Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document type | 20-F |
Document period end date | Dec. 31, 2016 |
Amendment flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity registrant name | DIANA SHIPPING INC. |
Entity central index key | 1,318,885 |
Entity current reporting status | Yes |
Entity voluntary filers | No |
Current fiscal year end date | --12-31 |
Entity filer category | Accelerated Filer |
Entity well known seasoned issuer | No |
Entity common stock shares outstanding | 84,696,017 |
Trading Symbol | DSX |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 98,142 | $ 171,718 |
Accounts receivable, trade (Note 2(f)) | 5,903 | 4,512 |
Due from related parties (Notes 2(g) and 4(b)) | 102 | 5,103 |
Inventories (Note 2(h)) | 5,860 | 6,251 |
Prepaid expenses and other assets | 5,309 | 5,929 |
Total current assets | 115,316 | 193,513 |
FIXED ASSETS: | ||
Advances for vessels under construction and acquisitions and other vessel costs (Note 5) | 46,863 | 44,514 |
Vessels (Note 6) | 1,987,419 | 1,947,992 |
Accumulated depreciation (Note 6) | (583,507) | (507,189) |
Vessels' net book value (Note 6) | 1,403,912 | 1,440,803 |
Property and equipment, net (Note 7) | 23,114 | 23,489 |
Total fixed assets | 1,473,889 | 1,508,806 |
OTHER NON-CURRENT ASSETS: | ||
Compensating cash balance (Notes 2(e) and 8) | 23,000 | 21,500 |
Due from related parties, non-current (Notes 2(g) and 4(b)) | 45,417 | 43,750 |
Equity method investments (Note 3) | 6,014 | 62,487 |
Deferred charges, net (Notes 2(m) and 2(n)) | 5,027 | 6,909 |
Total assets | 1,668,663 | 1,836,965 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current (Note 8) | 65,072 | 40,984 |
Accounts payable, trade and other | 6,572 | 8,963 |
Due to related parties (Note 4) | 25 | 64 |
Accrued liabilities | 5,734 | 6,449 |
Deferred revenue | 822 | 2,414 |
Other current liabilities | 0 | 15 |
Total current liabilities | 78,225 | 58,889 |
Long-term debt, net of current portion and deferred financing costs, non-current (Note 8) | 533,109 | 559,087 |
Other non-current liabilities | 740 | 623 |
Commitments and contingencies (Note 9) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 10(a)) | 26 | 26 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 84,696,017 and 82,546,017 issued and outstanding at December 31, 2016 and 2015, respectively (Note 10(b)) | 847 | 825 |
Additional paid-in capital | 985,171 | 976,880 |
Accumulated other comprehensive income | 185 | 269 |
Retained earnings | 70,360 | 240,366 |
Total stockholders' equity | 1,056,589 | 1,218,366 |
Total liabilities and stockholders' equity | $ 1,668,663 | $ 1,836,965 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 84,696,017 | 82,546,017 |
Common Stock, Shares Outstanding | 84,696,017 | 82,546,017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Time charter revenues | $ 114,259 | $ 157,712 | $ 175,576 |
EXPENSES: | |||
Voyage expenses | 13,826 | 15,528 | 10,665 |
Vessel operating expenses | 85,955 | 88,272 | 86,923 |
Depreciation and amortization of deferred charges (Notes 2(l) and 2(m)) | 81,578 | 76,333 | 70,503 |
General and administrative expenses | 25,510 | 25,335 | 26,217 |
Management fees to related party (Notes 3(b) and 4(d)) | 1,464 | 405 | 0 |
Gain on contract termination (Note 9(b)) | (5,500) | 0 | 0 |
Foreign currency gain | (253) | (984) | (528) |
Operating loss | (88,321) | (47,177) | (18,204) |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Note 11) | (21,949) | (15,555) | (8,427) |
Interest and other income (Note 4(b)) | 2,410 | 3,152 | 3,627 |
Gain from derivative instruments (Note 14) | 0 | 0 | 68 |
Gain / (loss) from equity method investments (Note 3) | (56,377) | (5,133) | 12,668 |
Total other income/(expenses), net | (75,916) | (17,536) | 7,936 |
Net loss | (164,237) | (64,713) | (10,268) |
Dividends on series B preferred shares (Notes 10(a) and 12) | (5,769) | (5,769) | (5,080) |
Net loss attributed to common stockholders | $ (170,006) | $ (70,482) | $ (15,348) |
Loss per common share, basic and diluted (Note 12) | $ (2.11) | $ (0.89) | $ (0.19) |
Weighted average number of common shares, basic and diluted (Note 12) | 80,441,517 | 79,518,009 | 81,292,290 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net loss | $ (164,237) | $ (64,713) | $ (10,268) |
Other comprehensive income / (loss) (Actuarial gain / (loss)) | (84) | 1,016 | (911) |
Comprehensive loss | $ (164,321) | $ (63,697) | $ (11,179) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Other Comprehensive Income / (Loss) | Retained Earnings |
Balance of shares at Dec. 31, 2013 | 0 | 82,841,370 | ||||
Balance at Dec. 31, 2013 | $ 1,253,392 | $ 0 | $ 828 | $ 926,204 | $ 164 | $ 326,196 |
Net loss | (10,268) | (10,268) | ||||
Issuance of series B preferred stock, shares (Note 10(a)) | 2,600,000 | |||||
Issuance of series B preferred stock, value Note(10(a)) | 62,698 | $ 26 | 62,672 | |||
Issuance of restricted stock and compensation cost, shares (Note 10(c)) | 1,864,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 10(c)) | 7,744 | $ 19 | 7,725 | |||
Dividends on series B preferred stock (Note 10(a)) | $ (5,080) | (5,080) | ||||
Stock repurchased and retired, shares (Note 10(d)) | (2,845,549) | (2,845,549) | ||||
Stock repurchased and retired, value (Note 10(d)) | $ (25,349) | $ (28) | (25,321) | |||
Other comprehensive income / ( loss) | (911) | (911) | ||||
Balance of shares at Dec. 31, 2014 | 2,600,000 | 81,859,821 | ||||
Balance at Dec. 31, 2014 | 1,282,226 | $ 26 | $ 819 | 971,280 | (747) | 310,848 |
Net loss | (64,713) | (64,713) | ||||
Issuance of restricted stock and compensation cost, shares (Note 10(c)) | 1,100,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 10(c)) | 8,279 | $ 10 | 8,269 | |||
Dividends on series B preferred stock (Note 10(a)) | $ (5,769) | (5,769) | ||||
Stock repurchased and retired, shares (Note 10(d)) | (413,804) | (413,804) | ||||
Stock repurchased and retired, value (Note 10(d)) | $ (2,673) | $ (4) | (2,669) | |||
Other comprehensive income / ( loss) | 1,016 | 1,016 | ||||
Balance of shares at Dec. 31, 2015 | 2,600,000 | 82,546,017 | ||||
Balance at Dec. 31, 2015 | 1,218,366 | $ 26 | $ 825 | 976,880 | 269 | 240,366 |
Net loss | (164,237) | (164,237) | ||||
Issuance of restricted stock and compensation cost, shares (Note 10(c)) | 2,150,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 10(c)) | 8,313 | $ 22 | 8,291 | |||
Dividends on series B preferred stock (Note 10(a)) | $ (5,769) | (5,769) | ||||
Stock repurchased and retired, shares (Note 10(d)) | 0 | |||||
Stock repurchased and retired, value (Note 10(d)) | $ 0 | |||||
Other comprehensive income / ( loss) | (84) | (84) | ||||
Balance of shares at Dec. 31, 2016 | 2,600,000 | 84,696,017 | ||||
Balance at Dec. 31, 2016 | $ 1,056,589 | $ 26 | $ 847 | $ 985,171 | $ 185 | $ 70,360 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (164,237) | $ (64,713) | $ (10,268) |
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities: | |||
Depreciation and amortization of deferred charges | 81,578 | 76,333 | 70,503 |
Amortization of financing costs (Note 11) | 1,503 | 1,364 | 519 |
Amortization of free lubricants benefit | (15) | (85) | (129) |
Compensation cost on restricted stock (Note 10(c)) | 8,313 | 8,279 | 7,744 |
Actuarial gain / (loss) | (84) | 1,016 | (911) |
Change in fair value of derivative instruments | 0 | 0 | (378) |
Gain on shipbuilding contract termination (Note 5) | (278) | 0 | 0 |
(Gain) / loss from equity method investments, net of dividends (Note 3) | 56,377 | 5,133 | (12,668) |
(Increase) / Decrease in: | |||
Receivables | (1,391) | 1,871 | (5,682) |
Due from related parties | 3,334 | 2,070 | (604) |
Inventories | 391 | 1,062 | (1,354) |
Prepaid expenses and other assets | 620 | (349) | (1,091) |
Other non-current assets | 0 | 0 | 793 |
Increase / (Decrease) in: | |||
Accounts payable | (2,391) | (739) | 2,293 |
Due to related parties | (39) | (217) | 60 |
Accrued liabilities, net of accrued preferred dividends | (715) | 437 | (11) |
Deferred revenue | (1,592) | (865) | 1 |
Other liabilities | 117 | (643) | 554 |
Drydock costs | (2,489) | (6,009) | (4,461) |
Net cash provided by / (used in) Operating Activities | (20,998) | 23,945 | 44,910 |
Cash Flows from Investing Activities: | |||
Payments for vessel acquisitions, improvements and construction (Notes 5 and 6) | (50,911) | (155,352) | (111,702) |
Proceeds from shipbuilding contract termination (Notes 5) | 9,413 | 0 | 0 |
Acquisition of additional interest in Diana Containerships Inc. (Note 3(a)) | 0 | 0 | (40,000) |
Cash dividends from investment in Diana Containerships Inc. (Note 3(a)) | 96 | 193 | 763 |
Joint venture investment (Note 3(b)) | 0 | (267) | 0 |
Payments for plant, property and equipment (Note 7) | (217) | (211) | (1,574) |
Net cash used in Investing Activities | (41,619) | (155,637) | (152,513) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt (Note 8) | 39,265 | 441,173 | 101,500 |
Proceeds from issuance of preferred stock, net of expenses (Note 10(a)) | 0 | 0 | 62,698 |
Cash dividends on preferred stock | (5,769) | (5,769) | (3,862) |
Changes in compensating cash balances | (1,500) | (2,000) | (1,500) |
Payments for repurchase of common stock (Note 10(d)) | 0 | (2,673) | (25,349) |
Financing costs | (466) | (5,482) | (527) |
Loan payments (Note 8) | (42,489) | (321,240) | (48,589) |
Net cash provided by / (used in) Financing Activities | (10,959) | 104,009 | 84,371 |
Net decrease in cash and cash equivalents | (73,576) | (27,683) | (23,232) |
Cash and cash equivalents at beginning of the year | 171,718 | 199,401 | 222,633 |
Cash and cash equivalents at end of the year | 98,142 | 171,718 | 199,401 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | $ 19,265 | $ 13,048 | $ 8,180 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1 . Basis of Presentation and General Information The accompanying consolidated financial statements include the ac counts of Diana Shipping Inc. ( or “DSI” ) and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). DSI was formed on March 8, 1999 as Diana Shipping Investment Corp. under the laws of the Republic of Liberia. In February 2005, the Company's articles of incorporation were amended. Under the amended articles of incorporation, the Company was renamed Diana Shipping Inc. and was re - domiciled from the Republic of Liberia to the Republic of the Marshall Islands. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the ownership of dry bulk carrier vessels. The Company also operates the majority of its own fleet through Diana Shipping Services S.A. ( or “DSS”) , a wholly - owned subsidiary and a limited number of vessels through a 50% owned joint venture (Notes 3 and 4 ) . The consolidated balance sheet as of December 31, 2015 has been derived from the audited consolidated financial statements at that date, as adjusted to conform to current period presentation for compensating cash balance, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Diana Shipping Services S.A. , or DSS , provides the Company and its vessels with management services since November 12, 2004, pursuant to management agreements and since October 1, 201 3 administrative services with regards to services related to DSI's operations and its subsidiaries . Such costs are eliminated in consolidation. As at December 31, 2016, DSS does not provide management services to seven vessels in the Company's fleet whose management has been transferred progressively since August 2015 to Diana Wilhelmsen Management Limited (Notes 3 (b) and 4 (d) ). During 2016 , 2015 and 2014 c harterers that individually accounted for 10% or more of the Company's time charter revenues were as follows: Charterer 2016 2015 2014 A 19% 24% 10% B 15% C 10% 20% D 10% 18% E 12% 12% F 10% 15% |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
