Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Document And Entity Information [Abstract] | |
Document type | 6-K |
Document period end date | Jun. 30, 2021 |
Amendment flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity registrant name | Diana Shipping Inc. |
Entity central index key | 0001318885 |
Current fiscal year end date | --06-30 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 136,495 | $ 62,909 |
Accounts receivable, trade | 3,123 | 5,235 |
Due from related parties (Notes 2 and 6) | 1,525 | 1,196 |
Inventories | 3,640 | 4,717 |
Prepaid expenses and other assets | 6,299 | 7,243 |
Vessel held for sale (Note 3) | 9,010 | 23,361 |
Total current assets | 160,092 | 104,661 |
FIXED ASSETS: | ||
Vessels, net (Note 3) | 690,819 | 716,178 |
Property and equipment, net (Note 4) | 21,629 | 21,704 |
Total fixed assets | 712,448 | 737,882 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash (Note 5) | 18,500 | 20,000 |
Other non-current assets | 499 | 719 |
Deferred charges, net (Note 3) | 8,095 | 9,148 |
Total assets | 899,634 | 872,410 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current (Note 5) | 41,082 | 39,217 |
Accounts payable, trade and other | 9,078 | 8,558 |
Due to related parties (Note 2) | 745 | 484 |
Accrued liabilities | 7,508 | 10,488 |
Deferred revenue | 3,890 | 2,842 |
Total current liabilities | 62,303 | 61,589 |
Long-term debt, net of current portion and deferred financing costs, non-current (Note 5) | 420,433 | 381,097 |
Other non-current liabilities | 1,165 | 1,154 |
Commitments and contingencies (Note 6) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 7(a)) | 26 | 26 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 91,535,002 and 89,275,002 issued and outstanding at June 30, 2021 and December 31, 2020, respectively (Note 7(b)) | 915 | 893 |
Additional paid-in capital | 1,008,669 | 1,020,164 |
Accumulated other comprehensive income | 69 | 69 |
Accumulated deficit | (593,946) | (592,582) |
Total stockholders' equity | 415,733 | 428,570 |
Total liabilities and stockholders' equity | $ 899,634 | $ 872,410 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 91,535,002 | 89,275,002 |
Common Stock, Shares Outstanding | 91,535,002 | 89,275,002 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES: | ||
Time charter revenues | $ 88,074 | $ 84,735 |
EXPENSES: | ||
Voyage expenses | 4,072 | 7,561 |
Vessel operating expenses | 37,731 | 42,123 |
Depreciation and amortization of deferred charges | 20,141 | 23,284 |
General and administrative expenses | 13,909 | 16,285 |
Management fees to related party (Note 2) | 854 | 1,014 |
Vessel impairment charges (Note 3) | 95,693 | |
Loss on sale of vessels (Note 3) | 203 | 1,078 |
Other income | (4) | (142) |
Operating income/(loss) | 11,168 | (102,161) |
OTHER INCOME / (EXPENSES): | ||
Interest expense and finance costs (Note 8) | (9,342) | (12,009) |
Interest income | 50 | 639 |
Loss on extinguishment of debt (Note 5) | (158) | |
Loss from equity method investment (Note 2) | (198) | (86) |
Total other expenses, net | (9,648) | (11,456) |
Net income/(loss) | 1,520 | (113,617) |
Dividends on series B preferred shares (Notes 7 and 9) | (2,884) | (2,884) |
Net loss attributed to common stockholders | $ (1,364) | $ (116,501) |
Loss per common share, basic and diluted (Note 9) | $ (0.02) | $ (1.35) |
Weighted average number of common shares, basic and diluted (Note 9) | 82,792,000 | 86,012,939 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||
Net income/(loss) | $ 1,520 | $ (113,617) |
Other comprehensive loss | (13) | |
Comprehensive income/(loss) | $ 1,520 | $ (113,630) |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Other Comprehensive Income | Accumulated Deficit | Preferred Stock Series B | Preferred Stock Series C | Series D preferred stock | Total |
Balance of shares at Dec. 31, 2019 | 91,193,339 | 2,600,000 | 10,675 | |||||
Balance at Dec. 31, 2019 | $ 912 | $ 1,021,633 | $ 109 | $ (452,616) | $ 26 | $ 570,064 | ||
Net income/(loss) | (113,617) | (113,617) | ||||||
Issuance of restricted stock and compensation cost, shares (Note 7(f)) | 2,200,000 | |||||||
Issuance of restricted stock and compensation cost, value (Note 7(f)) | $ 22 | 5,481 | 5,503 | |||||
Dividends on series B preferred stock (Note 7(b)) | (2,884) | (2,884) | ||||||
Shares repurchased, share (Note 7(e)) | (4,118,337) | |||||||
Shares repurchased, value (Note 7(e)) | $ (41) | (11,958) | (11,999) | |||||
Actuarial loss | (13) | (13) | ||||||
Balance of shares at Jun. 30, 2020 | 89,275,002 | 2,600,000 | 10,675 | |||||
Balance at Jun. 30, 2020 | $ 893 | 1,015,156 | 96 | (569,117) | $ 26 | 447,054 | ||
Balance of shares at Dec. 31, 2020 | 89,275,002 | 2,600,000 | 10,675 | |||||
Balance at Dec. 31, 2020 | $ 893 | 1,020,164 | 69 | (592,582) | $ 26 | 428,570 | ||
Net income/(loss) | 1,520 | 1,520 | ||||||
Issuance of preferred stock, shares (Note 7(d)) | 400 | |||||||
Issuance of preferred stock, value (Note 7(d)) | 264 | 264 | ||||||
Issuance of restricted stock and compensation cost, shares (Note 7(f)) | 8,260,000 | |||||||
Issuance of restricted stock and compensation cost, value (Note 7(f)) | $ 82 | 3,317 | 3,399 | |||||
Dividends on series B preferred stock (Note 7(b)) | (2,884) | (2,884) | ||||||
Shares repurchased, share (Note 7(e)) | (6,000,000) | |||||||
Shares repurchased, value (Note 7(e)) | $ (60) | (15,076) | (15,136) | |||||
Balance of shares at Jun. 30, 2021 | 91,535,002 | 2,600,000 | 10,675 | 400 | ||||
Balance at Jun. 30, 2021 | $ 915 | $ 1,008,669 | $ 69 | $ (593,946) | $ 26 | $ 415,733 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 1,520 | $ (113,617) | |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 20,141 | 23,284 | |
Asset Impairment loss (Note 3) | 95,693 | ||
Amortization of financing costs (Note 8) | 718 | 512 | |
Compensation cost on restricted stock (Note 7(f)) | 3,399 | 5,503 | $ 5,503 |
Actuarial loss | (13) | ||
Loss on sale of vessels (Note 3) | 203 | 1,078 | |
Loss on extinguishment of debt (Note 5) | 158 | ||
Loss from related party investments (Note 2) | 198 | 86 | |
(Increase) / Decrease in: | |||
Accounts receivable, trade | 2,112 | 5,819 | |
Due from related parties | (329) | (51) | |
Inventories | 1,077 | 615 | |
Prepaid expenses and other assets | 944 | 1,595 | |
Other non-current assets | (220) | 471 | |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | 520 | (1,094) | |
Due to related parties | 313 | (49) | |
Accrued liabilities, net of accrued preferred dividends | (2,980) | (1,585) | |
Deferred revenue | 1,048 | 267 | |
Other non-current liabilities | 11 | 30 | |
Drydock costs | (1,391) | (6,807) | |
Net cash provided by Operating Activities | 27,442 | 11,737 | |
Cash Flows from Investing Activities: | |||
Payments for vessel improvements (Note 3) | (684) | (5,444) | |
Proceeds from sale of vessels, net of expenses (Note 3) | 23,158 | 8,238 | |
Proceeds from sale of related party investment (Note 2) | 1,500 | ||
Payments to joint venture (Note 2) | (250) | ||
Investment in time deposits | (6,500) | ||
