Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document type | 20-F |
Document period end date | Dec. 31, 2017 |
Amendment flag | false |
Document Fiscal Year Focus | 2,017 |
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 | 106,131,017 |
Trading Symbol | DSX |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 40,227 | $ 98,142 |
Accounts receivable, trade (Note 2(f)) | 4,937 | 5,903 |
Due from related parties (Notes 2(g) and 4(b)) | 82,660 | 102 |
Inventories (Note 2(h)) | 5,770 | 5,860 |
Prepaid expenses and other assets | 5,167 | 5,309 |
Total current assets | 138,761 | 115,316 |
FIXED ASSETS: | ||
Advances for vessels under construction and acquisitions and other vessel costs | 0 | 46,863 |
Vessels net book value (Note 5) | 1,053,578 | 1,403,912 |
Property and equipment, net (Note 6) | 22,650 | 23,114 |
Total fixed assets | 1,076,228 | 1,473,889 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash (Notes 2(e) and 7) | 25,582 | 23,000 |
Due from related parties, non-current (Notes 2(g) and 4(b)) | 0 | 45,417 |
Investments in related parties (Notes 2(v) and 3) | 3,249 | 6,014 |
Deferred charges, net (Notes 2(m), 2(n) and 5) | 2,902 | 5,027 |
Total assets | 1,246,722 | 1,668,663 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current (Note 7) | 60,763 | 65,072 |
Accounts payable, trade and other | 7,954 | 6,572 |
Due to related parties (Note 4(a) and 4(d)) | 271 | 25 |
Accrued liabilities | 8,246 | 5,734 |
Deferred revenue | 3,207 | 822 |
Total current liabilities | 80,441 | 78,225 |
Long-term debt, net of current portion and deferred financing costs, non-current (Note 7) | 540,621 | 533,109 |
Other non-current liabilities | 902 | 740 |
Commitments and contingencies (Note 8) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 9(a)) | 26 | 26 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 106,131,017 and 84,696,017 issued and outstanding at December 31, 2017 and 2016, respectively (Note 9(b) and (c)) | 1,061 | 847 |
Additional paid-in capital | 1,070,500 | 985,171 |
Accumulated other comprehensive income | 294 | 185 |
Retained earnings/(Accumulated deficit) | (447,123) | 70,360 |
Total stockholders' equity | 624,758 | 1,056,589 |
Total liabilities and stockholders' equity | $ 1,246,722 | $ 1,668,663 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 106,131,017 | 84,696,017 |
Common Stock, Shares Outstanding | 106,131,017 | 84,696,017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES: | |||
Time charter revenues | $ 161,897 | $ 114,259 | $ 157,712 |
EXPENSES: | |||
Voyage expenses | 8,617 | 13,826 | 15,528 |
Vessel operating expenses | 90,358 | 85,955 | 88,272 |
Depreciation and amortization of deferred charges (Notes 2(l) and 2(m)) | 87,003 | 81,578 | 76,333 |
General and administrative expenses | 26,332 | 25,510 | 25,335 |
Management fees to related party (Notes 3(b) and 4(d)) | 1,883 | 1,464 | 405 |
Impairment loss (Note 5) | 442,274 | 0 | 0 |
Insurance recoveries, net of other loss (Note 5) | (10,879) | 0 | 0 |
Gain on contract termination | 0 | (5,500) | 0 |
Other loss/(income) | 296 | (253) | (984) |
Operating loss | (483,987) | (88,321) | (47,177) |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Note 10) | (26,628) | (21,949) | (15,555) |
Interest and other income (Note 4(b)) | 4,508 | 2,410 | 3,152 |
Loss from equity method investments (Note 3) | (5,607) | (56,377) | (5,133) |
Total other expenses, net | (27,727) | (75,916) | (17,536) |
Net loss | (511,714) | (164,237) | (64,713) |
Dividends on series B preferred shares (Notes 9(a) and 11) | (5,769) | (5,769) | (5,769) |
Net loss attributed to common stockholders | $ (517,483) | $ (170,006) | $ (70,482) |
Loss per common share, basic and diluted (Note 11) | $ (5.41) | $ (2.11) | $ (0.89) |
Weighted average number of common shares, basic and diluted (Note 11) | 95,731,093 | 80,441,517 | 79,518,009 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net loss | $ (511,714) | $ (164,237) | $ (64,713) |
Other comprehensive income / (loss) (Actuarial gain / (loss)) | 109 | (84) | 1,016 |
Comprehensive loss | $ (511,605) | $ (164,321) | $ (63,697) |
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, 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 9(d)) | 1,100,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(d)) | 8,279 | $ 10 | 8,269 | |||
Dividends on series B preferred stock (Note 9(a)) | $ (5,769) | (5,769) | ||||
Stock repurchased and retired, shares (Note 9(e)) | (413,804) | (413,804) | ||||
Stock repurchased and retired, value (Note 9(e)) | $ (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 9(d)) | 2,150,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(d)) | 8,313 | $ 22 | 8,291 | |||
Dividends on series B preferred stock (Note 9(a)) | $ (5,769) | (5,769) | ||||
Stock repurchased and retired, shares (Note 9(e)) | 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 |
Net loss | (511,714) | (511,714) | ||||
Issuance of common stock, shares (Note 9(c)) | 20,125,000 | |||||
Issuance of common stock, value (Note 9(c)) | 77,311 | $ 201 | 77,110 | |||
Issuance of restricted stock and compensation cost, shares (Note 9(d)) | 1,310,000 | |||||
Issuance of restricted stock and compensation cost, value (Note 9(d)) | 8,232 | $ 13 | 8,219 | |||
Dividends on series B preferred stock (Note 9(a)) | $ (5,769) | (5,769) | ||||
Stock repurchased and retired, shares (Note 9(e)) | 0 | |||||
Other comprehensive income / ( loss) | $ 109 | 109 | ||||
Balance of shares at Dec. 31, 2017 | 2,600,000 | 106,131,017 | ||||
Balance at Dec. 31, 2017 | $ 624,758 | $ 26 | $ 1,061 | $ 1,070,500 | $ 294 | $ (447,123) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (511,714) | $ (164,237) | $ (64,713) |
Adjustments to reconcile net loss to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 87,003 | 81,578 | 76,333 |
Impairment loss (Note 5) | 442,274 | 0 | 0 |
Amortization of financing costs (Note 10) | 1,455 | 1,503 | 1,364 |
Amortization of free lubricants benefit | 0 | (15) | (85) |
Compensation cost on restricted stock (Note 9(d)) | 8,232 | 8,313 | 8,279 |
Actuarial gain/(loss) | 109 | (84) | 1,016 |
Gain from insurance recoveries, net of other loss (Note 5) | (10,879) | 0 | 0 |
Gain on shipbuilding contract termination | 0 | (278) | 0 |
Loss from equity method investments, net of dividends (Note 3) | 5,607 | 56,377 | 5,133 |
(Increase) / Decrease in: | |||
Receivables | 966 | (1,391) | 1,871 |
Due from related parties | (141) | 3,334 | 2,070 |
Inventories | 90 | 391 | 1,062 |
Prepaid expenses and other assets | 142 | 620 | (349) |
Increase / (Decrease) in: | |||
Accounts payable | 1,382 | (2,391) | (739) |
Due to related parties | 246 | (39) | (217) |
Accrued liabilities, net of accrued preferred dividends | 2,512 | (715) | 437 |
Deferred revenue | 2,385 | (1,592) | (865) |
Other liabilities | 162 | 117 | (643) |
Drydock costs | (6,418) | (2,489) | (6,009) |
Net cash provided by / (used in) Operating Activities | 23,413 | (20,998) | 23,945 |
Cash Flows from Investing Activities: | |||
Payments for vessel acquisitions, improvements and construction (Note 5) | (125,781) | (50,911) | (155,352) |
Proceeds from vessel sale, net of expenses (Note 5) | 2,032 | 0 | 0 |
Proceeds from insurance contract, net of expenses (Note 5) | 11,362 | 0 | 0 |
Proceeds from sale of investment (Note 3) | 158 | 0 | 0 |
Proceeds from shipbuilding contract termination (Notes 5) | 0 | 9,413 | 0 |
Cash dividends from investment in Diana Containerships Inc. (Note 3(a)) | 0 | 96 | 193 |
Loan to Diana Containerships Inc. (Note 4(b)) | (40,000) | 0 | 0 |
Joint venture investment (Note 3(b)) | 0 | 0 | (267) |
Payments for plant, property and equipment (Note 6) | (104) | (217) | (211) |
Net cash used in Investing Activities | (152,333) | (41,619) | (155,637) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt (Note 7) | 57,240 | 39,265 | 441,173 |
Proceeds from issuance of common stock, net of expenses (Note 9(c)) | 77,311 | 0 | 0 |
Cash dividends on preferred stock | (5,769) | (5,769) | (5,769) |
Payments for repurchase of common stock (Note 9(e)) | 0 | 0 | (2,673) |
Financing costs | (31) | (466) | (5,482) |
Loan payments (Note 7) | (55,164) | (42,489) | (321,240) |
Net cash provided by / (used in) Financing Activities | 73,587 | (9,459) | 106,009 |
Net decrease in cash, cash equivalents and restricted cash | (55,333) | (72,076) | (25,683) |
Cash, cash equivalents and restricted cash at beginning of the year | 121,142 | 193,218 | 218,901 |
Cash, cash equivalents and restricted cash at end of the year | 65,809 | 121,142 | 193,218 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents | 40,227 | 98,142 | 171,718 |
Restricted cash | 25,582 | 23,000 | 21,500 |
Cash, cash equivalents and restricted cash at end of the year | 65,809 | 121,142 | 193,218 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Related party loan reduction in exchange for preferred shares (Note 4(b)) | 3,000 | 0 | 0 |
Interest, net of amounts capitalized | $ 24,503 | $ 19,265 | $ 13,048 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2017 | |
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 consolidated statements of cash flows for the years ended December 31, 2016 and 2015 have been derived from the audited consolidated financial statements for those years, as adjusted to conform to current period presentation for restricted cash following the adoption of ASU No. 2016-18. 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 ) . 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 , 2017 , DSS does not provide management services to ten vessels in the Company's fleet whose management has been transferred progressively since August 2015 to Dian a Wilhelmsen Management Limited, or DWM, (Notes 3 (b) and 4 (d) ). During 2017 , 2016 , and 2015 c harterers that individually accounted for 10% or more of the Company's time charter revenues were as follows: Charterer 2017 2016 2015 A 17% B 14% 15% C 12% 10% D 19% 24% E 10% 20% F 12% G 10% |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