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. an d its wholly-owned subsidiaries . 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 separate ly present s 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. d ollar because the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. d ollars. The Company's account ing records are maintained in U.S. d ollars. Transactions involving other currencies during the year are converted into U.S. d ollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. d ollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations . Cash and Cash Equivalents: 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. As of December 31, 2016 and 2015, such balances are separately presented as “Compensating cash balance” and consist of minimum cash deposits required to be maintained at all times under the Company's loan facilities (Note 8). 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, 2016 and 2015 . 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, 2016 and 2015 , (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. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. As at December 31, 2016 and 2015 , the Company assess ed 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. historical losses, and other risks/factors that may affect its future financial condition and its ability to meet its obligations . As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships will be able to meet its obligations under the loan in the near future. 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 . E xpenditures 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 t he land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation . The building has an estimated useful life of 55 years with no residual 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 year s , 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. Impairment of Long-Lived Assets: L ong-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 of 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, 2016 or in the near future and n o impairment loss has been identified or recorded for 2016 , 2015 and 2014 . With respect to the land and building , t he 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, 2016, 2015 and 2014, 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. 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 collate ral 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. Compensation due to earlier redelivery tha n the minimum period agreed in the charter party is recognized in the period earned. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recogni ze as revenue have not been met. D eferred 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. Fair Value Measurements : T he 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 s : T he Company measure s 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 immed iately 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 change s in its fair value were recognized in earnings (Note 14 ). 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. Dividends received , if any, 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. 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. In 2016 , the Company assessed the financial condition of Diana Containerships Inc. , the market conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company record ed an impairment (Note 3(a)) as it was considered that the loss in the value of its investment was other than temporary . 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. For 2016, the Company also considered the amendments under ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, issued in February 2015. The Company's evaluation did not result in an identification of variable interest entities as of December 31, 2016 and 2015 . |
Recent Accounting Pronouncements not yet adopted | Recent Accounting Pronouncement s not yet adopted In July 2015, the FASB issued ASU No. 2015-11 –Inventory. ASU 2015-11 is part of FASB Simplification Initiative. Current guidance requires an entity to measure inventory at the lower of cost or market. Market could be the replacement cost, net realizable value or net realizable value less an approximately normal profit margin. Under this Update, the entities will be required to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments under the Update more closely align measurement of inventory in US GAAP with the measurement of inventory in IFRS. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments of this Update should be applied prospectively with early application permitted. The Company does not expect the adoption of this ASU to have a material impact on Company's results of operations, financial position or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is analyzing the impact of the adoption of this guidance on the Company's consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU" or "Update") No. 2016-09- Compensation-Stock Compensation – Improvements to Employee Share-Based Payment Accounting (Topic 718) which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess t ax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period, however early adoption is permitted. The Company has adopted the provisions of ASU 2016-09, which did not impact its consolidated financial statements and notes disclosures. In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) Identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectibility Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. Currently, the Company is in the process of evaluating the impact of the standard and of reviewing historical contracts to quantify the impact that the adoption of the standard will have on sp ecific performance obligations. In June 2016, the FASB issued ASU No. 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. The Company is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, howe ver early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | 3 . Equity Method Investment s Diana Containerships Inc. (“Diana Containerships”): On July 29, 2014, DSI invested $40,000 in Diana Containerships in a private placement . A s at December 31, 2016 and 2015 , DSI owned 25.73% and 26.08% , respectively, of the share capital of Diana Containerships . On September 30, 2016, the Company reduced the value of the investment to its market value based on Diana Containerships ' share price on Nasdaq on that day resulting to an impairment of $17,568 . As at December 31, 2016 and 2015 , the investment in Diana Containerships amounted to $5,815 and $62,376 , respectively, and is included in “Equity method investment s ” in the accompanying consolidated balance sheets. As at December 31, 2016, the market value of the investment was $6,696 based on Diana Containerships' closing price on Nasdaq of $2.78 . For 2016 , 2015, and 2014, the investment in Diana Containerships resulted in loss of $56,465 ( including impairment discussed above ) , loss of $4,977 , and gain of $12,668 , respectively, which is included in “ Gain /( loss) from equity method investment s” in the accompanying consolidated statement s of operations . Also for 2016 , 2015, and 2014, DSI received d ividends from Diana Containerships amounting to $96 , $193 and $763 , respectively . Diana Wilhelmsen Management Limited (“ DWM ”): DWM is a joint venture which was established o n May 7, 2015 by Diana Ship Management Inc., a wholly owned subsidiary of DSI , and Wilhelmsen Ship Management Holding Limited, an unaffiliated third party, each holding 50% of DWM. As at December 31, 2016, DWM provide d management services to seven vessels of the Company's fleet (Note 4 ( d)) . The DWM office is located in Limassol, Cyprus. As at December 31, 2016 and 2015 , the investment in DWM amounted to $199 and $111 , respectively, and is included in “Equity method investments” in the accompanying consolidated balance sheet s. For 2016 and 2015, the investment in DWM resulted in gain of $88 and loss of $156 , respectively, included in “Gain/(loss) from equity method investment s” in the accompanying consolidated statement s of operations . |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