Payments to acquire furniture and fixtures (Note 4) | (149) | (58) | |
Net cash provided by/(used in) Investing Activities | 22,075 | (2,264) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt (Note 5) | 100,819 | ||
Proceeds from issuance of preferred stock (Note 7(d)) | 264 | ||
Payments of dividends, preferred stock (Note 7(b)) | (2,884) | (2,884) | |
Payments for repurchase of common stock (Note 7(e)) | (15,136) | (11,999) | |
Payments of financing costs | (7,453) | (567) | |
Repayments of long-term debt | (53,041) | (20,621) | |
Net cash provided by/(used in) Financing Activities | 22,569 | (36,071) | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 72,086 | (26,598) | |
Cash, cash equivalents and restricted cash at beginning of the period | 82,909 | 128,288 | 128,288 |
Cash, cash equivalents and restricted cash | 154,995 | 101,690 | 82,909 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents | 136,495 | 81,190 | 62,909 |
Restricted cash | 18,500 | 20,500 | |
Cash, cash equivalents and restricted cash | 154,995 | 101,690 | $ 82,909 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Non-cash investments (Note 3) | 441 | 1,246 | |
Interest paid | $ 10,354 | $ 11,870 |
Basis of Presentation and Gener
Basis of Presentation and General Information and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and General Information and Recent Accounting Pronouncements [Abstract] | |
Basis of Presentation and General Information and Recent Accounting Pronouncements | 1. The accompanying unaudited interim consolidated financial statements include the accounts 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 accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 12, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2021. The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the ownership of dry bulk carrier vessels. The Company operates its own fleet through Diana Shipping Services S.A. (or “DSS”), a wholly-owned subsidiary and through Diana Wilhelmsen Management Limited, or DWM, a 50% owned joint venture (Note 2(d)). The fees paid to DSS are eliminated in consolidation. The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. The Company reviewed and evaluated its revenue concertation risk, the recoverability of its Accounts receivable, trade and sensitized its future undiscounted cash flows on its impairment testing. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption and is making necessary preparations to address and mitigate, to the extent possible, the impact of COVID-19 to the Company. Significant Accounting Policies and Recent Accounting Pronouncements: A discussion of the Company’s significant accounting policies can be found in Note 2 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 20-F for the year ended December 31, 2021. There have been no material changes to these policies in the six months ended June 30, 2021, except for as discussed below: New Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. As of June 30, 2021, the Company has not made any contract modifications to replace the reference rate to any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2021 | |
Transactions with Related Parties [Abstract] | |
Transactions with related parties | 2. a) Altair Travel Agency S.A. (“Altair”): b) Steamship Shipbroking Enterprises Inc. or Steamship: c) Diana Wilhelmsen Management Limited, or DWM: DWM provided management services to certain vessels of the Company’s fleet through DSS and since May 2021, directly. For the management services outsourced to DWM, DSS paid a fixed monthly fee per vessel and a percentage of those vessels’ gross revenues. Since May 2021 the vessels pay directly to DWM a fixed monthly fee per vessel and a percentage of their gross revenues. For the six months ended June 30, 2021 and 2020, management fees to DWM amounted to $854 and $1,014, respectively, and are separately presented as “Management fees to related party” in the accompanying unaudited interim consolidated statements of operations. As at June 30, 2021 and December 31, 2020, there was an amount of $1,525 and $1,196 due from DWM, separately presented in “Due from related parties” in the accompanying consolidated balance sheets, mainly due to the security placed in relation to the incident of the Protefs d) Series D Preferred Stock lesser e) Purchase of Bond by executives |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2021 | |
Vessels [Abstract] | |
Vessels | 3. Vessels In 2020, the Company through separate wholly-owned subsidiaries entered into Memoranda of Agreement to sell to unaffiliated third parties the vessel Coronis Sideris G.S. Oceanis On March 16, 2021, the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel Naias Vessel improvements mainly relate to the implementation of ballast water treatment and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During the six months ended June 30, 2021, such expenditures amounted to $1,125, of which an amount of $441 related to equipment and services paid as of December 31, 2020 but not delivered on the vessels until June 30, 2021. The amounts reflected in Vessels, net in the accompanying consolidated balance sheets are analyzed as follows: Accumulated Vessel Cost Depreciation Net Book Value Balance, December 31, 2020 $ 872,431 $ (156,253) $ 716,178 - Additions for improvements 684 — 684 - Additions reclassified from other non-current assets 441 441 - Transfer to held for sale (16,121) 7,111 (9,010) - Depreciation for the period — (17,474) (17,474) Balance, June 30, 2021 $ 857,435 $ (166,616) $ 690,819 |
Property and equipment, net
Property and equipment, net | 6 Months Ended |
Jun. 30, 2021 | |
Property and equipment, net [Abstract] | |
Property and equipment, net | 4. The amounts in the accompanying consolidated balance sheets are analyzed as follows: Property and Accumulated Equipment Depreciation Net Book Value Balance, December 31, 2020 $ 27,198 $ (5,494) $ 21,704 - Additions in property and equipment 149 — 149 - Depreciation for the period — (224) (224) Balance, June 30, 2021 $ 27,347 $ (5,718) $ 21,629 |
Long-term debt, current and non
Long-term debt, current and non-current | 6 Months Ended |
Jun. 30, 2021 | |
Long-term debt, current and non-current [Abstract] | |
