Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document type | 20-F |
Document period end date | 31-Dec-14 |
Amendment flag | FALSE |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Entity registrant name | DIANA SHIPPING INC. |
Entity central index key | 1318885 |
Entity current reporting status | Yes |
Entity voluntary filers | No |
Current fiscal year end date | -19 |
Entity filer category | Accelerated Filer |
Entity well known seasoned issuer | No |
Entity common stock shares outstanding | 81,859,821 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $218,901 | $240,633 |
Accounts receivable, trade | 6,383 | 701 |
Due from related parties | 57 | 86 |
Inventories | 7,313 | 5,959 |
Prepaid expenses and other assets | 5,580 | 4,489 |
Total current assets | 238,234 | 251,868 |
FIXED ASSETS: | ||
Advances for vessels under construction and acquisitions and other vessel costs | 29,500 | 38,862 |
Vessels | 1,807,654 | 1,686,590 |
Accumulated depreciation | -434,521 | -366,215 |
Vessels' net book value | 1,373,133 | 1,320,375 |
Property and equipment, net | 23,887 | 22,826 |
Total fixed assets | 1,426,520 | 1,382,063 |
OTHER NON-CURRENT ASSETS: | ||
Due from related parties, non-current | 50,866 | 50,233 |
Investment in Diana Containerships Inc. | 67,546 | 15,640 |
Other non-current assets | 0 | 793 |
Deferred charges, net | 3,956 | 1,384 |
Total Assets | 1,787,122 | 1,701,981 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current | 78,734 | 46,077 |
Accounts payable, trade and other | 9,702 | 7,409 |
Due to related parties | 281 | 221 |
Accrued liabilities | 6,012 | 4,805 |
Deferred revenue, current | 3,279 | 3,278 |
Fair value of derivative instruments, current | 0 | 378 |
Other current liabilities | 84 | 129 |
Total current liabilities | 98,092 | 62,297 |
Long-term debt, net of current portion and deferred financing costs, non-current | 405,522 | 385,480 |
Other non-current liabilities | 1,282 | 812 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock | 26 | 0 |
Common stock | 819 | 828 |
Additional paid-in capital | 971,280 | 926,204 |
Accumulated other comprehensive income / (loss) | -747 | 164 |
Retained earnings | 310,848 | 326,196 |
Total stockholders' equity | 1,282,226 | 1,253,392 |
Total liabilities and stockholders' equity | $1,787,122 | $1,701,981 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 81,859,821 | 82,841,370 |
Common Stock Shares Outstanding | 81,859,821 | 82,841,370 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Time Charter Revenues | $175,576 | $164,005 | $220,785 |
Other revenues | 0 | 447 | 2,447 |
EXPENSES: | |||
Voyage expenses | 10,665 | 8,119 | 8,274 |
Vessel operating expenses | 86,923 | 77,211 | 66,293 |
Depreciation and amortization of deferred charges | 70,503 | 64,741 | 62,010 |
General and administrative expenses | 26,217 | 23,724 | 24,913 |
Foreign currency gain | -528 | -690 | -1,374 |
Operating income / (loss) | -18,204 | -8,653 | 63,116 |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs | -8,427 | -8,140 | -7,618 |
Interest and other income | 3,627 | 1,800 | 1,432 |
Income / (loss) from derivative instruments | 68 | -118 | -518 |
Income / (loss) from investment in Diana Containerships Inc. | 12,668 | -6,094 | -1,773 |
Total other income / (expenses), net | 7,936 | -12,552 | -8,477 |
Net income / (loss) | -10,268 | -21,205 | 54,639 |
Dividends on series B preferred shares | -5,080 | ||
Net income / (loss) attributed to common stockholders | ($15,348) | ($21,205) | $54,639 |
Earnings / (loss) per common share, basic and diluted | ($0.19) | ($0.26) | $0.67 |
Weighted average number of common shares, basic and diluted | 81,292,290 | 81,328,390 | 81,083,485 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | |||
Net income / (loss) | ($10,268) | ($21,205) | $54,639 |
Other comprehensive income / (loss) (Actuarial gain/(loss)) | -911 | -30 | 306 |
Comprehensive income / (loss) | ($11,179) | ($21,235) | $54,945 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | [PreferredStockMember] | [CommonStockMember] | [AdditionalPaidInCapitalMember] | [OtherComprehensiveIncomeMember] | [RetainedEarningsMember] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $1,208,878 | $824 | $915,404 | ($112) | $292,762 | |
Balance of shares at Dec. 31, 2011 | 82,419,417 | |||||
Net income / (loss) | 54,639 | 54,639 | ||||
Issuance of restricted stock and compensation cost, shares | 667,614 | |||||
Issuance of restricted stock and compensation cost | 8,645 | 7 | 8,638 | |||
Stock repurchased and retired, shares | -853,607 | |||||
Stock repurchased and retired, value | -6,044 | -9 | -6,035 | |||
Other comprehensive income / (loss) | 306 | 306 | ||||
Balance at Dec. 31, 2012 | 1,266,424 | 822 | 918,007 | 194 | 347,401 | |
Balance of shares at Dec. 31, 2012 | 82,233,424 | |||||
Net income / (loss) | -21,205 | -21,205 | ||||
Issuance of restricted stock and compensation cost, shares | 607,946 | |||||
Issuance of restricted stock and compensation cost | 8,203 | 6 | 8,197 | |||
Other comprehensive income / (loss) | -30 | -30 | ||||
Balance at Dec. 31, 2013 | 1,253,392 | 828 | 926,204 | 164 | 326,196 | |
Balance of shares at Dec. 31, 2013 | 82,841,370 | |||||
Net income / (loss) | -10,268 | -10,268 | ||||
Issuance of series B preferred stock, shares | 2,600,000 | |||||
Issuance of series B preferred stock, value | 62,698 | 26 | 62,672 | |||
Issuance of restricted stock and compensation cost, shares | 1,864,000 | |||||
Issuance of restricted stock and compensation cost | 7,744 | 19 | 7,725 | |||
Dividends on series B preferred stock | -5,080 | -5,080 | ||||
Stock repurchased and retired, shares | 2,845,549 | -2,845,549 | ||||
Stock repurchased and retired, value | -25,349 | -28 | -25,321 | |||
Other comprehensive income / (loss) | -911 | -911 | ||||
Balance at Dec. 31, 2014 | $1,282,226 | $26 | $819 | $971,280 | ($747) | $310,848 |
Balance of shares at Dec. 31, 2014 | 2,600,000 | 81,859,821 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income / (loss) | ($10,268) | ($21,205) | $54,639 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | |||
Depreciation and amortization of deferred charges | 70,503 | 64,741 | 62,010 |
Amortization of financing costs | 519 | 473 | 379 |
Amortization of free lubricants benefit | -129 | -98 | -180 |
Compensation cost on restricted stock | 7,744 | 8,203 | 8,645 |
Actuarial gain / (loss) | -911 | -30 | 306 |
Change in fair value of derivative instruments | -378 | -616 | -36 |
(Income) / loss from investment in Diana Containerships Inc., net of dividends | -12,668 | 5,094 | 2,273 |
(Increase) / Decrease in: | |||
Receivables | -5,682 | 5,889 | -1,022 |
Due from related parties | -604 | 294 | -350 |
Inventories | -1,354 | -684 | -467 |
Prepaid expenses and other assets | -1,091 | 345 | -2,514 |
Prepaid charter revenue | 0 | 5,353 | 3,056 |
Other non-current assets | 793 | -793 | |
Increase / (Decrease) in: | |||
Accounts payable | 2,293 | 416 | -134 |
Due to related parties | 60 | -43 | 38 |
Accrued liabilities, net of accrued preferred dividends | -11 | -479 | 533 |
Deferred revenue | 1 | 451 | -5,309 |
Other liabilities | 554 | 135 | 99 |
Drydock costs | -4,461 | -46 | -2,080 |
Net Cash provided by Operating Activities | 44,910 | 67,400 | 119,886 |
Cash Flows from Investing Activities: | |||
Payments for vessel acquisitions, improvements and construction | -111,702 | -198,581 | -171,195 |
Acquisition of additional interest in Diana Containerships Inc. | -40,000 | ||
Cash dividends from investment in Diana Containerships Inc. | 763 | 4,000 | 2,835 |
Loan to Diana Containerships Inc. | -50,000 | ||
Payments for property, plant and equipment | -1,574 | -575 | -1,553 |
Net Cash used in Investing Activities | -152,513 | -245,156 | -169,913 |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt | 101,500 | 18,000 | 118,550 |
Proceeds from issuance of preferred stock, net of expenses | 62,698 | ||
Cash dividends on preferred stock | -3,862 | ||
Payments for repurchase of common stock | -25,349 | -6,044 | |
Financing costs | -527 | -452 | -557 |
Loan payments | -48,589 | -45,783 | -31,972 |
Net Cash provided by / (used in) Financing Activities | 85,871 | -28,235 | 79,977 |
Net increase / (decrease) in cash and cash equivalents | -21,732 | -205,991 | 29,950 |
Cash and cash equivalents at beginning of the year | 240,633 | 446,624 | 416,674 |
Cash and cash equivalents at end of the year | 218,901 | 240,633 | 446,624 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | $8,180 | $7,169 | $6,709 |
Basis_of_Presentation_and_Gene
Basis of Presentation and General Information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Basis of Presentation and General Information [Abstract] | ||||||||
Basis of Presentation and General Information | 1. Basis of Presentation and General Information | |||||||
The accompanying consolidated financial statements include the accounts of Diana Shipping Inc. (“Diana” or “DSI”) and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). Diana was formed on March 8, 1999 as Diana Shipping Investment Corp. under the laws of the Republic of Liberia. In February 2005, the Company's articles of incorporation were amended. Under the amended articles of incorporation, the Company was renamed Diana Shipping Inc. and was re-domiciled from the Republic of Liberia to the Republic of the Marshall Islands. | ||||||||
The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the ownership of dry bulk carrier vessels. The Company also operates its own fleet through Diana Shipping Services S.A., a wholly owned subsidiary. As at December 31, 2014, the following are subsidiaries with operations that are included in the consolidation: | ||||||||
a/a | Company | Vessel | Flag | Dwt | Date Built | Date Acquired | Place of Incorporation | |
PANAMAX VESSELS | ||||||||
1 | Panama Compania Armadora SA | Oceanis | Bahamas | 75,211 | May-01 | May-01 | Panama | |
2 | Husky Trading SA | Triton | Bahamas | 75,336 | Mar-01 | Mar-01 | Panama | |
3 | Changame Compania Armadora SA | Thetis | Bahamas | 73,583 | Aug-04 | Nov-05 | Panama | |
4 | Buenos Aires Compania Armadora SA | Alcyon | Bahamas | 75,247 | Feb-01 | Feb-01 | Panama | |
5 | Skyvan Shipping Company SA | Nirefs | Bahamas | 75,311 | Jan-01 | Jan-01 | Panama | |
6 | Cypres Enterprises Corp. | Protefs | Bahamas | 73,630 | Aug-04 | Aug-04 | Panama | |
7 | Urbina Bay Trading SA | Erato | Bahamas | 74,444 | Aug-04 | Nov-05 | Panama | |
8 | Chorrera Compania Armadora SA | Dione | Greek | 75,172 | Jan-01 | May-03 | Panama | |
9 | Darien Compania Armadora SA | Calipso | Bahamas | 73,691 | Feb-05 | Feb-05 | Panama | |
10 | Texford Maritime SA | Clio | Bahamas | 73,691 | May-05 | May-05 | Panama | |
11 | Eaton Marine SA | Danae | Greek | 75,106 | Jan-01 | Jul-03 | Panama | |
12 | Vesta Commercial SA | Coronis | Marshall Islands | 74,381 | Jan-06 | Jan-06 | Panama | |
13 | Ailuk Shipping Company Inc. | Naias | Marshall Islands | 73,546 | Jun-06 | Aug-06 | Marshall Islands | |
14 | Taka Shipping Company Inc. | Melite | Marshall Islands | 76,436 | Oct-04 | Jan-10 | Marshall Islands | |
15 | Bikar Shipping Company Inc. | Arethusa | Greek | 73,593 | Jan-07 | Jul-11 | Marshall Islands | |
16 | Mandaringina Inc. | Melia | Marshall Islands | 76,225 | Feb-05 | May-12 | Marshall Islands | |
17 | Jemo Shipping Company Inc. | Leto | Marshall Islands | 81,297 | Feb-10 | Jan-12 | Marshall Islands | |
18 | Fayo Shipping Company Inc. | Artemis | Marshall Islands | 76,942 | Sep-06 | Aug-13 | Marshall Islands | |
19 | Erikub Shipping Company Inc. (Note 6) | Crystalia | Greek | 77,525 | Feb-14 | Feb-14 | Marshall Islands | |
20 | Wotho Shipping Company Inc. (Note 6) | Atalandi | Greek | 77,529 | May-14 | May-14 | Marshall Islands | |
KAMSARMAX VESSELS | ||||||||
21 | Tuvalu Shipping Company Inc. | Myrto | Marshall Islands | 82,131 | Jan-13 | Jan-13 | Marshall Islands | |
22 | Jabat Shipping Company Inc. | Maia | Marshall Islands | 82,193 | Aug-09 | Feb-13 | Marshall Islands | |
23 | Makur Shipping Company Inc. | Myrsini | Marshall Islands | 82,117 | Mar-10 | Oct-13 | Marshall Islands | |
POST-PANAMAX VESSELS | ||||||||
24 | Majuro Shipping Company Inc. | Alcmene | Marshall Islands | 93,193 | Jan-10 | Nov-10 | Marshall Islands | |
25 | Guam Shipping Company Inc | Amphitrite | Marshall Islands | 98,697 | Aug-12 | Aug-12 | Marshall Islands | |
26 | Palau Shipping Company Inc. | Polymnia | Marshall Islands | 98,704 | Nov-12 | Nov-12 | Marshall Islands | |
CAPESIZE VESSELS | ||||||||
27 | Jaluit Shipping Company Inc. | Sideris GS | Marshall Islands | 174,186 | Nov-06 | Nov-06 | Marshall Islands | |
28 | Bikini Shipping Company Inc. | New York | Marshall Islands | 177,773 | Mar-10 | Mar-10 | Marshall Islands | |
29 | Gala Properties Inc. | Houston | Marshall Islands | 177,729 | Oct-09 | Oct-09 | Marshall Islands | |
30 | Kili Shipping Company Inc. | Semirio | Marshall Islands | 174,261 | Jun-07 | Jun-07 | Marshall Islands | |
31 | Knox Shipping Company Inc. | Aliki | Marshall Islands | 180,235 | Mar-05 | Apr-07 | Marshall Islands | |
32 | Lib Shipping Company Inc. | Boston | Marshall Islands | 177,828 | Nov-07 | Nov-07 | Marshall Islands | |
33 | Marfort Navigation Company Ltd. | Salt Lake City | Cyprus | 171,810 | Sep-05 | Dec-07 | Cyprus | |