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 of the Board . Travel expenses for 2016 , 2015 and 2014 amounted to $2,320 , $2,685 , and $2,765 , respectively, and are mainly 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, 2016 and 2015, an amount of $23 and $62 , respectively, was payable to Altair and is included in “ Due to related parties ” in the accompanying consolidated balance sheets. Diana Containerships Inc.: On May 20, 2013, DSI 's Independent Committee of the Board of Directors and the Board of Directors approved to provide to a wholly owned subsidiary of Diana Containerships, a five year unsecured loan of $50,000 , or “the loan" , drawn on August 20, 2013, for general corporate purposes and working capital. The loan, until the amendment s discussed below, bore interest at LIBOR plus a margin of 5% and a back-end fee equal to 1.25% per annum on the outstanding amount of the loan payable by the borrower on the repayment date of the loan. On July 30, 2015 , DSI 's Independent Committee of the Board of Directors and the Board of Directors approved an amendment to the loan, pursuant to which as of September 9, 2015, the date of the amendment, t he loan mature s on March 15, 2022 ; bear s interest at LIBOR plus a margin of 3 % per annum ; the back-end fee became payable on the date of the amendmen t and was replaced by a fixed fee of $200 payable on the maturity date . In addition, the borrower agreed to repay the principal amount of the loan on the last day of each interest period in amounts totalling $5,000 per annum , but not to exceed $32,500 in the aggregate. On August 24 , 2016, DSI's Independent Committee of the Board of Directors and the Board of Directors approved another amendment to the loan, p ursuant to which the repayment of all outstanding principal amounts are deferred until the later of ( i ) the repayment or prepayment in full by Diana Containerships of a deferred amount under its loan agreement with T he Royal Bank of Scotland plc, whose repayment is scheduled to commence on March 15, 2019 and be completed not later than June 15, 2021, and (ii) September 15, 2018. The amendment also change s the borrower under the Loan to another wholly-owned subsidiary of Diana Containerships and provide s for an increase of the interest rate for the period between September 12, 2016 (the effective date of the amendment) and December 31, 2018 to 3.35% per annum over LIBOR . As at December 31, 2016, there was an amount of $102 due from Diana Containerships separately presented in “ Due from related parties, current ” and $45,417 due from Diana Containerships, separately presented in “ Due from related parties , non-current ” , in the related accompanying consolidated balance sheet . As at December 31, 2015, similarly, there was an amount of $5,103 and $43,750 due from Diana Containerships current and non-current, respectively . For 2016 , 2015 , and 2014 , income from interest and fees amounted to $1,692 , $2,745 , and $3,246 , respectively, and is included in “ Interest and other income ” in the accompanying consolidated statement s of operations . Diana Enterprises Inc. (“Diana Enterprises”): Diana Enterprises is a company controlled by the Company's CEO and Chairman of the Board which provide s brokerage services to DSI pursuant to a Brokerage Services Agreement for a fixed fee amended annually on each anniversary of the agreement . For 2016 , 2015, and 2014 , brokerage fees amounted to $1,680 , $1,302 , and $1,250 , respectively, and are included in “ General and administrative expenses ” in the accompanying consolidated statements of operations. As of December 31, 2016 and 2015, there was no amount due to Diana Enterprises included in the accompanying consolidated balance sheet s. Diana Wilhelmsen Management Limited (“DWM”) : As of December 31, 2016, DWM provided management services to seven vessels of the Company's fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels' gross revenues . Management fees for 2016 and 2015 , amounted to $1,464 and $405 , respectively, and are separately presented as “Management fees to related party ” in the accompanying consolidated statement s of operations , whereas commercial fees amounted to $124 and $43 , respectively, and are included in “Voya ge expenses” . As at December 31, 2016 and 2015 there was an amount of $2 and $2 , respectively, due to DWM , included in “ Due to related parties ” in the related accompanying consolidated balance sheet s . Vessel Acquisitions: On February 4, 2016, the Company, through three separate wholly-owned subsidiaries, entered into three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of $39,265 . The Company had agreed to acquire the vessels from entities affiliated with Mrs. Semiramis Paliou and Mrs. Aliki Paliou, each of whom is a family member of the Company's Chief Executive Officer and Chairman of the Board. Mrs. Semiramis Paliou is also a director of the Company. The transaction was approved unanimously by a committee of the Board of Directors established for the purpose of considering the transaction and consisting of the Company's independent directors and each of its executive directors other than Mrs. Semiramis Paliou and Mr. Simeon Palios. The agreed upon purchase price of the vessels was based, among other factors, on independent third party broker valuations obtained by the Company. Two of the vessels were delivered in March 2016 and the third was delivered in May 2016 (Note 6) . |
Advances for Vessels under Cons
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs | 12 Months Ended |
Dec. 31, 2016 | |
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 Acquisition s and Other Vessel Costs In May 2013, Aster Shipping Company Inc. and Aerik Shipping Company Inc. , 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 . I n December 2016, the contract price was reduced by $2,000 on aggregate, pursuant to an amendment of the shipbuilding contacts. The vesse ls were delivered on January 4 , 2017 (Note 15 ( b)) . In January 2014, Houk Shipping Company Inc. (or 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. On October 31, 2016, Houk provided a notice of cancellation of the shipbuilding contract pursuant to its right under the c ontract to cancel the c ontract due to a delay in delivery and to claim a refund of the pre-delivery installment s and interest, amounting to $9,413, which we received in December 2016 . As at December 31, 2016, the remaining contractual obligations amounted to $52,440 (Note s 9 and 15 ( b) ) . 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 Company's related accounting policy (Note 2( i )) . The movement of the account during 2016 and 2015 was as follows: 2016 2015 Beginning balance $ 44,514 $ 29,500 - Advances for vessels under construction and other vessel costs 11,484 25,080 - Advances for vessel acquisitions and other vessel costs - 40,105 - Reduction due to cancelation of shipbuilding contract (9,135) - - Transferred to vessel cost (Note 6) - (50,171) Ending balance $ 46,863 $ 44,514 |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 $ 1,807,654 $ (434,521) $ 1,373,133 - Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) 50,171 - 50,171 - Acquisitions, improvements and other vessel costs 90,167 - 90,167 - Depreciation for the year - (72,668) (72,668) Balance, December 31, 2015 $ 1,947,992 $ (507,189) $ 1,440,803 - Acquisitions, improvements and other vessel costs 39,427 - 39,427 - Depreciation for the year - (76,318) (76,318) Balance, December 31, 2016 $ 1,987,419 $ (583,507) $ 1,403,912 In December 2014, Lelu Shipping Company Inc . , acquire d from an unrelated third party the Santa Barbara , for a purchase price of $50,000. The vessel was delivered in January 2015 . On April 20, 2015, Ujae Shipping Company Inc ., acquire d from an unrelated third party the New Orleans, for a purchase price of $43,000. The vessel was delivered on November 10, 2015. On April 27, 2015, Rairok Shipping Company Inc. acquired from an unrelated third party the Medusa, for a purchase price of $18,050. The vessel was delivered in June 2015. On November 2, 2015, Toku Shipping Company Inc. acquire d from an unrelated third party the Seattle, for a purchase price of $28,500. The vessel was delivered in November 2015. On February 4, 2016, the Company entered into three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of $39,265 . Two of the vessel s were delivered in March 2016 and the third was delivered in May 2016 (Note 4 ( e) ) . |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment, Net [Abstract] | |
Property and equipment, net | 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, 2014 $ 26,154 $ (2,267) $ 23,887 - Additions in property and equipment 211 - 211 - Depreciation for the year - (609) (609) Balance, December 31, 2015 $ 26,365 $ (2,876) $ 23,489 - Additions in property and equipment 217 - 217 - Depreciation for the year - (592) (592) Balance, December 31, 2016 $ 26,582 $ (3,468) $ 23,114 |
Long-term debt, current and non
Long-term debt, current and non-current | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Debt, current and non-current [Abstract] | |
Long-term debt, current and non-current | 8. Long-term debt, current and non-current The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: 2016 2015 8.5% Senior Unsecured Notes 63,250 63,250 Secured Term Loans 539,467 542,691 Total debt outstanding $ 602,717 $ 605,941 Less related deferred financing costs (4,536) (5,870) Total debt, net of deferred financing costs $ 598,181 $ 600,071 Less: Current portion of long term debt, net of deferred financing costs current (65,072) (40,984) Long-term debt, net of current portion and deferred financing costs, non-current $ 533,109 $ 559,087 8.5% Unsecured Senior Notes : On May 20, 2015, the Company offered $63,250 aggregate principal amount of 8.5% Senior Notes due 2020 (the “Notes”) , including an overallotment, at the price of $25.0 per Note, pursuant to an approval obtained by a special committee of the Board of Directors . As part of the offering, the un derwriters sold $12 , 75 0 aggregate principal amount of the Notes to, or to entities affiliated with, the Company's chief executive officer, Mr. Simeon Palios, and other executive officers and certain directors of the Company at the public offering price. The proceeds, net of underwriting discount and offering expenses, amounting to $61,180, are included in “Long-term debt, net of deferred financing costs, non-current” in the related consolidated balance sheet. As of May 29, 2015, the Notes are trading on the NYSE under the ticker symbol “DSXN”. The Notes bear interest from May 28, 2015 at a rate of 8.5% per year and will mature on May 15, 2020. Interest is payable quarterly in arrears on the 15th day of February, May, August and November of each year, commencing on August 15, 2015. The Company may redeem the Notes at its option, in whole or in part, at any time on or after May 15, 2017 at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date . The Notes include financial and other covenants, including maximum net borrowings and minimum tangible net worth. Revolving credit facility : On July 24, 2015, the Company voluntarily prepaid in full an outstanding balance , amounting to $195,000, under its revolving credit facility dated February 18, 20 0 5 and amended on May 24, 2006, and the related agreement was then terminated. The credit facility bore interest at LIBOR plus a margin ranging from 0.75% to 0.85%. The weighted average interest rate of the facility as of December 31, 2015 was 0.90%. 