Performance Shipping (PSHG) 6-K 14 Sep 18 2018 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018shares
Document type	6-K
Document period end date	Jun. 30, 2018
Amendment flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity registrant name	DIANA CONTAINERSHIPS INC.
Entity trading symbol	DCIX
Entity central index key	1,481,241
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Entity well known seasoned issuer	No
Entity common stock shares outstanding	9,681,171

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 3,921	$ 6,444
Accounts receivable, trade	240	428
Due from related parties current	0	0
Inventories	1,055	1,667
Prepaid expenses and other assets	950	1,083
Restricted cash (Note 3)	19,443	0
Vessels held for sale (Note 4)	19,875	18,378
Total current assets	45,484	28,000
FIXED ASSETS:
Vessels, net (Note 4)	92,489	201,308
Property and equipment, net	940	911
Total fixed assets	93,429	202,219
Deferred charges, net	973	2,088
Total assets	139,886	232,307
CURRENT LIABILITIES:
Unrelated party financing, net of unamortized deferred financing costs (Note 5)	0	12,119
Related party financing, net of unamortized deferred financing costs (Note 3)	38,472	84,832
Accounts payable, trade and other	1,480	1,715
Due to related parties, current (Note 3)	59	65
Accrued liabilities	2,455	2,045
Deferred revenue	175	439
Total current liabilities	42,641	101,215
Other liabilities, non-current (Note 7)	841	320
Commitments and contingencies (Note 6)	0	0
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, 875 and 389 issued and outstanding as at June 30, 2018 and December 31, 2017, respectively (Note 7)	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized; 9,681,171 and 4,051,266 issued and outstanding as at June 30, 2018 and December 31, 2017, respectively (Note 7)	95	40
Additional paid-in capital (Note 7)	422,804	410,982
Other comprehensive income	6	6
Accumulated deficit	(326,501)	(280,256)
Total stockholders' equity	96,404	130,772
Total liabilities and stockholders' equity	$ 139,886	$ 232,307

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred stock par value	$ 0.01	$ 0.01
Preferred stock shares authorized	25,000,000	25,000,000
Preferred stock shares issued	875	389
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	500,000,000	500,000,000
Common stock shares issued	9,681,171	4,051,266
Common stock shares outstanding	9,681,171	4,051,266

UNAUDITED INTERIM CONSOLIDATED

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
REVENUES:
Time charter revenues (Note 1)	$ 14,260	$ 9,273
EXPENSES:
Voyage expenses	635	1,013
Vessel operating expenses	9,727	11,117
Depreciation and amortization of deferred charges (Note 4)	3,100	4,026
General and administrative expenses (Notes 3 and 7)	3,859	3,289
Impairment losses (Note 4)	15,626	0
Loss / (gain) on vessels' sale (Note 4)	16,679	(945)
Foreign currency (gains) / losses	(33)	9
Operating loss	(35,333)	(9,236)
OTHER INCOME/(EXPENSES)
Interest and finance costs (Notes 3 and 5)	(10,939)	(3,878)
Interest income	27	53
Gain from bank debt write off	0	42,185
Total other income /(expenses), net	(10,912)	38,360
Net income/ (loss)	$ (46,245)	$ 29,124
Earnings / (Loss) per common share, basic (Note 8)	$ (6.54)	$ 15,691.81
Earnings / (Loss) per common share, diluted (Note 8)	$ (6.54)	$ 14,996.91
Weighted average number of common shares, basic (Note 8)	7,068,474	1,856
Weighted average number of common shares, diluted (Note 8)	7,068,474	1,942

UNAUDITED INTERIM CONSOLIDATED5

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net income / (loss)	$ (46,245)	$ 29,124
Comprehensive income / (loss)	$ (46,245)	$ 29,124

UNAUDITED INTERIM CONSOLIDATED6

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Other Comprehensive Income / (Loss) [Member]	Accumulated Deficit [Member]	Total
Balance as at Dec. 31, 2016			$ 374,975	$ (20)	$ (284,075)	$ 90,880
Balance as at Dec. 31, 2016	1,533
Net income/ loss					29,124	29,124
Issuance of Series B preferred stock, net of expenses, value			5,610			5,610
Issuance of Series B preferred stock, net of expenses, shares		6,000
Conversion of Series B preferred stock to common stock, shares (Note 7)	816	(4,818)
Issuance of Series C preferred stock, shares		100
Issuance of Series C preferred stock, value			3,000			3,000
Compensation cost on restricted stock (Note 7)			492			492
Balance as at Jun. 30, 2017			384,077	(20)	(254,951)	129,106
Balance as at Jun. 30, 2017	2,349	1,282
Balance as at Dec. 31, 2017	$ 40		410,982	6	(280,256)	130,772
Balance as at Dec. 31, 2017	4,051,266	389
Net income/ loss					(46,245)	(46,245)
Issuance of Series B preferred stock, net of expenses, value			11,703			11,703
Issuance of Series B preferred stock, net of expenses, shares		11,750
Conversion of Series B preferred stock to common stock, shares (Note 7)	5,468,205	(11,264)
Issuance of Series C preferred stock, value						0
Conversion of Series B preferred stock to common stock, value (Note 7)	$ 54		(54)
Issuance of restricted stock, and compensation cost on restricted stock (Note 7), value	$ 1		173			174
Issuance of restricted stock, and compensation cost on restricted stock (Note 7), shares	161,700
Balance as at Jun. 30, 2018	$ 95		$ 422,804	$ 6	$ (326,501)	$ 96,404
Balance as at Jun. 30, 2018	9,681,171	875

UNAUDITED INTERIM CONSOLIDATED7

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows used in Operating Activities:
Net income / (loss)	$ (46,245)	$ 29,124
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Depreciation and amortization of deferred charges (Note 4)	3,100	4,026
Amortization of deferred financing costs	176	141
Amortization of discount premium (Notes 3 and 5)	8,522	29
Impairment losses (Note 4)	15,626	0
Loss / (gain) on vessels' sale (Note 4)	16,679	(945)
Compensation cost on restricted stock awards (Note 7)	683	541
Gain from bank debt write off	0	(42,185)
(Increase) / Decrease in:
Accounts receivable, trade	188	(183)
Inventories	612	765
Prepaid expenses and other assets	133	104
Increase / (Decrease) in:
Accounts payable, trade and other	(167)	973
Due to related parties	(6)	(39)
Accrued liabilities	410	(296)
Deferred revenue	(264)	374
Other liabilities	11	17
Drydock costs	0	(474)
Net Cash used in Operating Activities	(542)	(8,028)
Cash Flows provided by Investing Activities:
Proceeds from sale of vessels, net of expenses (Note 4)	73,051	5,895
Property and equipment additions	(47)	(11)
Insurance settlements	0	785
Net Cash provided by Investing Activities	73,004	6,669
Cash Flows used in Financing Activities:
Proceeds from a related party loan (Note 3)	0	40,000
Proceeds from an unrelated party loan (Note 5)	0	35,000
Repayments of a related party loan (Note 3)	(48,677)	0
Repayments of unrelated parties loans (Note 5)	(18,500)	(85,000)
Issuance of preferred stock, net of expenses (Note 7)	11,703	5,610
Payments of financing costs	(68)	0
Net Cash used in Financing Activities	(55,542)	(4,390)
Net increase / (decrease) in cash, cash equivalents and restricted cash	16,920	(5,749)
Cash, cash equivalents and restricted cash at begining of period	6,444	17,316
Cash, cash equivalents and restricted cash at end of period	23,364	11,567
SUPPLEMENTAL CASH FLOW INFORMATION
Restricted cash at beginning of period	0	9,000
Restricted cash at end of period (Note 3)	19,443	0
Related party loan reduction in exchange for preferred shares (Note 3)	0	3,000
Interest payments, net of amounts capitalized	$ 2,227	$ 3,896

General Information

General Information	6 Months Ended
	Jun. 30, 2018
General Information	1. General Information The accompanying unaudited interim consolidated financial statements include the accounts of Diana Containerships Inc. (“DCI”) and its wholly-owned subsidiaries (collectively, the “Company”). Diana Containerships Inc. was incorporated on January 7, 2010 under the laws of the Republic of Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act. 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, 2017 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 16, 2018 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, 2018 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2018. A discussion of the Company’s significant accounting policies can be found in the audited consolidated financial statements for the fiscal year ended December 31, 2017, as filed on Form 20-F on March 16, 2018. The consolidated balance sheet as of December 31, 2017 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. In September and November 2017, the Company effected, in addition to previously effected reverse stock splits, two additional reverse stock splits on its issued and outstanding common stock, of 1-for-3 and 1-for-7, respectively. All share and per share amounts disclosed in the accompanying unaudited interim consolidated financial statements give effect to these two reverse stock splits retroactively and thus affect the period ended June 30, 2017. At June 30, 2018, the Company reported a working capital surplus of $2,843. Since 2017, the Company’s management has implemented a number of actions to manage the Company’s working capital requirements. As at the date that these unaudited interim consolidated financial statements are issued, the Company has managed to fully repay its entire outstanding debt, by making use of vessels’ sales proceeds and equity proceeds (Notes 4, 7 and 10) and thus, the Company’s fleet comprises of four unencumbered vessels with zero debt outstanding. The Company expects that it will fund its operations either with cash on hand, cash generated from operations, bank debt and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial statements' issuance and accordingly, there is no substantial doubt about the Company's ability to continue as a going concern. The Company is engaged in the seaborne transportation industry through the ownership of containerships and operates its fleet through Unitized Ocean Transport Limited, a wholly-owned subsidiary, while Wilhelmsen Ship Management LTD, an unaffiliated third party, provided management services to the laid-up vessels of the Company's fleet, for a fixed monthly fee for each vessel. The fees payable to Wilhelmsen Ship Management LTD, amounted to $62 and $485 for the 2018 and 2017, respectively, and are included in Vessel operating expenses in the accompanying unaudited interim consolidated statements of operations. As at June 30, 2018, the Company was the sole owner of all outstanding shares of the following subsidiaries: a/a Company Place of Incorporation Vessel Flag TEU Date built Date acquired Date sold Vessel Owning Subsidiaries - Panamax Vessels 1 Rongerik Shipping Company Inc. Marshall Islands Domingo Marshall Islands 3,739 Mar-01 Feb-12 - 2 Dud Shipping Company Inc. Marshall Islands Pamina Marshall Islands 5,042 May-05 Nov-14 - Vessel Owning Subsidiaries - Post-Panamax Vessels 3 Oruk Shipping Company Inc. Marshall Islands Pucon Marshall Islands 6,541 Aug-06 Sep-13 - 4 Meck Shipping Company Inc. Marshall Islands Rotterdam Marshall Islands 6,494 Jul-08 Sep-15 - 5 Langor Shipping Company Inc. (Notes 4 and 10) Marshall Islands Hamburg Marshall Islands 6,494 Mar-09 Nov-15 Jul-18 Vessel Owning Subsidiaries - Sold Vessels 6 Kapa Shipping Company Inc. Marshall Islands Angeles Marshall Islands 4,923 Dec-06 Apr-15 Nov-16 7 Utirik Shipping Company Inc. Marshall Islands Doukato Marshall Islands 3,739 Feb-02 Feb-12 Jun-17 8 Mago Shipping Company Inc. (Note 4) Marshall Islands New Jersey Marshall Islands 4,923 Nov-06 Apr-15 Mar-18 9 Delap Shipping Company Inc. (Note 4) Marshall Islands March Marshall Islands 5,576 May-04 Sep-14 Mar-18 10 Jabor Shipping Company Inc. (Note 4) Marshall Islands Great Marshall Islands 5,576 Apr-04 Oct-14 Mar-18 11 Likiep Shipping Company Inc. (Note 4 ) Marshall Islands Sagitta Marshall Islands 3,426 Jun-10 Jun-10 Apr-18 12 Orangina Inc. (Note 4) Marshall Islands Centaurus Marshall Islands 3,426 Jul-10 Jul-10 May-18 13 Eluk Shipping Company Inc. (Note 4) Marshall Islands Puelo Marshall Islands 6,541 Nov-06 Aug-13 Jun-18 Other Subsidiaries 14 Unitized Ocean Transport Limited Marshall Islands Management company - - - - 15 Container Carriers (USA) LLC Delaware - USA Company's US representative - - - - Unitized Ocean Transport Limited (the “Manager” or “UOT”), Container Carriers (USA) LLC ("Container Carriers"), During the six months ended June 30, 2018 and 2017, charterers that accounted for more than 10% of the Company’s hire revenues were as follows: Charterer 2018 2017 A 27% - B 11% 14% C 14% - D - 11% E 30% 14% F 18% 40%