Long-term debt, current and non-current | 5. The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: June 30, 2021 December 31, 2020 8.375% Senior Unsecured Bond 125,000 — 9.5% Senior Unsecured Bond 17,800 92,000 Secured Term Loans 328,035 331,056 Total debt outstanding $ 470,835 $ 423,056 Less related deferred financing costs (9,320) (2,742) Total debt, net of deferred financing costs $ 461,515 $ 420,314 Less: Current portion of long term debt, net of deferred financing costs current (41,082) (39,217) Long-term debt, net of current portion and deferred financing costs, non-current $ 420,433 $ 381,097 9.5% Senior Unsecured Bond 8.375 % Senior Unsecured Bond Secured Term Loans: Under the secured term loans outstanding as of June 30, 2021, 30 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $615,327. 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 shares 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 ownership 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 June 30, 2021 and December 31, 2020, the minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $18,500 and $20,000, respectively and are included in “Restricted cash” in the accompanying 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. As at June 30, 2021, the Company had the following agreements with banks, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries: Export-Import Bank of China and DnB NOR Bank ASA: Commonwealth Bank of Australia, London Branch: BNP Paribas (“BNP”): On July 16, 2018, the Company drew down $75,000 under a secured loan agreement with BNP. The loan 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%. Nordea Bank AB, London Branch ABN AMRO Bank N.V., or ABN: On June 27, 2019, the Company drew down $25,000 under a new loan agreement, which is repayable in 20 consecutive quarterly installments of $800 each and a balloon installment of $9,000 payable together with the last installment on June 30, 2024. The loan bears interest and LIBOR plus a margin of 2.25%. On May 22, 2020, the Company signed a term loan facility with ABN, in the amount of $52,885 million, divided into two tranches. The purpose of the loan facility was to combine the two loans outstanding with ABN and extend the maturity of the loan maturing on March 30, 2021 (tranche B) to the maturity of the other loan, maturing in June 30, 2024 (tranche A). The refinanced loan bears interest at LIBOR plus a margin of 2.25% for tranche A and LIBOR plus a margin of 2.4% for tranche B. On May 20, 2021, the Company, drew down $91,000 under a secured sustainability linked loan facility with ABN AMRO Bank N.V, dated May 14, 2021, which was used to refinance existing loans which were treated as extinguished. The loan is repayable in 20 consecutive quarterly installments of 3,390 each and a balloon of $23,200 payable together with the last installment on May 20, 2026. The loan bears interest at LIBOR plus a margin of 2.15% per annum, which will be adjusted annually subject to the performance under certain sustainability KPIs. Debt issuance costs amounted to $736. Danish Ship Finance A/S: ING Bank N.V.: Export-Import Bank of China: DNB Bank ASA.: As at June 30, 2021 and December 31, 2020, the Company was in compliance with all of its loan covenants. The maturities of the Company’s debt facilities described above as at June 30, 2021, and throughout their term, are shown in the table below and do not include the related debt issuance costs. The table has been adjusted to take into consideration the loan agreement between the Company and Nordea, described in Note 11, according to which the maturity of the existing loan has been extended to 2024. Period Principal Repayment Year 1 $ 43,304 Year 2 43,304 Year 3 179,333 Year 4 17,376 Year 5 165,576 Year 6 and thereafter 21,942 Total $ 470,835 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 6. a) b) Protefs Protefs. Protefs c) Period Amount Year 1 $ 93,307 Total $ 93,307 |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 6 Months Ended |
Jun. 30, 2021 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | 7. a) Preferred stock : b) Series B Preferred Stock: 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 the six months ended June 30, 2021 and 2020, dividends on Series B preferred shares amounted to $2,884 for each period. Since 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 thereon to the date of redemption, whether or not declared. c) Series C Preferred Stock d) Series D Preferred Stock lesser e) Repurchase of common shares: f) Incentive plan: Restricted stock for the six months ended June 30, 2021 and 2020 is analyzed as follows: Weighted Average Grant Number of Shares Date Price Outstanding at December 31, 2019 3,833,233 $ 3.86 Granted 2,200,000 2.72 Vested (2,310,502) 3.44 Outstanding at June 30, 2020 3,722,731 $ 3.22 Outstanding at December 31, 2020 2,423,012 $ 2.95 Granted 8,260,000 2.85 Vested (1,168,363) 3.20 Outstanding at June 30, 2021 9,514,649 $ 2.83 The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the previous 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 the six months ended June 30, 2021 and 2020, compensation cost amounted to $3,399, and $5,503, respectively, and is included in “General and administrative expenses” presented in the accompanying consolidated statements of operations. At June 30, 2021 and December 31, 2020, the total unrecognized cost relating to restricted share awards was $24,097 and $3,978, respectively. At June 30, 2021, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 2.15 years. |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2021 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 8. The amounts in the accompanying unaudited interim consolidated statements of operations are analyzed as follows: June 30, 2021 2020 Interest expense $ 9,015 $ 11,350 Interest income from bond repurchase (554) — Amortization of financing costs 718 512 Loan expenses 163 147 Total $ 9,342 $ 12,009 |
Earnings_(loss) per Share
Earnings/(loss) per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings/(loss) per Share [Abstract] | |
Earnings/(loss) per Share | 9. All common shares issued (including the restricted shares issued under the Company’s incentive plans) 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. Incremental shares are the number of shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. For the six months ended June 30, 2021 and 2020, the Company incurred losses, therefore the effect of incremental shares was anti-dilutive and 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: June 30, 2021 2020 Net income/(loss) $ 1,520 $ (113,617) Less dividends on series B preferred shares (2,884) (2,884) Net loss attributed to common stockholders $ (1,364) $ (116,501) Weighted average number of common shares, basic and diluted 82,792,000 86,012,939 Loss per share, basic and diluted $ (0.02) $ (1.35) |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 10. Interest rate risk and concentration of credit risk: During the six months ended June 30, 2021 and 2020, charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2021 2020 Cargill International SA 13 % 18 % Koch Shipping PTE LTD. Singapore 11 % 15 % Swissmarine Pte. Ltd 14 % The Company is exposed to interest rate fluctuations associated with its variable rate borrowings. Currently, the company does not have any derivative instruments to manage such fluctuations. Fair value of assets and liabilities: As of June 30, 2021, the Bond having a fixed interest rate and a carrying value of $17,800 (Note 5) had a fair value of $18,810 determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements. Similarly, as of June 30, 2021, the New Bond having a fixed interest rate and a carrying value of $125,000 (Note 5) had a fair value of $127,813 determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements. As of June 30, 2021, one vessel was recorded as held