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% . For 2016 and 2015, t he weighted average interest rates of the secured term loans were 2.79% and 2.47% , respectively. Their maturities range from January 201 9 to March 2032 . During 2015 and 2016 , the Company entered into the following agreements: On March 17, 2015, the Company, through eight separate wholly-owned subsidiaries, entered into a loan agreement with Nordea Bank AB, London Branch 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, the Company drew down $93,080 and repaid the then existing indebtedness with the bank amounting to $38,345. The loan is repayable in 24 equal consecutive quarterly installments of about $1,862 each and a balloon of about $48,402 payable together with the last installment on March 19, 2021. The loan bears interest at LIBOR plus a margin of 2.1% . On March 10, 2015, the Company repaid in full the then outstanding indebtedness with Deutsche Bank for the vessel New York amounting to $28,600. In addition on March 20, 2015 the Company prepaid the then outstanding indebtedness with Deutsche Bank for the vessels Myrto and Maia amounting to $15,750 and the agreement was terminated. On March 26, 2015, the Company, through three wholly-owned subsidiaries , entered into a loan agreement with ABN AMRO Bank N . V . for a secured term loan facility of up to $53,000, to refinance part of the acquisition cost of the vessels New York , Myrto and Maia . On March 30, 2015, the Company drew down the amount of $50,160 under the loan facility, which is repayable in 24 equal consecutive quarterly installments of about $994 each and a balloon of $26,310 payable together with the last installment on March 30, 2021. The loan bears interest at LIBOR plus a margin of 2.0% . On April 29, 2015, the Company, through one wholly-owned subsidiar y , entered into a term loan agreement with Danish Ship Finance A/S for a loan facility of $30 , 0 00, drawn on April 30, 2015 to partly finance the acquisition cost of the Santa Barbara , which was delivered in January 2015. The loan is repayable in 28 equal consecutive quarterly installments of $ 500 each and a balloon of $16 ,00 0 payable together with the last installment on April 30, 2022. The loan bears interest at LIBOR plus a margin of 2.15%. On July 22, 2015, the Company entered into a term loan agreement with BNP Paribas for a loan of $165,000 drawn on July 24, 2015. The loan is repayable in 20 consecutive quarterly instal l ments, the first eight installments in an amount of $2,500 each , followed by four installments in an amount of $5,000 each ; eight instal l ments in an amount of $7,000 each ; and a balloon installment of $69,000 payable together with the last installment on July 2 4 , 2020. The loan bears interest at LIBOR plus a margin of 2.35% per annum for the first two year s ; 2.3% per annum for the third year and 2.25% per annum until the final maturity of the loan. On September 30 , 2015, the Company , through two wholly-owned subsidiaries, entered into a term loan agreement with ING Bank N.V. for a loan of up to $ 39,683, available in two advances to finance part of the acquisition cost of the New Orleans and the Medusa . Advance A of $27,950 was drawn on November 19, 2015 and is repayable in 28 consecutive quarterly insta l lments of about $466 each and a balloon installment of about $ 14,907 payable together with the last installment on November 19, 2022 . A dvance B of $11,733 was drawn on October 6, 2015 and is repayable in 28 consecutive quarterly insta l lments of about $ 293 each and a balloon installment of about $ 3,520 payable together with the last installment on October 6, 2022. The loan bears interest at LIBOR plus a margin of 1.65%. On January 7, 2016, the Company, through the three wholly - owned subsidiaries, entered into a secured loan agreement with the Export-Import Bank of China for a loan of up to $75,735 in order to finance part of the construction cost of the vessels (Note 5). The loan is available for drawdown in tranches. Each tranche is repayable in 60 equal quarterly instalments, as follows: tranche A and B in the amount of $487 each and t ranche C in the amount of about $288, all tranches latest by March 12, 2032. The loan bear s interest at L I BOR plus a margin of 2.3%. In October 2016, the Company cancelled its shipbuilding contract for Hull DY6006 (Note 5) and as such the related tranche C was also cancelled as of October 31, 2016 (Note 15 ( b) ) . On March 29, 2016, the Company, through two wholly-owned subsidiaries, entered into a term loan agreement with ABN AMRO Bank N.V. for a loan of $25,755, drawn on March 30, 2016, to finance the acquisition cost of the Selina and the Ismene . The loan is payable in eight consecutive quarterly installments of $ 855 each and a balloon installment of $18,915 payable together with the last installment by June 30, 2019 . The first r epayment i nsta l lment shall be repaid on September 30, 2017 . The loan bears interest at LIBOR plus a margin of 3%. On May 10, 2016, the Company , through one wholly-owned subsidiary, entered into a term loan agreement with DNB Bank ASA and the Export-Import Bank of China for a loan of $13,510, drawn on the same date, being the purchase price of the Maera . The loan is payable in seven equal consecutive quarterly installments of about $20 each , four equal consecutive quarterly installments of about $283 and a balloon of about $ 12,242 payable together with the last installment on January 4, 2019. The loan bear s interest at LIBOR plus a margin of 3% per annum. Under the secured term loans outstanding as of December 31, 2016 , 45 vessels of the Company's fleet are mortgaged with first preferred or priority ship mortgages . Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts that exceed a certain period , pledge over the shares of the borrowers, manager's undertaking and subordination and requisition compensation and either a corporate guarantee by DSI (the “Guarantor”) or a guarantee by the ship owning companies (where applicable), financial covenants, as well as operating account assignments. The lenders may also require additional security in the future in the event the borrowers breach certain covenants under the loan agreements. The secured term loans generally include restrictions as to changes in management and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or the guarantor, maintained in the bank accounts of the borrowers, or the guarantor. Furthermore, the s ecured t erm l oans contain cross default provisions and additionally the Company is not permitted to pay any dividends following the occurrence of an event of default. On November 30 , 201 6 , t he Company received a letter from BNP Paribas advising that the Company was not in compliance with the loan to v alue covenant contained in the $165.0 million l oan a greement , creating a shortfall of $39,600 . Similarly, a s at December 31 , 2016 , the Company was not in compliance with the same minimum security cover requirement. T he shortfall was estimated by the Company to be $25,650 and an amount of $19,731 , representing the amount which would have to be paid to the bank, was reclassified from non-current debt to the “Current portion of long-term debt, net of deferred financing costs, current” in the 2016 accompanying consolidated balance sheet. In addition, the Company received a waiver from the Commonwealth Bank , valid until December 31, 2016, for the non-compliance with the minimum required security cover , which was amended to a lower level than the one stated in the loan agreement . O n January 13, 2017 , the bank extended its consent for the use of the lower minimum required security cover until June 30, 2017. As at December 31, 2016, the Company's fleet , except for Seattle , having an aggregate carrying value of $1,376,525 has been provided as collateral to secure the debt facilities. As at December 31, 2016 and 2015, the maximum amount required by the banks as compensating cash balance amounted to $23,000 and $21,500 , respectively and is separately presented in the accompanying consolidated balance sheets . The maturities of the Company's debt facilities described above, as at December 31 , 2016 , and throughout their term, are shown in the table below . The table has been adjusted to reflect the shortfall created in the loan agreement of BNP Paribas with regards to the minimum security cover requirement, as mentioned above. T he table does not include the right of lenders of a secured term loan to demand p repayment in 2018 of the then outstanding balance of the loan , subject however to a written notification by the lender(s) to the borrower(s) by May 2017: Period Principal Repayment January 1, 2017 to December 31, 2017 $ 66,470 January 1, 2018 to December 31, 2018 58,737 January 1, 2019 to December 31, 2019 116,599 January 1, 2020 to December 31, 2020 163,581 January 1, 2021 to December 31, 2021 128,678 January 1, 2022 and thereafter 68,652 Total $ 602,717 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9 . 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. During 2016, t he Company was notified by one of its P&I Club s of supplemental calls with respect to the 2015 policy year which however were immaterial and were expensed in the 2016 consolidated statement of operations. In December 2016, the Company, through one of its wholly-owned subsidiaries, upon signing a settlement agreement with former charterers, received an amount of $ 5,500 as partial payment pursuant to an arbitration award. The partial payment of the arbitration award is without prejudice, and the Company intend s to seek the recovery of the balance of the award. The Company ha d shipbuilding contracts for the construction of two N ewcastlemax dry bulk carriers (Note 5 and 15 ) . As at December 31, 2016, the total obligations under these contracts amounted to $52,440 . As at December 31, 2016, t he minimum contractual gross charter revenues expected to be generated from fixed and non-cancelable time charter contracts existing as at December 31, 2016 and until their expiration were as follows: Period Amount Year 1 $ 36,048 Year 2 3,660 Total $ 39,708 |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Preferred stock : As at December 31, 2016 and 2015, t he Company's authorized preferred stock consist s of 25,000,000 shares (all in registered form) of preferred stock, par value $0.01 per share, of which 1,000,000 are designated as Series A Participating Preferred Shares ; and 5,000,000 are designat ed 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 Compan y) were $62,698 and the excess of the par value is included in “Additional paid-in capital”. Holders of s eries B p referred s hares 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 s eries B p referred s hares, rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation. As at December 31, 2016 and 2015, the Company had 2,600,000 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 share per annum . For 2016 , 2015, and 2014 , dividends on Series B preferred shares amount ed to $5,769 , $5,769 , and $5,080 , respectively . 