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. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity's equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity's at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity's performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the initial determination of whether an entity is a VIE if certain types of events (“reconsideration events”) occur. I f the Company holds a variable interest in an entit y that previously was not a VIE, it reconsiders whether the entity has become a VIE. The Company has identified that it has variable interests in Diana Containerships Inc. and Diana Wilhelmsen Management Limited. The Company assessed reconsideration events and concluded that Diana Containerships Inc. is a VIE, however the Company is not the primary beneficiary (Notes 3 ( a) and 4 (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 ) : 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 and Restricted Cash : The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Restricted cash consists mainly of cash deposits required to be maintained at all times under the Company's loan facilities (Note 7). As of December 31, 2017, restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage. 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, 2017 and 2016 . Loan Receivable from Related Party : The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2017 and 2016 , represent amounts receivable from Diana Containerships Inc., or Diana Containerships, with respect to a loan agreement , net of any provision for credit losses and does not include the $5,000 discount premium due on the termination date of the loan (Note 4 ( b)) . 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, 2017 and 2016 , 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 , equity offering s , sale plans, historical losses, and other risks/factors that may affect Diana Containerships' 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 net realizable value . Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers , if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. Vessel Cost: 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 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; and (iv) fleet utilization ; assumptions in line with the Company's historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. During the last quarter of 2017, the Company's management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 are exceptional . In this respect the Company's management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company performed the exercise discussed above which resulted to recording an impairment on certain vessels ' carrying value (Note 5) . N o impairment loss has been identified or recorded for 2016 and 2015 . 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, 2017, 2016 and 2015, 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 or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale or impairment . Financing Costs : 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 second preferred mortgages over the vessels of Diana Containerships' fleet (Note 4 ( b)) . T he 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 , if any, 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 and gain or loss from the sale of bunkers on delivery to the time charterers . 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 issues restricted share awards which are measured at their grant date fair value and are not subsequently re - measured. That cost is recognized over the period during which an employee is required to provide 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. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immed iately before the modification . 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. T he Company assessed the financial condition of Diana Containerships (Note 3 (a)) , 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 impairment in 201 7 and 201 6 , which is included in Loss from equity method investments in the accompanying statements of operations . Going concern: The Company's policy is in accordance with ASU No. 2014-15, "Presentation of Financial Statements - Going Concern", issued in August 2014 by the FASB. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management evaluate s whether there are conditions or events that raise substantial doubt about the C ompany's ability to continue as a going concern within one year from the date the financial statements are issued. |
Recent Accounting Pronouncements adopted | Recent Accounting Pronouncement s adopted As of January 1, 2017, the Company adopted ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18—Statement of Cash Flows – Restricted Cash . The adoption of ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments did not result in any changes in the classification of cash receipts and cash payments. The adoption of ASU No. 2016-18—Statement of Cash Flows – Restricted Cash, changed the presentation of restricted cash in cash flow, where amounts generally described as restricted cash and restricted cash equivalents are 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. |
Recent Accounting Pronouncements not yet adopted | Recent Accounting Pronouncements not yet adopted I n May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. In August 2015, FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. 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 Company has evaluat ed the impact of the standard after reviewing historical contracts and has determined that all of the Company's agreements are considered leases. Certain non-lease components which are required to be assessed according to this standard, may only affect presentation and disclosures and not the way revenue is recognized. 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 May 2017, the FASB issued ASU 2017-09, "Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting" ("ASU 2017-09"), which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, however early adoption is permitted. The Company does not expe ct that the adoption of ASU 2017 -09 will have a material effect in the Company's financial statements. 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 does not expe ct that the adoption of ASU 201 6 - 13 will have a material effect in the Company's financial statements. |
Investments in related parties
Investments in related parties | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | 3 . Investment s in related parties Diana Containerships Inc. , or Diana Containerships: A s at December 31, 2016, DSI owned 25.73% of the common stock of Diana Containerships amounting to $5,815 and included in “Investments in related parties” in the accompanying consolidated balance sheets. As at December 31, 2017, the investment was reduced to zero following the gradual sales during the year of all Diana Containerships' common stock previously owned by the Company. For 2017 , 2016, and 2015, the investment in Diana Containerships resulted in loss of $5,656 , $56,465 , and $4,977 , respectively, of which $3,124 , $17,568 and $ 0, respectively was impairment , which was recorded based on Diana Containerships' market value on Nasdaq at the date of each impairment charge recognition . The loss and impairment are included in “ L oss from equity method investment s” in the accompanying consolidated statement s of operations . Additionally, for 2017, Loss from equity method investments also includes $757 loss from the sale of the shares discussed above. F or 2017 , 2016, and 2015, DSI received d ividends from Diana Containerships amounting to $0 , $96 and $193 , respectively . On May 30, 2017, the company acquired 100 shares of newly-designated Series C Preferred Stock, par value $0.01 per share, of Diana Containerships for $3,000 in exchange for a reduction of an equal amount in the principal amount of the Company's outstanding loan to Diana Containerships (Note 4 (b) ). The Series C Preferred Stock has no dividend or liquidation rights. The Series C Preferred Stock vote s with the common shares of Diana Containerships, if any, and each share of the Series C Preferred Stock entitle s the holder thereof to up to 250,000 votes, subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. The acquisition of shares of Series C Preferred Stock was approved by an independent committee of the Board of Directors of the Company. As at December 31, 2017, the $3,000 is also included in “Investments in related parties” in the accompanying 2017 consolidated balance sheet , accounted for at cost less impairment, if any . Diana Wilhelmsen Management Limited , or 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, 2017, DWM provide d management services to ten vessels of the Company's fleet (Note 4 ( d)) . The DWM office is located in Limassol, Cyprus. As at December 31, 2017 and 2016 , the investment in DWM amounted to $249 and $199 , respectively, and is included in “Investments in related parties” in the accompanying consolidated balance sheet s. For 2017 , 2016, and 2015 , the investment in DWM resulted in gain of $49 , $88 , and loss of $156 , respectively, included in “ L oss 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, 2017 | |
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 2017 , 2016 and 2015 amounted to $2,096 , $2,320 , and $2,685 , respectively, and are mainly included in “ Vessels , net book value ” , “ 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, 2017 and 2016, an amount of $162 and $23 , 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, the Company entered into a five year unsecured loan of $50,000 with a subsidiary of Diana Containerships, drawn on August 20, 2013, for general corporate purposes and working capital. The loan, initially 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. Following an amendment on September 9, 2015, the interest was reduced to LIBOR plus a margin of 3 % per annum , the back-end fee which was paid on the date of the amendmen t was eliminated , and a fixed fee of $200 was to be payable on the maturity date . In addition, the borrower agreed to repay the principal amount of the loan on the last day of each interest period in amounts totalling $5,000 per annum , but not to exceed $32,500 in the aggregate. Following another amendment o n August 24 , 2016, the repayment of all outstanding principal amounts was deferred until a later date, the borrower was changed to another wholly-owned subsidiary of Diana Containerships and the interest rate of the deferral period increased to 3.35% per annum over LIBOR . On May 30, 2017, as discussed in Note 3 (a) , the loan was decreased by $3,000, in order to acquire the Series C Preferred Stock issued by Diana Containerships. On June 30, 2017, DSI entered into an agreement with Diana Containerships to refinance the above loan , amounting to $42,41 7 at that date, with a loan facility of $ 82 , 6 17 , which reflects an additional loan amount to Diana Containerships of $40 , 0 00 and the $200 fixed fee of the previous loan which became payable on the termination date of the previous agreement and has been included in “Interest and other income” in the accompanying statements of operation s . The loan also provides for an additional $ 5 , 0 00 interest-bearing discount premium payable on the termination date, unless the lender demands earlier prepayment on or after the first anniversary of the drawdown of the loan , in which case the discount premium is waived . The loan matures in eighteen months from its date of signing, or December 3 1 , 2018 , and bears interest at the rate of 6% per annum for the first twelve months, scaled to 9% for the next three months, and further scaled to 12% for the remaining three months of the loan. The loan facility is secured by second preferred mortgages on Diana Containerships' vessels and includes financial and other covenants. Additionally, Diana Containerships is required to prepay the loan with any proceeds received from equity offerings, loan refinancing s and vessel sales, according to the terms of the loan agreement. The loan is subordinated to the loan of Diana Containerships with another lender. As at December 31, 2017 the outstanding balance of the loan and interest due from Diana Containerships amounted to $82,660 and is separately presented in “Due from related parties, current” in the related accompanying consolidated balance sheet (Note 14(c) ) . This amount does not include the additional $ 5 , 0 00 interest-bearing discount premium , which is payable on the termination date (Note 8 ( b) ) . As at December 31, 2016 , there was an amount of $102 and $45,417 presented in Due from related parties, current and non- current, respectively. For 2017 , 2016 and 2015 , interest and other income amounted to $3,855 , $1,692 , and $2,745 , respectively, and is included in “ Interest and other income ” in the accompanying consolidated statement s of operations . Diana Enterprises Inc. renamed to Steamship Shipbroking Enterprises Inc. , or Steamship : Steamship 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 2017 , 2016 and 2015 , brokerage fees amounted to $1,800 , $1,680 , and $1,302 , respectively, and are included in “ General and administrative expenses ” in the accompanying consolidated statements of operations. As of December 31, 2017 and 2016, there was no amount due to Steamship included in the accompanying consolidated balance sheet s. Diana Wilhelmsen Management Limited : As of December 31, 2017, DWM provided management services to ten 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 2017 , 2016 and 2015 amounted to $1,883 , $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 $260 , $124 , and $43 , respectively, and are included in “Voya ge expenses” in the accompanying consolidated statements of operations . As at December 31, 2017 and 2016 there was an amount of $109 and $2 , respectively, due to DWM , included in “Due to related parties” in the 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 5 ). |
Vessels, net book value
Vessels, net book value | 12 Months Ended |
Dec. 31, 2017 | |
Vessels [Abstract] | |
Vessels | 5. Vessels , net book value The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 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 - Transfer from advances for vessels under construction and acquisition and other vessel costs 104,858 - 104,858 - Acquisitions, improvements and other vessel costs 67,787 - 67,787 - Vessel disposal (15,349) 12,834 (2,515) - Impairment charges (877,484) 438,573 (438,911) - Depreciation for the year - (81,553) (81,553) Balance, December 31, 2017 $ 1,267,231 $ (213,653) $ 1,053,578 On February 4, 2016, the Company acquired the vessels Ismene , Selina and Maera for an aggregate purchase price of $39,265. Ismene and Selina were delivered in March 2016 and the Maera was delivered in May 2016. On October 31, 2016, Houk Shipping Company Inc. provided a notice of cancellation of the shipbuilding contract pursuant to its right under the contract to cancel the contract due to a delay in delivery and to claim a refund of the pre-delivery installments and interest, amounting to $9,413, which the Company received in December 2016. On January 4, 2017, the Company took delivery of Hull H2548 named San Francisco , and Hull H 2549 named Newport News , which were under construction until then for an aggregate contract price of $95,400 . As at December 31, 2016, advances for the construction and other vessel costs amounted to $46,863 and are separately presented in the related consolidated balance sheet. In Apri l 2017, the Company acquired the vessels Astarte , Electra and Pha i dra from unaffiliated third party sellers for a n aggregate purchase price of $ 67,250 . All three vessels were delivered in May 2017. On July 25, 2017, the Melite run aground at Pulau Laut , Indonesia . Following this incident, on September 21, 2017, the owners served a notice of frustration of the voyage to the time-charterers and a notice of abandonment to the H&M and IV insurers as it was considered that the extent of damages and the estimated cost of repairs were such that the vessel constitute d a constructive total loss. As of September 30, 2017, t he vessel 's net book value was reduced to its scrap value of $2,515 resulting in an impairment of $19,807 which is included in “Impairment loss ”, in the 2017 accompanying consolidated statement of operations. T he vessel , which was insured for a value of $14,000 to H&M insurers, was sold to an unrelated third party at the recorded price in October 2017 , and in November 2017, the Company received the balance of the insured value of the vessel amounting to $11,528, which is included in “Insurance recoveries, net of other loss” in the accompanying statement of operations . As at December 31, 2017, the Company's estimate d undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of certain vessels over their remaining useful liv e s and their eventual disposition was less than their carrying amount . During the last quarter of 2017, the Company's management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 are extraordinary. In this respect the Company's management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company performed the exercise discussed above which resulted to recording an impairment on certain vessels' carrying value (Note 2). A ccordingly, the Company recognized an aggregate impairment loss of $422,466, which is included in “Impairment loss” in the 2017 accompanying consolidated statement of operations of which $3,362 was recognized in “Deferred charges, net” . The change in the assumption resulted to an increased impairment loss , net loss and net loss attributed to common stockholders of $ 287, 07 4 , or $ 3.0 loss per share. The fair value of the vessels was determined through Level 2 inputs of the fair value hierarchy by taking into consid eration third party valuations which were based on last done deals of sale of vessels with similar characteristics, such as type, size and age. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment, Net [Abstract] | |
Property and equipment, net | 6. Property and equipment, net The amounts in the accompanying consolidated balance sheets are analyzed as follows: Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 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 - Additions in property and equipment 104 - 104 - Depreciation for the year - (568) (568) - Disposal of assets (3) 3 - Balance, December 31, 2017 $ 26,683 $ (4,033) $ 22,650 |
Long-term debt, current and non
Long-term debt, current and non-current | 12 Months Ended |
Dec. 31, 2017 | |
Long Term Debt, current and non-current [Abstract] | |
Long-term debt, current and non-current | 7. Long-term debt, current and non-current The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: 2017 2016 8.5% Senior Unsecured Notes 63,250 63,250 Secured Term Loans 541,543 539,467 Total debt outstanding $ 604,793 $ 602,717 Less related deferred financing costs (3,409) (4,536) Total debt, net of deferred financing costs $ 601,384 $ 598,181 Less: Current portion of long term debt, net of deferred financing costs current (60,763) (65,072) Long-term debt, net of current portion and deferred financing costs, non-current $ 540,621 $ 533,109 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 accompanying consolidated balance sheet s . 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. Since May 15, 2017, the Company may redeem the Notes at its option, in whole or in part, at any time, 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. 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% . Their maturities range from January 201 9 to March 2032 . For 2017 and 2016, the weighted average interest rates of the secured term loans were 3.38% and 2.79% , respectively. As at December 31, 2017 , the Company had the following agreements with banks : On October 22, 2009, the Company, through a wholly-owned subsidiary, entered into a $40 ,00 0 loan agreement with Bremer Landesbank (“Bremer”) to partly finance the acquisition cost of the Houston . The loan is repayable in 40 quarterly installments of $900 each plus one balloon installment of $4,000 to be paid together with the last installment on November 1 2 , 2019. The loan bears interest at LIBOR plus a margin of 2.15% per annum. On October 2, 2010, the Company, through two wholly-owned subsidiaries, entered into a loan agreement with Export-Import Bank of China (“CEXIM Bank”) and DnB NOR Bank ASA (“DnB”) to finance part of the construction cost of the Los Angeles and the Philadelphia , for an amount of up to $82 , 6 00 , of which $72 , 1 00 was drawn on delivery. The Lae advance is repayable in 40 quarterly installments of approximately $6 28 each and a balloon of $12 , 3 32 payable together with the last installment on February 15, 2022. The Namu advance is repayable in 40 quarterly installments of approximately $ 581 each and a balloon of $11, 4 10 payable together with the last installment on May 18, 2022. Pursuant to an amendment of the loan agreement dated May 18, 2017, each of the individual banks are allowed to demand repayment in full of such bank's contribution in any or all advances on August 16, 2019. If one or more banks (acting through the agent) exercise such right in respect of an advance, the borrowers shall be obliged to repay each such bank's contribution in that advance in full on such date. The loan bears interest at LIBOR plus a margin of 2.50% per annum. On September 13, 2011, the Company through one wholly-owned subsidiary entered into a loan agreement with Emporiki Bank of Greece S.A. (“ Emporiki ”) for a loan of up to $15 ,00 0 to refinance part of the acquisition cost of the Arethusa. On December 13, 2012, Bikar , the Company, DSS and Credit Agricole Corporate and Investment Bank (“Credit Agricole ”) entered into a supplemental loan agreement to transfer the outstanding loan balance, the ISDA master swap agreement and the existing security documents from Emporiki to Credit Agricole . The loan is repayable in 20 equal semiannual installments of $5 00 each and a balloon payment of $5 , 0 00 to be paid together with the last installment on September 15, 2021. The loan bears interest at LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank. On May 24, 2013, the Company through two wholly-owned subsidiaries entered into a loan agreement with CEXIM Bank and DnB to finance part of the construction cost of Crystalia and Atalandi for an amount of up to $15 ,000 for each vessel, drawn on May 22, 2014. Each advance is repayable in 19 quarterly installments of $250 each and a balloon of $10,250 payable together with the last installment on February 22, 2019. The loan bears interest at LIBOR plus a margin of 3.0% per annum. On January 9, 2014, the Company through two wholly-owned subsidiaries entered into a loan agreement with Commonwealth Bank of Australia, London Branch , for a loan facility of up to $18 ,000 to finance part of the acquisition cost of the Melite and Artemis . The loan bears interest at LIBOR plus a margin of 2.25%. The loan was drawn in two tranches, one of $8 , 5 00 assigned to Melite and one of $9 , 5 00 assigned to Artemis . Tranche A was repayable in 24 equal consecutive quarterly installments of $19 6 each; and a balloon of $3 , 8 00 payable on January 13, 2020. As a result of the grounding incident of the Melite mentioned in Note 5 and the subsequent sale of the vessel, the respective loan balance was repaid in full in October 2017. Tranche B is repayable in 32 equal consecutive quarterly inst allments of $156 each and a balloon of $4 , 5 00 payable on January 13, 2022. On December 18, 2014, the Company through two wholly-owned subsidiaries entered into a loan agreement with BNP Paribas (“BNP”), for a loan facility of up to $55 ,00 0 to finance part of the acquisition cost of the G. P. Zafirakis and the P. S. Palios , of which $53 , 5 00 was drawn. The loan bears interest at LIBOR plus a margin of 2%, and is repayable in 14 equal semi-annual installments of approximately $ 1,574 and a balloon of $31,466 payable on November 30, 2021. On March 17, 2015, the Company, through eight separate wholly-owned subsidiaries, entered into a loan agreement with Nordea Bank AB, London 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 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 three wholly - owned subsidiaries, entered into a secured loan agreement with the Export-Import Bank of China for a loan of up to $75,735 in order to finance part of the co nstruction cost of Newport New s , San Francisco (Note 5) and Hull DY6006 . T he tranche for Hull DY6006 , whose shipbuilding contract was cancelled on October 31, 2016, was cancelled and o n February 6, 2017, pursuant to a Deed of Release with the b ank the owner of Hull DY6006 was released of all of its obligations under the loan agreement as borrower. On January 4, 2017, the Company drew down $57,240 . The loan is repayable in 60 equal quarterly instalments of $954 each by March 12, 2032 and bear s interest at L I BOR plus a margin of 2.3%. On March 29, 2016, the Company, through two wholly-owned subsidiaries, entered into a term loan agreement with ABN AMRO Bank N.V. for a loan of $25,755, drawn on March 30, 2016, to finance the acquisition cost of the Selina and the Ismene . The loan is payable in eight consecutive quarterly installments of $ 855 each and a balloon installment of $18,915 payable together with the last installment by June 30, 2019 . The first r epayment i nsta l lment was repaid on September 30, 2017 . The loan bears interest at LIBOR plus a margin of 3%. On May 10, 2016, the Company , through one wholly-owned subsidiary, entered into a term loan agreement with DNB Bank ASA and the Export-Import Bank of China for a loan of $13,510, drawn on the same date, being the purchase price of the Maera . The loan is payable in seven equal consecutive quarterly installments of about $20 each , four equal consecutive quarterly installments of about $283 and a balloon of about $ 12,242 payable together with the last installment on January 4, 2019. The loan bear s interest at LIBOR plus a margin of 3% per annum. According to the terms of the loan agreement, the Company will prepay an additional amount of $2 89 in the first quarter of 2018, which will be deducted from the balloon, and which is included in “Current portion of long term debt, net of deferred financing costs, current”. Under the secured term loans outstanding as of December 31, 2017 , 46 vessels of the Company's fleet are mortgaged with first preferred or priority ship mortgages , having an aggregate carrying value of $968,083 . Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts that exceed a certain period , pledge over the shares of the borrowers, manager's undertaking and subordination and requisition compensation and either a corporate guarantee by DSI (the “Guarantor”) or a guarantee by the ship owning companies (where applicable), financial covenants, as well as operating account assignments. The lenders may also require additional security in the future in the event the borrowers breach certain covenants under the loan agreements. The secured term loans generally include restrictions as to changes in management and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or the guarantor, maintained in the bank accounts of the borrowers, or the guarantor. As at December 31, 2017 and 2016, the restricted cash , which relates to minimum cash deposits required to be maintained at all times under the Company's loan facilities , amounted to $25,000 and $23,000 , respectively and is included in “ Restricted cash ” in the accompanying consolidated balance sheets . 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. A s at December 31 , 2017 , the Company was in compliance with all of its loan covenants . A s at December 31, 2016, the Company was not in compliance with the minimum security cover requirement of its loan agreement with BNP Paribas dated July 22, 2015 . 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 . The maturities of the Company's debt facilities described above, as at December 31 , 2017 , and throughout their term, are shown in the table below . T he table does not include the right of each of the lenders of a secured term loan to demand p repayment of their advance in August 2019 of the then outstanding balance of such advance , subject to a written notification : Period Principal Repayment January 1, 2018 to December 31, 2018 $ 62,059 January 1, 2019 to December 31, 2019 119,342 January 1, 2020 to December 31, 2020 183,132 January 1, 2021 to December 31, 2021 132,494 January 1, 2022 to December 31, 2022 72,468 January 1, 2023 and thereafter 35,298 Total $ 604,793 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8 . 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, the Company was notified by one of its P&I Clubs of supplemental calls with respect to the 2015 policy year which however were immaterial and were expensed in the 2016 consolidated statement of operations. Pursuant to the loan agreement with Diana Containerships Inc. dated June 30, 2017 (Note 4 (b)) , Diana Containerships is required to pay , o n the termination date of the loan, an additional $5,000 interest-bearing discount premium , which is not included in Due from related parties in the accompanying 2017 balance sheet. As at December 31, 2017, all of the Company's vessels were fixed under time charter agreements. T he minimum contractual gross charter revenue expected to be generated from fixed and non-cancelable time charter contracts existing as at December 31, 2017 and until their expiration was as follows: Period Amount Year 1 $ 95,851 Year 2 10,129 Total $ 105,980 |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Preferred stock : As at December 31, 2017 and 2016, 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 . As at December 31, 2017 and 2016, the Company had 2,600,000 Series B Preferred Shares issued and outstanding with par value $0.01 per share, at $25.00 per share and with liquidation preference at $25.0 0 per share and zero Series A Participating Preferred Shares issued and outstanding . 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 . 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 2017 , 2016, and 2015 , dividends on Series B preferred shares amount ed to $5,769 . At any time on or after February 14, 2019, the Company may redeem , in whole or in part, the series B preferred shares at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends 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. Offering of common shares: On April 26, 2017, the Company issued a total 20,125,000 common shares, at a price of $4.00 per share, in a public offering. As part of the offering, entities affiliated with Simeon Palios, the Company's Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price. The net proceeds from the offering after underwriting discounts and other offering expenses were $77,311 . 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, 2017 , 2,924,759 remained reserved for issuance. Restricted stock during 2017, 2016 and 2015 is analysed as follows: Number of Shares Weighted Average Grant Date Price 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 Granted 1,310,000 3.95 Vested (1,611,549) 5.46 Outstanding at December 31, 2017 3,641,117 $ 4.30 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. On May 11, 2017, after the resignation of one board member, the total amount of his unvested shares up to that date became vested at a compensation cost of $662. For 2017 , 2016, and 2015 , an amount of $8,232 , $8,313 , and $8,279 , respectively, was recognized in “ General and administrative expenses ” presented in the accompanying consolidated statements of operations . At December 31, 2017 and 2016, the total unrecognized cost relating to restricted share awards was $10,509 and $13,567 , respectively. At December 31, 2017, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.97 years. Share Repurchase Agreement: On May 22, 2014, the Company's Board of Directors authorized a share repurchase plan for up to $100,000 worth of shares of the Company's common stock. During 2015, the Company repurchased and retired 413,804 shares at an aggregate cost of approximately $2,673 and none during 2016 and 2017 . |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2017 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 10. Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2017 2016 2015 Interest expense $ 24,978 $ 19,523 $ 13,922 Amortization of financing costs 1,455 1,503 1,364 Commitment fees and other costs 195 923 269 Total $ 26,628 $ 21,949 $ 15,555 Total interest on long-term debt for 2017 , 2016 and 2015 amounted to $24,991 , $21,009 , and $14,622 , respectively , o f which $13 , $1,486 , and $700 , respectively, w ere capitalized and included “Vessels , net book value ” , in the accompanying consolidated balance sheets . |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 11. L oss per S hare All common shares issued (including the restricted shares issued under the Company's i ncentive p lan s ) are the Company's common stock and have equal rights to vote and participate in dividends 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 the 2017 , 2016 and 2015 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: 2017 2016 2015 Net loss $ (511,714) $ (164,237) $ (64,713) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,769) Net loss attributed to common stockholders (517,483) (170,006) (70,482) Weighted average number of common shares, basic and diluted 95,731,093 80,441,517 79,518,009 Loss per share, basic and diluted $ (5.41) $ (2.11) $ (0.89) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of operations . Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either ( i ) more 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 2017, 2016 and 2015 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 2017, 2016 and 2015, the Company would be subject to U.S. federal income tax of approximately $136 , $80 and $166, respectively, in the absence of an exemption under Section 883. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments | 13 . Financial Instruments and Fair Value Disclosures The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The fair value of 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 7) having a fixed interest rate amounted to $64,970 as of December 31, 2017 , 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. Currently , the company does not have any derivative instruments to manage such fluctuations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14 . Subsequent Events Series B Preferred Stock Dividends: On January 1 6 , 201 8 , 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 1 2 , 201 8 . Annual Incentive Bonus : On February 21 , 2018 the Company's Board of Directors approved the grant of 1,800,000 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 $ 6,876 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years. Loan Prepayment : On March 1 2 , 2018 the Company received an amount of $8,379 as partial prepayment under the loan with Diana Containerships, decreasing the loan receivable to $74,23 8 (Note 4 ( b)). |
Significant Accounting Polici22
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the initial determination of whether an entity is a VIE if certain types of events (“reconsideration events”) occur. If the Company holds a variable interest in an entity that previously was not a VIE, it reconsiders whether the entity has become a VIE. The Company has identified that it has variable interests in Diana Containerships Inc. and Diana Wilhelmsen Management Limited. The Company assessed reconsideration events and concluded that Diana Containerships Inc. is a VIE, however the Company is not the primary beneficiary (Notes 3(a) and 4(b)). |
Use of Estimates | (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues 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 and Restricted Cash | (e) Cash and Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. Restricted cash consists mainly of cash deposits required to be maintained at all times under the Company’s loan facilities (Note 7). As of December 31, 2017, restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage. |
Accounts Receivable, Trade | (f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, 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, 2017 and 2016. |
Loan Receivable from Related Party | (g) Loan Receivable from Related Party : The amounts shown as Due from related parties, current and non-current, in the consolidated balance sheet as at December 31, 2017 and 2016, represent amounts receivable from Diana Containerships Inc., or Diana Containerships, with respect to a loan agreement, net of any provision for credit losses and does not include the $5,000 discount premium due on the termination date of the loan (Note 4(b)). 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, 2017 and 2016, 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, equity offerings, sale plans, historical losses, and other risks/factors that may affect Diana Containerships' 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 net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. |
Vessel Cost | (i) Vessel Cost: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably 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 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; and (iv) fleet utilization; assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 are exceptional. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company performed the exercise discussed above which resulted to recording an impairment on certain vessels’ carrying value (Note 5). No impairment loss has been identified or recorded for 2016 and 2015. 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, 2017, 2016 and 2015, 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 or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment. |
Financing Costs | (n) Financing Costs : Fees paid to lenders for obtaining new loans or 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 second preferred mortgages over the vessels of Diana Containerships’ fleet (Note 4(b)). 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, if any, 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 and gain or loss from the sale of bunkers on delivery to the time charterers. 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 issues restricted share awards which are measured at their grant date fair value and are not subsequently re-measured. That cost is recognized over the period during which an employee is required to provide 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. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. |
Equity method investments | (v) Equity method investments: Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company 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. The Company assessed the financial condition of Diana Containerships (Note 3(a)), 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 impairment in 2017 and 2016, which is included in Loss from equity method investments in the accompanying statements of operations. |
Going concern | (w) Going concern: The Company's policy is in accordance with ASU No. 2014-15, "Presentation of Financial Statements - Going Concern", issued in August 2014 by the FASB. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management evaluates whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within one year from the date the financial statements are issued. |
Recent Accounting Pronouncements | Recent Accounting Pronouncement s adopted As of January 1, 2017, the Company adopted ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18—Statement of Cash Flows – Restricted Cash . The adoption of ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments did not result in any changes in the classification of cash receipts and cash payments. The adoption of ASU No. 2016-18—Statement of Cash Flows – Restricted Cash, changed the presentation of restricted cash in cash flow, where amounts generally described as restricted cash and restricted cash equivalents are 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. Recent Accounting Pronouncements not yet adopted I n May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. In August 2015, FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. 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 Company has evaluat ed the impact of the standard after reviewing historical contracts and has determined that all of the Company's agreements are considered leases. Certain non-lease components which are required to be assessed according to this standard, may only affect presentation and disclosures and not the way revenue is recognized. 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 May 2017, the FASB issued ASU 2017-09, "Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting" ("ASU 2017-09"), which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, however early adoption is permitted. The Company does not expe ct that the adoption of ASU 2017 -09 will have a material effect in the Company's financial statements. 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 does not expe ct that the adoption of ASU 201 6 - 13 will have a material effect in the Company's financial statements. |
Basis of Presentation and Gen23
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Presentation and General Information [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer 2017 2016 2015 A 17% B 14% 15% C 12% 10% D 19% 24% E 10% 20% F 12% G 10% |
Vessels, net book value (Tables
Vessels, net book value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Vessels [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | Vessel Cost Accumulated Depreciation Net Book Value 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 - Transfer from advances for vessels under construction and acquisition and other vessel costs 104,858 - 104,858 - Acquisitions, improvements and other vessel costs 67,787 - 67,787 - Vessel disposal (15,349) 12,834 (2,515) - Impairment charges (877,484) 438,573 (438,911) - Depreciation for the year - (81,553) (81,553) Balance, December 31, 2017 $ 1,267,231 $ (213,653) $ 1,053,578 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment, Net [Abstract] | |
Schedule Of Property And Equipment [Table Text Block] | Property and Equipment Accumulated Depreciation Net Book Value 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 - Additions in property and equipment 104 - 104 - Depreciation for the year - (568) (568) - Disposal of assets (3) 3 - Balance, December 31, 2017 $ 26,683 $ (4,033) $ 22,650 |
Long term debt, current and non
Long term debt, current and non-current (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2017 2016 8.5% Senior Unsecured Notes 63,250 63,250 Secured Term Loans 541,543 539,467 Total debt outstanding $ 604,793 $ 602,717 Less related deferred financing costs (3,409) (4,536) Total debt, net of deferred financing costs $ 601,384 $ 598,181 Less: Current portion of long term debt, net of deferred financing costs current (60,763) (65,072) Long-term debt, net of current portion and deferred financing costs, non-current $ 540,621 $ 533,109 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Principal Repayment January 1, 2018 to December 31, 2018 $ 62,059 January 1, 2019 to December 31, 2019 119,342 January 1, 2020 to December 31, 2020 183,132 January 1, 2021 to December 31, 2021 132,494 January 1, 2022 to December 31, 2022 72,468 January 1, 2023 and thereafter 35,298 Total $ 604,793 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period Amount Year 1 $ 95,851 Year 2 10,129 Total $ 105,980 |
Capital Stock and Changes in 28
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 Granted 1,310,000 3.95 Vested (1,611,549) 5.46 Outstanding at December 31, 2017 3,641,117 $ 4.30 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest and Finance Costs [Abstract] | |
Schedule Of Interest And Finance Costs [Table Text Block] | 2017 2016 2015 Interest expense $ 24,978 $ 19,523 $ 13,922 Amortization of financing costs 1,455 1,503 1,364 Commitment fees and other costs 195 923 269 Total $ 26,628 $ 21,949 $ 15,555 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 2015 Net loss $ (511,714) $ (164,237) $ (64,713) Less dividends on series B preferred shares $ (5,769) $ (5,769) $ (5,769) Net loss attributed to common stockholders (517,483) (170,006) (70,482) Weighted average number of common shares, basic and diluted 95,731,093 80,441,517 79,518,009 Loss per share, basic and diluted $ (5.41) $ (2.11) $ (0.89) |
Basis of Presentation and Gen31
Basis of Presentation and General Information, textual (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 | 10 |
Basis of Presentation and Gen32
Basis of Presentation and General Information, detail (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 17.00% | ||
Major Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 15.00% | |
Major Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 10.00% | |
Major Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 24.00% | |
Major Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 20.00% | |
Major Customer F [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Major Customer G [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Significant Accounting Polici33
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 438,911 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 25,582 | $ 23,000 | |
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. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 are extraordinary. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. | ||
Number of Reportable Segments | 1 | ||
Cash Guarantee [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 582 | ||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Interest-bearing discount premium payable on the termination date | 5,000 | ||
Drybulkers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 0 | $ 0 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici34
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 1 (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 55 years |
Property, plant and equipment, salvage value | $ 0 |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Drybulkers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Investments in related parties,
Investments in related parties, textual (Details) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | ||
May 30, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Income / (loss) from Equity Method Investments | $ (5,607) | $ (56,377) | $ (5,133) | |
Cash dividends from investment in Diana Containerships Inc. | 0 | 96 | 193 | |
Investments in related parties | 3,249 | 6,014 | ||
Stock Issued During Period Value New Issues | 77,311 | |||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000 | $ 0 | 0 | |
Diana Containerships Inc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 0.00% | 25.73% | ||
Equity Method Investments | $ 0 | $ 5,815 | ||
Income / (loss) from Equity Method Investments | (5,656) | (56,465) | (4,977) | |
Equity Method Investment, Other than Temporary Impairment | 3,124 | 17,568 | 0 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | (757) | |||
Cash dividends from investment in Diana Containerships Inc. | 0 | 96 | 193 | |
Investments in related parties | $ 3,000 | |||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000 | |||
Diana Containerships Inc [Member] | Series C Preferred Stock [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stock Issued During Period Shares New Issues | shares | 100 | |||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | |||
Preferred Stock Voting Rights | The Series C Preferred Stock will vote with the common shares of Diana Containerships, if any, and each share of the Series C Preferred Stock shall entitle the holder thereof to up to 250,000 votes, subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. | |||
Diana Containerships Inc [Member] | Series C Preferred Stock [Member] | Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred Stock Number Of Voting Rights | 250,000 | |||
Noncash or Part Noncash Acquisition, Interest Acquired | 49.00% | |||
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 | 10 | |||
Equity Method Investments | $ 249 | 199 | ||
Income / (loss) from Equity Method Investments | $ 49 | $ 88 | $ (156) |
Transactions with Related Par36
Transactions with Related Parties, textual (Details) $ in Thousands | 1 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Feb. 04, 2016USD ($) | May 30, 2017USD ($) | Jun. 30, 2017USD ($) | Aug. 20, 2013USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2016 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||||
Loan to Diana Containerships Inc. | $ 40,000 | $ 0 | $ 0 | ||||||
Management Fee Expense | 1,883 | 1,464 | 405 | ||||||
Due to related parties, current | 271 | 25 | |||||||
Due from related parties, current | 82,660 | 102 | |||||||
Due from related parties, non-current | 0 | 45,417 | |||||||
Vessel acquisition cost | 67,787 | 39,427 | |||||||
Noncash or Part Noncash Acquisition, Investments Acquired | 3,000 | 0 | 0 | ||||||
Altair Travel Agency S.A. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Amounts of Transaction | 2,096 | 2,320 | 2,685 | ||||||
Due to related parties, current | 162 | 23 | |||||||
Diana Containerships Inc [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from related parties, current | 82,660 | 102 | |||||||
Due from related parties, non-current | 0 | 45,417 | |||||||
Interest income from loan with Diana Containerships Inc. | $ 3,855 | 1,692 | 2,745 | ||||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000 | ||||||||
Diana Containerships Inc [Member] | Loan Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Issuance Date | May 20, 2013 | ||||||||
Debt instrument term | 5 years | ||||||||
Loan to Diana Containerships Inc. | $ 50,000 | ||||||||
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 | ||||||||
Loan receivable, Description of variable rate basis | LIBOR | ||||||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.00% | ||||||||
Debt instrument, fee amount | $ 200 | ||||||||
Debt instrument, annual principal payment | 5,000 | ||||||||
Maximum Agreegate Repayment Amount | $ 32,500 | ||||||||
Diana Containerships Inc [Member] | Loan Receivable Second Amendment Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Issuance Date | Aug. 24, 2016 | ||||||||
Loan receivable, Description of variable rate basis | LIBOR | ||||||||
Margin over Libor from agreement with Diana Containerships Inc. | 3.35% | ||||||||
Loan receivable, related parties | $ 42,417 | ||||||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Issuance Date | Jun. 30, 2017 | ||||||||
Debt instrument term | 18 months | ||||||||
Loan receivable, related parties | 82,617 | ||||||||
Loan receivable, related parties, additions | $ 40,000 | ||||||||
Debt instrument, fee amount | $ 200 | ||||||||
Interest-bearing discount premium payable on the termination date | $ 5,000 | ||||||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | First Twelve Months [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fixed interest rate from agreement with Diana Containerships Inc. | 6.00% | ||||||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | Next Three Months [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fixed interest rate from agreement with Diana Containerships Inc. | 9.00% | ||||||||
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | Last Three Motnhs [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fixed interest rate from agreement with Diana Containerships Inc. | 12.00% | ||||||||
Steamship Shipbroking Enterprises Inc [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 1,800 | 1,680 | 1,302 | ||||||
Due to related parties, current | $ 0 | 0 | |||||||
Diana Wilhelmsen Management Limited [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of vessels under management services | 10 | ||||||||
Diana Wilhelmsen Management Limited [Member] | Management Agreements [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management Fee Expense | $ 1,883 | 1,464 | 405 | ||||||
Commercial fees to related party | 260 | 124 | $ 43 | ||||||
Due to related parties, current | $ 109 | $ 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 |
Vessels, net book value, detail
Vessels, net book value, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels, Beginning Balance | $ 1,987,419 | $ 1,947,992 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 104,858 | |
Acquisitions, improvements and other vessel costs | 67,787 | 39,427 |
Vessel disposal | (15,349) | |
Impairment charges | (877,484) | |
Vessels, Ending Balance | 1,267,231 | 1,987,419 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, Beginning Balance | (583,507) | (507,189) |
Vessel disposal | 12,834 | |
Impairment charges | 438,573 | |
Depreciation for the year | (81,553) | (76,318) |
Accumulated depreciation, Ending Balance | (213,653) | (583,507) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels net book value, Beginning Balance | 1,403,912 | 1,440,803 |
Transfer from advances for vessels under construction and acquisition and other vessel costs | 104,858 | |
Acquisitions, improvements and other vessel costs | 67,787 | 39,427 |
Vessel disposal | (2,515) | |
Impairment charges | (438,911) | |
Depreciation for the year | (81,553) | (76,318) |
Vessels net book value, Ending Balance | $ 1,053,578 | $ 1,403,912 |
Vessels, net book value, textua
Vessels, net book value, textual (Details) $ / shares in Units, $ in Thousands | Jan. 04, 2017USD ($) | Feb. 04, 2016USD ($) | Apr. 30, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2017USD ($) | May 31, 2017 | May 31, 2016 | Mar. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel acquisition cost | $ 67,787 | $ 39,427 | ||||||||
Proceeds from shipbuilding contract termination | 0 | 9,413 | $ 0 | |||||||
Insurance maximum amount | 1,000,000 | |||||||||
Impairment charges | 442,274 | 0 | 0 | |||||||
Insurance Recoveries | 10,879 | 0 | 0 | |||||||
Advances for vessels under construction and acquisitions and other vessel costs | 0 | 46,863 | ||||||||
Net loss attributed to common stockholders | $ (517,483) | $ (170,006) | $ (70,482) | |||||||
Loss per share, basic and diluted | $ / shares | $ (5.41) | $ (2.11) | $ (0.89) | |||||||
Time charter equivalent rate assumed for asset impairment | 10 year average of historical 1 year time charter rates. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 are extraordinary. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. | |||||||||
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 | ||||||||
Newbuilding Vessels [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Contract Price Of Vessels To Be Acquired | $ 95,400 | |||||||||
Astarte Electra and Phaidra [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel acquisition cost | $ 67,250 | |||||||||
Number Of Vessels Delivered | 3 | |||||||||
Melite [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Insurance maximum amount | $ 14,000 | |||||||||
Property, plant and equipment, salvage value | $ 2,515 | |||||||||
Impairment charges | 19,807 | |||||||||
Insurance Recoveries | 11,528 | |||||||||
Impaired Vessels [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Impairment charges | 422,466 | |||||||||
Deferred Charges Net [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Impairment charges | 3,362 | |||||||||
Change of Time Charter Equivalent Rates Assumed for Asset Impairment [Member] | Impaired Vessels [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net loss attributed to common stockholders | $ (287,074) | |||||||||
Loss per share, basic and diluted | $ / shares | $ (3) |
Property and equipment, net, de
Property and equipment, net, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Property and Equipment, Beginning Balance | $ 26,582 | $ 26,365 | |
Additions in property and equipment | 104 | 217 | $ 211 |
Disposal of assets | (3) | ||
Property and Equipment, Ending Balance | 26,683 | 26,582 | 26,365 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated Depreciation, Property and Equipment, Beginning Balance | (3,468) | (2,876) | |
Depreciation for the year | (568) | (592) | |
Dsiposal of assets | 3 | ||
Accumulated Depreciation, Property and Equipment, Ending Balance | (4,033) | (3,468) | (2,876) |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property And Equipment Net, Beginning Balance | 23,114 | 23,489 | |
Additions in property and equipment | 104 | 217 | 211 |
Depreciation for the year | (568) | (592) | |
Property And Equipment Net, Ending Balance | $ 22,650 | $ 23,114 | $ 23,489 |
Long-term debt, current and n40
Long-term debt, current and non-current, details (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long Term Debt, current and non-current [Abstract] | ||
8.5% Senior Unsecured Notes | $ 63,250 | $ 63,250 |
Secured Term Loans | 541,543 | 539,467 |
Total debt outstanding | 604,793 | 602,717 |
Less related deferred financing costs | (3,409) | (4,536) |
Total debt, net of deferred financing costs | 601,384 | 598,181 |
Less: Current portion of long-term debt, net of deferred financing costs, current | (60,763) | (65,072) |
Long-term debt, net of current portion and deferred financing costs, non-current | $ 540,621 | $ 533,109 |
Long-term debt, current and n41
Long-term debt, current and non-current, textual (Details) | Jan. 04, 2017USD ($) | Mar. 19, 2015USD ($) | May 22, 2014USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2016USD ($) | Mar. 30, 2015USD ($) | May 10, 2016USD ($) | Apr. 30, 2015USD ($) | Jul. 24, 2015USD ($) | Oct. 06, 2015USD ($) | Nov. 19, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of Long-term Debt | $ 55,164,000 | $ 42,489,000 | $ 321,240,000 | |||||||||||||
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 | |||||||||||||||
Unsecured Senior Notes [Member] | Officers And Directors [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 12,750,000 | |||||||||||||||
Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Vessels Collateral For Debt | 46 | |||||||||||||||
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 margin ranging from 1% to 3% | |||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 3.38% | 2.79% | ||||||||||||||
Debt Instrument Collateral Amount | $ 968,083,000 | |||||||||||||||
Compensating Balance, Amount | $ 25,000,000 | $ 23,000,000 | ||||||||||||||
Minimum [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loan Margin Percentage | 1.00% | |||||||||||||||
Maximum [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||
Bremer Landesbank [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Oct. 22, 2009 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||
Debt Instrument, Face Amount | $ 40,000,000 | |||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 900,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 4,000,000 | |||||||||||||||
Debt Instrument, Maturity Date | Nov. 12, 2019 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.15% | |||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Oct. 2, 2010 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||
Debt Instrument, Face Amount | $ 82,600,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 72,100,000 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.50% | |||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Lae Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 628,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 12,332,000 | |||||||||||||||
Debt Instrument, Maturity Date | Feb. 15, 2022 | |||||||||||||||
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Namu Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Number of installments | 40 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 581,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 11,410,000 | |||||||||||||||
Debt Instrument, Maturity Date | May 18, 2022 | |||||||||||||||
Emporiki Bank of Greece S.A. [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Sep. 13, 2011 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||
Debt Instrument, Number of installments | 20 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 5,000,000 | |||||||||||||||
Debt Instrument, Maturity Date | Sep. 15, 2021 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank | |||||||||||||||
Loan Margin Percentage | 2.50% | |||||||||||||||
Emporiki Bank of Greece S.A. [Member] | Loan Amount Secured By Cash Pledge in Favor of the Bank [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loan Margin Percentage | 1.00% | |||||||||||||||
CEXIM Bank and DnB [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | May 24, 2013 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||
CEXIM Bank and DnB [Member] | Erikub Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||
Debt Instrument, Number of installments | 19 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 10,250,000 | |||||||||||||||
Debt Instrument, Maturity Date | Feb. 22, 2019 | |||||||||||||||
Proceeds From Issuance Of Debt | $ 15,000,000 | |||||||||||||||
CEXIM Bank and DnB [Member] | Wotho Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||
Debt Instrument, Number of installments | 19 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 10,250,000 | |||||||||||||||
Debt Instrument, Maturity Date | Feb. 22, 2019 | |||||||||||||||
Proceeds From Issuance Of Debt | $ 15,000,000 | |||||||||||||||
Commonwealth Bank Of Australia [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Jan. 9, 2014 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||
Debt Instrument, Face Amount | $ 18,000,000 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.25% | |||||||||||||||
Commonwealth Bank Of Australia [Member] | Taka Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 8,500,000 | |||||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 196,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 3,800,000 | |||||||||||||||
Debt Instrument, Maturity Date | Jan. 13, 2020 | |||||||||||||||
Commonwealth Bank Of Australia [Member] | Fayo Shipping Company Inc [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 9,500,000 | |||||||||||||||
Debt Instrument, Number of installments | 32 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 156,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 4,500,000 | |||||||||||||||
Debt Instrument, Maturity Date | Jan. 13, 2022 | |||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Dec. 18, 2014 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||
Debt Instrument, Face Amount | $ 55,000,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 53,500,000 | |||||||||||||||
Debt Instrument, Number of installments | 14 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,574,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 31,466,000 | |||||||||||||||
Debt Instrument, Maturity Date | Nov. 30, 2021 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.00% | |||||||||||||||
Nordea Bank AB [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Mar. 17, 2015 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 8 | |||||||||||||||
Debt Instrument, Face Amount | $ 110,000,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 93,080,000 | |||||||||||||||
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% | |||||||||||||||
ABN AMRO Bank NV [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Mar. 26, 2015 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 3 | |||||||||||||||
Debt Instrument, Face Amount | $ 53,000,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 50,160,000 | |||||||||||||||
Debt Instrument, Number of installments | 24 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 994,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 26,310,000 | |||||||||||||||
Debt Instrument, Maturity Date | Mar. 30, 2021 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.00% | |||||||||||||||
Danish Ship FInance A/S [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Apr. 29, 2015 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 30,000,000 | |||||||||||||||
Debt Instrument, Number of installments | 28 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 16,000,000 | |||||||||||||||
Debt Instrument, Maturity Date | Apr. 30, 2022 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.15% | |||||||||||||||
BNP Paribas [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Jul. 22, 2015 | |||||||||||||||
Debt Instrument, Face Amount | $ 165,000,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 165,000,000 | |||||||||||||||
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 | |||||||||||||||
Long-term portion of bank debt reclassified as current | $ 19,731,000 | |||||||||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | As at December 31, 2016, the Company was not in compliance with the minimum security cover requirement of its loan agreement with BNP Paribas dated July 22, 2015. 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 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 57,240,000 | |||||||||||||||
Debt Instrument, Number of installments | 60 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 954,000 | |||||||||||||||
Debt Instrument, Maturity Date | Mar. 12, 2032 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 2.30% | |||||||||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | Mar. 29, 2016 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 2 | |||||||||||||||
Debt Instrument, Face Amount | $ 25,755,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 25,755,000 | |||||||||||||||
Debt Instrument Date Of First Required Payment | Sep. 30, 2017 | |||||||||||||||
Debt Instrument, Number of installments | 8 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 855,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 18,915,000 | |||||||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2019 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||
DNB Bank ASA And Export-Import Bank Of China [Member] | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Issuance Date | May 10, 2016 | |||||||||||||||
Number Of Subsidiaries, Entered Into Loan Agreement | 1 | |||||||||||||||
Debt Instrument, Face Amount | $ 13,510,000 | |||||||||||||||
Proceeds From Issuance Of Secured Debt | $ 13,510,000 | |||||||||||||||
Debt Instrument, Baloon Payment | $ 12,242,000 | |||||||||||||||
Debt Instrument, Maturity Date | Jan. 4, 2019 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a margin | |||||||||||||||
Loan Margin Percentage | 3.00% | |||||||||||||||
Debt Instrument, Prepayment Amount | $ 289,000 | |||||||||||||||
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 n42
Long-term debt, current and non-current, details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 62,059 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 119,342 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 183,132 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 132,494 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 72,468 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 35,298 | |
Total debt outstanding | $ 604,793 | $ 602,717 |
Commitments and Contingencies,
Commitments and Contingencies, textual (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Environmental Remediation Obligations [Abstract] | |
Insurance Coverage For Pollution | $ 1,000,000 |
Supplemental Calls Review Period | 3 years |
Diana Containerships Inc [Member] | Loan Receivable Refinance [Member] | |
Related Party Transaction [Line Items] | |
Interest-bearing discount premium payable on the termination date | $ 5,000 |
Commitments and Contingencies44
Commitments and Contingencies, detail (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $ 95,851 |
Year 2 | 10,129 |
Total | $ 105,980 |
Capital Stock and Changes in 45
Capital Stock and Changes in Capital Accounts, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class Of Stock [Line Items] | |||
Dividends on series B preferred stock | $ 5,769 | $ 5,769 | $ 5,769 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Proceeds from Issuance of Common Stock | $ 77,311 | $ 0 | 0 |
Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock [Member] | Series A Participating Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Preferred Stock [Member] | Series B Participating Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | ||
Preferred Stock, Shares Issued | 2,600,000 | 2,600,000 | |
Preferred Stock, Shares Outstanding | 2,600,000 | 2,600,000 | |
Shares Issued Price Per Share | $ 25 | ||
Preferred Stock Liquidation Preference Per Share | $ 25 | ||
Preferred Stock Voting Rights | Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. | ||
Preferred Stock Dividend Rate Percentage | 8.875% | ||
Preferred Stock Dividend Rate Per Dollar Amount | $ 2.21875 | ||
Dividends on series B preferred stock | $ 5,769 | $ 5,769 | $ 5,769 |
Preferred Stock, Redemption Price Per Share | $ 25 | ||
Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock Issued During Period Shares New Issues | 20,125,000 | ||
Shares Issued Price Per Share | $ 4 | ||
Proceeds from Issuance of Common Stock | $ 77,311 | ||
Chief Executive Officer and Chairman [Member] | Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock Issued During Period Shares New Issues | 5,500,000 |
Capital Stock and Changes in 46
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) - Equity Incentive Plan 2014 - shares | Dec. 31, 2017 | 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 | 2,924,759 |
Capital Stock and Changes in 47
Capital Stock and Changes in Capital Accounts, detail (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non vested restricted common stock, beginning balance | 3,942,666 | 2,764,312 | 2,491,834 |
Granted | 1,310,000 | 2,150,000 | 1,100,000 |
Vested | (1,611,549) | (971,646) | (827,522) |
Non vested restricted common stock, ending balance | 3,641,117 | 3,942,666 | 2,764,312 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, beginning balance | $ 4.89 | $ 8.27 | $ 9.30 |
Weighted Average Grant Date Fair Value, Granted | 3.95 | 2.26 | 6.91 |
Weighted Average Grant Date Fair Value, Vested | 5.46 | 8.67 | 9.57 |
Weighted Average Grant Date Fair Value, enging balance | $ 4.30 | $ 4.89 | $ 8.27 |
Capital Stock and Changes in 48
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
May 11, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Compensation cost on restricted stock | $ 8,232 | $ 8,313 | $ 8,279 | |
Unrecognized cost for unvested restricted shares | $ 10,509 | $ 13,567 | ||
Total Compensation Cost Not yet Recognized, Period for Recognition | 11 months 25 days | |||
Resignation of One Borard Member[Member] | ||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Compensation cost on restricted stock | $ 662 |
Capital Stock and Changes in 49
Capital Stock and Changes in Capital Accounts, textuals 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 22, 2014 | |
Equity [Abstract] | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||
Stock repurchased and retired, shares | 0 | 0 | 413,804 | |
Stock repurchased and retired, value | $ 2,673 |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | |||
Interest expense | $ 24,978 | $ 19,523 | $ 13,922 |
Amortization of financing costs | 1,455 | 1,503 | 1,364 |
Commitment fees and other costs | 195 | 923 | 269 |
Interest and finance costs | $ 26,628 | $ 21,949 | $ 15,555 |
Interest and Finance Costs, tex
Interest and Finance Costs, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | |||
Interest Costs Incurred | $ 24,991 | $ 21,009 | $ 14,622 |
Interest Costs, Capitalized During Period | $ 13 | $ 1,486 | $ 700 |
Loss per Share, detail (Details
Loss per Share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | |||
Net loss | $ (511,714) | $ (164,237) | $ (64,713) |
Less dividends on series B preferred shares | (5,769) | (5,769) | (5,769) |
Net loss attributed to common stockholders | $ (517,483) | $ (170,006) | $ (70,482) |
Weighted average number of common shares, basic and diluted | 95,731,093 | 80,441,517 | 79,518,009 |
Loss per share, basic and diluted | $ (5.41) | $ (2.11) | $ (0.89) |
Income Taxes, textual (Details)
Income Taxes, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 136 | $ 80 | $ 166 |
Financial Instruments, textual
Financial Instruments, textual (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Financial Instruments [Abstract] | |
Trading Symbol | DSX |
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 | $ 64,970 |
Subsequent Events, textual (Det
Subsequent Events, textual (Details) - Subsequent Events - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | |
Jan. 16, 2018 | Mar. 12, 2018 | Feb. 21, 2018 | |
Diana Containerships Inc [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Collection of Long-term Loans to Related Parties | $ 8,379 | ||
Loan receivable, related parties | $ 74,238 | ||
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. 12, 2018 | ||
Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of restricted stock and compensation cost, shares | 1,800,000 | ||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6,876 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |