 88 |
Equity Method Investment, Ownership Percentage | 50.00% | ||
Number Of Vessels Under Management Services | 8 | ||
Equity Method Investments | $ 263 | $ 249 |
Investments in related partie_2
Investments in related parties, textuals 2 (Details) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | ||
May 30, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | |
Schedule of Investments [Line Items] | ||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 0 | $ 3,000 | $ 0 | |
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||
Investments and Other Noncurrent Assets | $ 3,263 | $ 3,249 | ||
Diana Containerships Inc [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investments and Other Noncurrent Assets | $ 3,000 | $ 3,000 | ||
Diana Containerships Inc [Member] | Nonredeemable Preferred Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000 | |||
Stock Issued During Period Shares New Issues | shares | 100 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | |||
Preferred Stock Voting Rights | Each share of the Series C Preferred Stock entitles the holder thereof to up to 250,000 votes, subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. | |||
Diana Containerships Inc [Member] | Nonredeemable Preferred Stock [Member] | Maximum [Member] | ||||
Schedule of Investments [Line Items] | ||||
Noncash or Part Noncash Acquisition, Interest Acquired | 49.00% | |||
Preferred Stock Number Of Voting Rights | 250,000 |
Transactions with Related Par_2
Transactions with Related Parties, textual (Details) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |||
May 30, 2017 | Aug. 20, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||||||
Loan to Diana Containerships Inc. | $ 0 | $ 40,000 | $ 0 | |||
Management Fee Expense | 2,394 | 1,883 | 1,464 | |||
Due to related parties, current | 182 | 271 | ||||
Due from related parties, current | 0 | 82,660 | ||||
Noncash or Part Noncash Acquisition, Investments Acquired | 0 | 3,000 | 0 | |||
Amortization of debt discount premium | (5,000) | 0 | 0 | |||
Altair Travel Agency S.A. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 2,253 | 2,096 | 2,320 | |||
Due to related parties, current | 63 | 162 | ||||
Diana Containerships Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties, current | 82,660 | |||||
Interest income from loan with Diana Containerships Inc. | $ 7,055 | 3,855 | 1,692 | |||
Diana Containerships Inc [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000 | |||||
Diana Containerships Inc [Member] | Loan Receivable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Issuance Date | May 20, 2013 | |||||
Debt instrument term | 5 years | |||||
Loan to Diana Containerships Inc. | $ 50,000 | |||||
Diana Containerships Inc [Member] | Loan Receivable Amendment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Issuance Date | Sep. 9, 2015 | |||||
Loan receivable, Description of variable rate basis | LIBOR | |||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.00% | |||||
Debt instrument, fee amount | $ 200 | |||||
Debt instrument, annual principal payment | 5,000 | |||||
Maximum Agreegate Repayment Amount | $ 32,500 | |||||
Diana Containerships Inc [Member] | Loan Receivable Second Amendment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Issuance Date | Aug. 24, 2016 | |||||
Loan receivable, Description of variable rate basis | LIBOR | |||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.35% | |||||
Loan receivable, related parties | $ 42,617 | |||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Issuance Date | Jun. 30, 2017 | |||||
Loan receivable, related parties | 82,617 | |||||
Interest-bearing discount premium payable on the termination date | $ 5,000 | |||||
Amortization of debt discount premium | $ (5,000) | |||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | First Twelve Months [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fixed interest rate from agreement with Diana Containerships Inc. | 6.00% | |||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | Until Full Repayment [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fixed interest rate from agreement with Diana Containerships Inc. | 9.00% | |||||
Steamship Shipbroking Enterprises Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 1,850 | 1,800 | 1,680 | |||
Due to related parties, current | $ 0 | 0 | ||||
Diana Wilhelmsen Management Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels under management services | 8 | |||||
Diana Wilhelmsen Management Limited [Member] | Management Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management Fee Expense | $ 2,394 | 1,883 | 1,464 | |||
Commercial fees to related party | 453 | 260 | $ 124 | |||
Due to related parties, current | $ 119 | $ 109 |
Vessels, net book value, detail
Vessels, net book value, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels, Beginning Balance | $ 1,267,231 | $ 1,987,419 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 104,858 | |
Acquisitions, improvements and other vessel costs | 2,573 | 67,787 |
Vessel disposal | (41,213) | (15,349) |
Impairment charges | (877,484) | |