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 : T he 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 November 2014, the Company's board of directors approved to adopt the 2014 Equity Incentive Plan, for 5,000,000 shares , of which as at December 31, 2016 4,234,759 remained reserved for issuance. Restricted stock during 2016, 2015 and 2014 is analysed as follows: Number of Shares Weighted Average Grant Date Price 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 $ 9.30 Granted 1,100,000 6.91 Vested (827,522) 9.57 Outstanding at December 31, 2015 2,764,312 $ 8.27 Granted 2,150,000 2.26 Vested (971,646) 8.67 Outstanding at December 31, 2016 3,942,666 $ 4.89 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 2016 , 2015, and 2014 , an amount of $8,313 , $8,279 , and $7,744 , respectively, was recognized in “ General and administrative expenses ” presented in the accompanying consolidated statements of operations . At December 31, 2016 and 2015, the total unrecognized cost relating to restricted share awards was $13,567 and $17,021 , respectively. At December 31, 2016, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 1.28 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 share s of the Company's common stock. D uring 2014, the Company repurchased and retired 2,845,549 shares at an aggregate cost of approximately $25,349; during 2015, the Company repurchased and retired 413,804 shares at an aggrega te cost of approximately $2,673 and none during 2016. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 11. Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2016 2015 2014 Interest expense $ 19,523 $ 13,922 $ 7,815 Amortization of financing costs 1,503 1,364 519 Commitment fees and other costs 923 269 93 Total $ 21,949 $ 15,555 $ 8,427 Total interest incurred on long-term debt for 2016 , 2015 and 2014 amounted to $21,009 , $14,622 , and $8,221 , respectively , o f which $1,486 , $700 , and $406 , respectively, w ere capitalized and included in “ Advances for vessels under construction and acquisitions and other vessel costs ” . |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 12. L oss per S hare All common shares issued (including the restricted shares issued under the Company's Incentive Plan s ) 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 2016 , 2015 and 2014 and on the basis that the Company incurred losses, the effect of incremental shares would be anti-dilutive and t herefore basic and diluted loss per share was the same. Profit or loss attributable to common equity holders is adjusted by the amount of dividends on Series B Preferred Stock as follows: 2016 2015 2014 Net loss $ (164,237) $ (64,713) $ (10,268) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,080) Net loss attributed to common stockholders (170,006) (70,482) (15,348) Weighted average number of common shares, basic and diluted 80,441,517 79,518,009 81,292,290 Loss per share, basic and diluted $ (2.11) $ (0.89) $ (0.19) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of operations . Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either ( i ) more 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 2016, 2015 and 2014 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 2016, 2015 and 2014, the Company would be subject to U.S. federal income tax of approximately $80 , $166 and $246, respectively, in the absence of an exemption under Section 883. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | 14 . Financial Instruments and Fair Value Disclosures The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The fair value of long-term loan receivable from Diana Containerships also approximate s its recorded value , due to its variable interest rate . The fair value of the Senior Unsecured Notes (Note 8) having a fixed interest rate amounted to $52,169 as of December 31, 2016 , and was determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements based on the quoted price of the instrument on that date as stated under the ticker Symbol “DSXN” on the NYSE. 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 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. During 2014, the Company incurred gain of $68, separately presented as “Gain from derivative instruments” in the related accompanying consolidated statement of operations. Currently the company does not have any derivative instruments to manage such fluctuations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15 . Subsequent Events Series B Preferred Stock Dividends: On January 15, 201 7 , 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, 201 7 . Delivery of vessels and Loan Drawdown : On January 4 , 2017 the Company took delivery of Hulls H2548 , named San Francisco, and H2549 , named Newport News, (Note 5) and drew down $28,620 for each vessel under its loan agreement with the Export-Import Bank of China (Note 8). On February 6, 2017, the Company signed with the bank a Deed of Release, pursuant to which, the owner of Hull DY6006 is released from all of its obligations under the loan agreement as a borrower as a result of the cancellation of its shipbuilding contract with the yards (Note 5). Annual Incentive Bonus: On February 10 , 2017 the Company's Board of Directors approved to grand 1,310,000 shares of restricted common stock awards to executive management and non-executive directors, pursuant to the Company's 2014 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 about $ 5,175 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years . |
Significant Accounting Polici23
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. |
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. As of December 31, 2016 and 2015, such balances are separately presented as “Compensating cash balance” and consist of minimum cash deposits required to be maintained at all times under the Company’s loan facilities (Note 8). |
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, 2016 and 2015. |
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, 2016 and 2015, (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. At each balance sheet date, amounts due under the aforementioned loan agreement are assessed for purposes of determining the appropriate provision for credit losses. As at December 31, 2016 and 2015, the Company assessed 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. historical losses, and other risks/factors that may affect its future financial condition and its ability to meet its obligations. As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships will be able to meet its obligations under the loan in the near future. |
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. |
Impairment of Long-Lived Assets | (k) 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 of 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, 2016 or in the near future and no impairment loss has been identified or recorded for 2016, 2015 and 2014. 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, 2016, 2015 and 2014, 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 | (l) Vessel Depreciation : Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through 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 | (m) Accounting for Dry-Docking Costs : The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. |
Financing Costs | (n) Financing Costs : Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest and finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred, unless they relate to loans obtained to finance vessels under construction, in which case they are capitalized to the vessels’ cost. |
Concentration of Credit Risk | (o) 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 | (p) 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. Compensation due to earlier redelivery than the minimum period agreed in the charter party is recognized in the period earned. 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 | (q) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations. |
Earnings / (loss) per Common Share | (r) 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 | (s) Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete 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. |
Fair Value Measurements | (t) 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 | (u) 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 | (v) 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 14). |
Equity method investments | (w) 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. Dividends received, if any, 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. 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. In 2016, the Company assessed the financial condition of Diana Containerships Inc., the market conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company recorded an impairment (Note 3(a)) as it was considered that the loss in the value of its investment was other than temporary. |
Variable Interest Entities | (x) 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. For 2016, the Company also considered the amendments under ASU 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis”, issued in February 2015. The Company’s evaluation did not result in an identification of variable interest entities as of December 31, 2016 and 2015. |
Recent Accounting Pronouncements not yet adopted | Recent Accounting Pronouncement s not yet adopted In July 2015, the FASB issued ASU No. 2015-11 –Inventory. ASU 2015-11 is part of FASB Simplification Initiative. Current guidance requires an entity to measure inventory at the lower of cost or market. Market could be the replacement cost, net realizable value or net realizable value less an approximately normal profit margin. Under this Update, the entities will be required to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments under the Update more closely align measurement of inventory in US GAAP with the measurement of inventory in IFRS. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments of this Update should be applied prospectively with early application permitted. The Company does not expect the adoption of this ASU to have a material impact on Company's results of operations, financial position or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is analyzing the impact of the adoption of this guidance on the Company's consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU" or "Update") No. 2016-09- Compensation-Stock Compensation – Improvements to Employee Share-Based Payment Accounting (Topic 718) which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess t ax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period, however early adoption is permitted. The Company has adopted the provisions of ASU 2016-09, which did not impact its consolidated financial statements and notes disclosures. In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) Identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectibility Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. Currently, the Company is in the process of evaluating the impact of the standard and of reviewing historical contracts to quantify the impact that the adoption of the standard will have on sp ecific performance obligations. In June 2016, the FASB issued ASU No. 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. The Company is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, howe ver early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. |