for sale at $9,010, which was the vessel’s net book value on the date of sale on March 16, 2021, having a fair value less cost to sell at that date of $10,575. The fair value was determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 11. a) Series B Preferred Stock Dividends: On July 15, 2021, 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 July 14, 2021 . b) Vessel acquisition: On July 15, 2021 the Company signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party, a 2011 built Kamsarmax dry bulk vessel of 82,165 dwt, for a purchase price of $22,000 . The Company paid an amount of $4,400 , being 20% advance of the purchase price, into an escrow account. The balance of the purchase price will be paid together with bunkers and lubricants on the vessel’s delivery expected to take place by the end of February 2022. c) Refinancing Agreement: On July 29, 2021, the Company entered into a supplemental agreement with Nordea, pursuant to which the borrowers exercised their options to extend the loan maturity to March 2024 (Note 5) and in addition drew down, on July 30, 2021, an additional amount of $460 . The balance of the loan will be repaid in 11 equal consecutive quarterly instalments of $1,861.6 and a balloon instalment of $26,522 payable on March 19, 2024. d) Vessel delivery : On July 30, 2021, the vessel Naias which was held for sale as of June 30, 2021 (Note 3) was delivered to its new owners. e) Tender Offer: On August 19, 2021, the Company purchased in a tender offer 3,333,333 shares of its outstanding common stock, at a price of $4.50 per share. f) Protefs: On September 23, 2021, the sentencing hearing of the Protefs case took place (Note 6). The judge formally accepted the DWM’s guilty pleas, adjudged the company guilty and imposed the agreed upon sentence of a combined fine of $2,000 , a total special assessment and a four year term of probation. |
Vessels (Tables)
Vessels (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Vessels [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | Accumulated Vessel Cost Depreciation Net Book Value Balance, December 31, 2020 $ 872,431 $ (156,253) $ 716,178 - Additions for improvements 684 — 684 - Additions reclassified from other non-current assets 441 441 - Transfer to held for sale (16,121) 7,111 (9,010) - Depreciation for the period — (17,474) (17,474) Balance, June 30, 2021 $ 857,435 $ (166,616) $ 690,819 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property and equipment, net [Abstract] | |
Schedule Of Property And Equipment [Table Text Block] | Property and Accumulated Equipment Depreciation Net Book Value Balance, December 31, 2020 $ 27,198 $ (5,494) $ 21,704 - Additions in property and equipment 149 — 149 - Depreciation for the period — (224) (224) Balance, June 30, 2021 $ 27,347 $ (5,718) $ 21,629 |
Long term debt, current and non
Long term debt, current and non-current (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Long term debt, current and non-current [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 December 31, 2020 8.375% Senior Unsecured Bond 125,000 — 9.5% Senior Unsecured Bond 17,800 92,000 Secured Term Loans 328,035 331,056 Total debt outstanding $ 470,835 $ 423,056 Less related deferred financing costs (9,320) (2,742) Total debt, net of deferred financing costs $ 461,515 $ 420,314 Less: Current portion of long term debt, net of deferred financing costs current (41,082) (39,217) Long-term debt, net of current portion and deferred financing costs, non-current $ 420,433 $ 381,097 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Principal Repayment Year 1 $ 43,304 Year 2 43,304 Year 3 179,333 Year 4 17,376 Year 5 165,576 Year 6 and thereafter 21,942 Total $ 470,835 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period Amount Year 1 $ 93,307 Total $ 93,307 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock for the six months ended June 30, 2021 and 2020 is analyzed as follows: Weighted Average Grant Number of Shares Date Price Outstanding at December 31, 2019 3,833,233 $ 3.86 Granted 2,200,000 2.72 Vested (2,310,502) 3.44 Outstanding at June 30, 2020 3,722,731 $ 3.22 Outstanding at December 31, 2020 2,423,012 $ 2.95 Granted 8,260,000 2.85 Vested (1,168,363) 3.20 Outstanding at June 30, 2021 9,514,649 $ 2.83 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest and Finance Costs [Abstract] | |
Schedule Of Interest And Finance Costs [Table Text Block] | June 30, 2021 2020 Interest expense $ 9,015 $ 11,350 Interest income from bond repurchase (554) — Amortization of financing costs 718 512 Loan expenses 163 147 Total $ 9,342 $ 12,009 |
Earnings_(loss) per Share (Tabl
Earnings/(loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings/(loss) per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | June 30, 2021 2020 Net income/(loss) $ 1,520 $ (113,617) Less dividends on series B preferred shares (2,884) (2,884) Net loss attributed to common stockholders $ (1,364) $ (116,501) Weighted average number of common shares, basic and diluted 82,792,000 86,012,939 Loss per share, basic and diluted $ (0.02) $ (1.35) |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of company's charter revenues | During the six months ended June 30, 2021 and 2020, charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2021 2020 Cargill International SA 13 % 18 % Koch Shipping PTE LTD. Singapore 11 % 15 % Swissmarine Pte. Ltd 14 % |
Basis of Presentation and Gen_2
Basis of Presentation and General Information and Recent Accounting Pronouncements - textual (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and General Information and Recent Accounting Pronouncements [Abstract] | |
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% |
Transactions with Related Par_2
Transactions with Related Parties, textual (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Due to related parties, current | $ 745 | $ 484 | |
Income / (loss) from Investments | (198) | $ (86) | |
Cash dividends on preferred stock | 2,884 | 2,884 | |
Altair Travel Agency S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 827 | 395 | |
Due to related parties, current | 256 | 54 | |
Steamship Shipbroking Enterprises Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,654 | $ 999 | |
Due to related parties, current | $ 0 | $ 0 |
Transactions with Related Par_3
Transactions with Related Parties, textual 2 (Details) $ / shares in Units, $ in Thousands | Jun. 22, 2021USD ($)Vote$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares |
Related Party Transaction [Line Items] | ||||
Payments to joint venture (Note 2) | $ (250) | |||
Due From Related Parties Current | 1,525 | $ 1,196 | ||
Loss from equity method investment | 198 | $ 86 | ||
Management Fee Expense | 854 | 1,014 | ||
Due to related parties, current | 745 | 484 | ||
Cash dividends on preferred stock | $ 2,884 | 2,884 | ||
Diana Wilhelmsen Management Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Loss from equity method investment | $ 198 | 86 | ||
Due to related parties, current | 377 | 430 | ||
Diana Wilhelmsen Management Limited [Member] | Management Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due From Related Parties Current | 1,525 | $ 1,196 | ||
Management Fee Expense | 854 | $ 1,014 | ||
Each 50% shareholder of DWM [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments to joint venture (Note 2) | $ (250) | |||
Series D preferred stock | ||||
Related Party Transaction [Line Items] | ||||
Issuance of new shares | shares | 400 | |||
Preferred Stock | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred Stock | Series D preferred stock | ||||
Related Party Transaction [Line Items] | ||||
Issuance of new shares | shares | 400 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | |||
Cash dividends on preferred stock | $ 0 | |||
Preferred Stock Number Of Voting Rights | Vote | 100,000 |
Transactions with Related Par_4
Transactions with Related Parties, textual 3 (Details) $ / shares in Units, $ in Thousands | Jun. 22, 2021USD ($)Vote$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / shares |
Related Party Transaction [Line Items] | |||
Proceeds from issuance of stock, net of expenses | $ 264 | ||
Aggregate principal amount | $ 100,819 | ||
Preferred Stock | |||
Related Party Transaction [Line Items] | |||
Nominal value | $ / shares | $ 0.01 | $ 0.01 | |
Mrs. Semiramis Paliou | |||
Related Party Transaction [Line Items] | |||
Percentage of number of votes entitled to vote on any matter, Series D preferred stockholders | 15.00% | ||
Purchase of Bond by executives | |||
Related Party Transaction [Line Items] | |||
Aggregate principal amount | $ 21,000 | ||
Series D preferred stock | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period Shares New Issues | shares | 400 | ||
Series D preferred stock | Preferred Stock | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period Shares New Issues | shares | 400 | ||
Nominal value | $ / shares | $ 0.01 | ||
Gross purchase price | $ 360 | ||
Proceeds from issuance of stock, net of expenses | $ 264 | ||
Maximum number of votes eligible | Vote | 100,000 | ||
Series D preferred stock | Mrs. Semiramis Paliou | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period Shares New Issues | shares | 400 | ||
Nominal value | $ / shares | $ 0.01 | ||
Percentage of number of votes entitled to vote on any matter total | 36.00% |
Vessels, textual (Details)
Vessels, textual (Details) $ in Thousands | Mar. 16, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)item |
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 23,158 | $ 8,238 | ||
Loss from sale of vessels | 203 | $ 1,078 | ||
Vessel's net book value | 9,010 | $ 23,361 | ||
Acquisitions, improvements and other vessel costs | 684 | |||
Coronis, Sideris, Oceanis Vessels [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels To Be Disposed | item | 3 | |||
Coronis [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 7,100 | |||
Sideris G.S. [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 11,500 | |||
Oceanis [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 5,750 | |||
Naias [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 11,250 | |||
Vessel's net book value | $ 9,010 | |||
Equipment And Services [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions, improvements and other vessel costs | $ 1,125 | |||
Expenditures for equipment and services, paid and capitalized | $ 441 |
Vessels, detail (Details)
Vessels, detail (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Movement in Property, Plant and Equipment [Roll Forward] | |
Vessels, Beginning Balance | $ 872,431 |
Additions for improvements | 684 |
Additions reclassified from other non-current assets | 441 |
Transferred to vessel cost | 16,121 |
Vessels, Ending Balance | 857,435 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |
Accumulated depreciation, Beginning Balance | (156,253) |
Transfer to held for sale | 7,111 |
Depreciation for the year | (17,474) |
Accumulated depreciation, Ending Balance | (166,616) |
Property, Plant and Equipment, Net, by Type [Abstract] | |
Vessels net book value, Beginning Balance | 716,178 |
Additions for improvements | 684 |
Additions reclassified from other non-current assets | 441 |
Vessel transferred to held for sale | (9,010) |
Depreciation for the year | (17,474) |
Vessels net book value, Ending Balance | $ 690,819 |
Property and equipment, net, de
Property and equipment, net, detail (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Property and Equipment, Beginning Balance | $ 27,198 | |
Additions in property and equipment | 149 | $ 58 |
Property and Equipment, Ending Balance | 27,347 | |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated Depreciation, Property and Equipment, Beginning Balance | (5,494) | |
Depreciation for the year | (224) | |
Accumulated Depreciation, Property and Equipment, Ending Balance | (5,718) | |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property And Equipment Net, Beginning Balance | 21,704 | |
Additions in property and equipment | 149 | $ 58 |
Depreciation for the year | (224) | |
Property And Equipment Net, Ending Balance | $ 21,629 |
Long-term debt, current and n_2
Long-term debt, current and non-current, details (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Secured Term Loans | $ 328,035 | $ 331,056 |
Total debt outstanding | 470,835 | 423,056 |
Less related deferred financing costs | (9,320) | (2,742) |
Total debt, net of deferred financing costs | 461,515 | 420,314 |
Less: Current portion of long term debt, net of deferred financing costs current | (41,082) | (39,217) |
Long-term debt, net of current portion and deferred financing costs, non-current | 420,433 | 381,097 |
8.375% Senior Unsecured Bond | ||
Debt Instrument [Line Items] | ||
Unsecured Bond | 125,000 | |
Less related deferred financing costs | (2,080) | |
9.5% Senior Unsecured Bond | ||
Debt Instrument [Line Items] | ||
Unsecured Bond | $ 17,800 | $ 92,000 |
Long-term debt, current and n_3
Long-term debt, current and non-current, textual (Details) $ in Thousands | Jun. 22, 2021USD ($) | May 21, 2021USD ($) | May 20, 2021 | Jul. 07, 2020USD ($) | Mar. 30, 2015USD ($) | Jun. 30, 2021USD ($)installmentitem | Dec. 31, 2020USD ($)item |
Debt Instrument [Line Items] | |||||||
Number Of Vessels Collateral For Debt | item | 30 | 30 | |||||
Debt Instrument, Payment Terms | The loan agreements are repayable in quarterly or semi-annual installments plus one balloon installment per loan agreement to be paid together with the last installment | ||||||
Debt issuance costs | $ 9,320 | $ 2,742 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||||||
Aggregate principal amount | $ 100,819 | ||||||
Debt Instrument Collateral Amount | $ 615,327 | ||||||
Compensating Balance, Description | Under the secured term loans outstanding as of June 30, 2021, 30 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $615,327. | ||||||
Gain on extinguishment of Debt | $ (158) | ||||||
8.375% Senior Unsecured Bond | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Issuance Date | Jun. 22, 2021 | ||||||
Debt Instrument, Face Amount | $ 125,000 | ||||||
Debt Instrument, Payment Terms | payable semi-annually in arrears in June and December of each year. | ||||||
Debt issuance costs | $ 2,080 | ||||||
Aggregate principal amount | $ 21,000 | ||||||
Debt Instrument, Covenant Description | The New Bond includes financial and other covenants. The Company will take all necessary actions to list the New Bond in the Oslo Stock Exchange. | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 8.375% | |||||
Debt Instrument, Call Feature | The New Bond is callable in whole or in parts in June 2024 at a price equal to 103.35% of nominal value; between June 2025 to December 2025 at a price equal to 101.675% of the nominal value and after December 2025 at a price equal to 100% of nominal value. | ||||||
8.375% Senior Unsecured Bond | In June 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 103.35% | ||||||
8.375% Senior Unsecured Bond | Between June 2025 to December 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 101.675% | ||||||
8.375% Senior Unsecured Bond | After December 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
9.5% Senior Unsecured Bond | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Issuance Date | Sep. 27, 2018 | ||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||
Debt Instrument, Payment Terms | payable semi-annually in arrears in March and September of each year. | ||||||
Debt Instrument, Covenant Description | The Bond includes financial and other covenants and is trading on the Oslo Stock Exchange under the ticker symbol “DIASH01”. | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||||||
Bond repurchased | $ 78,838 | ||||||
Debt Instrument, Redemption Price, Percentage | 106.25% | ||||||
Fees paid | $ 5,272 | ||||||
Gain on extinguishment of Debt | 57 | ||||||
Nominal value of bond repurchased | $ 8,000 | ||||||
Nominal value of bond refinanced | $ 74,200 | ||||||
Nominal value of bond held | $ 82,200 | ||||||
Debt Instrument, Call Feature | The Bond is callable in whole or in parts in three years at a price equal to 103.8% of nominal value; in four years at a price equal to 101.9% of the nominal value and in four and a half years at a price equal to 100% of nominal value. | ||||||
Debt extinguishment, amount | 800 | ||||||
Debt refinanced, amount excluding extinguishment | $ 73,400 | ||||||
9.5% Senior Unsecured Bond | Additional Issuance of Bond on one or more occasions [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 25,000 | ||||||
9.5% Senior Unsecured Bond | Officers And Directors [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Issuance of Unsecured Debt | $ 16,200 | ||||||
9.5% Senior Unsecured Bond | In three years [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 103.80% | ||||||
9.5% Senior Unsecured Bond | In four years [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 101.90% | ||||||
9.5% Senior Unsecured Bond | In four and a half years [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan Margin Percentage | 2.15% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan Margin Percentage | 2.50% | ||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 91,000 | $ 50,160 | |||||
Debt Instrument, Number of installments | installment | 24 | ||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||
Debt Instrument, Periodic Payment, Principal | $ 994 | ||||||
Debt Instrument, Balloon Payment | $ 26,310 | ||||||
Debt Instrument, Maturity Date | May 20, 2026 | ||||||
Debt issuance costs | $ 736 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||
Loan Margin Percentage | 2.00% |
Long-term debt, current and n_4
Long-term debt, current and non-current, textuals 2 (Details) $ in Thousands | May 21, 2021USD ($) | May 20, 2021 | Mar. 30, 2015USD ($) | Jun. 30, 2021USD ($)installmentitem | Dec. 31, 2020USD ($)item |
Debt Instrument [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||||
Number Of Vessels Collateral For Debt | item | 30 | 30 | |||
Debt Instrument Collateral Amount | $ 615,327 | ||||
Minimum cash deposits required to be maintained | $ 18,500 | $ 20,000 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan Margin Percentage | 2.15% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan Margin Percentage | 2.50% | ||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | First Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | Feb. 15, 2012 | ||||
Proceeds From Issuance Of Secured Debt | $ 37,450 | ||||
Debt Instrument, Number of installments | installment | 40 | ||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||
Debt Instrument, Periodic Payment, Principal | $ 628 | ||||
Debt Instrument, Balloon Payment | $ 12,332 | ||||
Debt Instrument, Maturity Date | Feb. 15, 2022 | ||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | Second Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | May 18, 2012 | ||||
Proceeds From Issuance Of Secured Debt | $ 34,640 | ||||
Debt Instrument, Number of installments | installment | 40 | ||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||
Debt Instrument, Periodic Payment, Principal | $ 581 | ||||
Debt Instrument, Balloon Payment | $ 11,410 | ||||
Debt Instrument, Maturity Date | May 18, 2022 | ||||
Loan Margin Percentage | 2.50% | ||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds From Issuance Of Secured Debt | $ 91,000 | $ 50,160 | |||
Debt Instrument, Number of installments | installment | 24 | ||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||
Debt Instrument, Periodic Payment, Principal | $ 994 | ||||
Debt Instrument, Balloon Payment | $ 26,310 | ||||
Debt Instrument, Maturity Date | May 20, 2026 | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||
Loan Margin Percentage | 2.00% |
Long-term debt, current and n_5
Long-term debt, current and non-current, textuals 3 (Details) | Jul. 16, 2018USD ($) | May 19, 2015USD ($) | Dec. 19, 2014USD ($) | Jan. 13, 2014USD ($) | Jun. 30, 2021USD ($)installment | Jun. 29, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | |||||
Commonwealth Bank of Australia, London Branch [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds From Issuance Of Secured Debt | $ 9,500,000 | |||||
Debt Instrument, Number of installments | installment | 32 | |||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||
Debt Instrument, Periodic Payment, Principal | $ 156,000 | |||||
Debt Instrument, Balloon Payment | $ 4,500,000 | |||||
Debt Instrument, Maturity Date | Jan. 13, 2022 | |||||
Loan Margin Percentage | 2.25% | |||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds From Issuance Of Secured Debt | $ 53,500,000 | |||||
Debt Instrument, Number of installments | installment | 14 | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,574,000 | |||||
Debt Instrument, Balloon Payment | $ 31,466,000 | |||||
Debt Instrument, Maturity Date | Nov. 30, 2021 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Loan Margin Percentage | 2.00% | |||||
BNP Paribas [Member] | Secured Debt [Member] | First Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds From Issuance Of Secured Debt | $ 75,000,000 | |||||
Debt Instrument, Number of installments | installment | 20 | |||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,562,500 | |||||
Debt Instrument, Balloon Payment | $ 43,750,000 | |||||
Debt Instrument, Maturity Date | Jul. 16, 2023 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Loan Margin Percentage | 2.30% | |||||
BNP Paribas [Member] | Secured Debt [Member] | Second Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Number of installments | installment | 5 | |||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,574,000 | |||||
Debt Instrument, Balloon Payment | $ 23,596,000 | $ 31,466,000 | ||||
Debt Instrument, Maturity Date | May 19, 2024 | |||||
Loan Margin Percentage | 2.50% | |||||
Nordea Bank AB, London Branch [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds From Issuance Of Secured Debt | $ 93,080,000 | |||||
Debt Instrument, Number of installments | installment | 24 | |||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,862,000 | |||||
Debt Instrument, Balloon Payment | $ 48,402,000 | |||||
Debt Instrument, Maturity Date | Mar. 19, 2021 | |||||
Loan Margin Percentage | 2.10% | |||||
Nordea Bank AB, London Branch [Member] | Secured Debt [Member] | Second Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Number of installments | installment | 8 | |||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,862,000 | |||||
Debt Instrument, Balloon Payment | $ 40,955,000 | |||||
Debt Instrument, Maturity Date | Mar. 19, 2022 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Loan Margin Percentage | 2.25% |
Long-term debt, current and n_6
Long-term debt, current and non-current, textuals 4 (Details) | May 21, 2021USD ($) | May 20, 2021USD ($) | May 22, 2020USD ($) | Jun. 27, 2019USD ($) | Mar. 14, 2019USD ($) | Jan. 04, 2017USD ($) | Nov. 19, 2015USD ($) | Oct. 06, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 30, 2015USD ($) | Jun. 30, 2021USD ($)installment |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 91,000,000 | $ 50,160,000 | |||||||||
Debt Instrument, Number of installments | installment | 24 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 994,000 | ||||||||||
Debt Instrument, Balloon Payment | $ 26,310,000 | ||||||||||
Debt Instrument, Maturity Date | May 20, 2026 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||||
Loan Margin Percentage | 2.00% | ||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Term loan facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 52,885,000 | ||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | First Tranche [Member] | Term loan facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2024 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.25% | ||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Second Tranche [Member] | Term loan facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Maturity Date | Mar. 30, 2021 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.40% | ||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Second Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 25,000,000 | ||||||||||
Debt Instrument, Number of installments | installment | 20 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 3,390,000 | $ 800,000 | |||||||||
Debt Instrument, Balloon Payment | $ 23,200,000 | $ 9,000,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.15% | 2.25% | |||||||||
Danish Ship FInance A/S [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 30,000,000 | ||||||||||
Debt Instrument, Number of installments | installment | 28 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | ||||||||||
Debt Instrument, Balloon Payment | $ 16,000,000 | ||||||||||
Debt Instrument, Maturity Date | Apr. 30, 2022 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.15% | ||||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 1.65% | ||||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | First Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 27,950,000 | ||||||||||
Debt Instrument, Number of installments | installment | 28 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 466,000 | ||||||||||
Debt Instrument, Balloon Payment | $ 14,907,000 | ||||||||||
Debt Instrument, Maturity Date | Nov. 19, 2022 | ||||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | Second Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 11,733,000 | ||||||||||
Debt Instrument, Number of installments | installment | 28 | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 293,000 | ||||||||||
Debt Instrument, Balloon Payment | $ 3,520,000 | ||||||||||
Debt Instrument, Maturity Date | Oct. 6, 2022 | ||||||||||
Export-Import Bank of China [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 57,240,000 | ||||||||||
Debt Instrument, Number of installments | installment | 60 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 954,000 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.30% | ||||||||||
DNB Bank ASA [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Issuance Of Secured Debt | $ 19,000,000 | ||||||||||
Debt Instrument, Number of installments | installment | 20 | ||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 477,300 | ||||||||||
Debt Instrument, Balloon Payment | $ 9,454,000 | ||||||||||
Debt Instrument, Maturity Date | Mar. 14, 2024 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Loan Margin Percentage | 2.40% |
Long-term debt, current and n_7
Long-term debt, current and non-current, details 1 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 43,304 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 43,304 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 179,333 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 17,376 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 165,576 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 21,942 | |
Total debt outstanding | $ 470,835 | $ 423,056 |
Commitments and Contingencies,
Commitments and Contingencies, textual (Details) - USD ($) $ in Thousands | Jul. 09, 2020 | Feb. 28, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Abstract] | ||||
Insurance Coverage For Pollution | $ 1,000,000 | |||
Security bond placed | $ 1,750 | |||
Loss contingency damages sought value | $ 2,000 | |||
Accrual for Environmental Loss Contingencies | $ 958 | $ 958 |
Commitments and Contingencies_2
Commitments and Contingencies, detail (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $ 93,307 |
Total | $ 93,307 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | Feb. 24, 2021 | Feb. 18, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Incentive Plan, Number of Shares Authorized | 5,600,000 | ||
Vesting period (in years) | 5 years | ||
Fair value, grant date | $ 15,904 | ||
Executive Management And Non-Executive Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Incentive Plan, Number of Shares Authorized | 2,400,000 | 260,000 | |
Common Stock Capital Shares Reserved For Future Issuance | 16,664,759 | ||
Vesting period (in years) | 3 years | ||
Fair value, grant date | $ 6,816 | $ 798 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, detail (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Non vested restricted common stock, beginning balance | 2,423,012 | 3,833,233 |
Granted | 8,260,000 | 2,200,000 |
Vested | (1,168,363) | (2,310,502) |
Non vested restricted common stock, ending balance | 9,514,649 | 3,722,731 |
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 | $ 2.95 | $ 3.86 |
Weighted Average Grant Date Fair Value, Granted | 2.85 | 2.72 |
Weighted Average Grant Date Fair Value, Vested | 3.20 | 3.44 |
Weighted Average Grant Date Fair Value, ending balance | $ 2.83 | $ 3.22 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts, textuals (Details) $ / shares in Units, $ in Thousands | Jun. 22, 2021USD ($)Vote$ / sharesshares | Feb. 28, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020$ / sharesshares |
Class Of Stock [Line Items] | |||||
Cash dividends on preferred stock | $ | $ 2,884 | $ 2,884 | |||
Payments for Repurchase of Common Stock | $ | 15,136 | 11,999 | |||
Proceeds from issuance of stock, net of expenses | $ | $ 264 | ||||
Series D preferred stock | |||||
Class Of Stock [Line Items] | |||||
Stock Issued During Period Shares New Issues | 400 | ||||
Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred Stock | 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 | Preferred Stock Series B | |||||
Class Of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 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 | $ / shares | $ 25 | $ 25 | |||
Preferred Stock Liquidation Preference Per Share | $ / shares | $ 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 | $ / shares | $ 2.21875 | ||||
Cash dividends on preferred stock | $ | $ 2,884 | $ 2,884 | |||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | ||||
Preferred Stock | Preferred Stock Series C | |||||
Class Of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 10,675 | 10,675 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred Stock, Shares Issued | 10,675 | 10,675 | |||
Preferred Stock, Shares Outstanding | 10,675 | 10,675 | |||
Preferred Stock Voting Rights | . The Series C Preferred Stock votes 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. | ||||
Preferred Stock | Series D preferred stock | |||||
Class Of Stock [Line Items] | |||||
Stock Issued During Period Shares New Issues | 400 | ||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Preferred Stock Voting Rights | the Company held by the holder to be equal to the lesser of (i) 36% of the total number of votes entitled to vote on any matter put to shareholders of the Company and (ii) the sum of the holder’s aggregate voting power derived from securities other than the Series D Preferred Stock and 15% of the total number of votes entitled to be cast on matters put to shareholders of the Company. | ||||
Cash dividends on preferred stock | $ | $ 0 | ||||
Preferred Stock Designated to Class | 400 | 400 | |||
Preferred Stock Number Of Voting Rights | Vote | 100,000 | ||||
Gross purchase price | $ | $ 360 | ||||
Proceeds from issuance of stock, net of expenses | $ | $ 264 | ||||
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Stock repurchased and retired, shares | 6,000,000 | 6,000,000 | 4,118,337 | ||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 2.50 | ||||
Payments for Repurchase of Common Stock | $ | $ 15,136 |
Capital Stock and Changes in _6
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Compensation cost on restricted stock | $ 3,399 | $ 5,503 | $ 5,503 |
Unrecognized cost for unvested restricted shares | $ 24,097 | $ 3,978 | |
Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 24 days |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and Finance Costs [Abstract] | ||
Interest expense | $ 9,015 | $ 11,350 |
Interest income from bond repurchase | (554) | |
Amortization of financing costs | 718 | 512 |
Loan expenses | 163 | 147 |
Interest and finance costs | $ 9,342 | $ 12,009 |
Earnings_(loss) per Share, deta
Earnings/(loss) per Share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | ||
Net income/(loss) | $ 1,520 | $ (113,617) |
Less dividends on series B preferred shares | (2,884) | (2,884) |
Net loss attributed to common stockholders | $ (1,364) | $ (116,501) |
Weighted average number of common shares, basic and diluted | 82,792,000 | 86,012,939 |
Loss per share, basic and diluted | $ (0.02) | $ (1.35) |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures - Charterer (Details) - Customer Concentration Risk - Revenue Benchmark | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cargill International SA | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 13.00% | 18.00% |
Koch Shipping PTE LTD. Singapore | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 11.00% | 15.00% |
Swissmarine Pte. Ltd | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 14.00% |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Vessel held for sale (Note 3) | $ 9,010 | $ 23,361 |
Contract Price Of Vessels To Be Sold | 10,575 | |
9.5% Senior Unsecured Bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 17,800 | |
9.5% Senior Unsecured Bond | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 18,810 | |
8.375% Senior Unsecured Bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 125,000 | |
8.375% Senior Unsecured Bond | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 127,813 |
Subsequent Events (Details)
Subsequent Events (Details) | Sep. 23, 2021USD ($) | Aug. 19, 2021$ / sharesshares | Jul. 30, 2021USD ($) | Jul. 29, 2021USD ($) | Jul. 15, 2021USD ($)T$ / shares | Feb. 24, 2021USD ($) | Feb. 28, 2021$ / sharesshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020shares |
Subsequent Event [Line Items] | |||||||||
Vessel acquisition cost | $ 684,000 | ||||||||
Subsequent Events | |||||||||
Subsequent Event [Line Items] | |||||||||
Sentenced for fine amount | $ 2,000 | ||||||||
Refinancing Agreement | Subsequent Events | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan maturity amount | $ 460 | ||||||||
Frequency period | 11 equal consecutive quarterly instalments | ||||||||
Quarterly installments | $ 1,861.6 | ||||||||
Balloon installments | $ 26,522 | ||||||||
Kamsarmax Dry Bulk Vessel, 2011 Built | Subsequent Events | |||||||||
Subsequent Event [Line Items] | |||||||||
DWT (in tonnes) | T | 82,165 | ||||||||
Vessel acquisition cost | $ 22,000 | ||||||||
Advance payment | $ 4,400 | ||||||||
Percent of advances paid | 20.00% | ||||||||
Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares purchased in tender offer | shares | 6,000,000 | 6,000,000 | 4,118,337 | ||||||
Shares repurchase price per share | $ / shares | $ 2.50 | ||||||||
Common Stock | Subsequent Events | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares purchased in tender offer | shares | 3,333,333 | ||||||||
Shares repurchase price per share | $ / shares | $ 4.50 | ||||||||
Restricted Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 15,904,000 | ||||||||
Preferred Stock Series B | Subsequent Events | |||||||||
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 | ||||||||
Dividends Payable, Date of Record | Jul. 14, 2021 |