Vessels, Ending Balance | 1,228,591 | 1,267,231 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, Beginning Balance | (213,653) | (583,507) |
Vessel disposal | 25,630 | 12,834 |
Impairment charges | 438,573 | |
Depreciation for the year | (49,165) | (81,553) |
Accumulated depreciation, Ending Balance | (237,188) | (213,653) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels net book value, Beginning Balance | 1,053,578 | 1,403,912 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 104,858 | |
Acquisitions, improvements and other vessel costs | 2,573 | 67,787 |
Vessel disposal | (15,583) | (2,515) |
Impairment charges | (438,911) | |
Depreciation for the year | (49,165) | (81,553) |
Vessels net book value, Ending Balance | $ 991,403 | $ 1,053,578 |
Vessels, net book value, textua
Vessels, net book value, textual (Details) $ in Thousands | Jan. 04, 2017USD ($) | Apr. 30, 2017USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($) | May 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||||||
Vessel acquisition cost | $ 2,573 | $ 67,787 | ||||||
Insurance maximum amount | 1,000,000 | |||||||
Impairment charges | 0 | 442,274 | $ 0 | |||||
Insurance Recoveries | 0 | 10,879 | 0 | |||||
Loss from sale of vessels | 1,448 | 0 | 0 | |||||
Vessel disposal | 15,583 | 2,515 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 14,578 | 2,032 | $ 0 | |||||
Newbuilding Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Contract Price Of Vessels To Be Acquired | $ 95,400 | |||||||
Astarte Electra and Phaidra [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel acquisition cost | $ 67,250 | |||||||
Number Of Vessels Delivered | 3 | |||||||
Melite [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Insurance maximum amount | 14,000 | |||||||
Property, plant and equipment, salvage value | $ 2,515 | |||||||
Impairment charges | 19,807 | |||||||
Insurance Recoveries | 11,528 | |||||||
Triton [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,350 | |||||||
Alcyon [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 7,450 | |||||||
Triton and Alcyon [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss from sale of vessels | $ (1,448) | |||||||
Vessel disposal | $ 15,583 | |||||||
Number Of Vessels To Be Disposed | 2 | |||||||
Vessel Delivery Date | Dec. 31, 2018 | |||||||
Impaired Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment charges | 422,466 | |||||||
Deferred Charges Net [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment charges | $ 3,362 |
Property and equipment, net, de
Property and equipment, net, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Property and Equipment, Beginning Balance | $ 26,683 | $ 26,582 | |
Additions in property and equipment | 252 | 104 | $ 217 |
Disposal of assets | (3) | ||
Property and Equipment, Ending Balance | 26,935 | 26,683 | 26,582 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated Depreciation, Property and Equipment, Beginning Balance | (4,033) | (3,468) | |
Depreciation for the year | (477) | (568) | |
Dsiposal of assets | 3 | ||
Accumulated Depreciation, Property and Equipment, Ending Balance | (4,510) | (4,033) | (3,468) |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property And Equipment Net, Beginning Balance | 22,650 | 23,114 | |
Additions in property and equipment | 252 | 104 | 217 |
Depreciation for the year | (477) | (568) | |
Property And Equipment Net, Ending Balance | $ 22,425 | $ 22,650 | $ 23,114 |
Long-term debt, current and n_2
Long-term debt, current and non-current, details (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt, current and non-current [Abstract] | ||
8.5% Senior Unsecured Notes | $ 0 | $ 63,250 |
9.5% Senior Unsecured Bond | 100,000 | 0 |
Secured Term Loans | 434,850 | 541,543 |
Total debt outstanding | 534,850 | 604,793 |
Less related deferred financing costs | (4,303) | (3,409) |
Total debt, net of deferred financing costs | 530,547 | 601,384 |
Less: Current portion of long term debt, net of deferred financing costs current | (96,434) | (60,763) |
Long-term debt, net of current portion and deferred financing costs, non-current | $ 434,113 | $ 540,621 |
Long-term debt, current and n_3
Long-term debt, current and non-current, textual (Details) | Jan. 04, 2017USD ($) | Mar. 19, 2015USD ($) | May 22, 2014USD ($) | Mar. 30, 2016USD ($) | Mar. 30, 2015USD ($) | May 10, 2016USD ($) | Apr. 30, 2015USD ($) | Jul. 16, 2018USD ($) | Jul. 24, 2015USD ($) | Oct. 06, 2015USD ($) | Oct. 31, 2017USD ($) | Nov. 19, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Feb. 22, 2019USD ($) | Jan. 04, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of Long-term Debt | $ 169,943,000 | $ 55,164,000 | $ 42,489,000 | |||||||||||||||||
Trading Symbol | DSX | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 534,850,000 | $ 604,793,000 | ||||||||||||||||||
Unsecured Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | May 20, 2015 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 63,250,000 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||||||||||||||||
Debt Instrument, Face Amount Per Note | $ 25 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||
Trading Symbol | DSXN | |||||||||||||||||||
Debt Instrument Redemption Period, End Date | Oct. 29, 2018 | |||||||||||||||||||
Unsecured Senior Notes [Member] | Officers And Directors [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 12,750,000 | |||||||||||||||||||
Senior Unsecured Bond [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Sep. 27, 2018 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000,000 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | semi-annually | |||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 27, 2023 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||||
Trading Symbol | DIASH01 | |||||||||||||||||||
Debt Instrument, Call Feature | The bond is callable in three years | |||||||||||||||||||
Senior Unsecured Bond [Member] | Additional Issuance of Bond on one or more occasions [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 25,000,000 | |||||||||||||||||||
Senior Unsecured Bond [Member] | Officers And Directors [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 16,200,000 | |||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number Of Vessels Collateral For Debt | 33 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual installments plus one balloon installment | |||||||||||||||||||
Debt Instrument, Maturity Date Range, Start | Jan. 31, 2019 | |||||||||||||||||||
Debt Instrument, Maturity Date Range End | Jan. 31, 2032 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin ranging from 1% to 3% | |||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 4.31% | 3.38% | ||||||||||||||||||
Debt Instrument Collateral Amount | $ 813,387,000 | |||||||||||||||||||
Compensating Balance, Amount | $ 24,000,000 | $ 25,000,000 | ||||||||||||||||||
Minimum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loan Margin Percentage | 1.00% | |||||||||||||||||||
Maximum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||||||
Bremer Landesbank [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Oct. 22, 2009 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 40,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 900,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 4,000,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 12, 2019 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.15% | |||||||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Oct. 2, 2010 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 82,600,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 72,100,000 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.50% | |||||||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Lae Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 628,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 12,332,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Feb. 15, 2022 | |||||||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Namu Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 581,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 11,410,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | May 18, 2022 | |||||||||||||||||||
Emporiki Bank of Greece S.A. [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Sep. 13, 2011 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 20 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 5,000,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 15, 2021 | |||||||||||||||||||
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 | |||||||||||||||||||
Loan Margin Percentage | 2.50% | |||||||||||||||||||
Emporiki Bank of Greece S.A. [Member] | Secured Debt [Member] | Loan Amount Secured By Cash Pledge in Favor of the Bank [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loan Margin Percentage | 1.00% | |||||||||||||||||||
CEXIM Bank and DnB [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | May 24, 2013 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||||||
CEXIM Bank and DnB [Member] | Erikub Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 19 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 10,250,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Feb. 22, 2019 | |||||||||||||||||||
Proceeds From Issuance Of Debt | $ 15,000,000 | |||||||||||||||||||
CEXIM Bank and DnB [Member] | Erikub Shipping Company Inc [Member] | Secured Debt [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument Carrying Amount | $ 0 | |||||||||||||||||||
CEXIM Bank and DnB [Member] | Wotho Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 19 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 10,250,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Feb. 22, 2019 | |||||||||||||||||||
Proceeds From Issuance Of Debt | $ 15,000,000 | |||||||||||||||||||
CEXIM Bank and DnB [Member] | Wotho Shipping Company Inc [Member] | Secured Debt [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument Carrying Amount | $ 0 | |||||||||||||||||||
Commonwealth Bank Of Australia [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Jan. 9, 2014 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 18,000,000 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.25% | |||||||||||||||||||
Commonwealth Bank Of Australia [Member] | Taka Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,500,000 | |||||||||||||||||||
Repayments of Long-term Debt | $ 8,500,000 | |||||||||||||||||||
Commonwealth Bank Of Australia [Member] | Fayo Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 9,500,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 32 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 156,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 4,500,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 13, 2022 | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Dec. 18, 2014 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 55,000,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 53,500,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 14 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,574,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 31,466,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 30, 2021 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.00% | |||||||||||||||||||
Nordea Bank AB [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Mar. 17, 2015 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 8 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 110,000,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 93,080,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,862,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 48,402,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 19, 2021 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.10% | |||||||||||||||||||
ABN AMRO Bank NV [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Mar. 26, 2015 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 3 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 53,000,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 50,160,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 994,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 26,310,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 30, 2021 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.00% | |||||||||||||||||||
Danish Ship FInance A/S [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Apr. 29, 2015 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 30,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 16,000,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Apr. 30, 2022 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.15% | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Jul. 22, 2015 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 165,000,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 165,000,000 | |||||||||||||||||||
Repayments of Long-term Debt | $ 130,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 20 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 69,000,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 24, 2020 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | First Eight Installments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500,000 | |||||||||||||||||||
Loan Margin Percentage | 2.35% | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | From 9th To 12th Installment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 4 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,000,000 | |||||||||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | From 13th to 20th Installment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 7,000,000 | |||||||||||||||||||
Loan Margin Percentage | 2.25% | |||||||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Initiation Date | Jul. 13, 2018 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 20 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,562,500 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 43,750,000 | |||||||||||||||||||
Debt Instrument, Maturity Date Range End | Jul. 16, 2023 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||||||||
Proceeds From Issuance Of Debt | $ 75,000,000 | |||||||||||||||||||
Debt instrument term | 5 years | |||||||||||||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Sep. 30, 2015 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 39,683,000 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 1.65% | |||||||||||||||||||
ING Bank N.V. [Member] | Ujae Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 27,950,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 27,950,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 466,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 14,907,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 19, 2022 | |||||||||||||||||||
ING Bank N.V. [Member] | Rairok Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 11,733,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 11,733,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 293,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 3,520,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 6, 2022 | |||||||||||||||||||
Export-Import Bank of China [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Jan. 7, 2016 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 3 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 75,735,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 57,240,000 | |||||||||||||||||||
Debt Instrument, Number of installments | 60 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 954,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 4, 2032 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | Mar. 29, 2016 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 25,755,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 25,755,000 | |||||||||||||||||||
Debt Instrument Date Of First Required Payment | Sep. 30, 2017 | |||||||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 855,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 18,915,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2019 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Issuance Date | May 10, 2016 | |||||||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 13,510,000 | |||||||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 13,510,000 | |||||||||||||||||||
Debt Instrument, Baloon Payment | $ 12,242,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 4, 2019 | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||||||
Debt Instrument, Prepayment Amount | $ 360,000 | |||||||||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument Carrying Amount | $ 0 | |||||||||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | First Seven Installments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 7 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 20,000 | |||||||||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | From Eighth To Eleventh Installment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of installments | 4 | |||||||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 283,000 |
Long-term debt, current and n_4
Long-term debt, current and non-current, details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 97,521 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 36,132 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 138,744 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 78,717 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 152,254 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 31,482 | |
Total debt outstanding | $ 534,850 | $ 604,793 |
Commitments and Contingencies,
Commitments and Contingencies, textual (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Environmental Remediation Obligations [Abstract] | |
Insurance Coverage For Pollution | $ 1 |
Supplemental Calls Review Period | 3 years |
Commitments and Contingencies_2
Commitments and Contingencies, detail (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $ 131,917 |
Year 2 | 5,211 |
Total | $ 137,128 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Dividends on series B preferred stock | $ 5,769 | $ 5,769 | $ 5,769 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Voting Rights | 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. | ||
Proceeds from Issuance of Common Stock | $ 0 | $ 77,311 | 0 |
Repurchase of common stock, shares | 0 | 0 | |
Payments for Repurchase of Common Stock | $ 15,157 | $ 0 | $ 0 |
Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock [Member] | Series A Participating Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Preferred Stock [Member] | Series B Participating Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Issued | 2,600,000 | 2,600,000 | |
Preferred Stock, Shares Outstanding | 2,600,000 | 2,600,000 | |
Shares Issued Price Per Share | $ 25 | $ 25 | |
Preferred Stock Liquidation Preference Per Share | $ 25 | $ 25 | |
Preferred Stock Voting Rights | Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. | ||
Preferred Stock Dividend Rate Percentage | 8.875% | ||
Preferred Stock Dividend Rate Per Dollar Amount | $ 2.21875 | ||
Preferred Stock, Redemption Price Per Share | $ 25 | ||
Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock Issued During Period Shares New Issues | 20,125,000 | ||
Shares Issued Price Per Share | $ 4 | ||
Proceeds from Issuance of Common Stock | $ 77,311 | ||
Stock repurchased and retired, shares | 4,166,666 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 3.6 | ||
Payments for Repurchase of Common Stock | $ 15,157 | ||
Officers And Directors [Member] | Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock Issued During Period Shares New Issues | 5,500,000 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) - Equity Incentive Plan 2014 - shares | Dec. 31, 2018 | May 31, 2018 | Nov. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Incentive Plan, Number of Shares Authorized | 13,000,000 | 5,000,000 | |
Common Stock Capital Shares Reserved For Future Issuance | 9,124,759 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts, detail (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non vested restricted common stock, beginning balance | 3,641,117 | 3,942,666 | 2,764,312 |
Granted | 1,800,000 | 1,310,000 | 2,150,000 |
Vested | (1,679,484) | (1,611,549) | (971,646) |
Non vested restricted common stock, ending balance | 3,761,633 | 3,641,117 | 3,942,666 |
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 | $ 4.3 | $ 4.89 | $ 8.27 |
Weighted Average Grant Date Fair Value, Granted | 3.82 | 3.95 | 2.26 |
Weighted Average Grant Date Fair Value, Vested | 4.38 | 5.46 | 8.67 |
Weighted Average Grant Date Fair Value, enging balance | $ 4.04 | $ 4.3 | $ 4.89 |
Capital Stock and Changes in _6
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Compensation cost on restricted stock | $ 7,279 | $ 8,232 | $ 8,313 |
Unrecognized cost for unvested restricted shares | $ 10,106 | $ 10,509 | |
Total Compensation Cost Not yet Recognized, Period for Recognition | 10 months 15 days |
Capital Stock and Changes in _7
Capital Stock and Changes in Capital Accounts, textuals 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | May 22, 2014 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Repurchase of common stock, shares | 0 | 0 |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |||
Interest expense | $ 28,299 | $ 24,978 | $ 19,523 |
Amortization of financing costs | 1,939 | 1,455 | 1,503 |
Loan expenses | 268 | 195 | 923 |
Interest and finance costs | $ 30,506 | $ 26,628 | $ 21,949 |
Interest and Finance Costs, tex
Interest and Finance Costs, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |||
Interest Costs Incurred | $ 28,299 | $ 24,991 | $ 21,009 |
Interest Costs, Capitalized During Period | $ 0 | $ 13 | $ 1,486 |
Earnings_(loss) per Share, deta
Earnings/(loss) per Share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | |||
Net income/(loss) | $ 16,580 | $ (511,714) | $ (164,237) |
Less dividends on series B preferred shares | (5,769) | (5,769) | (5,769) |
Net income/(loss) attributed to common stockholders | $ 10,811 | $ (517,483) | $ (170,006) |
Weighted average number of common shares, basic | 103,736,742 | 95,731,093 | 80,441,517 |
Incremental shares | 979,141 | 0 | 0 |
Weighted average number of common shares, diluted | 104,715,883 | 95,731,093 | 80,441,517 |
Earnings/(loss) per share, basic and diluted | $ 0.1 | $ (5.41) | $ (2.11) |
Income Taxes, textual (Details)
Income Taxes, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 due to exemption | $ 172 | $ 136 | $ 80 |
Financial Instruments, textual
Financial Instruments, textual (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bond [Member] | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Bonds Fair Value Disclosure | $ 97,500 |
Subsequent Events, textual (Det
Subsequent Events, textual (Details) | Jan. 15, 2019USD ($)$ / shares | Jan. 31, 2019USD ($)$ / sharesshares | Mar. 05, 2019USD ($) | Feb. 27, 2019$ / sharesshares | Feb. 20, 2019USD ($)shares | Feb. 15, 2019USD ($) | Feb. 14, 2019USD ($) | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares |
Subsequent Event [Line Items] | |||||||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||||
Subsequent Events [Member] | DNB Bank ASA [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Issuance Date | Mar. 5, 2019 | ||||||||
Debt Instrument, Face Amount | $ 19,000,000 | ||||||||
Debt Instrument, Number of installments | 20 | ||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 477,300 | ||||||||
Debt Instrument, Baloon Payment | $ 9,454,000 | ||||||||
Debt Instrument, Maturity Date Range End | Mar. 20, 2024 | ||||||||
Subsequent Events [Member] | Restricted Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of restricted stock and compensation cost, shares (Note 9(e)) | shares | 2,000,000 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 5,980,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Subsequent Events [Member] | Danae and Dione [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number Of Vessels To Be Disposed | 2 | ||||||||
Subsequent Events [Member] | Danae [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Contract Price Of Vessels To Be Sold | $ 7,200,000 | ||||||||
Vessel Delivery Date | Jun. 28, 2019 | ||||||||
Subsequent Events [Member] | Dione [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Contract Price Of Vessels To Be Sold | $ 7,200,000 | ||||||||
Vessel Delivery Date | Apr. 15, 2019 | ||||||||
Series B Participating Preferred Stock [Member] | Subsequent Events [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends payable on series B preferred stock, per share | $ / shares | $ 0.5546875 | ||||||||
Dividends payable on series B preferred stock, current | $ 1,442,000 | ||||||||
Dividends Payable, Date of Record | Jan. 14, 2019 | ||||||||
Series C Preferred Stock [Member] | Subsequent Events [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of new shares, shares | shares | 10,675 | ||||||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | ||||||||
Proceeds from issuance of preferred stock, value | $ 1,066,000 | ||||||||
Preferred Stock Number Of Voting Rights | 1,000 | ||||||||
Preferred Stock Voting Rights | The Series C Preferred Stock will vote with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. | ||||||||
Common Stock [Member] | Subsequent Events [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 5,178,571 | ||||||||
Shares Authorized to be Repurchased Per Share | $ / shares | $ 2.8 | ||||||||
Stock Repurchase Program Expiration Date | Mar. 27, 2019 |