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted a) (b) The Company has adopted the standard in the first quarter of 2018 and the adoption of the new standard did not have a material impact on its consolidated financial statements and notes disclosures. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02 - Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-10 Codification Improvements to Topic 842, Leases, and No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in these Updates: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842. Under ASC 842, lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company has elected to use this new optional transitional period and the practical expedient of combining the lease and non-lease component(s) as a single component since the time and pattern of transfer of the non-lease component(s) and associated component are the same and the lease components are classified as operating leases. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. The Company expects that the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will not have a material impact on the consolidated results of operations, financial condition, or cash flows.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2018
Transactions with Related Parties	3. Transactions with Related Parties (a) (b) (c) June 30, 2018 Current Non-current December 31, 2017 Current Non-current Diana Shipping Inc - Term Loan $ 33,940 $ 33,940 $ - $ 82,617 $ 82,617 $ - Discount Premium payable to the lenders 4,532 4,532 - 2,292 2,292 - less unamortized deferred financing costs - - - (77) (77) - Related party financing, net of unamortized deferred financing costs $ 38,472 $ 38,472 $ - $ 84,832 $ 84,832 $ - On May 20, 2013, the Company, through its subsidiary Eluk Shipping Company Inc., entered into an unsecured loan agreement of up to $50,000 with Diana Shipping Inc., to be used to fund vessel acquisitions and for general corporate purposes. The loan was guaranteed by the Company and initially bore interest at a rate of LIBOR plus a margin of 5.0% per annum and a fee of 1.25% per annum (“back-end fee”) on any amounts repaid upon any repayment or voluntary prepayment dates. In August 2013, the full amount was drawn down under the loan agreement, which was repayable on August 20, 2017. Under an amendment signed on September 9, 2015, the maturity of the loan was extended until March 15, 2022, and the agreement provided for annual repayments of $5,000, plus a balloon instalment at the final maturity date, and bore interest at LIBOR plus margin of 3.0% per annum. The Company also agreed to pay at the date of the amendment the accumulated back-end fee, amounting to $1,302, and that no additional back-end fee would be charged thereafter. Furthermore, the Company agreed to pay at the final maturity date a flat fee of $200. Following another amendment on September 12, 2016, the loan was undertaken by Kapa Shipping Company Inc. and its repayment was immediately suspended and deferred to a later date. Finally, the margin was revised to 3.35% per annum until December 31, 2018, thereafter reverting to 3.0% per annum until maturity. On May 30, 2017, the Company issued 100 shares of its newly-designated Series C Preferred Stock, par value $0.01 per share, to DSI, in exchange for a reduction of $3,000 in the principal amount of the Company's outstanding loan, thus leaving an outstanding principal balance of $42,417. On June 30, 2017, the Company refinanced the above loan. The principal amount of the new secured loan is $82,617 and includes the $42,417 outstanding principal balance as of June 30, 2017, increased by the flat fee of $200 which was payable at maturity, and an additional $40,000. The amount of $40,000 was drawn to partially repay the Company’s then existing loan with The Royal Bank of Scotland plc (“RBS”), whose settlement resulted in a net gain of $42,185 for the Company, which is reflected in Gain from bank debt write off in the accompanying unaudited interim consolidated statements of operations. The new loan matures on December 31, 2018 and provides for an additional $5,000 interest-bearing “discount premium ”, which is payable at maturity and is recognized in Interest and Finance costs throughout the life of the loan and in Related party financing, net of unamortized deferred financing costs. During the first six months of 2018, the Company repaid $48,677 of its outstanding loan balance, by making use of warrant proceeds and vessels’ sales proceeds, according to the respective terms of the loan agreement. As at June 30, 2018, the Company has classified an amount of $19,443 as Restricted Cash, representing cash collected on June 29, 2018 upon the sale of the vessel “Puelo” (Note 4), which was immediately repayable to the lenders, according to the terms of the loan agreement. For the six months ended June 30, 2018 and 2017, interest expense incurred under the loan agreements with DSI amounted to $1,943 and $968, respectively, while the discount premium amortization for the six months ended June 30, 2018 and 2017, amounted to $2,240 and $9, respectively. Interest expense and discount premium amortization are included in Interest and finance costs in the accompanying unaudited interim consolidated statements of operations.

Vessels and Vessels held for sa

Vessels and Vessels held for sale	6 Months Ended
	Jun. 30, 2018
Vessels	4. Vessels and Vessels held for sale In October 2017, the Company, through two of its subsidiaries, had entered into two memoranda of agreement to sell the vessels “March” and “Great” and the vessels were classified on December 31, 2017 in current assets as held for sale, according to the provisions of ASC 360, as all criteria required for this classification were met. Furthermore, from February to May 2018, the Company, through certain of its subsidiaries, entered into four memoranda of agreement to sell the vessels “New Jersey”, “Sagitta”, “Centaurus” and “Puelo” to unrelated parties. All six vessels were delivered to their new owners from March to June 2018, and the Company received aggregate proceeds of $73,051, net of expenses. The aggregate loss from the sale of vessels, including direct to sale expenses, for the six months ended June 30, 2018 amounted to $16,679, while the respective gain, net of direct to sale expenses, for the six months ended June 30, 2017 amounted to $945, and relates to the sale of the vessel “Doukato”. The amounts are separately reflected in Loss / (Gain) on vessels’ sale in the accompanying unaudited interim consolidated statements of operations. The Company used the proceeds from the sales of the vessels to repay indebtedness, according to the respective terms of the Company’s existing credit agreements (Notes 3 and 5). Finally, in May 2018, the Company, through one of its subsidiaries, entered into a memorandum of agreement to sell the vessel “Hamburg” to unrelated parties, for a gross sale price of $21,000. The vessel, which was delivered to its new owners in July 2018 (Note 10), was classified on June 30, 2018 in current assets as held for sale, according to the provisions of ASC 360, as all criteria required for this classification were met. The specific vessel was impaired as of June 30, 2018, since its carrying amount as at the balance sheet date was higher than its fair value, less cost to sell. The fair value of the vessel was determined through Level 2 inputs of the fair value hierarchy as determined by management and was measured on a non-recurring basis. The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2017 $ 247,327 $ (46,019) $ 201,308 - Vessels' disposals (98,236) 27,716 (70,520) - Transfer to vessels held for sale (23,013) 3,138 (19,875) - Depreciation - (2,798) (2,798) - Impairment charges (15,626) - (15,626) Balance, June 30, 2018 $ 110,452 $ (17,963) $ 92,489 As at June 30, 2018, all the Company’s vessels, including the one classified as held for sale, were provided as collateral to secure the loan facility with DSI, discussed in Note 3.

Unrelated Party Financing

Unrelated Party Financing	6 Months Ended
	Jun. 30, 2018
Unrelated Party Financing	5. Unrelated Party Financing The amounts of unrelated party financing shown in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2018 Current Non-current December 31, 2017 Current Non-current Addiewell LTD - Term Loan $ - $ - $ - $ 8,500 $ 8,500 $ - Discount Premium payable to the lenders - - - 3,718 3,718 - less unamortized deferred financing costs - - - (99) (99) - Unrelated party financing, net of unamortized deferred financing costs $ - $ - $ - $ 12,119 $ 12,119 $ - Addiewell Ltd (“Addiewell”) – Loan Facility: On June 30, 2017, the Company partially funded the refinancing of its then existing loan with the Royal Bank of Scotland Plc (“RBS”), with proceeds under a new secured loan facility with Addiewell Ltd., an unaffiliated third party, in the amount of $35,000. The loan, which would mature on December 31, 2018, also provided for an additional $10,000 interest-bearing “discount premium”, which was also payable at maturity and was recognized in Interest and Finance costs throughout the life of the loan and in Unrelated party financing, net of unamortized deferred financing costs. Moreover, the loan, which ranked senior to the loan agreement with DSI (Note 3), was secured by first priority mortgages over all the Company's containerships, bore interest at the rate of 6% per annum for the first twelve months, scaled to 9% per annum for the next three months and further scaled to 12% per annum for the remaining three months until maturity. Finally, the loan facility included financial and other covenants which stipulated the repayment of the facility with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7), and prohibited the payment of dividends. During 2018, the Company has repaid in full the outstanding loan balance and the entire discount premium by making use of warrant proceeds (Note 7) and vessels’ sales proceeds (Note 4), and accordingly, the loan agreement was terminated. For the six months ended June 30, 2018 and 2017, interest expense incurred in connection with the Addiewell and the RBS loans, amounted to $247 and $2,696, respectively, while the discount premium amortization for the six months ended June 30, 2018 and 2017, amounted to $6,282 and $20, respectively. Interest expense and discount premium amortization are included in Interest and finance costs in the accompanying unaudited interim consolidated statements of operations. Accrued interest as of June 30, 2018 and December 31, 2017, amounted to $0 and $9, respectively, and is included in Accrued liabilities in the accompanying consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies	6. Commitments and Contingencies (a) The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“P&I Association”) in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls outstanding in respect of any policy year. (b)

Changes in Capital Accounts

Changes in Capital Accounts	6 Months Ended
	Jun. 30, 2018
Changes in Capital Accounts	7. Changes in Capital Accounts (a) The Company in its assessment for the accounting of the Series B-1 and B-2 convertible preferred shares has taken into consideration ASC 480 “Distinguishing liabilities from equity” and determined that the preferred shares should be classified as equity instead of liability. Upon exercise of the warrants, the holder is entitled to receive preferred shares. ASC 480 “Distinguishing liabilities from equity” requires that a warrant which contains an obligation that may require the issuer to redeem the shares in cash, be classified as a liability and accounted for at fair value. The Company determined that the fair value of the warrants at inception and at June 30, 2018 is immaterial. As at June 30, 2018, 105,750 warrants remained outstanding. During the six months ended June 30, 2018, 11,750 preferred warrants were exercised and the Company received net proceeds, after deducting offering expenses payable by the Company, of $11,703. In the first six months of 2018, an aggregate of 11,264 Series B convertible preferred shares were converted to 5,468,205, common shares, thus leaving 775 Series B convertible preferred shares outstanding as of June 30, 2018. (b) On February 9, 2018, the Company issued 161,700 restricted common shares as an award to the executive management and the non-executive directors, pursuant to the Company’s board of directors’ decision of February 9, 2017. The fair value of the award is $380 and the number of shares issued was based on the share closing price of February 9, 2018. One third of the shares vested on February 9, 2018 and the remainder two thirds will vest ratably over two years from the issuance date. Moreover, on February 15, 2018, the Company's board of directors approved a one-time award of restricted common stock, which was proposed by the Company's compensation committee, with an aggregate value of $5,000, to the Company's executive officers and non-executive directors, in recognition of the successful refinancing of the Company's RBS loan in 2017. The award will be granted on February 15, 2019 and the exact number of shares for the grantees will be defined based on the share closing price of February 15, 2019. One third of the shares will vest on the issuance date and the remainder two thirds will vest ratably over two years from the issuance date. During the six months ended June 30, 2018 and 2017, compensation cost on restricted stock amounted to $683 and $541, respectively, and is included in General and administrative expenses in the accompanying unaudited interim consolidated statements of operations. At June 30, 2018 and December 31, 2017, the total unrecognized compensation cost relating to restricted share awards was $4,584 and $267, respectively. During the six months ended June 30, 2018, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 - $ - Granted 161,700 2.35 Vested (53,899) 2.35 Forfeited or expired - - Outstanding at June 30, 2018 107,801 $ 2.35 At June 30, 2018, the weighted-average period over which the total compensation cost related to non-vested awards, as presented above, is expected to be recognized, is 1.11 years.

Earnings_ (Loss) per Share

Earnings/ (Loss) per Share	6 Months Ended
	Jun. 30, 2018
Earnings/ (Loss) Per Share	8. Earnings / (Loss) per Share All common shares issued (including the restricted shares issued under the equity incentive plan) are DCI’s common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreement. Unvested shares granted under the Company's incentive plan of 107,801 as of June 30, 2018, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes. The calculation of basic earnings/ (loss) per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. For the purpose of calculating diluted earnings per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued as determined in accordance with the antidilution sequencing provisions of ASC 260. The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, as well as the potential dilution that could occur if convertible preferred stock were converted. For the six months ended June 30, 2018, and on the basis that the Company incurred losses, the effect of the incremental shares assumed issued would have been anti-dilutive and therefore basic and diluted losses per share is the same amount. 2018 2017 Basic LPS Diluted LPS Basic EPS Diluted EPS Net income/(loss) $ (46,245) $ (46,245) $ 29,124 $ 29,124 Net income/(loss) available to common stockholders (46,245) (46,245) 29,124 29,124 Weighted average number of common shares outstanding 7,068,474 7,068,474 1,856 1,856 Effect of dilutive shares - - - 86 Total shares outstanding 7,068,474 7,068,474 1,856 1,942 Earnings/(Loss) per common share $ (6.54) $ (6.54) $ 15,691.81 $ 14,996.91

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2018
Financial Instruments	9 . Financial Instruments The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term loans and restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as at June 30, 2018 and December 31, 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events	10. Subsequent Events (a) Sale of the vessel classified as held for sale (b) Repayment of related party loan: (c) Issuance and Conversion of Series B Preferred Shares:

Significant Accounting Policies

Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted a) (b) Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02 - Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-10 Codification Improvements to Topic 842, Leases, and No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in these Updates: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842. Under ASC 842, lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company has elected to use this new optional transitional period and the practical expedient of combining the lease and non-lease component(s) as a single component since the time and pattern of transfer of the non-lease component(s) and associated component are the same and the lease components are classified as operating leases. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. The Company expects that the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will not have a material impact on the consolidated results of operations, financial condition, or cash flows.

General Information (Tables)

General Information (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule Of Subsidiaries [Table Text Block]	a/a Company Place of Incorporation Vessel Flag TEU Date built Date acquired Date sold Vessel Owning Subsidiaries - Panamax Vessels 1 Rongerik Shipping Company Inc. Marshall Islands Domingo Marshall Islands 3,739 Mar-01 Feb-12 - 2 Dud Shipping Company Inc. Marshall Islands Pamina Marshall Islands 5,042 May-05 Nov-14 - Vessel Owning Subsidiaries - Post-Panamax Vessels 3 Oruk Shipping Company Inc. Marshall Islands Pucon Marshall Islands 6,541 Aug-06 Sep-13 - 4 Meck Shipping Company Inc. Marshall Islands Rotterdam Marshall Islands 6,494 Jul-08 Sep-15 - 5 Langor Shipping Company Inc. (Notes 4 and 10) Marshall Islands Hamburg Marshall Islands 6,494 Mar-09 Nov-15 Jul-18 Vessel Owning Subsidiaries - Sold Vessels 6 Kapa Shipping Company Inc. Marshall Islands Angeles Marshall Islands 4,923 Dec-06 Apr-15 Nov-16 7 Utirik Shipping Company Inc. Marshall Islands Doukato Marshall Islands 3,739 Feb-02 Feb-12 Jun-17 8 Mago Shipping Company Inc. (Note 4) Marshall Islands New Jersey Marshall Islands 4,923 Nov-06 Apr-15 Mar-18 9 Delap Shipping Company Inc. (Note 4) Marshall Islands March Marshall Islands 5,576 May-04 Sep-14 Mar-18 10 Jabor Shipping Company Inc. (Note 4) Marshall Islands Great Marshall Islands 5,576 Apr-04 Oct-14 Mar-18 11 Likiep Shipping Company Inc. (Note 4 ) Marshall Islands Sagitta Marshall Islands 3,426 Jun-10 Jun-10 Apr-18 12 Orangina Inc. (Note 4) Marshall Islands Centaurus Marshall Islands 3,426 Jul-10 Jul-10 May-18 13 Eluk Shipping Company Inc. (Note 4) Marshall Islands Puelo Marshall Islands 6,541 Nov-06 Aug-13 Jun-18 Other Subsidiaries 14 Unitized Ocean Transport Limited Marshall Islands Management company - - - - 15 Container Carriers (USA) LLC Delaware - USA Company's US representative - - - -
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]	Charterer 2018 2017 A 27% - B 11% 14% C 14% - D - 11% E 30% 14% F 18% 40%

Transactions with Related Par20

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule Of Related Party Transactions [Table Text Block]	June 30, 2018 Current Non-current December 31, 2017 Current Non-current Diana Shipping Inc - Term Loan $ 33,940 $ 33,940 $ - $ 82,617 $ 82,617 $ - Discount Premium payable to the lenders 4,532 4,532 - 2,292 2,292 - less unamortized deferred financing costs - - - (77) (77) - Related party financing, net of unamortized deferred financing costs $ 38,472 $ 38,472 $ - $ 84,832 $ 84,832 $ -

Vessels and Vessels held for 21

Vessels and Vessels held for sale (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule Of Property Plant And Equipment [Table Text Block]	Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2017 $ 247,327 $ (46,019) $ 201,308 - Vessels' disposals (98,236) 27,716 (70,520) - Transfer to vessels held for sale (23,013) 3,138 (19,875) - Depreciation - (2,798) (2,798) - Impairment charges (15,626) - (15,626) Balance, June 30, 2018 $ 110,452 $ (17,963) $ 92,489

Unrelated Party Financing (Tabl

Unrelated Party Financing (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Bank and Other Debt [Table Text Block]	June 30, 2018 Current Non-current December 31, 2017 Current Non-current Addiewell LTD - Term Loan $ - $ - $ - $ 8,500 $ 8,500 $ - Discount Premium payable to the lenders - - - 3,718 3,718 - less unamortized deferred financing costs - - - (99) (99) - Unrelated party financing, net of unamortized deferred financing costs $ - $ - $ - $ 12,119 $ 12,119 $ -

Changes in Capital Accounts (Ta

Changes in Capital Accounts (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2017 - $ - Granted 161,700 2.35 Vested (53,899) 2.35 Forfeited or expired - - Outstanding at June 30, 2018 107,801 $ 2.35

Earnings_ (Loss) per Share (Tab

Earnings/ (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2018 2017 Basic LPS Diluted LPS Basic EPS Diluted EPS Net income/(loss) $ (46,245) $ (46,245) $ 29,124 $ 29,124 Net income/(loss) available to common stockholders (46,245) (46,245) 29,124 29,124 Weighted average number of common shares outstanding 7,068,474 7,068,474 1,856 1,856 Effect of dilutive shares - - - 86 Total shares outstanding 7,068,474 7,068,474 1,856 1,942 Earnings/(Loss) per common share $ (6.54) $ (6.54) $ 15,691.81 $ 14,996.91

General information, textuals (

General information, textuals (Details) $ in Thousands	6 Months Ended		9 Months Ended	10 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Sep. 25, 2017	Nov. 02, 2017	Sep. 13, 2018USD ($)
Entity Incorporation, Date of Incorporation	Jan. 7, 2010
Entity Incorporation, State Country Name	the Republic of Marshall Islands
Fees payable to Wilhelmsen Ship Management LTD	$ 62	$ 485
Stockholders equity reverse stock splits			one-for-three reverse stock split	one-for-seven reverse stock split
Working Capital surplus	$ 2,843
Subsequent Event [Member]
Number of unencumbered vessels					4
Oustanding debt in relation to unenumbered vessels					$ 0

General Information, details (D

General Information, details (Details)	Jun. 30, 2018teu
Rongerik Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	3,739
Dud Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	5,042
Oruk Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	6,541
Meck Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	6,494
Langor Shipping Company Inc (Notes 4 and 10) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	6,494
Kapa Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	4,923
Utirik Shipping Company Inc [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	3,739
Mago Shipping Company Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	4,923
Delap Shipping Company Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	5,576
Jabor Shipping Company Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	5,576
Likiep Shipping Company Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	3,426
Orangina Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	3,426
Eluk Shipping Company Inc (Note 4) [Member]
Capacity By Subsidiary And Fees [Line Items]
Vessel capacity in TEU	6,541

General information, details 2

General information, details 2 (Details)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Sales Revenue Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%
Major Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%
Major Customer B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	14.00%
Major Customer C [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%
Major Customer D [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		11.00%
Major Customer E [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	30.00%	14.00%
Major Customer F [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	40.00%

Transactions with related par28

Transactions with related parties, textuals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to related parties, current	$ 59		$ 65
Due from related parties, current	0		0
Steamship Shipbroking Enterprises Inc. [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	840	$ 840
Due to related parties, current	0		0
Due from related parties, current	0		0
Accrued bonus			420
Altair Travel Agency Sa [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	356	$ 339
Due to related parties, current	$ 43		$ 21

Transactions with related par29

Transactions with related parties, detail (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Related party financing, net of unamortized deferred financing costs, Current	$ 38,472	$ 84,832
Diana Shipping Inc [Member]
Related Party Transaction [Line Items]
Diana Shipping Inc - Term Loan	33,940	82,617
Diana Shipping Inc - Term Loan, Current	33,940	82,617
Diana Shipping Inc - Term Loan, Non-current	0	0
Discount Premium payable to the lenders	4,532	2,292
Discount Premium payable to the lenders, Current	4,532	2,292
Discount Premium payable to the lenders, Non-current	0	0
less unamortized deferred financing costs	0	(77)
less unamortized deferred financing costs, Current	0	(77)
less unamortized deferred financing costs, non-current	0	0
Related party financing, net of unamortized deferred financing costs, Total	38,472	84,832
Related party financing, net of unamortized deferred financing costs, Current	38,472	84,832
Related party financing, net of unamortized deferred financing costs, Non-current	$ 0	$ 0

Transactions with related par30

Transactions with related parties, textuals 2 (Details) - USD ($) $ / shares in Units, $ in Thousands	5 Months Ended	6 Months Ended
	May 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties, current		$ 0		$ 0
Related party financing, current		38,472		84,832
Due to related parties, current		59		$ 65
Proceeds from long term debt from a related party		$ 0	$ 40,000
Preferred stock par value		$ 0.01		$ 0.01
Issuance of preferred stock in exchange for loan reduction		$ 0	3,000
Repayment amount		48,677	0
Discount premium amortization		8,522	29
Amount classified as restricted cash		19,443
Net gain from settlement of loan		0	42,185
Diana Shipping Inc [Member]
Related Party Transaction [Line Items]
Related party financing, current		38,472		$ 84,832
Due to related parties, current		$ 16		44
Debt instrument issuance date		Sep. 12, 2016
Interest expense on related party debt		$ 1,943	968
Other fee payable		4,532		$ 2,292
Preferred stock par value	$ 0.01
Issuance of Series C preferred cost, shares	100
Amount drawn down		40,000
Interest bearing "discount premium"		$ 5,000
Issuance of preferred stock in exchange for loan reduction	$ 3,000
Debt Instrument Dividend Restrictions		includes financial and other covenants which stipulate the repayment with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7) and prohibits the payment of dividends
Repayment amount		$ 48,677
Discount premium amortization		$ 2,240	$ 9
Diana Shipping Inc [Member] | Revised Margin [Member]
Related Party Transaction [Line Items]
Loan margin percentage		3.35%
Diana Shipping Inc [Member] | Margin Until Maturity [Member]
Related Party Transaction [Line Items]
Loan margin percentage		3.00%
Diana Shipping Inc [Member] | Last Three Months [Member]
Related Party Transaction [Line Items]
Interest rate		12.00%
Diana Shipping Inc [Member] | First Twelve Months [Member]
Related Party Transaction [Line Items]
Interest rate		6.00%
Diana Shipping Inc [Member] | Thirteenth To Fifteenth Month [Member]
Related Party Transaction [Line Items]
Interest rate		9.00%
Diana Shipping Inc [Member] | Loans Payable Amendment Agreement [Member]
Related Party Transaction [Line Items]
Debt instrument issuance date		Sep. 9, 2015
Debt instrument, Annual principal payment		$ 5,000
Debt instrument description of variable rate basis		LIBOR
Loan margin percentage		3.00%
Debt instrument maturity date		Mar. 15, 2022
Accrued back-end fee on related party debt		$ 1,302
Other fee payable		$ 200
Diana Shipping Inc [Member] | Loans Payable [Member]
Related Party Transaction [Line Items]
Debt instrument issuance date		May 20, 2013
Debt instrument face amount		$ 50,000
Debt instrument description of variable rate basis		LIBOR
Loan margin percentage		5.00%
Back-end fee percentage		1.25%
Debt instrument maturity date		Aug. 20, 2017
Outstanding principal balance		$ 42,417

Vessels and Vessels held for 31

Vessels and Vessels held for sale, textuals (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	May 31, 2018USD ($)	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels	$ 73,051
Sale price			$ 21,000
Gain / (loss) from sale of vessels	$ 16,679	$ (945)
Number Of Memoranda Of Agreement	5			2
Number of vessels delivered	6

Vessels and Vessels held for 32

Vessels and Vessels held for sale, detail (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Movement in Property, Plant and Equipment [Roll Forward]
Vessels' cost, beginning balance	$ 247,327
Vessels' disposals	(98,236)
Transfer to vessels held for sale	(23,013)
Impairment charges	(15,626)	$ 0
Vessels' cost, ending balance	110,452
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Accumulated depreciation, beginning balance	(46,019)
Vessels' disposals	27,716
Transfer to vessels held for sale	3,138
Depreciation	(2,798)
Accumulated depreciation, ending balance	(17,963)
Property, Plant and Equipment, Net, by Type [Abstract]
Vessels' net book value, beginning balance	201,308
Vessels' disposals	(70,520)
Transfer to vessels held for sale	(19,875)
Depreciation	(2,798)
Impairment charges	(15,626)	$ 0
Vessel's net book value, ending balance	$ 92,489

Unrelated Party Financing, deta

Unrelated Party Financing, details (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Unrelated party financing, net of unamortized deferred financing costs	$ 0	$ 12,119
Addiewell LTD [Member]
Term Loan		8,500
Term Loan Current		8,500
Term Loan Non-current		0
Discount Premium payable to the lenders		3,718
Discount Premium payable to the lenders payable to the lenders, Current		3,718
less unamortized deferred financing costs		(99)
Unrelated party financing, net of uamortized deferred financing costs		12,119
less unamortized deferred financing costs, Current		(99)
Unrelated party financing, net of unamortized deferred financing costs		12,119
Unrelated party financing, net of unamortized deferred financing costs, Non-current		$ 0

Unrelated Party Financing, text

Unrelated Party Financing, textuals 1 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Line of Credit Facility [Line Items]
Proceeds from an unrelated party loan	$ 0	$ 35,000
Discount premium amortization	$ 8,522	29
Addiewell LTD [Member]
Line of Credit Facility [Line Items]
Debt Instrument Dividend Restrictions	Finally, the loan facility included financial and other covenants which stipulated the repayment of the facility with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7), and prohibited the payment of dividends.
Interest bearing "discount premium"	$ 10,000
Rbs Term Loan [Member] | Addiewell LTD [Member]
Line of Credit Facility [Line Items]
Discount premium amortization	6,282	20
Accrued interest	0		$ 9
Interest expense on unrelated party debt	$ 247	$ 2,696

Commitments and Contingencies,

Commitments and Contingencies, textuals (Details) $ in Billions	6 Months Ended
	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Insurance Maximum Amount	$ 1
Policy year closing period	3 years

Commitments and Contingencies36

Commitments and Contingencies, textuals 2 (Details) $ in Thousands	Jun. 30, 2018USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Minimum Future Revenues Year One	$ 9,799

Changes in Capital Accounts, te

Changes in Capital Accounts, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
	Feb. 09, 2018	Feb. 15, 2018	Mar. 21, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Common stock shares issued				9,681,171		4,051,266
Common stock shares outstanding				9,681,171		4,051,266
Restricted common stock, award vesting period	2 years
Compensation cost on restricted stock awards				$ 683	$ 541
Unrecognized compensation cost relationg to restricted share awards				$ 4,584		$ 267
Period for recognition for unrecognized compensation cost				1 year 1 month 9 days
Net proceeds after deducting offering expenses				$ 11,703	$ 5,610
Preferred stock par value				$ 0.01		$ 0.01
Percentage of shares that will vest on the grant date	33.00%
Warrants outstanding				105,750
Restricted common stock award, value	$ 380
Restricted stock award, shares	161,700			161,700
Percentage of shares vesting after grant date				66.00%
Executive Officers And Non Executive Directors [Member]
Restricted common stock, award vesting period		2 years
Percentage of shares that will vest on the grant date		33.00%
Restricted common stock award, value		$ 5,000
2015 Equity Incentive Plan Amendment [Member]
Equity incentive plan, number of shares reserved	550,000
Common Stock [Member]
Conversion of Series B preferred stock to common stock, shares (Note 8)				5,468,205	816
Preferred Stock [Member]
Issuance of Series B preferred stock, shares				11,750	6,000
Conversion of Series B preferred stock to common stock, shares (Note 8)				(11,264)	(4,818)
Additional Paid-in Capital [Member]
Net proceeds after deducting offering expenses				$ 11,703	$ 5,610
Kalani [Member]
Preferred Shares Convertible Threshold Consecutive Trading Days				5 days
Preferred Stock Conversion Price Per Share				$ 0.5
Conversion Price Percentage				92.25%
Warrants exercise price				$ 1,000
Kalani [Member] | Certain Minimum Trading Volume Of Common Shares Is Met [Member]
Preferred Stock Conversion Price Per Share				$ 7
Series B Convertible Preferred Stock [Member]
Gross proceeds from the sale of Convertible Preferred Shares				$ 3,000
Preferred stock par value						$ 0.01
Outstanding principal balance				775
Series B Convertible Preferred Stock [Member] | Registered Direct Offering [Member]
Issuance of preferred stock, shares			3,000
Number of warrants			6,500
Series B-1 and Series B-2 Preferred Stock [Member]
Proceeds from warrants exercised				$ 11,750
Series B-2 Convertible Preferred Stock [Member]
Preferred stock shares outstanding				775
Series B-2 Convertible Preferred Stock [Member] | Private Placement Offering [Member]
Number of warrants			140,500

Changes in Capital Accounts, de

Changes in Capital Accounts, detail (Details) - $ / shares	1 Months Ended	6 Months Ended
	Feb. 09, 2018	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance	0	0
Granted	161,700	161,700
Vested		(53,899)
Outstanding, ending balance		107,801
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures [Abstract]
Weighted average grant date fair value, beginning balance	$ 0	$ 0
Granted, Weighted Average Grant Date Fair Value		2.35
Vested, Weighted Average Grant Date Fair Value		2.35
Weighted Average Grant Date Fair Value, ending balance		$ 2.35

Earnings _ (Loss) per share, te

Earnings / (Loss) per share, textuals (Details) - shares	Jun. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares granted under the company's incentive plan	107,801	0

Earnings _ (Loss) per share, de

Earnings / (Loss) per share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/ (loss)	$ (46,245)	$ 29,124
Weighted average number of common shares outstanding	7,068,474	1,856
Total shares outstanding	7,068,474	1,942
Earnings / (Loss) per common share	$ (6.54)	$ 15,691.81
Earnings / (Loss) per common share	$ (6.54)	$ 14,996.91
Earnings Loss Per Share Diluted [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/ (loss)	$ (46,245)	$ 29,124
Net income / (loss) available to common stockholders	$ (46,245)	$ 29,124
Weighted average number of common shares outstanding	7,068,474	1,856
Effect of dilutive shares	0	86
Total shares outstanding	7,068,474	1,942
Earnings / (Loss) per common share	$ (6.54)	$ 14,996.91
Earnings Loss Per Share Basic [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/ (loss)	$ (46,245)	$ 29,124
Net income / (loss) available to common stockholders	$ (46,245)	$ 29,124
Weighted average number of common shares outstanding	7,068,474	1,856
Effect of dilutive shares	0	0
Total shares outstanding	7,068,474	1,856
Earnings / (Loss) per common share	$ (6.54)	$ 15,691.81

Subsequent events, textuals (De

Subsequent events, textuals (Details) - Series B-2 Convertible Preferred Stock [Member] - USD ($) $ in Thousands	8 Months Ended
	Sep. 13, 2018	Jun. 30, 2018
Subsequent Event [Line Items]
Preferred stock shares outstanding		775
Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred shares converted	1,365
Preferred stock shares outstanding	410
Conversion of Series B preferred stock to common stock, shares (Note 8)	978,356
Total proceeds	$ 1,000
Number of warrants	1,000