34 | Silver Chandra Shipping Company Ltd. | Norfolk | Cyprus | 164,218 | Aug-02 | Feb-08 | Cyprus | |
35 | Bokak Shipping Company Inc. | Baltimore | Marshall Islands | 177,243 | Mar-05 | Jun-13 | Marshall Islands | |
36 | Pulap Shipping Company Inc. | PS Palios | Marshall Islands | 179,134 | Jan-13 | Dec-13 | Marshall Islands | |
37 | Weno Shipping Company Inc. (Note 6) | GP Zafirakis | Marshall Islands | 179,492 | Aug-14 | Aug-14 | Marshall Islands | |
38 | Lelu Shipping Company Inc. (Notes 5, 10 and 17) | Santa Barbara | Marshall Islands | 179,426 | Jan-15 | Jan-15 | Marshall Islands | |
NEWCASTLEMAX VESSELS | ||||||||
39 | Lae Shipping Company Inc. | Los Angeles | Marshall Islands | 206,104 | Feb-12 | Feb-12 | Marshall Islands | |
40 | Namu Shipping Company Inc. | Philadelphia | Marshall Islands | 206,040 | May-12 | May-12 | Marshall Islands | |
UNDER CONSTRUCTION | ||||||||
41 | Aster Shipping Company Inc. (Notes 5, 10 and 17) | H2548 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
42 | Aerik Shipping Company Inc. (Notes 5 and 10) | H2549 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
43 | Houk Shipping Company Inc. (Notes 5 and 10) | DY6006 | - | 82,000 | - | Expected in 2016 | Marshall Islands | |
OTHER SUBSIDIARIES | ||||||||
44 | Diana Shipping Services SA | Management company | Panama | |||||
45 | Bulk Carriers (USA) LLC | Company’s representative in the US | Delaware - USA | |||||
Diana Shipping Services S.A. (the “Manager” or “DSS”) provides the Company and its vessels with management services since November 12, 2004, pursuant to management agreements and since October 1, 2013 administrative services with regards to services related to the holding company's operations and its subsidiaries. Such costs are eliminated in consolidation. Since April 2010 and until February 28, 2013, DSS provided to Diana Containerships Inc. (or “Diana Containerships”) and its vessels, administrative services and since June 2010 and until February 28, 2013, technical and commercial services (Note 4(b)). | ||||||||
During 2014, 2013, and 2012 charterers that individually accounted for 10% or more of the Company's time charter revenues were as follows: | ||||||||
Charterer | 2014 | 2013 | 2012 | |||||
A | 18% | 17% | 18% | |||||
B | 15% | 19% | 10% | |||||
C | 12% | |||||||
D | 10% | |||||||
E | 11% | |||||||
F | 11% | |||||||
G | 12% |
Significant_Accounting_Policie
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | 2. Significant Accounting Policies |
Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. | |
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Other Comprehensive Income / (loss): The Company separately presents certain transactions, which are recorded directly as components of stockholders' equity. Other Comprehensive Income / (Loss) is presented in a separate statement. | |
Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. | |
Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may also include compensating cash balances kept against the Company's loan facilities that are not deemed to be sufficiently material to require segregation on the balance sheet. Such balances at December 31, 2014 and 2013 amounted to $19,500 and $18,000 in the aggregate and consisted of minimum cash deposits required to be maintained at all times under the Company's loan facilities (Note 9). | |
Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, ballast bonus billings, if any, hold cleanings and extra voyage insurance, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2014 and 2013. | |
Loan Receivable from Related Parties: The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2014 and 2013, (Note 4(b)) represent amounts receivable from Diana Containerships Inc. with respect to a loan agreement with a wholly owned subsidiary of Diana Containerships Inc., net of any provision for credit losses. Interest income and fees, deriving from the agreement are recorded in the accounts as incurred. Costs incurred for the loan documentation were expensed as incurred. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. In order to estimate the allowance for credit losses, the Company assesses at each period end the ability of Diana Containerships to meet its obligations under the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships Inc. and historical losses, if any, and any other risks/factors that may affect its future financial condition and its ability to meet its obligations. No provision for credit losses was established as of December 31, 2014 and 2013, since there was no indication that Diana Containerships Inc. will not be able to meet its obligations under the loan agreement. | |
Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method. | |
Vessel Cost: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets' construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period. | |
Property and equipment: The Company owns the land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation. The building has an estimated useful life of 55 years with no residual value. Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles which consist of motor scooters and a car. The useful life of the car is 10 years, of the office furniture, equipment and the scooters is 5 years; and of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. | |
Prepaid Charter Revenue: When the Company acquires a vessel with a time charter attached and the present value of the contractual cash flows of the time charter assumed is greater than its current fair value with reference to market data, the difference, capped to the vessel's fair value on a charter free basis, is recorded as prepaid charter revenue. Prepaid charter revenue is amortized to revenue over the period of the time charter assumed and is tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. | |
Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain identifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. | |
With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by considering the historical and estimated vessels' performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 year average historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of brokerage commissions. Historical ten-year blended average one-year time charter rates are in line with the Company's overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company's operating fleet and they cover at least a full business cycle; (ii) expected outflows for scheduled vessels' maintenance; (iii) vessel operating expenses increasing annually by an annual inflation rate of 3%, which approximates current projections for global inflation rate; (iv) effective fleet utilization of 98% taking into account the period each vessel is expected to remain off hire for scheduled maintenance (dry docking and special surveys) and 1% off hire days (other than for dry docking and special surveys) each year, assumptions in line with the Company's historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. | |
The Company concluded based on this exercise that step two of the impairment analysis was not required and has not identified any facts or circumstances that would require the write down of vessel values as at December 31, 2014 or in the near future and no impairment loss has been identified or recorded for 2014, 2013 and 2012. | |
With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the useful life of the building. As at December 31, 2014, 2013 and 2012, no impairment loss was identified or recorded and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the near future. | |
Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. | |
Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale. | |
Financing Costs: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest and finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred, unless they relate to loans obtained to finance vessels under construction, in which case they are capitalized to the vessels' cost. An amount of $455, representing the current portion of deferred financing costs as at December 31, 2013 was reclassified to the Current portion of long-term debt of the respective year, for comparability purposes with the December 31, 2014 consolidated balance sheet. | |
Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and the loan receivable from a related party. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits its credit risk with the loan receivable by performing ongoing credit evaluations of Diana Containerships' financial condition. The loan agreement is guaranteed by Diana Containerships but does not have any collateral and the Company has not entered into any agreement to mitigate credit risk. | |
Accounting for Revenues and Expenses: Revenues are generated from time charter agreements and are usually paid fifteen days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues are recorded over the term of the charter as service is provided. Income representing ballast bonus payments by the charterer to the vessel owner is recognized in the period earned. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. Deferred revenue may also include deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis, or the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are due as the Company's revenues are earned. | |
Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations. | |
Earnings / (loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. | |
Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. | |
Variable Interest Entities: The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. As of December 31, 2014 and 2013, no such interests were identified. | |
Fair Value Measurements: The Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities; | |
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
Share Based Payments: The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measures the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is re-measured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair value and are not subsequently re-measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |
Derivatives: The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, in May 2009, the Company entered into a five-year zero cost collar agreement, novated in March 2012, and terminated in May 2014, to manage its exposure to interest rate changes related to its borrowings. The collar agreement was considered as an economic hedge agreement as it did not meet the criteria of hedge accounting; therefore, the changes in its fair value were recognized in earnings (Note 16). | |
Equity method investments: Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company's share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity. | |
Recent Accounting Pronouncements | |
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. |
Investment_in_Diana_Containers
Investment in Diana Containerships Inc. | 12 Months Ended |
Dec. 31, 2014 | |
Investment in Diana Containerships Inc. [Abstract] | |
Investment in Diana Containerships Inc. | 3. Investment in Diana Containerships Inc. |
As at December 31, 2013, the Company owned 9.51% of the share capital of Diana Containerships Inc. (“Diana Containerships”) and its investment has been accounted for under the equity method on the basis of the significant influence that was exercised over Diana Containerships through its shareholding, its common executive Board, until March 1, 2013 through Diana Shipping Services and since May 2013 through a loan agreement (Note 4(b)). On July 29, 2014, the Company purchased through a Securities Purchase Agreement 15,936,255 additional shares for $40,000, increasing its ownership in the share capital of Diana Containerships as at December 31, 2014 to 26.34%. | |
As at December 31, 2014 and 2013, the investment in Diana Containerships amounted to $67,546 and $15,640, respectively, and is separately reflected in Investment in Diana Containerships Inc. in the accompanying consolidated balance sheets. As at December 31, 2014, the market value of the investment was $36,227 based on Diana Containerships' closing price on Nasdaq of $1.88. | |
For 2014, 2013, and 2012, the investment in Diana Containerships resulted in a gain of $12,668, and loss of $6,094 and $1,773, respectively, which are separately presented in Income/(loss) from investment in Diana Containerships Inc. in the accompanying consolidated statements of operations. Also during 2014, 2013, and 2012, the Company received dividends from Diana Containerships amounting to $763, $4,000, and $2,835, respectively. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Transactions wtih Related Parties [Abstract] | |
Transactions with related parties | 4. Transactions with Related Parties |
Altair Travel Agency S.A. (“Altair”): The Company uses the services of an affiliated travel agent, Altair, which is controlled by the Company's CEO and Chairman. Travel expenses for 2014, 2013, and 2012, amounted to $2,765, $2,640, and $2,957, respectively, and are included in Vessels, Advances for vessels under construction and acquisitions and other vessel costs, Vessel operating expenses and General and administrative expenses in the accompanying consolidated financial statements. At December 31, 2014 and 2013, an amount of $281 and $196, respectively, was payable to Altair and is included in Due to related parties in the accompanying consolidated balance sheets. | |
Diana Containerships Inc. (“Diana Containerships”): Until February 28, 2013, DSS received from Diana Containerships management fees of $15 per month for each vessel in operation and $20 per month for each laid-up vessel, 1% commissions on the gross hire and freight earned by each vessel and $10 per month for administrative fees pursuant to management and administrative services agreements between Diana Containerships, its vessel owning companies and DSS, which were terminated on March 1, 2013. For 2014, 2013, and 2012, revenues derived from the agreements with Diana Containerships amounted to $0, $447, and $2,447, respectively, and they are separately presented as Other revenues in the accompanying consolidated statements of operations. As at December 31, 2014 and 2013, there was no amount due to or from Diana Containerships and its vessels, relating to these management agreements. | |
On May 20, 2013, the Company's Independent Committee of the Board of Directors and the Board of Directors approved to provide to Eluk Shipping Company Inc., a subsidiary of Diana Containerships, an unsecured loan of up to $50,000 to be used for general corporate purposes and working capital, which was drawn on August 20, 2013. The loan matures on the fourth anniversary of the draw down date, or on August 20, 2017, bears interest at LIBOR plus a margin of 5% per annum. The loan also bears a back-end fee equal to 1.25% per annum on the outstanding amount, receivable on the repayment date of such amount. The unsecured loan is guaranteed by Diana Containerships, and Diana Containerships and its subsidiaries may not incur additional indebtedness during the term of the loan without the prior consent of the Company. | |
As at December 31, 2014, there was an amount of $57 of interest and $50,866 of loan and fees due from Diana Containerships, separately presented in Due from related parties, current and non-current, respectively, in the related accompanying consolidated balance sheet. As at December 31, 2013, similarly, there was an amount of $86 of interest and $50,233 of loan and fees due from Diana Containerships. | |
For 2014 and for the period from August 20, 2013 (drawdown date) to December 31, 2013, income from interest and fees amounted to $3,246, and $1,196, respectively, and is included in Interest and other income in the accompanying consolidated statements of operations. | |
Diana Enterprises Inc. (“Diana Enterprises”): Diana Enterprises is a company controlled by the Company's CEO and Chairman. On March 4, 2014 DSS entered into an agreement with Diana Enterprises to provide brokerage services to DSI for a monthly fee of $104, payable quarterly in advance, effective from January 1, 2014 and until March 31, 2015, which however was terminated on June 30, 2014, as on April 9, 2014, an agreement between Diana Shipping Inc and Diana Enterprises, was signed to replace the previous one, with all other terms being the same, and which became effective on July 1, 2014. Previously, an agreement dated March 15, 2013 was in effect, with a monthly fee of $208, payable quarterly in advance from March 1, 2013 (effective date) until its termination on January 1, 2014. Prior to that, there was an agreement in effect since February 22, 2012, having an annual fee of $2,834. For 2014, 2013, and 2012, brokerage fees amounted to $1,250, $2,481, and $2,384 respectively, and are included in General and administrative expenses in the accompanying consolidated statements of operations. At December 31, 2014 and 2013, there was an amount of $0 and $25, respectively, due to Diana Enterprises included in Due to related parties, in the accompanying balance sheets. Until March 1, 2013, DSS had an agreement with Diana Enterprises to provide brokerage services to Diana Containerships, which was terminated when DSS ceased from being the management company of the Diana Containerships' group. | |
Advances_for_Vessels_Under_Con
Advances for Vessels Under Construction and Acquisitions and Other Vessel Costs | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Advances For Property Plant And Equipment [Abstract] | ||||||
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs | 5. Advances for Vessels under Construction and Acquisitions and Other Vessel Costs | |||||
In May 2013, Aster and Aerik, each entered into a shipbuilding contract with unrelated third parties for the construction of a Newcastlemax dry bulk carrier for the aggregate price of $97,400. The vessels are expected to be delivered in 2016. | ||||||
In January 2014, Houk entered into a shipbuilding contract with unrelated third parties for the construction of a Kamsarmax dry bulk carrier for a contract price of $28,825. The vessel is expected to be delivered in 2016. | ||||||
In December 2014, Lelu entered into a memorandum of agreement with an unrelated third party to acquire a Capesize dry bulk carrier for the purchase price of $50,000. As at December 31, 2014, the Company had paid an amount of $10,066, including the advance to the seller and additional acquisition costs. The vessel was delivered in January 2015 (Note 17). | ||||||
As at December 31, 2014, the remaining contractual obligations for all of the above contracts amounted to $147,291 (Note 10). | ||||||
The amounts in the accompanying consolidated balance sheets include payments to sellers of vessels or, in the case of vessels under construction, to the shipyards and other costs capitalized in accordance with the accounting policy as discussed in Note 2(i). The movement of the account during 2014 and 2013 was as follows: | ||||||
2014 | 2013 | |||||
Beginning balance | $ | 38,862 | $ | 11,502 | ||
- Advances for vessels under construction and other vessel costs | 43,160 | 30,053 | ||||
- Advances for vessel acquisitions and other vessel costs | 10,066 | 23,983 | ||||
- Transferred to vessel cost (Note 6) | (62,588) | -26,676 | ||||
Ending balance | $ | 29,500 | $ | 38,862 |
Vessels
Vessels | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Vessels [Abstract] | ||||||||
Vessels | 6. Vessels | |||||||
The amounts in the accompanying consolidated balance sheets are analyzed as follows: | ||||||||
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2012 | $ | 1,515,370 | $ | -304,232 | $ | 1,211,138 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 26,676 | - | 26,676 | |||||
- Acquisition, improvements and other vessel costs | 144,544 | - | 144,544 | |||||
- Depreciation for the year | - | -61,983 | -61,983 | |||||
Balance, December 31, 2013 | $ | 1,686,590 | $ | -366,215 | $ | 1,320,375 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 62,588 | - | 62,588 | |||||
- Acquisitions, improvements and other vessel costs | 58,476 | - | 58,476 | |||||
- Depreciation for the year | - | -68,306 | -68,306 | |||||
Balance, December 31, 2014 | $ | 1,807,654 | $ | -434,521 | $ | 1,373,133 | ||
In January 2013, the vessel Myrto was delivered to the Company from an unrelated third party for the purchase price of $26,500 according to a memorandum of agreement that Tuvalu had entered in 2012. | ||||||||
During 2013, the Company, through subsidiaries entered into memoranda of agreement to purchase from unaffiliated third parties five vessels, one Panamax, two Kamsarmaxes and two Capesize vessels for an aggregate price of $141,423. | ||||||||
During 2014, the Company took delivery of “Crystalia” and “Atalandi”, which until then were under construction and additionally acquired the Capesize dry bulk carrier “GP Zafirakis” for $58,000, which was delivered in August 2014. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property and Equipment [Abstract] | ||||||||
Property and Equipment | 7. Property and equipment, net | |||||||
The amounts in the accompanying consolidated balance sheets are analyzed as follows: | ||||||||
Property and Equipment | Accumulated Depreciation | Net Book Value | ||||||
Balance, December 31, 2012 | $ | 24,105 | $ | -1,331 | $ | 22,774 | ||
- Additions in equipment and building improvements | 575 | - | 575 | |||||
- Depreciation for the year | - | -523 | -523 | |||||
Balance, December 31, 2013 | $ | 24,680 | $ | -1,854 | $ | 22,826 | ||
- Write off of fully depreciated assets | -100 | 100 | - | |||||
- Additions in property and equipment | 1,574 | - | 1,574 | |||||
- Depreciation for the year | - | -513 | -513 | |||||
Balance, December 31, 2014 | $ | 26,154 | $ | -2,267 | $ | 23,887 | ||
In December 2014, DSS acquired jointly with two other related entities, from unrelated individuals, a plot of land for an aggregate purchase price of €2.0 million or $2,489 (based on the exchange rate of $ to Euro as of the date of acquisition). DSS paid 1/3 of the purchase price amounting to $886, including additional purchase costs incurred. The plot is under the common ownership of the joint purchasers. |
Prepaid_Charter_Revenue_curren
Prepaid Charter Revenue, current and non-current | 12 Months Ended |
Dec. 31, 2014 | |
Prepaid Charter Revenue [Abstract] | |
Prepaid Charter Revenue, Current And Non Current [Text Block] | 8. Prepaid charter revenue |
In May 2009, on the acquisition of the vessel “Houston”, Gala paid an amount in excess of the predelivery installments for the construction of the vessel, which was recognized in assets as Prepaid charter revenue. This amount had been amortized in revenues since the delivery of the vessel to the time charterers. On November 26, 2013, the charterers terminated the charter earlier than the termination date determined under the terms of the charter party and redelivered the vessel to the owners, who started arbitration proceedings against the charterers seeking to mitigate their losses as a result of the early termination. As a result of this earlier termination of the charter party, the unamortized balance of prepaid charter revenue was fully amortized against Time charter revenues during 2013. | |
The amortization of prepaid charter revenue for 2013 (from January 1, until termination) and 2012 amounted to $5,353, and $3,056, respectively, and is included in Time charter revenues in the accompanying consolidated statements of operations. |
Longterm_Debt_current_and_nonc
Long-term Debt, current and non-current | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Long Term Debt, current and non-current [Abstract] | ||||||
Long-term debt, current and non-current | 9. Long-term debt, current and non-current | |||||
The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: | ||||||
2014 | 2013 | |||||
Revolving credit facility | $ | 210,000 | $ | 240,000 | ||
Secured term loans | 276,008 | 193,096 | ||||
Total debt outstanding | $ | 486,008 | $ | 433,096 | ||
Less related deferred financing costs | -1,752 | -1,539 | ||||
Total debt, net of deferred financing costs | $ | 484,256 | $ | 431,557 | ||
Less: Current portion of long term debt, net of deferred financing costs current | -78,734 | -46,077 | ||||
Long-term debt, net of current portion and deferred financing costs, non-current | $ | 405,522 | $ | 385,480 | ||
Revolving credit facility: On February 18, 2005, the Company entered into a secured revolving credit facility with the Royal Bank of Scotland for $230,000 which was increased to $300,000 on May 24, 2006 with an amended agreement. The amended facility was available in full until May 24, 2012. Since that date, the available amount is reducing in semi-annual amounts of $15,000 with a final reduction of $165,000 together with the last semi-annual reduction on May 24, 2016. The credit facility bears interest at LIBOR plus a margin ranging from 0.75% to 0.85%. The weighted average interest rate of the facility as at December 31, 2014 and 2013 was 0.95% and 1.08%, respectively. | ||||||
The credit facility is secured by a first priority or preferred ship mortgage on 18 vessels of the Company's fleet, assignment of all freights, earnings, insurances and requisition compensation. The lenders may also require additional security in the event the Company breaches certain covenants under the credit facility, including a shortfall in the hull cover ratio. | ||||||
The credit facility contains covenants including restrictions as to changes in management and ownership of the vessels, additional indebtedness, minimum liquidity for each vessel mortgaged under or financed through the credit facility and other financial covenants. As at December 31, 2014 and 2013, the minimum liquidity requirement amounted to $7,600 and $7,600, respectively. Furthermore, the Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility. | ||||||
Secured Term Loans: The Company, through its subsidiaries, has entered into various long term loan agreements with bank institutions to partly finance or, as the case may be, refinance part of the acquisition cost of certain of its fleet vessels. The loan agreements are repayable in quarterly or semi-annual installments plus one balloon installment per loan agreement to be paid together with the last installment and bear interest at LIBOR plus margin ranging from 1% to 3%. The weighted average interest rate of the Secured Term Loans as at December 31, 2014 and 2013 was 2.68% and 2.67%, respectively. Their maturities start from March 10, 2015 the earliest to May 18, 2022 the latest. | ||||||
On June 18, 2013, Tuvalu and Jabat, entered into a loan agreement with Deutsche for a loan facility of $18,000 to finance part of the acquisition cost of the vessels “Maia” and “Myrto”, drawn on June 20, 2013. The loan is repayable in 20 consecutive equal quarterly installments of $375 and a balloon payment of $10,500 payable together with the final quarterly installment on June 20, 2018. The loan bears interest at LIBOR plus a margin of 3.0%. | ||||||
On May 24, 2013, Erikub and Wotho entered into a loan agreement with Export-Import Bank of China and DnB to finance part of the construction cost of the “Crystalia” and the “Atalandi”, for an amount of up to $15,000 for each vessel, drawn on May 22, 2014. Each advance is repayable in 19 quarterly installments of $250 and a balloon of $10,250 payable together with the last installment on February 22, 2019. The loan bears interest at LIBOR plus a margin of 3.0% per annum. | ||||||
On January 9, 2014, Taka and Fayo entered into a loan agreement with Commonwealth Bank of Australia, London Branch, for a loan facility of up to $18,000, drawn on January 13, 2014, to finance part of the acquisition cost of the “Melite” and “Artemis”. The loan bears interest at LIBOR plus a margin of 2.25%. The loan was drawn in Tranche A of $8,500 and Tranche B of $9,500. Tranche A is repayable in 24 equal consecutive quarterly installments of about $196 each and a balloon of $3,800 payable together with the last installment on January 13, 2020. Tranche B is repayable in 32 equal consecutive quarterly installments of about $156 each and a balloon of $4,500 payable on together with the last installment on January 13, 2022. | ||||||
On December 18, 2014, Pulap and Weno entered into a loan agreement with BNP Paribas, for a loan facility of up to $55,000, of which $53,500 was drawn on December 19, 2014. The loan bears interest at LIBOR plus a margin of 2% and is repayable in 14 equal semi-annual installments of approximately $1,574 and a balloon of $31,464 payable on November 30, 2021. | ||||||
Under the secured long term debt agreements mentioned above, 17 vessels of the Company's fleet are mortgaged with first preferred or second preferred ship mortgage, where applicable. Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts with duration of more than 12 months, pledge over the shares of the borrowers, manager's undertaking and subordination and requisition compensation and a corporate guarantee by DSI (the “Guarantor”), 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 and 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. Furthermore, certain of the Secured Term Loans contain cross default provisions and additionally the Company is not permitted to pay any dividends from the earnings of the vessel following the occurrence of an event of default. | ||||||
As at December 31, 2014, part of the Company's fleet (except of vessels Coronis, Aliki, Baltimore, Myrsini), having an aggregate carrying value of $1,222,877 has been provided as collateral to secure the debt facilities. | ||||||
As at December 31, 2014 and 2013, the maximum amount required by the banks as compensating cash balance amounted to $19,500 and $18,000, respectively. | ||||||
The maturities of the Company's debt facilities described above, as at December 31, 2014, and throughout their term, are as follows, and do not include the right of lenders of a secured term loan to demand repayment of the balance of the loan outstanding within the first semester of 2018, subject however to written notification by the lender(s) to the borrower(s) no earlier than within calendar year 2016 and not later than within calendar year 2017: | ||||||
Period | Principal Repayment | |||||
1-Jan-15 | to | 31-Dec-15 | $ | 79,288 | ||
1-Jan-16 | to | 31-Dec-16 | 200,689 | |||
1-Jan-17 | to | 31-Dec-17 | 49,930 | |||
1-Jan-18 | to | 31-Dec-18 | 27,242 | |||
1-Jan-19 | to | 31-Dec-19 | 38,992 | |||
1-Jan-20 | and thereafter | 89,867 | ||||
Total | $ | 486,008 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies | 10. Commitments and Contingencies | ||||
Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. | |||||
The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy year that should be recorded in its consolidated financial statements. | |||||
The Company has shipbuilding contracts for the construction of two Newcastlemax dry bulk carriers and one Kamsarmax dry bulk carrier and a contract to acquire a Capesize dry bulk carrier (Note 5). As at December 31, 2014, the total obligations under these contracts amounted to $147,291, which subsequently were reduced (Note 17). | |||||
As at December 31, 2014, the minimum contractual gross charter revenues expected to be generated from fixed and non-cancelable time charter contracts existing as at December 31, 2014 and until their expiration were as follows: | |||||
Period | Amount | ||||
Year 1 | $ | 100,652 | |||
Year 2 | 11,854 | ||||
Total | $ | 112,506 |
Capital_Stock_and_Changes_in_C
Capital Stock and Changes in Capital Accounts | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Capital Stock and Changes in Capital Accounts [Abstract] | |||||
Capital Stock and Changes in Capital Accounts | 11. Capital Stock and Changes in Capital Accounts | ||||
Preferred stock: As at December 31, 2014 and 2013, the Company's authorized preferred stock consists of 25,000,000 shares (all in registered form) of preferred stock, par value $0.01 per share, of which as at December 31, 2014, 1,000,000 were designated as Series A Participating Preferred Shares; and 5,000,000 were designated as Series B Preferred Shares. | |||||
On February 24, 2014, the Company completed a public offering of 2,600,000 shares of Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, at $25.00 per share and with liquidation preference at $25.0 per share. The net proceeds from the offering (after the underwriting discount and other offering expenses payable by the Company) were $62,698. | |||||
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. Also, holders of series B preferred shares, rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation. As at December 31, 2014 and 2013, the Company had 2,600,000 and none, respectively, of Series B Preferred Shares issued and outstanding and none issued and outstanding of Series A Preferred Shares. | |||||
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 annum per share. As at December 31, 2014, dividends on Series B preferred shares, both accrued and paid amounted to $5,080. At any time on or after February 14, 2019, the Company may redeem, in whole or in part, the series B preferred shares at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. | |||||
Common Stock: The Company's authorized capital stock consists of 200,000,000 shares (all in registered form) of common stock, par value $0.01 per share. The holders of the common shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. | |||||
Incentive plan: In February 2005, the Company adopted an equity incentive plan (the “Plan”) for 2,800,000 common shares, which was amended and restated on October 21, 2008 and terminated in 2012 as all shares reserved had been issued. In May 2011, the Company's board of directors approved to adopt the Diana Shipping Inc. 2011 Equity Incentive Plan, with substantially the same terms and provisions as the Company's Amended and Restated 2005 Equity Incentive Plan. Under the 2011 Equity Incentive Plan, an aggregate of 5,000,000 common shares were reserved for issuance, of which as at December 31, 2014 2,484,759 remained reserved for issuance. In November 2014, the Company's board of directors approved to adopt the Diana Shipping Inc. 2014 Equity Incentive Plan, for 5,000,000 additional shares. | |||||
The plan entitles the Company's employees, officers and directors to receive options to acquire the Company's common stock and is administered by the Compensation Committee of the Company's Board Directors or such other committee of the Board as may be designated by the Board to administer the Plan. Under the terms of the plan, the Company's Board of Directors is able to grant a) incentive stock options, b) non-qualified stock options, c) stock appreciation rights, d) dividend equivalent rights, e) restricted stock, f) unrestricted stock, g) restricted stock units, and h) performance shares. No options, stock appreciation rights or restricted stock units can be exercisable prior to the first anniversary or subsequent to the tenth anniversary of the date on which such award was granted. | |||||
The Company follows the provisions in ASC 718 “Compensation – Stock Compensation”, for purposes of accounting for such share-based payments. All share-based compensation provided to employees is recognized in accordance with the relevant guidance, and is included in General and administrative expenses in the accompanying consolidated statements of operations. | |||||
Restricted stock during the years ended December 31, 2014, 2013 and 2012 is analysed as follows: | |||||
Number of Shares | Weighted Average Grant Date Price | ||||
Outstanding at December 31, 2011 | 1,384,062 | $ | 14.07 | ||
Granted | 667,614 | 9.13 | |||
Vested | -600,051 | 13.83 | |||
Outstanding at December 31, 2012 | 1,451,625 | $ | 11.9 | ||
Granted | 607,946 | 9.06 | |||
Vested | -701,198 | 12.64 | |||
Outstanding at December 31, 2013 | 1,358,373 | 10.25 | |||
Granted | 1,864,000 | 9.38 | |||
Vested | -730,539 | 11.25 | |||
Outstanding at December 31, 2014 | 2,491,834 | $ | 9.3 | ||
The fair value of the restricted shares has been determined with reference to the closing price of the Company's stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of operations over the respective vesting periods. For 2014, 2013, and 2012, an amount of $7,744, $8,203, and $8,645, respectively, was recognized in General and administrative expenses presented in the accompanying consolidated statements of operations. | |||||
At December 31, 2014 and 2013, the total unrecognized cost relating to restricted share awards was $17,698 and $7,966, respectively. At December 31, 2014, 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. | |||||
Share Repurchase Agreement: On May 22, 2014, the Company's Board of Directors authorized a share repurchase plan for up to $100,000 worth of shares of the Company's common stock, under which, as at December 31, 2014, the Company had repurchased and retired 2,845,549 shares at an aggregate cost of approximately $25,349 (Note 17). | |||||
Voyage_and_Vessel_Operating_Ex
Voyage and Vessel Operating Expenses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Voyage And Vessel Operating Expenses [Abstract] | ||||||||
Voyage and Vessel Operating Expenses | 12. Voyage and Vessel Operating Expenses | |||||||
The amounts in the accompanying consolidated statements of operations are analyzed as follows: | ||||||||
2014 | 2013 | 2012 | ||||||
Voyage Expenses | ||||||||
Bunkers | $ | 2,026 | $ | -62 | $ | -2,149 | ||
Commissions charged by third parties | 8,245 | 7,939 | 10,273 | |||||
Miscellaneous | 394 | 242 | 150 | |||||
Total | $ | 10,665 | $ | 8,119 | $ | 8,274 | ||
Vessel Operating Expenses | ||||||||
Crew wages and related costs | $ | 50,442 | $ | 45,451 | $ | 37,351 | ||
Insurance | 6,723 | 6,438 | 4,747 | |||||
Spares and consumable stores | 17,106 | 14,825 | 14,996 | |||||
Repairs and maintenance | 8,379 | 5,548 | 6,609 | |||||
Tonnage taxes (Note 15) | 2,109 | 1,040 | 361 | |||||
Environmental costs | 1,314 | 2 | - | |||||
Other operating expenses | 850 | 3,907 | 2,229 | |||||
Total | $ | 86,923 | $ | 77,211 | $ | 66,293 |
Interest_and_Finance_Costs
Interest and Finance Costs | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Interest and Finance Costs [Abstract] | ||||||||
Interest and Finance Costs | 13. Interest and Finance Costs | |||||||
The amounts in the accompanying consolidated statements of operations are analyzed as follows: | ||||||||
2014 | 2013 | 2012 | ||||||
Interest expense | $ | 7,815 | $ | 7,600 | $ | 7,021 | ||
Amortization of financing costs | 519 | 473 | 379 | |||||
Commitment fees and other costs | 93 | 67 | 218 | |||||
Total | $ | 8,427 | $ | 8,140 | $ | 7,618 | ||
Total interest incurred on long-term debt for 2014, 2013 and 2012 amounted to $8,221, $8,068, and $7,342, respectively. Of the above amounts, $406 in 2014, $468 in 2013 and $321 in 2012, were capitalized and included in Vessels and in Advances for vessels under construction and acquisitions and other vessel costs. | ||||||||
Earnings_Loss_per_Share
Earnings / (Loss) per Share | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | 14. Earnings / (loss) per Share | ||||||
All common shares issued (including the restricted shares issued under the Company's Incentive Plan) are the Company's common stock and have equal rights to vote and participate in dividends upon their vesting. The calculation of basic earnings/(loss) per share does not treat the non-vested shares (not considered participating securities) as outstanding until the time/service-based vesting restriction has lapsed. For the purpose of calculating diluted earnings per share the weighted average number of diluted shares outstanding includes the incremental shares assumed issued determined in accordance with the treasury stock method. For 2014 and 2013, and on the basis that the Company incurred losses, the effect of incremental shares would be anti-dilutive and therefore basic and diluted loss per share was the same. | |||||||
For 2012, there were no incremental shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. | |||||||
Profit or loss attributable to common equity holders is adjusted by the amount of dividends paid and accrued on Series B Preferred Stock which for 2014 amounted to $5,080. | |||||||
2014 | 2013 | 2012 | |||||
Net income / (loss) | $ | -10,268 | $ | -21,205 | $ | 54,639 | |
Less dividends on series B preferred shares | $ | -5,080 | $ | - | $ | - | |
Net income / (loss) attributed to common stockholders | -15,348 | -21,205 | 54,639 | ||||
Weighted average number of common shares, basic and diluted | 81,292,290 | 81,328,390 | 81,083,485 | ||||
Earnings / (loss) per share, basic and diluted | $ | -0.19 | $ | -0.26 | $ | 0.67 | |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Income Taxes | 15. Income Taxes |
Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of operations (Note 12). | |
Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are “residents” of the Company's country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is “primarily and regularly traded on an established securities market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test). | |
Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock, (“5 Percent Override Rule”). | |
The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2014, 2013 and 2012 taxable years, and the Company takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company's control that could cause it to lose the benefit of this tax exemption in future years and thereby become subject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company's stock were, in combination with the Company's existing 5% shareholders, to own 50% or more of the Company's outstanding shares of its stock on more than half the days during the taxable year. | |
The Company estimates that since no more than the 50% of its shipping income would be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. The Company believes that it satisfies the Publicly-Traded Test and all of its United States source shipping income is exempt from U.S. federal income tax. Based on its U.S. source Shipping Income for 2014, 2013 and 2012, the Company would be subject to U.S. federal income tax of approximately $246, $238 and $289, respectively, in the absence of an exemption under Section 883. | |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments [Abstract] | |
Financial Instruments | 16. Financial Instruments |
The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The fair value of long-term loan receivable from Diana Containerships also approximates its recorded value, due to its variable interest rate. | |
The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In May 2009 the Company entered into a five-year zero cost collar agreement (novated in March 2012), with a floor at 1% and a cap at 7.8% of a notional amount of $100,000 to manage its exposure to interest rate changes related to its borrowings. The collar agreement, which was matured on May 27, 2014, was used as an economic hedge agreement and did not meet the criteria for hedge accounting; therefore, the changes in its fair value were recognized in earnings. | |
As at December 31, 2014 and 2013, the fair value of the swap was $0 and $378, respectively, both separately presented in the accompanying consolidated balance sheets. For 2014, 2013, and 2012, the Company incurred from the swap gain of $68 and loss of $118, and $518, respectively, and is separately presented as Income / (loss) from derivative instruments in the accompanying consolidated statements of operations. The fair value of the collar agreement determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820-10-35-47 Fair Value Measurements and Disclosure, Subsequent Re-measurement of FASB Accounting Standard Codification (ASC), is derived principally from or corroborated by observable market data. Inputs include interest rates, yield curves and other items that allow value to be determined. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events |
Delivery of vessel and payment of construction installment: On January 12, 2015, the Company took delivery of Santa Barbara, a vessel that Lelu had agreed to acquire. In addition, on February 2, 2015, the Company paid an installment for the construction of hull H2548 owned by Aster (Note 5). As a result of the two events, the Company's purchase obligations for the acquisition and or construction of vessels (Note 10), subsequently to December 31, 2014 reduced to $99,986. | |
Series B Preferred Stock Dividends: On January 15, 2015, the Company paid a dividend on its series B preferred stock, amounting to $0.5546875 per share, or $1,442, to its stockholders of record as of January 14, 2015. | |
Repurchase and Retirement of Common Stock: Under the repurchase program (Note 11), the Company, subsequently to December 31, 2014, repurchased and retired an additional number of 413,804 shares for an aggregate cost of $2,673. | |
New Loan Agreements: On March 17, 2015, the Company, through eight separate wholly owned subsidiaries, entered into a loan agreement with Nordea Bank for a secured term loan facility of up to $110,000, to refinance the existing indebtedness with the bank and for general corporate and working capital purposes. On March 19, 2015, we drew down $93,080 and we repaid the then existing indebtedness with the bank amounting to $38,345. | |
Termination of Loan Agreements: On March 10 and on March 20, 2015, the Company repaid in full the then outstanding indebtedness with Deutsche Bank for the vessels i) “New York” and ii) “Myrto” and “Maia”, respectively, and the related agreements were terminated. | |
Loan Commitment: On February 27, 2015, the Company entered into a commitment letter with Danish Ship Finance for a loan facility of $30,000 to finance the acquisition cost of the vessel “Santa Barbara”. On March 12, 2015, the Company was offered a term sheet from ABN AMRO Bank NV for a loan facility of up to $53,000 to re-finance the acquisition cost of the vessels “New York”, “Myrto” and “Maia”, subject to signing the loan agreement by May 01, 2015. | |
Annual Incentive Bonus: On March 3, 2015 the Company's Board of Directors approved a cash bonus of about $1,714 to all employees and executive management of the Company, which had been accrued as at December 31, 2014, and 1,100,000 shares of restricted common stock awards to executive management and non-executive directors, pursuant to the Company's 2011 equity incentive plan. The fair value of the restricted shares based on the closing price on the date of the Board of Directors' approval was $7,601 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years. | |
Significant_Accounting_Policie1
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates | (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other Comprehensive Income / (Loss) | (c) Other Comprehensive Income / (loss): The Company separately presents certain transactions, which are recorded directly as components of stockholders’ equity. Other Comprehensive Income / (Loss) is presented in a separate statement. |
Foreign Currency Translation | (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may also include compensating cash balances kept against the Company’s loan facilities that are not deemed to be sufficiently material to require segregation on the balance sheet. Such balances at December 31, 2014 and 2013 amounted to $19,500 and $18,000 in the aggregate and consisted of minimum cash deposits required to be maintained at all times under the Company's loan facilities (Note 9). |
Accounts Receivable, Trade | (f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, ballast bonus billings, if any, hold cleanings and extra voyage insurance, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2014 and 2013. |
Loan Receivable from Related Parties | (g) Loan Receivable from Related Parties: The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2014 and 2013, (Note 4(b)) represent amounts receivable from Diana Containerships Inc. with respect to a loan agreement with a wholly owned subsidiary of Diana Containerships Inc., net of any provision for credit losses. Interest income and fees, deriving from the agreement are recorded in the accounts as incurred. Costs incurred for the loan documentation were expensed as incurred. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. In order to estimate the allowance for credit losses, the Company assesses at each period end the ability of Diana Containerships to meet its obligations under the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships Inc. and historical losses, if any, and any other risks/factors that may affect its future financial condition and its ability to meet its obligations. No provision for credit losses was established as of December 31, 2014 and 2013, since there was no indication that Diana Containerships Inc. will not be able to meet its obligations under the loan agreement. |
Inventories | (h) Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method. |
Vessel Cost | (i) Vessel Cost: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets' construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period. |
Property and equipment | (j) Property and equipment: The Company owns the land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation. The building has an estimated useful life of 55 years with no residual value. Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware and vehicles which consist of motor scooters and a car. The useful life of the car is 10 years, of the office furniture, equipment and the scooters is 5 years; and of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. |
Prepaid Charter Revenue | (k) Prepaid Charter Revenue: When the Company acquires a vessel with a time charter attached and the present value of the contractual cash flows of the time charter assumed is greater than its current fair value with reference to market data, the difference, capped to the vessel’s fair value on a charter free basis, is recorded as prepaid charter revenue. Prepaid charter revenue is amortized to revenue over the period of the time charter assumed and is tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. |
Impairment of Long-Lived Assets | (l) Impairment of Long-Lived Assets: Long-lived assets (vessels, land, and building) and certain identifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. |
With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by considering the historical and estimated vessels’ performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 year average historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of brokerage commissions. Historical ten-year blended average one-year time charter rates are in line with the Company’s overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company’s operating fleet and they cover at least a full business cycle; (ii) expected outflows for scheduled vessels’ maintenance; (iii) vessel operating expenses increasing annually by an annual inflation rate of 3%, which approximates current projections for global inflation rate; (iv) effective fleet utilization of 98% taking into account the period each vessel is expected to remain off hire for scheduled maintenance (dry docking and special surveys) and 1% off hire days (other than for dry docking and special surveys) each year, assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. | |
The Company concluded based on this exercise that step two of the impairment analysis was not required and has not identified any facts or circumstances that would require the write down of vessel values as at December 31, 2014 or in the near future and no impairment loss has been identified or recorded for 2014, 2013 and 2012. | |
With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the useful life of the building. As at December 31, 2014, 2013 and 2012, no impairment loss was identified or recorded and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the near future. | |
Vessel Depreciation | (m) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. |
Accounting for Dry-Docking Costs | (n) Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. |
Financing Costs | (o) Financing Costs: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest and finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred, unless they relate to loans obtained to finance vessels under construction, in which case they are capitalized to the vessels’ cost. An amount of $455, representing the current portion of deferred financing costs as at December 31, 2013 was reclassified to the Current portion of long-term debt of the respective year, for comparability purposes with the December 31, 2014 consolidated balance sheet. |
Concentration of Credit Risk | (p) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and the loan receivable from a related party. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits its credit risk with the loan receivable by performing ongoing credit evaluations of Diana Containerships’ financial condition. The loan agreement is guaranteed by Diana Containerships but does not have any collateral and the Company has not entered into any agreement to mitigate credit risk. |
Accounting for Revenues and Expenses | (q) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements and are usually paid fifteen days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues are recorded over the term of the charter as service is provided. Income representing ballast bonus payments by the charterer to the vessel owner is recognized in the period earned. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. Deferred revenue may also include deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis, or the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are due as the Company’s revenues are earned. |
Repairs and Maintenance | (r) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations. |
Earnings/ (loss) per Common Share | (s) Earnings / (loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. |
Segmental Reporting | (t) Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Variable Interest Entities | (u) Variable Interest Entities: The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. As of December 31, 2014 and 2013, no such interests were identified. |
Fair Value Measurements | (v) Fair Value Measurements: The Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. |
Share Based Payment | (w) Share Based Payments: The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measures the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is re-measured subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair value and are not subsequently re measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. |
Derivatives | (x) Derivatives: The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, in May 2009, the Company entered into a five-year zero cost collar agreement, novated in March 2012, and terminated in May 2014, to manage its exposure to interest rate changes related to its borrowings. The collar agreement was considered as an economic hedge agreement as it did not meet the criteria of hedge accounting; therefore, the changes in its fair value were recognized in earnings (Note 16). |
Equity Method Investments | (y) Equity method investments: Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company’s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. |
Recovered_Sheet1
Basis of presentation and general information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Basis of Presentation and General Information [Abstract] | ||||||||
Schedule Of Subsidiaries [Table Text Block] | a/a | Company | Vessel | Flag | Dwt | Date Built | Date Acquired | Place of Incorporation |
PANAMAX VESSELS | ||||||||
1 | Panama Compania Armadora SA | Oceanis | Bahamas | 75,211 | May-01 | May-01 | Panama | |
2 | Husky Trading SA | Triton | Bahamas | 75,336 | Mar-01 | Mar-01 | Panama | |
3 | Changame Compania Armadora SA | Thetis | Bahamas | 73,583 | Aug-04 | Nov-05 | Panama | |
4 | Buenos Aires Compania Armadora SA | Alcyon | Bahamas | 75,247 | Feb-01 | Feb-01 | Panama | |
5 | Skyvan Shipping Company SA | Nirefs | Bahamas | 75,311 | Jan-01 | Jan-01 | Panama | |
6 | Cypres Enterprises Corp. | Protefs | Bahamas | 73,630 | Aug-04 | Aug-04 | Panama | |
7 | Urbina Bay Trading SA | Erato | Bahamas | 74,444 | Aug-04 | Nov-05 | Panama | |
8 | Chorrera Compania Armadora SA | Dione | Greek | 75,172 | Jan-01 | May-03 | Panama | |
9 | Darien Compania Armadora SA | Calipso | Bahamas | 73,691 | Feb-05 | Feb-05 | Panama | |
10 | Texford Maritime SA | Clio | Bahamas | 73,691 | May-05 | May-05 | Panama | |
11 | Eaton Marine SA | Danae | Greek | 75,106 | Jan-01 | Jul-03 | Panama | |
12 | Vesta Commercial SA | Coronis | Marshall Islands | 74,381 | Jan-06 | Jan-06 | Panama | |
13 | Ailuk Shipping Company Inc. | Naias | Marshall Islands | 73,546 | Jun-06 | Aug-06 | Marshall Islands | |
14 | Taka Shipping Company Inc. | Melite | Marshall Islands | 76,436 | Oct-04 | Jan-10 | Marshall Islands | |
15 | Bikar Shipping Company Inc. | Arethusa | Greek | 73,593 | Jan-07 | Jul-11 | Marshall Islands | |
16 | Mandaringina Inc. | Melia | Marshall Islands | 76,225 | Feb-05 | May-12 | Marshall Islands | |
17 | Jemo Shipping Company Inc. | Leto | Marshall Islands | 81,297 | Feb-10 | Jan-12 | Marshall Islands | |
18 | Fayo Shipping Company Inc. | Artemis | Marshall Islands | 76,942 | Sep-06 | Aug-13 | Marshall Islands | |
19 | Erikub Shipping Company Inc. (Note 6) | Crystalia | Greek | 77,525 | Feb-14 | Feb-14 | Marshall Islands | |
20 | Wotho Shipping Company Inc. (Note 6) | Atalandi | Greek | 77,529 | May-14 | May-14 | Marshall Islands | |
KAMSARMAX VESSELS | ||||||||
21 | Tuvalu Shipping Company Inc. | Myrto | Marshall Islands | 82,131 | Jan-13 | Jan-13 | Marshall Islands | |
22 | Jabat Shipping Company Inc. | Maia | Marshall Islands | 82,193 | Aug-09 | Feb-13 | Marshall Islands | |
23 | Makur Shipping Company Inc. | Myrsini | Marshall Islands | 82,117 | Mar-10 | Oct-13 | Marshall Islands | |
POST-PANAMAX VESSELS | ||||||||
24 | Majuro Shipping Company Inc. | Alcmene | Marshall Islands | 93,193 | Jan-10 | Nov-10 | Marshall Islands | |
25 | Guam Shipping Company Inc | Amphitrite | Marshall Islands | 98,697 | Aug-12 | Aug-12 | Marshall Islands | |
26 | Palau Shipping Company Inc. | Polymnia | Marshall Islands | 98,704 | Nov-12 | Nov-12 | Marshall Islands | |
CAPESIZE VESSELS | ||||||||
27 | Jaluit Shipping Company Inc. | Sideris GS | Marshall Islands | 174,186 | Nov-06 | Nov-06 | Marshall Islands | |
28 | Bikini Shipping Company Inc. | New York | Marshall Islands | 177,773 | Mar-10 | Mar-10 | Marshall Islands | |
29 | Gala Properties Inc. | Houston | Marshall Islands | 177,729 | Oct-09 | Oct-09 | Marshall Islands | |
30 | Kili Shipping Company Inc. | Semirio | Marshall Islands | 174,261 | Jun-07 | Jun-07 | Marshall Islands | |
31 | Knox Shipping Company Inc. | Aliki | Marshall Islands | 180,235 | Mar-05 | Apr-07 | Marshall Islands | |
32 | Lib Shipping Company Inc. | Boston | Marshall Islands | 177,828 | Nov-07 | Nov-07 | Marshall Islands | |
33 | Marfort Navigation Company Ltd. | Salt Lake City | Cyprus | 171,810 | Sep-05 | Dec-07 | Cyprus | |
34 | Silver Chandra Shipping Company Ltd. | Norfolk | Cyprus | 164,218 | Aug-02 | Feb-08 | Cyprus | |
35 | Bokak Shipping Company Inc. | Baltimore | Marshall Islands | 177,243 | Mar-05 | Jun-13 | Marshall Islands | |
36 | Pulap Shipping Company Inc. | PS Palios | Marshall Islands | 179,134 | Jan-13 | Dec-13 | Marshall Islands | |
37 | Weno Shipping Company Inc. (Note 6) | GP Zafirakis | Marshall Islands | 179,492 | Aug-14 | Aug-14 | Marshall Islands | |
38 | Lelu Shipping Company Inc. (Notes 5, 10 and 17) | Santa Barbara | Marshall Islands | 179,426 | Jan-15 | Jan-15 | Marshall Islands | |
NEWCASTLEMAX VESSELS | ||||||||
39 | Lae Shipping Company Inc. | Los Angeles | Marshall Islands | 206,104 | Feb-12 | Feb-12 | Marshall Islands | |
40 | Namu Shipping Company Inc. | Philadelphia | Marshall Islands | 206,040 | May-12 | May-12 | Marshall Islands | |
UNDER CONSTRUCTION | ||||||||
41 | Aster Shipping Company Inc. (Notes 5, 10 and 17) | H2548 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
42 | Aerik Shipping Company Inc. (Notes 5 and 10) | H2549 | - | 208,500 | - | Expected in 2016 | Marshall Islands | |
43 | Houk Shipping Company Inc. (Notes 5 and 10) | DY6006 | - | 82,000 | - | Expected in 2016 | Marshall Islands | |
OTHER SUBSIDIARIES | ||||||||
44 | Diana Shipping Services SA | Management company | Panama | |||||
45 | Bulk Carriers (USA) LLC | Company’s representative in the US | Delaware - USA | |||||
Risks and Uncertainties [Abstract] | ||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer | 2014 | 2013 | 2012 | ||||
A | 18% | 17% | 18% | |||||
B | 15% | 19% | 10% | |||||
C | 12% | |||||||
D | 10% | |||||||
E | 11% | |||||||
F | 11% | |||||||
G | 12% |
Recovered_Sheet2
Advances for vessels under construction and acquisitions and other vessel costs (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Advances For Property Plant And Equipment [Abstract] | ||||||
Schedule of Advances For Property Plant And Equipment [Table Text Block] | 2014 | 2013 | ||||
Beginning balance | $ | 38,862 | $ | 11,502 | ||
- Advances for vessels under construction and other vessel costs | 43,160 | 30,053 | ||||
- Advances for vessel acquisitions and other vessel costs | 10,066 | 23,983 | ||||
- Transferred to vessel cost (Note 6) | (62,588) | -26,676 | ||||
Ending balance | $ | 29,500 | $ | 38,862 |
Vessels_Tables
Vessels (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Vessels [Abstract] | ||||||||
Schedule Of Property Plant And Equipment [Table Text Block] | Vessel Cost | Accumulated Depreciation | Net Book Value | |||||
Balance, December 31, 2012 | $ | 1,515,370 | $ | -304,232 | $ | 1,211,138 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 26,676 | - | 26,676 | |||||
- Acquisition, improvements and other vessel costs | 144,544 | - | 144,544 | |||||
- Depreciation for the year | - | -61,983 | -61,983 | |||||
Balance, December 31, 2013 | $ | 1,686,590 | $ | -366,215 | $ | 1,320,375 | ||
- Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 62,588 | - | 62,588 | |||||
- Acquisitions, improvements and other vessel costs | 58,476 | - | 58,476 | |||||
- Depreciation for the year | - | -68,306 | -68,306 | |||||
Balance, December 31, 2014 | $ | 1,807,654 | $ | -434,521 | $ | 1,373,133 |
Property_and_equipment_net_Tab
Property and equipment, net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property and Equipment [Abstract] | ||||||||
Schedule Of Property And Equipment [Table Text Block] | Property and Equipment | Accumulated Depreciation | Net Book Value | |||||
Balance, December 31, 2012 | $ | 24,105 | $ | -1,331 | $ | 22,774 | ||
- Additions in equipment and building improvements | 575 | - | 575 | |||||
- Depreciation for the year | - | -523 | -523 | |||||
Balance, December 31, 2013 | $ | 24,680 | $ | -1,854 | $ | 22,826 | ||
- Write off of fully depreciated assets | -100 | 100 | - | |||||
- Additions in property and equipment | 1,574 | - | 1,574 | |||||
- Depreciation for the year | - | -513 | -513 | |||||
Balance, December 31, 2014 | $ | 26,154 | $ | -2,267 | $ | 23,887 |
Long_term_debt_current_and_non
Long term debt, current and non-current (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Instruments [Abstract] | ||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | ||||
Revolving credit facility | $ | 210,000 | $ | 240,000 | ||
Secured term loans | 276,008 | 193,096 | ||||
Total debt outstanding | $ | 486,008 | $ | 433,096 | ||
Less related deferred financing costs | -1,752 | -1,539 | ||||
Total debt, net of deferred financing costs | $ | 484,256 | $ | 431,557 | ||
Less: Current portion of long term debt, net of deferred financing costs current | -78,734 | -46,077 | ||||
Long-term debt, net of current portion and deferred financing costs, non-current | $ | 405,522 | $ | 385,480 | ||
Schedule of Maturities of Long-term Debt [Table Text Block] | Period | Principal Repayment | ||||
1-Jan-15 | to | 31-Dec-15 | $ | 79,288 | ||
1-Jan-16 | to | 31-Dec-16 | 200,689 | |||
1-Jan-17 | to | 31-Dec-17 | 49,930 | |||
1-Jan-18 | to | 31-Dec-18 | 27,242 | |||
1-Jan-19 | to | 31-Dec-19 | 38,992 | |||
1-Jan-20 | and thereafter | 89,867 | ||||
Total | $ | 486,008 |
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Fixed non-cancellable revenues under time charter contracts [Abstract] | |||||
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period | Amount | |||
Year 1 | $ | 100,652 | |||
Year 2 | 11,854 | ||||
Total | $ | 112,506 |
Capital_Stock_and_Changes_in_C1
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Capital Stock and Changes in Capital Accounts [Abstract] | |||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares | Weighted Average Grant Date Price | |||
Outstanding at December 31, 2011 | 1,384,062 | $ | 14.07 | ||
Granted | 667,614 | 9.13 | |||
Vested | -600,051 | 13.83 | |||
Outstanding at December 31, 2012 | 1,451,625 | $ | 11.9 | ||
Granted | 607,946 | 9.06 | |||
Vested | -701,198 | 12.64 | |||
Outstanding at December 31, 2013 | 1,358,373 | 10.25 | |||
Granted | 1,864,000 | 9.38 | |||
Vested | -730,539 | 11.25 | |||
Outstanding at December 31, 2014 | 2,491,834 | $ | 9.3 |
Recovered_Sheet3
Voyage and vessel operating expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Voyage And Vessel Operating Expenses [Abstract] | ||||||||
Schedule Of Voyage And Vessel Operating Expenses Analysis [Table Text Block] | 2014 | 2013 | 2012 | |||||
Voyage Expenses | ||||||||
Bunkers | $ | 2,026 | $ | -62 | $ | -2,149 | ||
Commissions charged by third parties | 8,245 | 7,939 | 10,273 | |||||
Miscellaneous | 394 | 242 | 150 | |||||
Total | $ | 10,665 | $ | 8,119 | $ | 8,274 | ||
Vessel Operating Expenses | ||||||||
Crew wages and related costs | $ | 50,442 | $ | 45,451 | $ | 37,351 | ||
Insurance | 6,723 | 6,438 | 4,747 | |||||
Spares and consumable stores | 17,106 | 14,825 | 14,996 | |||||
Repairs and maintenance | 8,379 | 5,548 | 6,609 | |||||
Tonnage taxes (Note 15) | 2,109 | 1,040 | 361 | |||||
Environmental costs | 1,314 | 2 | - | |||||
Other operating expenses | 850 | 3,907 | 2,229 | |||||
Total | $ | 86,923 | $ | 77,211 | $ | 66,293 |
Interest_and_finance_costs_Tab
Interest and finance costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Interest and Finance Costs [Abstract] | ||||||||
Schedule Of Interest And Finance Costs [Table Text Block] | 2014 | 2013 | 2012 | |||||
Interest expense | $ | 7,815 | $ | 7,600 | $ | 7,021 | ||
Amortization of financing costs | 519 | 473 | 379 | |||||
Commitment fees and other costs | 93 | 67 | 218 | |||||
Total | $ | 8,427 | $ | 8,140 | $ | 7,618 |
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||
Net income / (loss) | $ | -10,268 | $ | -21,205 | $ | 54,639 | |
Less dividends on series B preferred shares | $ | -5,080 | $ | - | $ | - | |
Net income / (loss) attributed to common stockholders | -15,348 | -21,205 | 54,639 | ||||
Weighted average number of common shares, basic and diluted | 81,292,290 | 81,328,390 | 81,083,485 | ||||
Earnings / (loss) per share, basic and diluted | $ | -0.19 | $ | -0.26 | $ | 0.67 | |
Basis_of_presentation_and_gene1
Basis of presentation and general information, textual 1 (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation and General Information [Abstract] | |
Entity Incorporation, State Country Name | the Republic of the Marshal Islands |
Entity Incorporation, Date of Incorporation | 8-Mar-99 |
Basis_of_presentation_and_gene2
Basis of presentation and general information, details (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
[MinimumMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
[MajorCustomerMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 17.00% | 18.00% |
[MajorCustomerBMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 19.00% | 10.00% |
[MajorCustomerCMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
[MajorCustomerDMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
[MajorCustomerEMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
[MajorCusstomerFMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
[MajorCustomerGMember] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% |
Significant_Accounting_Policie2
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash And Cash Equivalents Abstract | |||
Compensating Balance, Amount | $19,500,000 | $18,000,000 | |
Prior Period Adjustment [Abstract] | |||
Deferred Finance Costs, Current, Net | 455,000 | ||
Error Corrections And Prior Period Adjustments Description | An amount of $455, representing the current portion of deferred financing costs as at December 31, 2013 was reclassified to the Current portion of long-term debt of the respective year, for comparability purposes with the December 31, 2014 consolidated balance sheet. | ||
Property Plant And Equipment Impairment Or Disposal Abstract | |||
Time charter equivalent rate assumed for asset impairment | 10 year average of 1 year time charter rates | ||
Assumed inflation percentage for asset impairment | 3.00% | ||
Assumed vessel utilization for asset impairment | 98.00% | ||
Off hire percentage assumed for asset impairment | 1.00% | ||
Provision For Loan And Lease Losses Abstract | |||
Provision For Loan Losses Expensed | 0 | 0 | |
Receivables Abstract | |||
Provision for Doubtful Accounts | 0 | 0 | |
[DrybulkersMember] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 |
[BuildingMember] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $0 | $0 | $0 |
Significant_Accounting_Policie3
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 1 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
[DrybulkersMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
[BuildingMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 55 years |
Property, plant and equipment, salvage value | 0 |
[OfficeEquipmentMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
[VehiclesMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
[AutomobilesMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
[ComputerEquipmentMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
[ComputerSoftwareIntangibleAssetMember] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Investment_in_Diana_Containers1
Investment in Diana Containerships Inc., textuals (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 26.34% | 9.51% | |
Equity Method Investments | $67,546 | $15,640 | |
Equity Method Investment, Quoted Market Value | 36,227 | ||
Share Price | $1.88 | ||
Income / (loss) from Equity Method Investments | 12,668 | -6,094 | -1,773 |
Cash dividends from investment in Diana Containerships Inc. | 763 | 4,000 | 2,835 |
[PrivatePlacementMember] | [ParentCompanyMember] | |||
Subsidiary Sale Of Stock Line Items | |||
Sale of Stock, Transaction Date | 29-Jul-14 | ||
Number of shares issued in private offering | 15,936,255 | ||
Sale of Stock, Consideration Received on Transaction | $40,000 |
Related_parties_Details
Related parties (Details) (USD $) | 12 Months Ended | 2 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | 20-May-13 | |
Related Party Transaction [Line Items] | |||||
Loan to Diana Containerships Inc. | $50,000,000 | ||||
Other revenues | 0 | 447,000 | 2,447,000 | ||
Due to related parties | 281,000 | 221,000 | |||
Due from related parties, current | 57,000 | 86,000 | |||
Due from related parties, non-current | 50,866,000 | 50,233,000 | |||
[AltairTravelAgencySaMember] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | 2,765,000 | 2,640,000 | 2,957,000 | ||
Due to related parties | 281,000 | 196,000 | |||
[EquityMethodInvesteeMember] | [ManagementAgreementsMember] | |||||
Related Party Transaction [Line Items] | |||||
Monthly Management Fee Operating Vessels | 15,000 | 15,000 | |||
Monthly Management Fee Laid Up Vessels | 20,000 | 20,000 | |||
Revenue Commission Percentage | 1.00% | 1.00% | |||
Monthly Administrative Fee | 10,000 | 10,000 | |||
Related Party Transaction, Date of expiration | 1-Mar-13 | ||||
Other revenues | 0 | 447,000 | 2,447,000 | ||
Due to related parties | 0 | 0 | |||
[EquityMethodInvesteeMember] | [LoansReceivableMember] | |||||
Related Party Transaction [Line Items] | |||||
Debt Instrument, Issuance Date | 20-May-13 | ||||
Related Party Transaction, Date of expiration | 20-Aug-17 | ||||
Loan to Diana Containerships Inc. | 50,000,000 | ||||
Margin over Libor from agreement with Diana Containerships Inc. | 5.00% | ||||
Back End Fee | 1.25% | ||||
Due from related parties, current | 57,000 | 86,000 | |||
Due from related parties, non-current | 50,866,000 | 50,233,000 | |||
Interest income from loan with Diana Containerships Inc. | 3,246,000 | 1,196,000 | |||
[DianaEnterprisesIncMember] | |||||
Related Party Transaction [Line Items] | |||||
Annual Brokerage Fee | 2,384,000 | ||||
Monthly Brokerage Fee | 104,000 | 208,000 | |||
Related Party Transaction, Amounts of Transaction | 1,250,000 | 2,481,000 | 2,384,000 | ||
Due to related parties | $0 | $25,000 |
Advances_for_vessels_under_con1
Advances for vessels under construction and acquisitions and other vessel costs, detail 1 (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | 31-May-13 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||||
Advances for vessel acquisitions and other vessel costs | $10,066 | $23,983 | |||
Unrecorded Unconditional Purchase Obligation | 147,291 | 147,291 | |||
[VesselsUnderConstructionMember] | |||||
Property, Plant and Equipment [Line Items] | |||||
Contract Price Of Vessels Under Construction | 28,825 | 97,400 | |||
[SecondhandvesselstobeacquiredmemberMember] | |||||
Property, Plant and Equipment [Line Items] | |||||
Contract Price Of Vessels To Be Acquired | 50,000 | ||||
Advances for vessel acquisitions and other vessel costs | $10,066 |
Advances_for_vessels_under_con2
Advances for vessels under construction and acquisitions and other vessel costs, detail 2 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Advances For Property Plant And Equipment [Abstract] | ||
Beginning balance | $38,862 | $11,502 |
Advances for vessels under construction and other vessel costs | 43,160 | 30,053 |
Advances for vessel acquisitions and other vessel costs | 10,066 | 23,983 |
Transferred to vessel cost | -62,588 | -26,676 |
Ending balance | $29,500 | $38,862 |
Vessels_detail_Details
Vessels, detail (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels, Beginning Balance | $1,686,590 | $1,515,370 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 62,588 | 26,676 |
Acquisitions, improvements and other vessel costs | 58,476 | 144,544 |
Vessels, Ending Balance | 1,807,654 | 1,686,590 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, Beginning Balance | -366,215 | -304,232 |
Depreciation | -68,306 | -61,983 |
Accumulated depreciation, Ending Balance | -434,521 | -366,215 |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels net book value, Beginning Balance | 1,320,375 | 1,211,138 |
Vessels net book value, Ending Balance | $1,373,133 | $1,320,375 |
Vessels_textual_Details
Vessels, textual (Details) ([SecondHandVesselsAcquiredMember], USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2013 |
[SecondHandVesselsAcquiredMember] | |||
Property, Plant and Equipment [Line Items] | |||
Contract Price Of Vessels To Be Acquired | $58,000 | $26,500 | $141,423 |
Property_and_equipment_detail_
Property and equipment detail, detail (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Beginning Balance | $24,680 | $24,105 | |
Additions in property, plant and equipment | 1,574 | 575 | 1,553 |
Write off of fully depreciated assets | -100 | ||
Ending Balance | 26,154 | 24,680 | 24,105 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated Depreciation, Property and Equipment, Beginning Balance | -1,854 | -1,331 | |
Depreciation for the year | -513 | -523 | |
Write off of fully depreciated assets | 100 | ||
Accumulated Depreciation, Property and Equipment, Ending Balance | -2,267 | -1,854 | -1,331 |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property And Equipment Net, Beginning Balance | 22,826 | 22,774 | |
Property And Equipment Net, Ending Balance | $23,887 | $22,826 | $22,774 |
Property_and_equipment_detail_1
Property and equipment detail, textuals (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Additions in property, plant and equipment | $1,574 | $575 | $1,553 |
[PartiallyOwnedPropertiesMember] | |||
Property, Plant and Equipment [Line Items] | |||
Significant Acquisitions And Disposals Description | In December 2014, DSS acquired jointly with two other related entities, from unrelated individuals, a plot of land for an aggregate purchase price of €2.0 million or $2,489 (based on the exchange rate of $ to Euro as of the date of acquisition). DSS paid 1/3 of the purchase price amounting to $886, including additional purchase costs incurred. The plot is under the common ownership of the joint purchasers. | ||
Land | 2,489 | ||
[LandMember] | |||
Property, Plant and Equipment [Line Items] | |||
Additions in property, plant and equipment | $886 |
Prepaid_charter_revenue_detail
Prepaid charter revenue, detail (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Prepaid Charter Revenue [Abstract] | ||
Prepaid Charter Revenue Amortization | $5,353 | $3,056 |
Debt_detail_Details
Debt, detail (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | $486,008 | $433,096 |
Less related deferred financing costs | -1,752 | -1,539 |
Total debt, net of deferred financing costs | 484,256 | 431,557 |
Less: Current portion of long-term debt, net of deferred financing costs, current | -78,734 | -46,077 |
Long-term debt, net of current portion and deferred financing costs, non-current | 405,522 | 385,480 |
[RevolvingCreditFacilityMember] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | 210,000 | 240,000 |
[SecuredDebtMember] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | $276,008 | $193,096 |
Debt_textuals_Details
Debt, textuals (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Debt Instrument Collateral Amount | $1,222,877 | |
Compensating Balance, Amount | 19,500 | 18,000 |
[LineOfCreditMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 18-Feb-05 | |
Debt Instrument, Face Amount | 230,000 | |
[RevolvingCreditFacilityMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 24-May-06 | |
Debt Instrument, Face Amount | 300,000 | |
Debt Instrument Date Of First Required Payment | 24-May-12 | |
Debt Instrument, Frequency of Periodic Payments | semi-annual | |
Debt Instrument, Periodic Payment, Principal | 15,000 | |
Debt Instrument, Baloon Payment | 165,000 | |
Debt Instrument, Maturity Date | 24-May-16 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin ranging from 0.75% to 0.85% | |
Long-term Debt, Weighted Average Interest Rate | 0.95% | 1.08% |
Number Of Vessels Collateral For Debt | 18 | |
Compensating Balance, Amount | 7,600 | 7,600 |
Debt Instrument, Restrictive Covenants | The Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility. | |
[RevolvingCreditFacilityMember] | [MaximumMember] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 0.85% | |
[RevolvingCreditFacilityMember] | [MinimumMember] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 0.75% | |
[SecuredDebtMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual installments | |
Debt Instrument, Maturity Date Range, Start | 10-Mar-15 | |
Debt Instrument, Maturity Date Range End | 18-May-22 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Long-term Debt, Weighted Average Interest Rate | 2.68% | 2.67% |
Number Of Vessels Collateral For Debt | 17 | |
[SecuredDebtMember] | [DeutscheBankMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 18-Jun-13 | |
Debt Instrument, Face Amount | 18,000 | |
Debt Instrument, Frequency of Periodic Payments | 20 consequetive equal quarterly installments | |
Debt Instrument, Periodic Payment, Principal | 375 | |
Debt Instrument, Baloon Payment | 10,500 | |
Debt Instrument, Maturity Date | 20-Jun-18 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Loan Margin Percentage | 3.00% | |
[SecuredDebtMember] | [ExportImportBankOfChinaAndDnbMember] | [ErikubShippingCompanyIncMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 24-May-13 | |
Debt Instrument, Face Amount | 15,000 | |
Debt Instrument, Frequency of Periodic Payments | 19 quarterly installments | |
Debt Instrument, Periodic Payment, Principal | 250 | |
Debt Instrument, Baloon Payment | 10,250 | |
Debt Instrument, Maturity Date | 22-Feb-19 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Loan Margin Percentage | 3.00% | |
[SecuredDebtMember] | [ExportImportBankOfChinaAndDnbMember] | [WothoShippingCompanyIncMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 24-May-13 | |
Debt Instrument, Face Amount | 15,000 | |
Debt Instrument, Frequency of Periodic Payments | 19 quarterly installments | |
Debt Instrument, Periodic Payment, Principal | 250 | |
Debt Instrument, Baloon Payment | 10,250 | |
Debt Instrument, Maturity Date | 22-Feb-19 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Loan Margin Percentage | 3.00% | |
[SecuredDebtMember] | [CommonwealthBankOfAustraliaMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 9-Jan-14 | |
Debt Instrument, Face Amount | 18,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Loan Margin Percentage | 2.25% | |
[SecuredDebtMember] | [CommonwealthBankOfAustraliaMember] | [TakaShippingCompanyIncMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 8,500 | |
Debt Instrument, Frequency of Periodic Payments | 24 equal consequtive quarterly installments | |
Debt Instrument, Periodic Payment, Principal | 196 | |
Debt Instrument, Baloon Payment | 3,800 | |
Debt Instrument, Maturity Date | 13-Jan-20 | |
[SecuredDebtMember] | [CommonwealthBankOfAustraliaMember] | [FayoShippingCompanyIncMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 9,500 | |
Debt Instrument, Frequency of Periodic Payments | 32 equal consequtive quarterly installments | |
Debt Instrument, Periodic Payment, Principal | 156 | |
Debt Instrument, Baloon Payment | 4,500 | |
Debt Instrument, Maturity Date | 13-Jan-22 | |
[SecuredDebtMember] | [BnpParibasMember] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | 18-Dec-14 | |
Debt Instrument, Face Amount | 55,000 | |
Proceeds From Issuance Of Secured Debt | 53,500 | |
Debt Instrument, Frequency of Periodic Payments | 14 equal semi-annual installments | |
Debt Instrument, Periodic Payment, Principal | 1,574 | |
Debt Instrument, Baloon Payment | $31,464 | |
Debt Instrument, Maturity Date | 30-Nov-21 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |
Loan Margin Percentage | 2.00% | |
[SecuredDebtMember] | [MaximumMember] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 3.00% | |
[SecuredDebtMember] | [MinimumMember] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 1.00% |
Debt_textuals_1_Details
Debt, textuals 1 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $79,288 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 200,689 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 49,930 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 27,242 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 38,992 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 89,867 | |
Total debt outstanding | $486,008 | $433,096 |
Recovered_Sheet4
Commitments and Contingencies, textuals (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Environmental Remediation Obligations Abstract | |
Insurance Coverage For Pollution | $1,000,000,000 |
Supplemental Calls Review Period | 3 years |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation | $147,291,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies, detail (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $100,652 |
Year 2 | 11,854 |
Total | $112,506 |
Capital_Stock_and_Changes_in_C2
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 24, 2014 | Dec. 31, 2013 |
Preferred Stock | |||
Proceeds from issuance of preferred stock, net of expenses | $62,698 | ||
Dividends on series B preferred stock | -5,080 | ||
Common Stock | |||
Common Stock Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock Par Or Stated Value Per Share | $0.01 | $0.01 | |
Common Stock Shares Issued | 81,859,821 | 82,841,370 | |
Common Stock Shares Outstanding | 81,859,821 | 82,841,370 | |
[PreferredStockMember] | |||
Preferred Stock | |||
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $0.01 | $0.01 | |
Preferred Stock Shares Issued | 2,600,000 | ||
[PreferredStockMember] | [SeriesAPreferredStockMember] | |||
Preferred Stock | |||
Preferred Stock Shares Authorized | 1,000,000 | ||
Preferred Stock Shares Issued | 0 | ||
Preferred Stock Shares Outstanding | 0 | ||
[PreferredStockMember] | [SeriesBPreferredStockMember] | |||
Preferred Stock | |||
Preferred Stock Shares Authorized | 5,000,000 | ||
Preferred Stock Par Or Stated Value Per Share | $0.01 | ||
Preferred Stock Shares Issued | 2,600,000 | 2,600,000 | |
Shares Issued Price Per Share | $25 | ||
Preferred Stock Liquidation Preference Per Share | $25 | ||
Proceeds from issuance of preferred stock, net of expenses | 62,698 | ||
Preferred Stock Shares Outstanding | 2,600,000 | ||
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 | 8.88% | ||
Preferred Stock Dividend Rate Per Dollar Amount | $2.22 | ||
Dividends on series B preferred stock | $5,080 |
Capital_Stock_and_Changes_in_C3
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) | Feb. 28, 2005 | Dec. 31, 2014 | 31-May-11 | Nov. 30, 2014 |
[EquityIncentivePlanMember] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Incentive Plan, Number of Shares Authorized | 2,800,000 | |||
[EquityIncentivePlan2011Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Incentive Plan, Number of Shares Authorized | 5,000,000 | |||
Common Stock Capital Shares Reserved For Future Issuance | 2,484,759 | |||
[EquityIncentivePlan2014Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Incentive Plan, Number of Shares Authorized | 5,000,000 |
Capital_Stock_and_Changes_in_C4
Capital Stock and Changes in Capital Accounts, textuals 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non vested restricted common stock, beginning balance | 1,358,373 | 1,451,625 | 1,384,062 |
Granted | 1,864,000 | 607,946 | 667,614 |
Vested | -730,539 | -701,198 | -600,051 |
Non vested restricted common stock, ending balance | 2,491,834 | 1,358,373 | 1,451,625 |
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 | $10.25 | $11.90 | $14.07 |
Weighted Average Grant Date Fair Value, Granted | $9.38 | $9.06 | $9.13 |
Weighted Average Grant Date Fair Value, Vested | $11.25 | $12.64 | $13.83 |
Weighted Average Grant Date Fair Value, enging balance | $9.30 | $10.25 | $11.90 |
Capital_Stock_and_Changes_in_C5
Capital Stock and Changes in Capital Accounts, textuals 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost on restricted stock | $7,744 | $8,203 | $8,645 |
Unrecognized cost for unvested restricted shares | $17,698 | $7,966 | |
Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 24 days |
Capital_Stock_and_Changes_in_C6
Capital Stock and Changes in Capital Accounts, textuals 5 (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | 22-May-14 |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $100,000 | ||
Stock repurchased and retired, shares | 2,845,549 | ||
Stock Repurchased and Retired During Period, Value | $25,349 | $6,044 |
Voyage_and_Operating_Expenses_
Voyage and Operating Expenses, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Direct Operating Costs [Abstract] | |||
Bunkers | $2,026 | ($62) | ($2,149) |
Commissions charged by third parties | 8,245 | 7,939 | 10,273 |
Mischellaneous | 394 | 242 | 150 |
Voyage expenses | $10,665 | $8,119 | $8,274 |
Voyage_and_Operating_Expenses_1
Voyage and Operating Expenses, details 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Costs and Expenses [Abstract] | |||
Crew wages and related costs | $50,442 | $45,451 | $37,351 |
Insurance | 6,723 | 6,438 | 4,747 |
Spares and consumable stores | 17,106 | 14,825 | 14,996 |
Repairs and maintenance | 8,379 | 5,548 | 6,609 |
Tonnage taxes | 2,109 | 1,040 | 361 |
Environmental Costs | 1,314 | 2 | 0 |
Other operating expenses | 850 | 3,907 | 2,229 |
Vessel operating expenses | $86,923 | $77,211 | $66,293 |
Interest_and_Finance_Costs_det
Interest and Finance Costs, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Finance Costs [Abstract] | |||
Interest expense | $7,815 | $7,600 | $7,021 |
Amortization of financing costs | 519 | 473 | 379 |
Commitment fees and other costs | 93 | 67 | 218 |
Interest and finance costs | $8,427 | $8,140 | $7,618 |
Interest_and_Finance_Costs_tex
Interest and Finance Costs, textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Finance Costs [Abstract] | |||
Interest Costs Incurred | $8,221 | $8,068 | $7,342 |
Interest Costs, Capitalized During Period | $406 | $468 | $321 |
Earnings_loss_per_share_textua
Earnings / (loss) per share, textual (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ||
Incremental shares | 0 | |
Dividends on series B preferred stock | $5,080 |
Earnings_loss_per_share_detail
Earnings / (loss) per share, details (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income / (loss) | ($10,268) | ($21,205) | $54,639 |
Less dividends on series B preferred shares | -5,080 | ||
Net income / (loss) attributed to common stockholders | ($15,348) | ($21,205) | $54,639 |
Weighted average number of common shares, basic and diluted | 81,292,290 | 81,328,390 | 81,083,485 |
Earnings / (loss) per common share, basic and diluted | ($0.19) | ($0.26) | $0.67 |
Income_Taxes_textual_Details
Income Taxes, textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Uncertainties [Abstract] | |||
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | ||
Minimum Vote And Value Percentage Of Regularly Traded Stock | 50.00% | ||
Significant Shareholder Percentage | 5.00% | ||
Tax Rate On US Source Shipping Income | 2.00% | ||
Unrecognized tax expense | $246 | $238 | $289 |
Financial_Instruments_textual_
Financial Instruments, textual (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-09 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments [Abstract] | ||||
Types of Interest Rate Derivatives Used | a five-year zero-cost collar agreement | |||
Derivative, Floor Interest Rate | 1.00% | |||
Derivative, Cap Interest Rate | 7.80% | |||
Notional Amount of financial instrument | $100,000 | |||
Fair value of derivative instruments | 0 | 378 | ||
Income / (loss) from derivative instruments | $68 | ($118) | ($518) |
Subsequent_Events_textual_Deta
Subsequent Events, textual (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2015 | Mar. 03, 2015 | Mar. 31, 2015 | Mar. 17, 2015 | Feb. 27, 2015 | Mar. 12, 2015 | Feb. 02, 2015 | Jan. 15, 2015 |
Subsequent Event [Line Items] | |||||||||||
Unrecorded Unconditional Purchase Obligation | $147,291 | ||||||||||
Stock repurchased and retired, shares | 2,845,549 | ||||||||||
Stock Repurchased and Retired During Period, Value | -25,349 | -6,044 | |||||||||
Payments of long-term debt | 48,589 | 45,783 | 31,972 | ||||||||
Proceeds from long-term debt | 101,500 | 18,000 | 118,550 | ||||||||
[SubsequentEventMember] | [SecuredDebtMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Face Amount | 110,000 | ||||||||||
Payments of long-term debt | 38,345 | ||||||||||
Proceeds from long-term debt | 93,080 | ||||||||||
[SubsequentEventMember] | [RestrictedStockMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Issuance of restricted stock and compensation cost, shares | 1,100,000 | ||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 7,601 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
[SubsequentEventMember] | [DeferredBonusMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Accrued Bonuses, Current | 1,714 | ||||||||||
[SubsequentEventMember] | [DanishShipFinanceMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Face Amount | 30,000 | ||||||||||
[SubsequentEventMember] | [AbnAmroBankNvMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Face Amount | 53,000 | ||||||||||
[SubsequentEventMember] | [CapitalAdditionsMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Unrecorded Unconditional Purchase Obligation | 99,986 | ||||||||||
[SubsequentEventMember] | [SeriesBPreferredStockMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends payable on series B preferred stock, per share | $0.55 | ||||||||||
Dividends payable on series B preferred stock, current | 1,442 | ||||||||||
[SubsequentEventMember] | [CommonStockMember] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Stock repurchased and retired, shares | 413,804 | ||||||||||
Stock Repurchased and Retired During Period, Value | $2,673 |