Basis of Presentation and Gen24
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer 2016 2015 2014 A 19% 24% 10% B 15% C 10% 20% D 10% 18% E 12% 12% F 10% 15% |
Advances for Vessels under Co25
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Advances For Property Plant And Equipment [Abstract] | |
Schedule of Advances For Property Plant And Equipment [Table Text Block] | 2016 2015 Beginning balance $ 44,514 $ 29,500 - Advances for vessels under construction and other vessel costs 11,484 25,080 - Advances for vessel acquisitions and other vessel costs - 40,105 - Reduction due to cancelation of shipbuilding contract (9,135) - - Transferred to vessel cost (Note 6) - (50,171) Ending balance $ 46,863 $ 44,514 |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Vessels [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 1,807,654 $ (434,521) $ 1,373,133 - Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) 50,171 - 50,171 - Acquisitions, improvements and other vessel costs 90,167 - 90,167 - Depreciation for the year - (72,668) (72,668) Balance, December 31, 2015 $ 1,947,992 $ (507,189) $ 1,440,803 - Acquisitions, improvements and other vessel costs 39,427 - 39,427 - Depreciation for the year - (76,318) (76,318) Balance, December 31, 2016 $ 1,987,419 $ (583,507) $ 1,403,912 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment, Net [Abstract] | |
Schedule Of Property And Equipment [Table Text Block] | Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 26,154 $ (2,267) $ 23,887 - Additions in property and equipment 211 - 211 - Depreciation for the year - (609) (609) Balance, December 31, 2015 $ 26,365 $ (2,876) $ 23,489 - Additions in property and equipment 217 - 217 - Depreciation for the year - (592) (592) Balance, December 31, 2016 $ 26,582 $ (3,468) $ 23,114 |
Long term debt, current and non
Long term debt, current and non-current (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2016 2015 8.5% Senior Unsecured Notes 63,250 63,250 Secured Term Loans 539,467 542,691 Total debt outstanding $ 602,717 $ 605,941 Less related deferred financing costs (4,536) (5,870) Total debt, net of deferred financing costs $ 598,181 $ 600,071 Less: Current portion of long term debt, net of deferred financing costs current (65,072) (40,984) Long-term debt, net of current portion and deferred financing costs, non-current $ 533,109 $ 559,087 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Principal Repayment January 1, 2017 to December 31, 2017 $ 66,470 January 1, 2018 to December 31, 2018 58,737 January 1, 2019 to December 31, 2019 116,599 January 1, 2020 to December 31, 2020 163,581 January 1, 2021 to December 31, 2021 128,678 January 1, 2022 and thereafter 68,652 Total $ 602,717 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period Amount Year 1 $ 36,048 Year 2 3,660 Total $ 39,708 |
Capital Stock and Changes in 30
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 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 $ 9.30 Granted 1,100,000 6.91 Vested (827,522) 9.57 Outstanding at December 31, 2015 2,764,312 $ 8.27 Granted 2,150,000 2.26 Vested (971,646) 8.67 Outstanding at December 31, 2016 3,942,666 $ 4.89 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Schedule Of Interest And Finance Costs [Table Text Block] | 2016 2015 2014 Interest expense $ 19,523 $ 13,922 $ 7,815 Amortization of financing costs 1,503 1,364 519 Commitment fees and other costs 923 269 93 Total $ 21,949 $ 15,555 $ 8,427 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Net loss $ (164,237) $ (64,713) $ (10,268) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,080) Net loss attributed to common stockholders (170,006) (70,482) (15,348) Weighted average number of common shares, basic and diluted 80,441,517 79,518,009 81,292,290 Loss per share, basic and diluted $ (2.11) $ (0.89) $ (0.19) |
Basis of Presentation and Gen33
Basis of Presentation and General Information, textual (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information [Abstract] | |
Entity Incorporation, State Country Name | the Republic of the Marshal Islands |
Entity Incorporation, Date of Incorporation | Mar. 8, 1999 |
Diana Wilhelmsen Management Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Number of vessels under management services | 7 |
Basis of Presentation and Gen34
Basis of Presentation and General Information, detail (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Major Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 24.00% | 10.00% |
Major Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | ||
Major Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 20.00% | |
Major Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 18.00% | |
Major Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 12.00% | |
Major Customer F [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 15.00% |
Significant Accounting Polici35
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Provision for Doubtful Accounts | $ 0 | $ 0 | |
Provision For Loan And Lease Losses [Abstract] | |||
Provision For Loan Losses Expensed | $ 0 | 0 | |
Property Plant And Equipment Impairment Or Disposal [Abstract] | |||
Time charter equivalent rate assumed for asset impairment | 10 year average of historical 1 year time charter rates | ||
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% | ||
Derivative Instrument Detail [Abstract] | |||
Derivative, Inception Date | May 31, 2009 | ||
Derivative, Term of Contract | 5 years | ||
Types of Interest Rate Derivatives Used | zero cost collar agreement | ||
Derivative, Maturity Date | May 27, 2014 | ||
Drybulkers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 0 | $ 0 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici36
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 1 (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 55 years |
Property, plant and equipment, salvage value | $ 0 |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Drybulkers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Equity Method Investments, text
Equity Method Investments, textual (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 6,014 | $ 62,487 | ||
Income / (loss) from Equity Method Investments | (56,377) | (5,133) | $ 12,668 | |
Cash dividends from investment in Diana Containerships Inc. | 96 | 193 | 763 | |
Acquisition of additional interest in Diana Containerships Inc. | $ 0 | $ 0 | 40,000 | |
Diana Containerships Inc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.73% | 26.08% | ||
Equity Method Investment, Other than Temporary Impairment | $ 17,568 | |||
Equity Method Investments | $ 5,815 | $ 62,376 | ||
Equity Method Investment, Quoted Market Value | $ 6,696 | |||
Share Price | $ 2.78 | |||
Income / (loss) from Equity Method Investments | $ (56,465) | (4,977) | 12,668 | |
Cash dividends from investment in Diana Containerships Inc. | $ 96 | 193 | $ 763 | |
Diana Containerships Inc [Member] | Private Placement | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sale of Stock, Transaction Date | Jul. 29, 2014 | |||
Acquisition of additional interest in Diana Containerships Inc. | $ 40,000 | |||
Diana Wilhelmsen Management Limited [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Number of vessels under management services | 7 | |||
Equity Method Investments | $ 199 | 111 | ||
Income / (loss) from Equity Method Investments | $ 88 | $ (156) |
Transactions with Related Par38
Transactions with Related Parties, textual (Details) $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Feb. 04, 2016USD ($) | Aug. 20, 2013USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 31, 2016 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||
Management Fee Expense | $ 1,464 | $ 405 | $ 0 | ||||
Due to related parties, current | 25 | 64 | |||||
Due from related parties, current | 102 | 5,103 | |||||
Due from related parties, non-current | 45,417 | 43,750 | |||||
Vessel acquisition cost | 39,427 | 90,167 | |||||
Altair Travel Agency Sa [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | 2,320 | 2,685 | 2,765 | ||||
Due to related parties, current | 23 | 62 | |||||
Diana Containerships Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties, current | 102 | 5,103 | |||||
Due from related parties, non-current | 45,417 | 43,750 | |||||
Interest income from loan with Diana Containerships Inc. | $ 1,692 | 2,745 | 3,246 | ||||
Diana Containerships Inc [Member] | Loan Receivable [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Issuance Date | May 20, 2013 | ||||||
Debt instrument term | 5 years | ||||||
Loan to Diana Containerships Inc. | $ 50,000 | ||||||
Loan receivable, Description of variable rate basis | LIBOR | ||||||
Margin over Libor from agreement with Diana Containerships Inc. | 5.00% | ||||||
Back End Fee | 1.25% | ||||||
Diana Containerships Inc [Member] | Loan Receivable Amendment Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Issuance Date | Sep. 9, 2015 | ||||||
Related Party Transaction, Date of expiration | Mar. 15, 2022 | ||||||
Loan receivable, Description of variable rate basis | LIBOR | ||||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.00% | ||||||
Debt instrument, fee amount | $ 200 | ||||||
Debt instrument, annual principal payment | 5,000 | ||||||
Maximum Agreegate Repayment Amount | $ 32,500 | ||||||
Diana Containerships Inc [Member] | Loan Receivable Second Amendment Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Issuance Date | Aug. 24, 2016 | ||||||
Loan receivable, Description of variable rate basis | LIBOR | ||||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.35% | ||||||
Diana Enterprises Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | $ 1,680 | 1,302 | $ 1,250 | ||||
Due to related parties, current | $ 0 | 0 | |||||
Diana Wilhelmsen Management Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels under management services | 7 | ||||||
Diana Wilhelmsen Management Limited [Member] | Management Agreements [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management Fee Expense | $ 1,464 | 405 | |||||
Commercial fees to related party | 124 | 43 | |||||
Due to related parties, current | $ 2 | $ 2 | |||||
Vessels Acquisition [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number Of Vessels To Be Acquired | 3 | ||||||
Number Of Vessels Delivered | 1 | 2 | |||||
Vessel acquisition cost | $ 39,265 |
Advances for Vessels under Co39
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs, textual (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014 | May 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation | $ 52,440 | ||||
Proceeds From Cancellation Of Shipbuilding Contract | 9,413 | $ 0 | $ 0 | ||
Vessels Under Construction [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Contract Price Of Vessels Under Construction | $ 28,825 | $ 97,400 | |||
Reduction In Contract Price Of Vessels Under Construction | $ 2,000 |
Advances for Vessels under Co40
Advances for Vessels under Construction and Acquisitions and Other Vessel Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Advances For Property Plant And Equipment [Abstract] | ||
Beginning balance | $ 44,514 | $ 29,500 |
Advances for vessels under construction and other vessel costs | 11,484 | 25,080 |
Advances for vessel acquisitions and other vessel costs | 0 | 40,105 |
Reduction due to cancelation of shipbuilding contract | (9,135) | 0 |
Transferred to vessel cost (Note 6) | 0 | (50,171) |
Ending balance | $ 46,863 | $ 44,514 |
Vessels, detail (Details)
Vessels, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels, Beginning Balance | $ 1,947,992 | $ 1,807,654 |
Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 0 | 50,171 |
Acquisitions, improvements and other vessel costs | 39,427 | 90,167 |
Vessels, Ending Balance | 1,987,419 | 1,947,992 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, Beginning Balance | (507,189) | (434,521) |
Depreciation for the year | (76,318) | (72,668) |
Accumulated depreciation, Ending Balance | (583,507) | (507,189) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels net book value, Beginning Balance | 1,440,803 | 1,373,133 |
Transfer from advances for vessels under construction and acquisition and other vessel costs (Note 5) | 0 | 50,171 |
Acquisitions, improvements and other vessel costs | 39,427 | 90,167 |
Depreciation for the year | (76,318) | (72,668) |
Vessels net book value, Ending Balance | $ 1,403,912 | $ 1,440,803 |
Vessels, textual (Details)
Vessels, textual (Details) $ in Thousands | 1 Months Ended | 4 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Feb. 04, 2016USD ($) | Apr. 27, 2015USD ($) | Apr. 20, 2015USD ($) | Nov. 02, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 31, 2016 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||||||
Vessel acquisition cost | $ 39,427 | $ 90,167 | |||||||
Santa Barbara [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Vessel acquisition cost | $ 50,000 | ||||||||
New Orleans [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Vessel acquisition cost | $ 43,000 | ||||||||
Medusa [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Vessel acquisition cost | $ 18,050 | ||||||||
Seattle [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Vessel acquisition cost | $ 28,500 | ||||||||
Vessels Acquisition [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number Of Vessels To Be Acquired | 3 | ||||||||
Vessel acquisition cost | $ 39,265 | ||||||||
Number Of Vessels Delivered | 1 | 2 |
Property and equipment, net, de
Property and equipment, net, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Property and Equipment, Beginning Balance | $ 26,365 | $ 26,154 | |
Additions in property and equipment | 217 | 211 | $ 1,574 |
Property and Equipment, Ending Balance | 26,582 | 26,365 | 26,154 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated Depreciation, Property and Equipment, Beginning Balance | (2,876) | (2,267) | |
Depreciation for the year | (592) | (609) | |
Accumulated Depreciation, Property and Equipment, Ending Balance | (3,468) | (2,876) | (2,267) |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property And Equipment Net, Beginning Balance | 23,489 | 23,887 | |
Additions in property and equipment | 217 | 211 | 1,574 |
Depreciation for the year | (592) | (609) | |
Property And Equipment Net, Ending Balance | $ 23,114 | $ 23,489 | $ 23,887 |
Long-term debt, current and n44
Long-term debt, current and non-current, details (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long Term Debt, current and non-current [Abstract] | ||
8.5% Senior Unsecured Notes | $ 63,250 | $ 63,250 |
Secured Term Loans | 539,467 | 542,691 |
Total debt outstanding | 602,717 | 605,941 |
Less related deferred financing costs | (4,536) | (5,870) |
Total debt, net of deferred financing costs | 598,181 | 600,071 |
Less: Current portion of long-term debt, net of deferred financing costs, current | (65,072) | (40,984) |
Long-term debt, net of current portion and deferred financing costs, non-current | $ 533,109 | $ 559,087 |
Long-term debt, current and n45
Long-term debt, current and non-current, textual (Details) - USD ($) | Mar. 19, 2015 | Mar. 10, 2015 | Mar. 30, 2016 | Mar. 30, 2015 | Mar. 20, 2015 | May 10, 2016 | Apr. 30, 2015 | Jul. 24, 2015 | Oct. 06, 2015 | Nov. 19, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2016 |
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 42,489,000 | $ 321,240,000 | $ 48,589,000 | |||||||||||
Compensating Balance, Amount | $ 23,000,000 | 21,500,000 | ||||||||||||
Trading Symbol | DSX | |||||||||||||
Unsecured Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | May 20, 2015 | |||||||||||||
Debt Instrument, Face Amount | $ 63,250,000 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Maturity Date | May 15, 2020 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||||||||||
Debt Instrument, Face Amount Per Note | $ 25 | |||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 61,180,000 | |||||||||||||
Debt Instrument, Redemption Period, Start Date | May 15, 2017 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||
Trading Symbol | DSXN | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number Of Vessels Collateral For Debt | 45 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual installments plus one balloon installment | |||||||||||||
Debt Instrument, Maturity Date Range, Start | Jan. 31, 2019 | |||||||||||||
Debt Instrument, Maturity Date Range End | Mar. 31, 2032 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin ranging from 1% to 3% | |||||||||||||
Long-term Debt, Weighted Average Interest Rate | 2.79% | 2.47% | ||||||||||||
Debt Instrument Collateral Amount | $ 1,376,525,000 | |||||||||||||
Compensating Balance, Amount | $ 23,000,000 | $ 21,500,000 | ||||||||||||
Officers And Directors [Member] | Unsecured Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 12,750,000 | |||||||||||||
Minimum [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan Margin Percentage | 1.00% | |||||||||||||
Maximum [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||
Revolving Credit Facility May 2006 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Initiation Date | Feb. 18, 2005 | |||||||||||||
Line of Credit Facility, Expiration Date | Jul. 24, 2015 | |||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin ranging from 0.75% to 0.85% | |||||||||||||
Repayments of Long-term Debt | $ 195,000,000 | |||||||||||||
Long-term Debt, Weighted Average Interest Rate | 0.90% | |||||||||||||
Revolving Credit Facility May 2006 [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan Margin Percentage | 0.75% | |||||||||||||
Revolving Credit Facility May 2006 [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan Margin Percentage | 0.85% | |||||||||||||
Nordea Bank [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Mar. 17, 2015 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 8 | |||||||||||||
Debt Instrument, Face Amount | $ 110,000,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 93,080,000 | |||||||||||||
Repayments of Long-term Debt | $ 38,345,000 | |||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,862,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 48,402,000 | |||||||||||||
Debt Instrument, Maturity Date | Mar. 19, 2021 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 2.10% | |||||||||||||
Deutsche Bank [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 28,600,000 | $ 15,750,000 | ||||||||||||
ABN AMRO Bank NV [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Mar. 26, 2015 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 3 | |||||||||||||
Debt Instrument, Face Amount | $ 53,000,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 50,160,000 | |||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 994,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 26,310,000 | |||||||||||||
Debt Instrument, Maturity Date | Mar. 30, 2021 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 2.00% | |||||||||||||
Danish Ship FInance [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Apr. 29, 2015 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 30,000,000 | |||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 16,000,000 | |||||||||||||
Debt Instrument, Maturity Date | Apr. 30, 2022 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 2.15% | |||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Jul. 22, 2015 | |||||||||||||
Debt Instrument, Face Amount | $ 165,000,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 165,000,000 | |||||||||||||
Debt Instrument, Number of installments | 20 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Baloon Payment | $ 69,000,000 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 24, 2020 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Debt Instrument, Debt Default, Amount | $ 25,650,000 | $ 39,600,000 | ||||||||||||
Long-term portion of bank debt reclassified as current | $ 19,731,000 | |||||||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | On November 30, 2016, the Company received a letter from BNP Paribas advising that the Company was not in compliance with the loan to value covenant contained in the $165.0 million loan agreement, creating a shortfall of $39,600. Similarly, as at December 31, 2016, the Company was not in compliance with the same minimum security cover requirement. The shortfall was estimated by the Company to be $25,650 and an amount of $19,731, representing the amount which would have to be paid to the bank, was reclassified from non-current debt to the “Current portion of long-term debt, net of deferred financing costs, current” in the 2016 accompanying consolidated balance sheet. | |||||||||||||
BNP Paribas [Member] | First Eight Installments [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500,000 | |||||||||||||
Loan Margin Percentage | 2.35% | |||||||||||||
BNP Paribas [Member] | From 9th To 12th Installment [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 4 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,000,000 | |||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||
BNP Paribas [Member] | From 13th to 20th Installment [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 7,000,000 | |||||||||||||
Loan Margin Percentage | 2.25% | |||||||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Sep. 30, 2015 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||
Debt Instrument, Face Amount | $ 39,683,000 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 1.65% | |||||||||||||
ING Bank N.V. [Member] | Ujae Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 27,950,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 27,950,000 | |||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 466,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 14,907,000 | |||||||||||||
Debt Instrument, Maturity Date | Nov. 19, 2022 | |||||||||||||
ING Bank N.V. [Member] | Rairok Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 11,733,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 11,733,000 | |||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 293,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 3,520,000 | |||||||||||||
Debt Instrument, Maturity Date | Oct. 6, 2022 | |||||||||||||
Export-Import Bank of China [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Jan. 7, 2016 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 3 | |||||||||||||
Debt Instrument, Face Amount | $ 75,735,000 | |||||||||||||
Debt Instrument, Maturity Date | Mar. 12, 2032 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||
Export-Import Bank of China [Member] | Aster Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 60 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 487,000 | |||||||||||||
Export-Import Bank of China [Member] | Aerik Shipping Company Inc. [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 60 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 487,000 | |||||||||||||
Export-Import Bank of China [Member] | Houk Shipping Company Inc. [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 60 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 288,000 | |||||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | Mar. 29, 2016 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||
Debt Instrument, Face Amount | $ 25,755,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 25,755,000 | |||||||||||||
Debt Instrument Date Of First Required Payment | Sep. 30, 2017 | |||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 855,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 18,915,000 | |||||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2019 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Issuance Date | May 10, 2016 | |||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||
Debt Instrument, Face Amount | $ 13,510,000 | |||||||||||||
Proceeds From Issuance Of Secured Debt | $ 13,510,000 | |||||||||||||
Debt Instrument, Baloon Payment | $ 12,242,000 | |||||||||||||
Debt Instrument, Maturity Date | Jan. 4, 2019 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | First Seven Installments [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 7 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 20,000 | |||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | From Eighth To Eleventh Installment [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Number of installments | 4 | |||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 283,000 |
Long-term debt, current and n46
Long-term debt, current and non-current, details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 66,470 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 58,737 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 116,599 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 163,581 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 128,678 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 68,652 | |
Total debt outstanding | $ 602,717 | $ 605,941 |
Commitments and Contingencies,
Commitments and Contingencies, textual (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Environmental Remediation Obligations [Abstract] | |
Insurance Coverage For Pollution | $ 1,000,000 |
Supplemental Calls Review Period | 3 years |
Litigation Settlement [Abstract] | |
Proceeds from Legal Settlements | $ 5,500 |
Unrecorded Unconditional Purchase Obligation [Abstract] | |
Unrecorded Unconditional Purchase Obligation | $ 52,440 |
Commitments and Contingencies48
Commitments and Contingencies, detail (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $ 36,048 |
Year 2 | 3,660 |
Total | $ 39,708 |
Capital Stock and Changes in 49
Capital Stock and Changes in Capital Accounts, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock | ||||
Proceeds from issuance of preferred stock, net of expenses | $ 0 | $ 0 | $ 62,698 | |
Dividends on series B preferred stock | $ 5,769 | $ 5,769 | $ 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 | ||
Preferred Stock [Member] | ||||
Preferred Stock | ||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Stock Issued During Period Shares New Issues | 2,600,000 | |||
Preferred Stock [Member] | Series A Participating Preferred Stock | ||||
Preferred Stock | ||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Preferred Stock [Member] | Series B Participating Preferred Stock | ||||
Preferred Stock | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | |||
Stock Issued During Period Shares New Issues | 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 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, Shares Issued | 2,600,000 | 2,600,000 | ||
Preferred Stock, Shares Outstanding | 2,600,000 | 2,600,000 | ||
Preferred Stock Dividend Rate Percentage | 8.875% | |||
Preferred Stock Dividend Rate Per Dollar Amount | $ 2.21875 | |||
Dividends on series B preferred stock | $ 5,769 | $ 5,769 | $ 5,080 | |
Preferred Stock, Redemption Price Per Share | $ 25 |
Capital Stock and Changes in 50
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) - Equity Incentive Plan 2014 - shares | Dec. 31, 2016 | Nov. 30, 2014 |
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 | 4,234,759 |
Capital Stock and Changes in 51
Capital Stock and Changes in Capital Accounts, detail (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non vested restricted common stock, beginning balance | 2,764,312 | 2,491,834 | 1,358,373 |
Granted | 2,150,000 | 1,100,000 | 1,864,000 |
Vested | (971,646) | (827,522) | (730,539) |
Non vested restricted common stock, ending balance | 3,942,666 | 2,764,312 | 2,491,834 |
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 | $ 8.27 | $ 9.30 | $ 10.25 |
Weighted Average Grant Date Fair Value, Granted | 2.26 | 6.91 | 9.38 |
Weighted Average Grant Date Fair Value, Vested | 8.67 | 9.57 | 11.25 |
Weighted Average Grant Date Fair Value, enging balance | $ 4.89 | $ 8.27 | $ 9.30 |
Capital Stock and Changes in 52
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||
Compensation cost on restricted stock | $ 8,313 | $ 8,279 | $ 7,744 |
Unrecognized cost for unvested restricted shares | $ 13,567 | $ 17,021 | |
Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 12 days |
Capital Stock and Changes in 53
Capital Stock and Changes in Capital Accounts, textuals 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 22, 2014 | |
Equity [Abstract] | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||
Stock repurchased and retired, shares | 0 | 413,804 | 2,845,549 | |
Stock repurchased and retired, value | $ 0 | $ 2,673 | $ 25,349 |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Finance Costs [Abstract] | |||
Interest expense | $ 19,523 | $ 13,922 | $ 7,815 |
Amortization of financing costs | 1,503 | 1,364 | 519 |
Commitment fees and other costs | 923 | 269 | 93 |
Interest and finance costs | $ 21,949 | $ 15,555 | $ 8,427 |
Interest and Finance Costs, tex
Interest and Finance Costs, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Finance Costs [Abstract] | |||
Interest Costs Incurred | $ 21,009 | $ 14,622 | $ 8,221 |
Interest Costs, Capitalized During Period | $ 1,486 | $ 700 | $ 406 |
Loss per Share, detail (Details
Loss per Share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | |||
Net loss | $ (164,237) | $ (64,713) | $ (10,268) |
Less dividends on series B preferred shares | (5,769) | (5,769) | (5,080) |
Net loss attributed to common stockholders | $ (170,006) | $ (70,482) | $ (15,348) |
Weighted average number of common shares, basic and diluted | 80,441,517 | 79,518,009 | 81,292,290 |
Loss per share, basic and diluted | $ (2.11) | $ (0.89) | $ (0.19) |
Income Taxes, textual (Details)
Income Taxes, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Uncertainties [Abstract] | |||
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | ||
Minimum Vote And Value Percentage Of Regularly Traded Stock | 50.00% | ||
Significant Shareholder Percentage | 5.00% | ||
Tax Rate On US Source Shipping Income | 2.00% | ||
Unrecognized tax expense due to exemption | $ 80 | $ 166 | $ 246 |
Financial Instruments, textual
Financial Instruments, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments [Abstract] | |||
Trading Symbol | DSX | ||
Derivative, Inception Date | May 31, 2009 | ||
Derivative, Term of Contract | 5 years | ||
Types of Interest Rate Derivatives Used | zero cost collar agreement | ||
Derivative, Floor Interest Rate | 1.00% | ||
Derivative, Cap Interest Rate | 7.80% | ||
Notional Amount of financial instrument | $ 100,000 | ||
Derivative, Maturity Date | May 27, 2014 | ||
Gain / (loss) from derivative instruments | $ 0 | $ 0 | $ 68 |
Unsecured Senior Notes [Member] | |||
Financial Instruments [Abstract] | |||
Trading Symbol | DSXN | ||
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member] | |||
Financial Instruments [Abstract] | |||
Notes Payable, Fair Value Disclosure | $ 52,169 |
Subsequent Events, textual (Det
Subsequent Events, textual (Details) - Subsequent Events - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2017 | Jan. 04, 2017 | Feb. 10, 2017 |
Series B Participating Preferred Stock | |||
Subsequent Event [Line Items] | |||
Dividends payable on series B preferred stock, per share | $ 0.5546875 | ||
Dividends payable on series B preferred stock, current | $ 1,442 | ||
Dividends Payable, Date of Record | Jan. 14, 2017 | ||
San Francisco [Member] | Export-Import Bank of China [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds From Issuance Of Secured Debt | $ 28,620 | ||
Newport News [Member] | Export-Import Bank of China [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds From Issuance Of Secured Debt | $ 28,620 | ||
Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of restricted stock and compensation cost, shares | 1,310,000 | ||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 5,175 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |