Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Listings [Line Items] | |
Document type | 20-F |
Document period end date | Dec. 31, 2020 |
Amendment flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity registrant name | Diana Shipping Inc. |
Entity central index key | 0001318885 |
Entity current reporting status | Yes |
Entity voluntary filers | No |
Entity File Number | 001-32458 |
Current fiscal year end date | --12-31 |
Entity filer category | Accelerated Filer |
Entity well known seasoned issuer | No |
Entity Emerging Growth Company | false |
Document Shell Company Report | false |
Entity common stock shares outstanding | 89,275,002 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | 1T |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Document Annual Report | true |
Document Transition Report | false |
Document Registration Statement | false |
Entity Address Address Line 1 | Pendelis 16 |
Entity Address Postal Zip Code | 175 64 Palaio Faliro |
Entity Address City Or Town | Athens |
Entity Address, Country | GR |
Entity Shell Company | false |
Common Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 par value including the Preferred Stock Purchase Rights |
Trading Symbol | DSX |
Security Exchange Name | NYSE |
Series B Cumulative Redeemable Perpetual Preferred Shares at 8.875% [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value |
Trading Symbol | DSXPRB |
Security Exchange Name | NYSE |
Cover II
Cover II | 12 Months Ended |
Dec. 31, 2020 | |
Entity Contact Personnel [Line Items] | |
Entity Address Address Line 1 | Pendelis 16 |
Entity Address Postal Zip Code | 175 64 Palaio Faliro |
Entity Address City Or Town | Athens |
Entity Address, Country | GR |
Contact Personel Name | Mr. Ioannis Zafirakis |
Business Contact [Member] | |
Entity Contact Personnel [Line Items] | |
Entity Address Address Line 1 | Pendelis 16 |
Entity Address Postal Zip Code | 175 64 Palaio Faliro |
Entity Address City Or Town | Athens |
Entity Address, Country | GR |
Contact Personel Name | Mr. Ioannis Zafirakis |
City Area Code | 210 |
Local Phone Number | 9470-100 |
Contact Personnel Fax Number | 30-210-9470-101 |
Contact Personnel Email Address | izafirakis@dianashippinginc.com |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 62,909 | $ 107,288 |
Accounts receivable, trade | 5,235 | 7,862 |
Due from related parties | 1,196 | 23 |
Inventories (Note 2(g)) | 4,717 | 5,526 |
Prepaid expenses and other assets | 7,243 | 9,210 |
Vessel held for sale (Note 4) | 23,361 | 7,130 |
Total current assets | 104,661 | 137,039 |
FIXED ASSETS: | ||
Vessels, net (Note 4) | 716,178 | 882,297 |
Property and equipment, net (Note 5) | 21,704 | 22,077 |
Total fixed assets | 737,882 | 904,374 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash (Notes 2(e) and 6) | 20,000 | 21,000 |
Investments in related parties (Notes 2(v,x) and 3) | 0 | 1,680 |
Other non-current assets | 719 | 2,941 |
Deferred charges, net (Notes 2(m) and 4) | 9,148 | 4,246 |
Total assets | 872,410 | 1,071,280 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current (Note 6) | 39,217 | 40,205 |
Accounts payable, trade and other | 8,558 | 11,394 |
Due to related parties (Note 3) | 484 | 85 |
Accrued liabilities | 10,488 | 11,268 |
Deferred revenue (Note 2(p)) | 2,842 | 2,532 |
Total current liabilities | 61,589 | 65,484 |
Long-term debt, net of current portion and deferred financing costs, non-current (Note 6) | 381,097 | 434,746 |
Other non-current liabilities | 1,154 | 986 |
Commitments and contingencies (Note 7) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 8(a)) | 26 | 26 |
Common stock, $0.01 par value; 200,000,000 shares authorized and 91,193,339 and 103,764,351 issued and outstanding at December 31, 2019 and 2018, respectively (Note 8(b)) | 893 | 912 |
Additional paid-in capital | 1,020,164 | 1,021,633 |
Accumulated other comprehensive income | 69 | 109 |
Accumulated deficit | (592,582) | (452,616) |
Total stockholders' equity | 428,570 | 570,064 |
Total liabilities and stockholders' equity | $ 872,410 | $ 1,071,280 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 89,275,002 | 91,193,339 |
Common Stock, Shares Outstanding | 89,275,002 | 91,193,339 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Time charter revenues (Note 2(p)) | $ 169,733 | $ 220,728 | $ 226,189 |
EXPENSES: | |||
Voyage expenses (Note 2(p)) | 13,525 | 13,542 | 7,405 |
Vessel operating expenses (Note 2(q)) | 85,847 | 90,600 | 95,510 |
Depreciation and amortization of deferred charges | 42,991 | 48,904 | 52,206 |
General and administrative expenses | 32,778 | 28,601 | 29,518 |
Management fees to related party (Note 3) | 2,017 | 2,155 | 2,394 |
Impairment loss (Note 4) | 104,395 | 13,987 | 0 |
Loss from sale of vessels (Note 4) | 1,085 | 6,171 | 1,448 |
Other (gain)/loss | (230) | (854) | (542) |
Operating income/(loss) | (112,675) | 17,622 | 38,250 |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Note 9) | (21,514) | (29,432) | (30,506) |
Interest and other income (Note 3(b)) | 728 | 2,858 | 8,822 |
Gain on repurchase of debt | 374 | 0 | 0 |
Gain/(loss) from investments (Note 3(b) and 3(d)) | (1,110) | (1,583) | 14 |
Total other expenses, net | (21,522) | (28,157) | (21,670) |
Net income/(loss) | (134,197) | (10,535) | 16,580 |
Dividends on series B preferred shares (Notes 8 and 10) | (5,769) | (5,769) | (5,769) |
Net income/(loss) attributed to common stockholders | $ (139,966) | $ (16,304) | $ 10,811 |
Earnings/(loss) per common share, basic and diluted | $ (1.62) | $ (0.17) | $ 0.10 |
Weighted average number of common shares, basic (Note 10) | 86,143,556 | 95,191,116 | 103,736,742 |
Weighted average number of common shares, diluted (Note 10) | 86,143,556 | 95,191,116 | 104,715,883 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Income and Comprehensive Income [Abstract] | |||
Net income/(loss) | $ (134,197) | $ (10,535) | $ 16,580 |
Other comprehensive income/(loss) (Actuarial income/(loss)) | (40) | (178) | (7) |
Comprehensive income/(loss) | $ (134,237) | $ (10,713) | $ 16,573 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) | Total | Preferred Stock Series B | Preferred Stock Series C | Preferred StockPreferred Stock Series B | Preferred StockPreferred Stock Series C | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalPreferred Stock Series C | Other Comprehensive Income / (Loss) | Retained Earnings/ (Accumulated Deficit) | Retained Earnings/ (Accumulated Deficit)Preferred Stock Series B |
Balance of shares at Dec. 31, 2017 | 2,600,000 | 0 | 106,131,017 | ||||||||
Balance at Dec. 31, 2017 | $ 624,758,000 | $ 26,000 | $ 0 | $ 1,061,000 | $ 1,070,500,000 | $ 294,000 | $ (447,123,000) | ||||
Net income/(loss) | 16,580,000 | $ 0 | 0 | 0 | 16,580,000 | ||||||
Stock repurchased and retired, shares (Note 8(e)) | (4,166,666) | ||||||||||
Stock repurchased and retired, value (Note 8(e)) | (15,157,000) | $ (41,000) | (15,116,000) | ||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 1,800,000 | ||||||||||
Issuance of restricted stock and compensation cost, value (Note 8(f)) | 7,279,000 | $ 18,000 | 7,261,000 | 0 | 0 | ||||||
Dividends on series B preferred stock (Note 8(b)) | $ (5,769,000) | $ (5,769,000) | |||||||||
Other comprehensive income/(loss) | (7,000) | (7,000) | |||||||||
Balance of shares at Dec. 31, 2018 | 2,600,000 | 0 | 103,764,351 | ||||||||
Balance at Dec. 31, 2018 | 627,684,000 | $ 26,000 | $ 0 | $ 1,038,000 | 1,062,645,000 | 287,000 | (436,312,000) | ||||
Net income/(loss) | (10,535,000) | $ 0 | 0 | 0 | (10,535,000) | ||||||
Issuance of new shares, shares (Note 8)(c)) | 10,675 | ||||||||||
Issuance of new shares, value (Note 8) | $ 960,000 | $ 960,000 | |||||||||
Stock repurchased and retired, shares (Note 8(e)) | (14,571,012) | ||||||||||
Stock repurchased and retired, value (Note 8(e)) | (49,679,000) | $ (146,000) | (49,533,000) | ||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 2,000,000 | ||||||||||
Issuance of restricted stock and compensation cost, value (Note 8(f)) | 7,581,000 | $ 20,000 | 7,561,000 | 0 | 0 | ||||||
Dividends on series B preferred stock (Note 8(b)) | (5,769,000) | (5,769,000) | |||||||||
Other comprehensive income/(loss) | (178,000) | (178,000) | |||||||||
Balance of shares at Dec. 31, 2019 | 2,600,000 | 10,675 | 91,193,339 | ||||||||
Balance at Dec. 31, 2019 | 570,064,000 | $ 26,000 | $ 0 | $ 912,000 | 1,021,633,000 | 109,000 | (452,616,000) | ||||
Net income/(loss) | (134,197,000) | $ 0 | 0 | 0 | (134,197,000) | ||||||
Stock repurchased and retired, shares (Note 8(e)) | (4,118,337) | ||||||||||
Stock repurchased and retired, value (Note 8(e)) | (11,999,000) | $ (41,000) | (11,958,000) | ||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 2,200,000 | ||||||||||
Issuance of restricted stock and compensation cost, value (Note 8(f)) | 10,511,000 | $ 22,000 | 10,489,000 | ||||||||
Dividends on series B preferred stock (Note 8(b)) | $ (5,769,000) | $ (5,769,000) | |||||||||
Other comprehensive income/(loss) | (40,000) | (40,000) | |||||||||
Balance of shares at Dec. 31, 2020 | 2,600,000 | 10,675 | 89,275,002 | ||||||||
Balance at Dec. 31, 2020 | $ 428,570,000 | $ 26,000 | $ 0 | $ 893,000 | $ 1,020,164,000 | $ 69,000 | $ (592,582,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ (134,197) | $ (10,535) | $ 16,580 |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 42,991 | 48,904 | 52,206 |
Impairment loss (Note 4) | 104,395 | 13,987 | 0 |
Amortization of financing costs (Note 9) | 1,066 | 1,126 | 1,939 |
Compensation cost on restricted stock (Note 8) | 10,511 | 7,581 | 7,279 |
Actuarial gain/(loss) | (40) | (178) | (7) |
Loss from sale of vessels (Note 4) | 1,085 | 6,171 | 1,448 |
Gain from loan to a related party (Note 3(b)) | 0 | 0 | (5,000) |
(Gain)/loss on extinguishment of debt (Note 6) | (374) | 188 | 0 |
(Gain)/loss from related party investments (Note 3(b) and (d)) | 1,110 | 1,583 | (14) |
(Increase) / Decrease in: | |||
Accounts receivable, trade | 2,627 | (4,914) | 1,989 |
Due from related parties | (1,173) | (23) | 43 |
Inventories | 809 | 309 | (65) |
Prepaid expenses and other assets | 1,967 | (2,846) | (1,197) |
Other non-current assets | (252) | (2,941) | 0 |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | (2,836) | 321 | 3,119 |
Due to related parties | (31) | (97) | (89) |
Accrued liabilities, net of accrued preferred dividends | (780) | (2,109) | 5,131 |
Deferred revenue | 310 | (1,558) | 883 |
Other non-current liabilities | 168 | 143 | (59) |
Drydock costs | (10,122) | (5,230) | (4,256) |
Net cash provided by Operating Activities | 17,234 | 49,882 | 79,930 |
Cash Flows from Investing Activities: | |||
Payments for vessel improvements (Note 4) | (6,001) | (2,804) | (2,573) |
Proceeds from sale of vessels (Note 4) | 15,623 | 41,326 | 14,578 |
Proceeds from sale of related party investment (Note 3(b)) | 1,500 | 0 | 0 |
Payments to joint venture (Note 3(d)) | (500) | 0 | 0 |
Proceeds from loan to a related party (Note 3(b)) | 0 | 0 | 87,617 |
Payments to acquire furniture and fixtures (Note 5) | (138) | (125) | (252) |
Net cash provided by / (used in) Investing Activities | 10,484 | 38,397 | 99,370 |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt (Note 6) | 0 | 44,000 | 100,000 |
Proceeds from issuance of preferred stock (Note 8(c)) | 0 | 960 | 0 |
Payments of dividends, preferred stock (Note 8(b)) | (5,769) | (5,769) | (5,769) |
Payments for repurchase of common stock (Note 8(e)) | (11,999) | (49,679) | (15,157) |
Payments of financing costs | (567) | (357) | (2,833) |
Repayments of long-term debt | (54,762) | (100,553) | (169,943) |
Net cash provided by / (used in) Financing Activities | (73,097) | (111,398) | (93,702) |
Net increase / (decrease) in cash, cash equivalents and restricted cash | (45,379) | (23,119) | 85,598 |
Cash, cash equivalents and restricted cash at beginning of the year | 128,288 | 151,407 | 65,809 |
Cash, cash equivalents and restricted cash at end of the year | 82,909 | 128,288 | 151,407 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents | 62,909 | 107,288 | 126,825 |
Restricted cash | 20,000 | 21,000 | 24,582 |
Cash, cash equivalents and restricted cash at end of the year | 82,909 | 128,288 | 151,407 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Non-cash investments (Note 4) | 2,474 | 0 | 0 |
Interest paid | $ 21,397 | $ 28,554 | $ 25,683 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of Diana Shipping Inc., or DSI, and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). DSI was formed on March 8, 1999 The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership of dry bulk carrier vessels. The Company operates its own fleet through Diana Shipping Services S.A. (or “DSS”), a wholly-owned subsidiary and through Diana Wilhelmsen Management Limited, or DWM, a 50% owned joint venture (Note 3). The fees paid to DSS are eliminated in consolidation. In 2020, the outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. As of December 31, 2020, the impact of the outbreak of COVID-19 virus resulted in low time charter rates throughout the year, decreased revenues and increased crew and dry-docking costs. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the Company’s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption and is making necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company. During 2020, 2019, and 2018, charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2020 2019 2018 A 18% 16% 14% B 16% 14% 15% C 18% 16% D 12% 11% |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies 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 it has variable interests in Diana Wilhelmsen Management Limited, but is not the primary beneficiary (Note 3(b)). 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. 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. 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. e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months 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 6). f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of provisions for doubtful accounts, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however the Company assessed its accounts receivable, trade and its credit risk relating to its charterers, following the outbreak of the COVID-19 and the effect that this could have on its accounts. provision for doubtful accounts was established as of December 31, 2020 and 2019. g) Inventories: Inventories consist of lubricants and victualling which are stated, on a consistent basis, 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. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. 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. During 2020, 2019 and 2018, the Company incurred loss on bunkers amounting to $ 3,708, $ 1,537 and gain of $ 4,799, resulting mainly from the revaluation of bunkers on the delivery of the vessels to a new charterer. This loss or gain in included in “Voyage expenses” in the accompanying consolidated statements of operations. h) 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. i) Vessels held for sale: The Company classifies assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell. j) Property and equipment: The Company owns the land and building where its offices are located. Land is stated at cost 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. k) Impairment of Long-Lived Assets: Long-lived assets 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 an asset 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 an asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company evaluates the asset for impairment loss. Measurement of the impairment loss is based on the fair value of the asset, determined mainly by third party valuations. For vessels, the Company calculates undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using 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, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and their fair value is recognized in the Company's accounts as impairment loss. 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 were exceptional. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters of these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. Similarly, the Company performed the exercise discussed above, for 2018, by excluding from the 10-year average of 1 year time charters the years 2009-2010 and for 2019, by excluding the rates for the year 2010. The Company’s impairment assessment resulted in the recognition of impairment on certain vessels’ carrying value in 2019 and 2020 (Note 4). No impairment loss was identified or recorded in 2018. For 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. No impairment loss was identified or recorded for 2020, 2019 and 2018 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. 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. 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 (Note 4). n) Financing Costs : Fees paid to lenders for obtaining new loans or refinancing existing ones accounted as loan modification are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are deferred. 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 or bonds repaid or repurchased or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment, prepayment, repurchase 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. o) Concentration of Credit Risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. 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. p) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. The Company monitors developments in the dry bulk shipping industry on a regular basis and adjusts the charter hire periods for the vessels according to prevailing market conditions. In order to take advantage of relatively stable cash flow and high utilization rates, some of the vessels may be fixed on long-term time charters. 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. 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. s) Segmental Reporting: The Company engages in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and the Company does not evaluate the operating results for each type of dry bulk vessels (i.e. Panamax, Capesize etc.) for the purpose of making decisions about allocating resources and assessing performance. t) Fair Value Measurements : The Company classifies and discloses its assets and liabilities carried at 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. 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. 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 carrying value of an equity method investment is reduced to zero because of losses, the Company does not provide for additional losses unless it is committed to provide further financial support for the investee. As of December 31, 2020, the Company’s investment in DWM is classified as a liability because the Company absorbed such losses (Note 3(d)). 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. w) Going concern: Management evaluates, at each reporting period, 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. x) Shares repurchased and retired: The Company’s shares repurchased for retirement, are immediately cancelled and the Company’s share capital is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. y) Financial Instruments, credit losses : At each reporting date, the Company evaluates its financial assets individually for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses the Company considers available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts . New Accounting Pronouncements – Adopted On January 1, 2020, the Company adopted ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities, ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”, which clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases, ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis and ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The adoption of this new accounting guidance, as amended by these Updates, did not have a material effect on the Company’s consolidated financial statements and related disclosures, considering that its receivables relate mainly to time charter revenues whose collectability is evaluated in accordance with ASC 842 Leases. On January 1, 2020, the Company adopted ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures. On January 1, 2020, the Company adopted ASU 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”, which, improve the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures. New Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. As of December 31, 2020, the Company has not made any contract modifications to replace the reference rate in any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Transactions wtih Related Parties [Abstract] | |
Transactions with related parties | 3. Transactions with related parties a) 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 2020, 2019 and 2018 amounted to $ 1,854, $ 2,032 and $ 2,253, respectively, and are mainly included in “Vessels, net book value”, “Vessel operating expenses” and “General and administrative expenses” in the accompanying consolidated financial statements. At December 31, 2020 and 2019, an amount of $ 54 and $ 30, respectively, was payable to Altair and is included in “Due to related parties” in the accompanying consolidated balance sheets. b) Performance Shipping Inc., or Performance Shipping: On June 30, 2017, DSI refinanced an existing loan amounting to $ 42,617, at that date, by entering into a new loan facility with Performance Shipping amounting to $ 82,617. The loan also provided for an additional $ 5,000 interest-bearing discount premium payable on the termination date, unless waived according to certain terms of the loan agreement. The loan was collected in full in July 2018, including the additional $ 5,000 interest-bearing discount premium. The loan bore interest at the rate of 6% per annum for the first twelve months, scaled to 9% until full repayment. The loan facility was secured by first preferred mortgages on Performance Shipping’s vessels and included financial and other covenants. For 2018, interest and other income amounted to $ 7,055 (including the $5,000 additional discount premium) and is included in “Interest and other income” in the accompanying consolidated statement of operations. On May 30, 2017, the Company acquired 100 shares of Series C Preferred Stock, par value $ 0.01 per share, of Performance Shipping, for $ 3,000 in exchange for a reduction of an equal amount in the principal amount of the Company’s outstanding loan to Performance Shipping at that date. The acquisition of shares of Series C Preferred Stock was approved by an independent committee of the Board of Directors of the Company. In February 2020, the Company received an offer from Performance Shipping to redeem the Series C Preferred Stock for an aggregate price of $ 1,500, at which price the Company written down the investment at December 31, 2019. The Company’s Board of Directors formed a special committee to evaluate the transaction with the assistance of an independent financial advisor. The transaction was recommended by the special committee to the Board of Directors, which resolved to accept the offer. The transaction was concluded on March 27, 2020 with the receipt of the related funds from Performance Shipping. The Series C Preferred Stock had no dividend or liquidation rights and voted with the common shares of Performance Shipping, if any. Each share of the Series C Preferred Stock entitled 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 would not exceed 49.0%, on all matters submitted to a vote of the stockholders ofPerformance Shipping. At December 31, 2019 the investment in the preferred shares of Performance Shipping was $ 1,500, reduced from $ 3,000 at December 31, 2018, and is included in “Investments in related parties” in the 2019 accompanying consolidated balance sheet. This reduction which is included in the 2019 “Gain/(loss) from related party investments” was made due to management’s qualitative assessment that the carrying value of the investment could not be recoverable. c) Steamship Shipbroking Enterprises Inc. or Steamship: Steamship is a company controlled by the Company’s CEO and Chairman of the Board which provides brokerage services to DSI for a fixed monthly fee plus commission on the sale of vessels, pursuant to a Brokerage Services Agreement, amended annually on April 1 st 2,653, $ 1,998 and $ 1,850, respectively, and are included in “General and administrative expenses” in the accompanying consolidated statements of operations. For 2020, commissions on the sale of vessels amounted to $ 576 and are included in “Vessel impairment charges” as the vessels were recorded at fair value less cost to sell (Note 4). As of December 31, 2020 and 2019, there was no amount due to Steamship. d) Diana Wilhelmsen Management Limited, or DWM: DWM is a joint venture which was established on 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. The DWM office is located in Limassol, Cyprus. Effective July 1, 2020 Wilhelmsen Ship Management Holding Limited, was replaced by Wilhelmsen Ship Management Holding AS, which assumed all the liabilities and obligations of the former company under the Joint venture agreement. During 2020, each 50% shareholder of DWM contributed an amount of $ 500 as additional investment to DWM. As of December 31, 2020, the equity method investment in DWM turned to a liability of $ 430 and is included in “Due to related parties” in the 2020 accompanying consolidated balance sheet. At December 31, 2019, the investment was $ 180 and is included in “Investments in related parties” in the respective accompanying consolidated balance sheet. For 2020, 2019 and 2018, the investment in DWM resulted in a loss of $ 1,110 and $ 83 and gain of $ 14, respectively, and is included in “Gain/(loss) from related party investments” in the accompanying consolidated statements of operations. Until October 8, 2019, DWM provided management services to certain vessels of the Company’s fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels’ gross revenues pursuant to management agreements between the vessels and DWM. Since October 8, 2019, all of the fleet vessels are managed by DSS and DSS outsourced the management of certain vessels to DWM. For the management services outsourced to DWM, DSS pays a fixed monthly fee per vessel and a percentage of those vessels’ gross revenues. Management fees paid to DWM for 2020, 2019 and 2018 amounted to $ 2,017, $ 2,155 and $ 2,394, respectively, and are separately presented as “Management fees to related party” in the accompanying consolidated statements of operations. Commercial fees in 2019 and 2018, amounted to $ 353 and $ 453, respectively, and are included in “Voyage expenses”. As at December 31, 2020 and 2019, there was an amount of $ 1,196 due from DWM, included in “Due from related parties” and $ 55 due to DWM, included in “Due to related parties” in the accompanying consolidated balance sheets. e) Series C Preferred Stock : On January 31, 2019, DSI issued 10,675 shares of its newly-designated Series C Preferred Stock, par value $ 0.01 per share, to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase price of $ 1,066. In September 2020, the Series C Preferred Shares were transferred from an affiliate of Mr. Simeon Palios to an affiliate of the Company’s Deputy Chief Executive Officer and Chief Operating Officer, Mrs. Semiramis Paliou (Note 8). f) Sale of Vessels: On February 14 and February 15, 2019, the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement to sell the vessels Danae and Dione to two affiliated parties, for a purchase price of $ 7,200 each (Note 4). |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2020 | |
Vessels [Abstract] | |
Vessels | 4. Vessels Vessel Disposals On February 14 and February 15, 2019, the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement to sell the vessels Danae and Dione to two affiliated parties, for a purchase price of $ 7,200 each. The transaction was approved by disinterested directors of the Company and the agreed upon sale price was based, among other factors, on independent third-party broker valuations obtained by the Company. Both vessels were delivered to their new owners in April 2019. During 2019, the Company through separate wholly-owned subsidiaries entered into Memoranda of Agreement to sell to unaffiliated third parties the vessel Erato , for a sale price of $ 7,000 before commissions, delivered to her new owners in June 2019; the vessel Thetis , for a sale price of $ 6,400 before commissions, delivered to her new owners in July 2019; the vessel Nirefs , for a sale price of $ 6,710 before commissions, delivered to her new owners in September 2019; the vessel Clio , for a sale price of $ 7,400 before commissions, delivered to her new owners in November 2019; and the vessel Calipso , for a sale price of $ 7,275 before commissions. The sale of the vessels Danae , Dione, Thetis and Calipso resulted in an aggregate impairment of $ 10,567, including the write off of the unamortized drydocking costs of $ 1,102, as the vessels were measured at the lower of their carrying value and fair value (sale price) less costs to sell (Note 12), resulting from their classification as held for sale and is included in “Vessel impairment charges” in the accompanying 2019 statement of operations. Additionally, the Company recorded an aggregate loss from the sale of Erato , Nirefs and Clio, amounting to $ 6,171, separately presented in the accompanying 2019 statement of operations. In February 2020, the buyers of Calipso elected to exercise their right to cancel the contract as a result of the vessel’s missing the cancelling date due to unforeseen events, unrelated to the condition of the vessel. Following this cancelation of the memorandum of agreement, on March 8, 2020, the vessel was withdrawn from the market as per management’s decision and was recorded at its fair value at that date as held and used, according to the provisions of ASC 360, amounting to $ 7,330. The vessel’s fair value was determined through Level 2 inputs of the fair value hierarchy by taking into consideration a third party valuation which was based on the last done deals of sale of vessels with similar characteristics, such as type, size and age. The valuation of the vessel at fair value resulted in a gain of $ 201 included in “Impairment loss” in the accompanying consolidated statement of operations for the year ended December 31, 2020. On January 29, 2020, the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel Norfolk , for a sale price of $ 9,350 before commissions. In February 2020, the buyers of Norfolk elected to exercise their right to cancel the contract as a result of vessel’s missing the cancelling date due to unforeseen events, unrelated to the condition of the vessel. On February 26, 2020, the Company signed a new Memorandum of Agreement to sell the vessel Norfolk to an unaffiliated third party for a sale price of $ 8,750 before commissions, which resulted in a loss from sale of $ 1,078 included in “Loss from sale of vessels” in the 2020 consolidated statement of operations. The vessel was delivered to her new owners in March 2020. Additionally in 2020, the Company through separate wholly-owned subsidiaries entered into Memoranda of Agreement to sell to unaffiliated third parties the vessel Arethusa , for a sale price of $ 7,850 before commissions (Note 6), delivered to her new owners in August 2020; the vessel Coronis , for a sale price of $ 7,100 before commissions, delivered to her new owners in January 2021; the vessel Sideris G.S. , for a sale price of $ 11,500 before commissions; delivered to her new owners in January 2021; and the vessel Oceanis , for a sale price of $ 5,750 before commissions, expected to be delivered to her new owners in March 2021. At the date the MOAs were signed, all four vessels were measured at the lower of their carrying amount or fair value (sale price) less costs to sell (Note 12) and were classified in current assets as Vessels held for sale, according to the provisions of ASC 360, as all criteria required for this classification were then met. This resulted in an aggregate impairment of $ 11,257, including the write off of unamortized drydocking costs amounting to $ 128, and is included in “Vessel impairment charges”. Additionally, the Company recorded an aggregate loss from the sale of Arethusa, amounting to $ 7 included in “Loss from sale of vessels” in the accompanying 2020 consolidated statement of operations. At December 31, 2020, the vessels Coronis, Sideris G.S. , and Oceanis were presented as held for sale. Impairment Loss - other At December 31, 2019, the Company’s estimated undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of three vessels (including the Norfolk mentioned above) over their remaining useful lives and their eventual disposition were less than their carrying amount. This resulted in impairment loss, net loss and net loss attributed to common stock holders of $ 3,419, or $ 0.04 per share, consisting of $ 2,386 of vessels’ net book value and $ 1,033 of deferred drydocking costs, both included in “Vessel impairment charges” in the accompanying 2019 statement of operations. The fair value of these three vessels, amounting to an aggregate of $ 46,580, was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations and for the one vessel which was subsequently sold, the fair value was determined through Level 1 inputs of the fair value hierarchy (Note 12). At March 31, 2020, the Company’s estimated undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of nine vessels of the Company’s fleet over their remaining useful lives and their eventual disposition were less than their carrying amount plus any unamortized dry-docking costs. This exercise resulted in impairment loss, net loss and net loss attributed to common stockholders of $ 93,338, or $ 1.08 per share, consisting of $ 91,995 of vessels’ net book value and $ 1,343 of deferred drydocking costs, both included in “Vessel impairment charges” in the accompanying 2020 consolidated statement of operations. The fair value of these nine vessels, amounting to an aggregate of $ 166,430, was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done deals of sale of vessels with similar characteristics, such as type, size and age (Note 12). The amounts reflected in Vessels, net in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 $ 1,228,591 $ ( 237,188) $ 991,403 - Additions for improvements 2,804 - 2,804 - Impairment ( 55,396) 43,545 ( 11,851) - Vessel held for sale ( 7,130) - ( 7,130) - Vessel disposals ( 72,335) 24,965 ( 47,370) - Depreciation for the year - ( 45,559) ( 45,559) Balance, December 31, 2019 $ 1,096,534 $ ( 214,237) $ 882,297 - Additions for improvements 6,001 - 6,001 - Additions reclassified from other non-current assets 2,474 2,474 - Vessel transferred from held for sale 7,130 - 7,130 - Impairment ( 199,605) 96,681 ( 102,924) - Vessel disposals ( 16,742) 34 ( 16,708) - Vessel transferred to held for sale ( 23,361) (23,361) - Depreciation for the period - ( 38,731) ( 38,731) Balance, December 31, 2020 $ 872,431 $ ( 156,253) $ 716,178 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment, net [Abstract] | |
Property and equipment, net | 5. 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, 2018 $ 26,935 $ ( 4,510) $ 22,425 - Additions in property and equipment 125 - 125 - Depreciation for the year - ( 473) ( 473) Balance, December 31, 2019 $ 27,060 $ ( 4,983) $ 22,077 - Additions in property and equipment 138 - 138 - Depreciation for the period - ( 511) ( 511) Balance, December 31, 2020 $ 27,198 $ ( 5,494) $ 21,704 |
Long-term debt, current and non
Long-term debt, current and non-current | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt, current and non-current [Abstract] | |
Long-term debt, current and non-current | 6. Long-term debt, current and non-current The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: 2020 2019 9.5% Senior Unsecured Bond 92,000 100,000 Secured Term Loans 331,056 378,298 Total debt outstanding $ 423,056 $ 478,298 Less related deferred financing costs ( 2,742) ( 3,347) Total debt, net of deferred financing costs $ 420,314 $ 474,951 Less: Current portion of long term debt, net of deferred financing costs current ( 39,217) ( 40,205) Long-term debt, net of current portion and deferred financing costs, non-current $ 381,097 $ 434,746 9.5% Senior Unsecured Bond : On September 27, 2018, the Company issued a $ 100,000 senior unsecured bond (the “Bond”) maturing in September 2023 and may issue up to an additional $ 25,000 of the Bond on one or more occasions. The bond ranks ahead of subordinated capital and ranks the same with all other senior unsecured obligations of the Company other than obligations which are mandatorily preferred by law. Entities affiliated with the Company’s chief executive officer, Mr. Simeon Palios, and other executive officers and directors of the Company purchased $ 16,200 aggregate principal amount of the Bond. The Bond bears interest from September 27, 2018 at a US Dollar fixed-rate coupon of 9.50% and is payable semi-annually in arrears in March and September of each year. The Bond is callable in whole or in parts in three years at a price equal to 103% of nominal value; in four years at a price equal to 101.9% of the nominal value and in four and a half years at a price equal to 100% of nominal value. The bond includes financial and other covenants and is trading on the Oslo Stock Exchange under the ticker symbol “DIASH01”. On July 7, 2020, the Company repurchased $ 8,000 of nominal value of its $ 100,000 9.5% senior unsecured bonds, which the Company holds, realizing a net gain of $ 374, separately presented as “Gain on extinguishment of debt” in the accompanying 2020 consolidated statement of operations. 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 LIBOR plus margin ranging from 1.65% to 2.5%. Their maturities range from January 2022 to January 2032. For 2020 and 2019, the weighted average interest rates of the secured term loans were 3.02% 4.56%, respectively. Under the secured term loans outstanding as of December 31, 2020, 30 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $629,349 As at December 31, 2020 and 2019, the minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $20,000 $21,000 As at December 31, 2020, the Company had the following agreements with banks, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries: Export-Import Bank of China and DnB NOR Bank ASA: On February 15, 2012, the Company drew down a first tranche of $ 37,450, under a secured loan agreement, which is repayable in 40 quarterly installments of approximately $ 628 each and a balloon of $ 12,332 payable together with the last installment on February 15, 2022. On May 18, 2012, the Company drew down, under the same agreement, a second tranche of $ 34,640, which is repayable in 40 quarterly installments of approximately $ 581 each and a balloon of $ 11,410 payable together with the last installment on May 18, 2022. The loan bears interest at LIBOR plus a margin of 2.50% per annum. Credit Agricole Corporate and Investment Bank (“Credit Agricole”): On September 15, 2011, the Company drew down $ 15,000 under a secured loan agreement with Emporiki Bank of Greece S.A., transferred to Credit Agricole on December 13, 2012. The loan was repayable in 20 equal semiannual installments of $ 500 each and a balloon payment of $ 5,000 to be paid together with the last installment on September 15, 2021. The loan bore interest at LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that was equivalently secured by cash pledge in favour of the bank. Following the agreement to sell the vessel Arethusa (Note 4), on July 17, 2020, the Company prepaid the outstanding balance of the loan at that date, amounting to $ 6,500. The loan was prepaid using the cash pledge maintained with the bank. Commonwealth Bank of Australia, London Branch: On January 13, 2014, the Company drew down $ 9,500 under a secured loan agreement, which is repayable in 32 equal consecutive quarterly installments of $ 156 each and a balloon of $ 4,500 payable on January 13, 2022. The loan bears interest at LIBOR plus a margin of 2.25%. BNP Paribas (“BNP”): On December 19, 2014, the Company drew down $ 53,500 under a secured loan agreement, which is repayable in 14 equal semi-annual installments of approximately $ 1,574 and a balloon of $ 31,466 payable on November 30, 2021. The loan bore interest at LIBOR plus a margin of 2%. On June 29, 2020, the Company entered into a loan agreement to refinance the existing loan, whereas the balloon of $ 31,466 will be payable in five equal semi-annual installments of approximately $ 1,574 and a balloon of $ 23,596 payable together with the last installment on May 19, 2024. The refinanced loan bears interest at LIBOR plus a margin of 2.5%. On July 16, 2018, the Company drew down $ 75,000 under a secured loan agreement with BNP. The loan is repayable in 20 consecutive quarterly installments of $ 1,562.5 and a balloon installment of $ 43,750 payable together with the last installment on July 16, 2023. The loan bears interest at LIBOR plus a margin of 2.3%. Nordea Bank AB, London Branch : On March 19, 2015, the Company drew down $ 93,080 under a secured loan agreement, which was 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 bore interest at LIBOR plus a margin of 2.1%. On May 7, 2020, the Company entered into a new loan agreement to refinance the balance of the existing loan, whereas the balance is payable in eight equal quarterly installments of about $ 1,862 each and a balloon of $ 40,955 payable together with the last installment on March 19, 2022. The borrowers have the option to request additional extensions until March 2023 and March 2024 subject to approval by the lender. The refinanced loan bears interest at LIBOR plus a margin of 2.25%. ABN AMRO Bank N.V., or ABN: On March 30, 2015, the Company drew down $ 50,160 under a secured loan agreement, which was 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 bore interest at LIBOR plus a margin of 2.0%. On June 27, 2019, the Company drew down $ 25,000 under a new loan agreement, which is repayable in 20 consecutive quarterly installments of $ 800 each and a balloon installment of $ 9,000 payable together with the last installment on June 30, 2024. The loan bears interest and LIBOR plus a margin of 2.25%. On May 22, 2020, the Company signed a term loan facility with ABN, in the amount of $ 52,885 million, divided into two tranches. The purpose of the loan facility was to combine the two loans outstanding with ABN and extend the maturity of the loan maturing on March 30, 2021 (tranche B) to the maturity of the other loan, maturing in June 30, 2024 (tranche A). The refinanced loan bears interest at LIBOR plus a margin of 2.25% for tranche A and LIBOR plus a margin of 2.4% for tranche B. Danish Ship Finance A/S: On April 30, 2015, the Company drew down $ 30,000 under a loan agreement, which is repayable in 28 equal consecutive quarterly installments of $ 500 each and a balloon of $ 16,000 payable together with the last installment on April 30, 2022. The loan bears interest at LIBOR plus a margin of 2.15%. ING Bank N.V.: On November 19, 2015, the Company drew down advance A of $ 27,950 under a secured loan agreement, which is repayable in 28 consecutive quarterly installments of about $ 466 each and a balloon installment of about $ 14,907 payable together with the last installment on November 19, 2022. Advance B of $ 11,733 was drawn on October 6, 2015 and is repayable in 28 consecutive quarterly installments 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%. Export-Import Bank of China: On January 4, 2017, the Company drew down $ 57,240 under a secured loan agreement, which is repayable in 60 equal quarterly instalments of $ 954 each by January 4, 2032 and bears interest at LIBOR plus a margin of 2.3%. DNB Bank ASA.: On March 14, 2019, the Company drew down $ 19,000 under a secured loan agreement, which is repayable in 20 consecutive quarterly instalments of $ 477.3 and a balloon of $ 9,454 payable together with the last installment on March 14, 2024. The loan bears interest at LIBOR plus a margin of 2.4%. As at December 31, 2020 and 2019, the Company was in compliance with all of its loan covenants. The maturities of the Company’s debt facilities described above as at December 31, 2020, and throughout their term, are shown in the table below and do not include the related debt issuance costs of the loan agreements. Period Principal Repayment Year 1 $ 40,242 Year 2 133,766 Year 3 156,485 Year 4 64,897 Year 5 3,816 Year 6 and thereafter 23,850 Total $ 423,056 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies a) 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. b) On July 9, 2020, DWM and the ship-owning company of the vessel Protefs placed a security bond in the amount of $ 1,750 for any potential fines or penalties for alleged violations of law concerning maintenance of books and records and the handling of oil wastes of the vessel Protefs. Part of this amount is included in “due from related parties”, in the accompanying 2020 consolidated balance sheet, as the amount was paid by DSI (Note 3(d)). As of December 31, 2020, the Company determined that Protefs could be liable for part of a fine related to this incident and recorded an accrual of $ 958, representing the Company’s best estimate for such amount at that date (Note 13). c) As at December 31, 2020, all of the Company’s vessels were fixed under time charter agreements, considered operating leases. The minimum contractual gross charter revenue expected to be generated from fixed and non-cancelable time charter contracts existing as at December 31, 2020 and until their expiration was as follows: Period Amount Year 1 $ 71,718 Year 2 1,982 Total $ 73,700 |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | 8. Capital Stock and Changes in Capital Accounts a) Preferred stock : As at December 31, 2020 and 2019, the Company’s authorized preferred stock consists of 25,000,000 shares (all in registered form) of preferred stock, par value $ 0.01 per share, of which 1,000,000 are designated as Series A Participating Preferred Shares, 5,000,000 are designated as Series B Preferred Shares and 10,675 are designated as Series C Preferred Shares. b) Series B Preferred Stock: As at December 31, 2020 and 2019, 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 $ 25.00 per share and zero Series A Participating Preferred Shares issued and outstanding. Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. Also, holders of series B preferred shares, rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation and are subordinated to all of the existing and future indebtedness. 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 2020, 2019, and 2018, dividends on Series B preferred shares amounted to $5,769 for each year. Since February 14, 2019, the Company may redeem, in whole or in part, the series B preferred shares at a redemption price of $ 25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. c) Series C Preferred Stock : As at December 31, 2020 and 2019, the Company had 10,675 Series C Preferred Shares issued and outstanding with par value $ 0.01 per share, issued to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase price of $ 1,066 gross. The Series C Preferred Stock votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. d) Repurchase of common shares: In December 2018, the Company repurchased in a tender offer, a total of 4,166,666 common shares, at a price of $ 3.60 per share for an aggregate amount of $ 15,157. In 2019, the Company repurchased in tender offers 3,889,386 shares of its outstanding common stock at a price of $ 2.80 per share; 3,125,000 shares at a price of $ 3.40 per share; 2,000,000 shares at a price of $ 3.75 per share; 2,816,900 shares at a price of $ 3.55 per share; and 2,739,726 shares at a price of 3.65. The aggregate cost of the shares repurchased amounted to $ 49,679, including expenses. In February 2020, the Company repurchased, in a tender offer 3,030,303 shares of its common stock at a price of $ 3.30 per share and in March 2020, repurchased 1,088,034 shares of common stock under its share repurchase plan authorized in May 2014. The aggregate cost of the shares repurchased amounted to $ 11,999, including expenses. On December 15, 2020, the Company announced the commencement of a tender offer to purchase up to 6,000,000 million shares at a price of $ 2.00 per share, or $ 12,000 (Note 13). e) Incentive plan: In November 2014, the Company adopted the 2014 Equity Incentive Plan, or the Plan, to issue awards to Key Persons in the form of (a) non-qualified stock, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) dividend equivalents, (f) unrestricted stock and (g) other equity-based or equity-related Awards for a maximum number of 5,000,000 shares of common stock. This number was increased to 13,000,000 on May 31, 2018, after an amendment of the Plan (note 13). Restricted shares vest ratably over a specified period, and are subject to forfeiture until they vest. Unless they forfeit, grantees have the right to vote, to receive and retain all dividends paid and to exercise all other rights, powers and privileges of a holder of shares. On February 19, 2020, the Company’s Board of Directors approved the award of 2,200,000 shares of restricted common stock to executive management and non-executive directors, for a fair value of $5,984 3 years for all directors except for two whose shares were awarded without vesting restrictions due to their resignation from the board. As at December 31, 2020, 4,924,759 remained reserved for issuance. Restricted stock for 2020, 2019 and 2018 is analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 3,641,117 $ 4.30 Granted 1,800,000 3.82 Vested ( 1,679,484) 4.38 Outstanding at December 31, 2018 3,761,633 $ 4.04 Granted 2,000,000 2.99 Vested ( 1,928,400) 3.75 Outstanding at December 31, 2019 3,833,233 $ 3.63 Granted 2,200,000 2.72 Vested ( 3,610,221) 3.52 Outstanding at December 31, 2020 2,423,012 $ 2.95 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 February 19, 2020, after the resignation of two board members, the total amount of their restricted share awards that had not vest up to that date, vested. The compensation cost of these awards and the cost of the 2020 awards amounted to $ 1,988. On September 16, 2020, the total amount of restricted share awards owned by the Company’s Charmain and Chief Executive Officer, Mr. Simeon Palios, vested in full. The compensation cost of these awards amounted to $ 2,328. For 2020, 2019 and 2018 compensation cost amounted to $10,511 $7,581 $7,279 At December 31, 2020 and 2019, the total unrecognized cost relating to restricted share awards was $3,978 $8,505 0.83 years. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 9. Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2020 2019 2018 Interest expense $ 20,742 $ 27,963 $ 28,299 Interest income from bond repurchase ( 579) - - Amortization of financing costs 1,066 1,126 1,939 Loan expenses 285 343 268 Total $ 21,514 $ 29,432 $ 30,506 |
Earnings_(loss) per Share
Earnings/(loss) per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings/(loss) per Share [Abstract] | |
Earnings/(loss) per Share | 10. Earnings/(loss) per Share All common shares issued (including the restricted shares issued under the Company’s incentive plans) are the Company’s common stock and have equal rights to vote and participate in dividends. The calculation of basic earnings/(loss) per share does not treat the non-vested shares (not considered participating securities) as outstanding until the time/service-based vesting restriction has lapsed. Incremental shares are the number of shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. For 2020 and 2019, the Company incurred losses, therefore the effect of incremental shares was anti-dilutive and basic and diluted loss per share was the same. For 2018, the denominator of the diluted earnings per share calculation includes 979,141 shares, being the number of incremental shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. Profit or loss attributable to common equity holders is adjusted by the amount of dividends on Series B Preferred Stock as follows: 2020 2019 2018 Net income/(loss) $ ( 134,197) $ ( 10,535) $ 16,580 Less dividends on series B preferred shares ( 5,769) ( 5,769) ( 5,769) Net income/(loss) attributed to common stockholders $ ( 139,966) $ ( 16,304) $ 10,811 Weighted average number of common shares, basic 86,143,556 95,191,116 103,736,742 Incremental shares - - 979,141 Weighted average number of common shares, diluted 86,143,556 95,191,116 104,715,883 Earnings/(loss) per share, basic and diluted $ ( 1.62) $ ( 0.17) $ 0.10 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 11. 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. The vessel-owning companies with vessels that have called on the United States are obliged to file tax returns with the Internal Revenue Service. However, pursuant to the Internal Revenue Code of the United States, U.S. source income from the international operations of ships is generally exempt from U.S. tax. The applicable tax is 50% of 4% of U.S.-related gross transportation income unless an exemption applies. The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2020, 2019 and 2018 taxable years, and the Company takes this position for United States federal income tax return reporting purposes. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures | 12. 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 the Bond (Note 6) having a fixed interest rate amounted to $ 97,880 as of December 31, 2020, 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 stated under the ticker symbol “DIASH01” on the Oslo Børs. At December 31, 2019, three vessels were recorded at fair value as their estimated cash flows over their remaining useful lives and their eventual disposition was less than their carrying amount. The fair value of one vessel was determined through Level 1 input of the fair value hierarchy, based on the agreed price to sell the vessel (Notes 4 and 13) and for the other two through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done deals of sale of vessels with similar characteristics, such as type, size and age. At March 31, 2020, nine vessels were recorded at fair value as their estimated cash flows over their remaining useful lives and their eventual disposition was less than their carrying amount. Additionally, the vessel Calipso was recorded at fair value following its reclassification from assets held for sale as at December 31, 2019 to assets held and used. The fair value of all these vessels was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done deals of sale of vessels with similar characteristics, such as type, size and age at the specific dates (Note 4). As of December 31, 2020, the vessels Arethusa , Coronis, Sideris G.S. and Oceanis were recorded at a value determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements based on the agreed price to sell the vessels, less costs to sell, as a result from the vessels’ classification as held for sale at the date of their memorandum of agreement (Note 4). The Company is exposed to interest rate fluctuations associated with its variable rate borrowings. Currently, the company does not have any derivative instruments to manage such fluctuations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events a) Series B Preferred Stock Dividends: On January 15, 2021, the Company paid a dividend on its series B preferred stock, amounting to $ 0.5546875 per share, or $ 1,442, to its stockholders of record as of January 14, 2021. b) Investment contribution : In January 2021, each 50% shareholder of DWM contributed an amount of $ 250 as additional investment (Note 3(d)). c) Delivery of vessels : In January 2021, the vessels Coronis and Sideris G.S., being held for sale as of December 31, 2020, (Note 4) were delivered to their new owners. d) Amendment of equity incentive plan and restricted share awards: On January 8, 2021, the Company amended and restated its 2014 Equity Incentive Plan (the “Plan”) to increase the number of common shares available for issuance under the Plan by 20 million shares (Note 8). On February 18, 2021, the Company’s Board of Directors approved the award of 260,000 shares of restricted common stock to the Company’s new COO, as part of his remuneration package for joining the Company effective March 1, 2021 having a fair value of $798 three year period which will be the vesting period of the shares. On February 24, 2021 the Company’s Board of Directors approved the award of 2,400,000 shares of restricted common stock to executive management and non-executive directors, pursuant to the Company’s amended plan, as annual bonus. Additionally, on the same date the Board of Directors approved the award of 5,600,000 shares of restricted common stock as a long-term incentive bonus. The fair value of the restricted shares based on the closing price on the date of the Board of Directors’ approval was $6,816 $15,904 3 years and 5 years respectively. e) Repurchase of common shares : In January 2021, the Company increased the price of the tender offer commenced in December 2020 to $ 2.50 per share and on February 2, 2021, repurchased 6,000,000 shares of its common stock at the price of $ 2.50 per share, or an aggregate purchase price of $ 15,000 net to the seller in cash, less any applicable withholding taxes and without interest. f) Plea Agreement : On February 2021, DWM entered into a plea agreement with the United States pursuant to which DWM, as defendant, agreed to waive indictment, plead guilty pursuant to the terms thereof, accepted a fine of $ 2,000 and the placement of DWM on probation for four years, subject to court approval (Note 7). |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 it has variable interests in Diana Wilhelmsen Management Limited, but is not the primary beneficiary (Note 3(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: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months 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 6). |
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 from lease agreements, net of provisions for doubtful accounts, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however the Company assessed its accounts receivable, trade and its credit risk relating to its charterers, following the outbreak of the COVID-19 and the effect that this could have on its accounts. provision for doubtful accounts was established as of December 31, 2020 and 2019. |
Inventories | g) Inventories: Inventories consist of lubricants and victualling which are stated, on a consistent basis, 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. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. 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. During 2020, 2019 and 2018, the Company incurred loss on bunkers amounting to $ 3,708, $ 1,537 and gain of $ 4,799, resulting mainly from the revaluation of bunkers on the delivery of the vessels to a new charterer. This loss or gain in included in “Voyage expenses” in the accompanying consolidated statements of operations. |
Vessel Cost | h) 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. |
Vessels held for sale | i) Vessels held for sale: The Company classifies assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell. |
Property and equipment | j) Property and equipment: The Company owns the land and building where its offices are located. Land is stated at cost 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 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 an asset 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 an asset over its remaining useful life and its eventual disposition is less than its carrying amount, the Company evaluates the asset for impairment loss. Measurement of the impairment loss is based on the fair value of the asset, determined mainly by third party valuations. For vessels, the Company calculates undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using 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, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the Company’s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and their fair value is recognized in the Company's accounts as impairment loss. 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 were exceptional. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters of these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. Similarly, the Company performed the exercise discussed above, for 2018, by excluding from the 10-year average of 1 year time charters the years 2009-2010 and for 2019, by excluding the rates for the year 2010. The Company’s impairment assessment resulted in the recognition of impairment on certain vessels’ carrying value in 2019 and 2020 (Note 4). No impairment loss was identified or recorded in 2018. For 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. No impairment loss was identified or recorded for 2020, 2019 and 2018 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 (Note 4). |
Financing Costs | n) Financing Costs : Fees paid to lenders for obtaining new loans or refinancing existing ones accounted as loan modification are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are deferred. 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 or bonds repaid or repurchased or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment, prepayment, repurchase 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 and trade accounts receivable. 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. |
Accounting for Revenues and Expenses | p) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. The Company monitors developments in the dry bulk shipping industry on a regular basis and adjusts the charter hire periods for the vessels according to prevailing market conditions. In order to take advantage of relatively stable cash flow and high utilization rates, some of the vessels may be fixed on long-term time charters. |
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 engages in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and the Company does not evaluate the operating results for each type of dry bulk vessels (i.e. Panamax, Capesize etc.) for the purpose of making decisions about allocating resources and assessing performance. |
Fair Value Measurements | t) Fair Value Measurements : The Company classifies and discloses its assets and liabilities carried at 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 carrying value of an equity method investment is reduced to zero because of losses, the Company does not provide for additional losses unless it is committed to provide further financial support for the investee. As of December 31, 2020, the Company’s investment in DWM is classified as a liability because the Company absorbed such losses (Note 3(d)). 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. |
Going concern | w) Going concern: Management evaluates, at each reporting period, 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. |
Financial Instruments, Recognition and Measurement | y) Financial Instruments, credit losses : At each reporting date, the Company evaluates its financial assets individually for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses the Company considers available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts . |
Shares repurchased and retired | x) Shares repurchased and retired: The Company’s shares repurchased for retirement, are immediately cancelled and the Company’s share capital is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. |
Recent Accounting Pronouncements | New Accounting Pronouncements – Adopted On January 1, 2020, the Company adopted ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities, ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”, which clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases, ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis and ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The adoption of this new accounting guidance, as amended by these Updates, did not have a material effect on the Company’s consolidated financial statements and related disclosures, considering that its receivables relate mainly to time charter revenues whose collectability is evaluated in accordance with ASC 842 Leases. On January 1, 2020, the Company adopted ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures. On January 1, 2020, the Company adopted ASU 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”, which, improve the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures. New Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. As of December 31, 2020, the Company has not made any contract modifications to replace the reference rate in any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. |
Financial Instruments, credit losses | y) Financial Instruments, credit losses : At each reporting date, the Company evaluates its financial assets individually for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses the Company considers available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts . |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation and General Information [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer 2020 2019 2018 A 18% 16% 14% B 16% 14% 15% C 18% 16% D 12% 11% |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Vessels [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 $ 1,228,591 $ ( 237,188) $ 991,403 - Additions for improvements 2,804 - 2,804 - Impairment ( 55,396) 43,545 ( 11,851) - Vessel held for sale ( 7,130) - ( 7,130) - Vessel disposals ( 72,335) 24,965 ( 47,370) - Depreciation for the year - ( 45,559) ( 45,559) Balance, December 31, 2019 $ 1,096,534 $ ( 214,237) $ 882,297 - Additions for improvements 6,001 - 6,001 - Additions reclassified from other non-current assets 2,474 2,474 - Vessel transferred from held for sale 7,130 - 7,130 - Impairment ( 199,605) 96,681 ( 102,924) - Vessel disposals ( 16,742) 34 ( 16,708) - Vessel transferred to held for sale ( 23,361) (23,361) - Depreciation for the period - ( 38,731) ( 38,731) Balance, December 31, 2020 $ 872,431 $ ( 156,253) $ 716,178 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment, net [Abstract] | |
Schedule Of Property And Equipment [Table Text Block] | Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 2018 $ 26,935 $ ( 4,510) $ 22,425 - Additions in property and equipment 125 - 125 - Depreciation for the year - ( 473) ( 473) Balance, December 31, 2019 $ 27,060 $ ( 4,983) $ 22,077 - Additions in property and equipment 138 - 138 - Depreciation for the period - ( 511) ( 511) Balance, December 31, 2020 $ 27,198 $ ( 5,494) $ 21,704 |
Long term debt, current and non
Long term debt, current and non-current (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long term debt, current and non-current [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2020 2019 9.5% Senior Unsecured Bond 92,000 100,000 Secured Term Loans 331,056 378,298 Total debt outstanding $ 423,056 $ 478,298 Less related deferred financing costs ( 2,742) ( 3,347) Total debt, net of deferred financing costs $ 420,314 $ 474,951 Less: Current portion of long term debt, net of deferred financing costs current ( 39,217) ( 40,205) Long-term debt, net of current portion and deferred financing costs, non-current $ 381,097 $ 434,746 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Principal Repayment Year 1 $ 40,242 Year 2 133,766 Year 3 156,485 Year 4 64,897 Year 5 3,816 Year 6 and thereafter 23,850 Total $ 423,056 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Schedule Of Fixed Non CancelableTime Charter Contracts [Table Text Block] | Period Amount Year 1 $ 71,718 Year 2 1,982 Total $ 73,700 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2017 3,641,117 $ 4.30 Granted 1,800,000 3.82 Vested ( 1,679,484) 4.38 Outstanding at December 31, 2018 3,761,633 $ 4.04 Granted 2,000,000 2.99 Vested ( 1,928,400) 3.75 Outstanding at December 31, 2019 3,833,233 $ 3.63 Granted 2,200,000 2.72 Vested ( 3,610,221) 3.52 Outstanding at December 31, 2020 2,423,012 $ 2.95 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Finance Costs [Abstract] | |
Schedule Of Interest And Finance Costs [Table Text Block] | 2020 2019 2018 Interest expense $ 20,742 $ 27,963 $ 28,299 Interest income from bond repurchase ( 579) - - Amortization of financing costs 1,066 1,126 1,939 Loan expenses 285 343 268 Total $ 21,514 $ 29,432 $ 30,506 |
Earnings_(loss) per Share (Tabl
Earnings/(loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings/(loss) per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 Net income/(loss) $ ( 134,197) $ ( 10,535) $ 16,580 Less dividends on series B preferred shares ( 5,769) ( 5,769) ( 5,769) Net income/(loss) attributed to common stockholders $ ( 139,966) $ ( 16,304) $ 10,811 Weighted average number of common shares, basic 86,143,556 95,191,116 103,736,742 Incremental shares - - 979,141 Weighted average number of common shares, diluted 86,143,556 95,191,116 104,715,883 Earnings/(loss) per share, basic and diluted $ ( 1.62) $ ( 0.17) $ 0.10 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information, textual (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation and General Information [Abstract] | |
Entity Incorporation, Date of Incorporation | Mar. 8, 1999 |
Diana Wilhelmsen Management Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Basis of Presentation and Gen_4
Basis of Presentation and General Information, detail (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Major Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 16.00% | 14.00% |
Major Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 14.00% | 15.00% |
Major Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 16.00% | |
Major Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 11.00% |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 102,924,000 | $ 11,851,000 | |
Restricted Cash and Cash Equivalents, Noncurrent | 20,000,000 | 21,000,000 | |
Receivables [Abstract] | |||
Provision for Doubtful Accounts | 0 | 0 | |
Inventory [Line Items] | |||
Voyage expenses | 13,525,000 | 13,542,000 | $ 7,405,000 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 |
Bunkers [Member] | |||
Inventory [Line Items] | |||
Voyage expenses | $ 3,708,000 | $ 1,537,000 | $ 4,799,000 |
Significant Accounting Polici_4
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 1 (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 55 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 | 10 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 |
Maritime Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Transactions with Related Par_2
Transactions with Related Parties, textual (Details) | 5 Months Ended | 12 Months Ended | ||||
May 30, 2017USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 28, 2020USD ($) | Jun. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||||
Due to related parties, current | $ 484,000 | $ 85,000 | ||||
Income / (loss) from Investments | (1,110,000) | (1,583,000) | $ 14,000 | |||
Noncash or Part Noncash Acquisition, Investments Acquired | 2,474,000 | 0 | 0 | |||
Investments and Other Noncurrent Assets | 0 | 1,680,000 | ||||
Cash dividends on preferred stock | 5,769,000 | 5,769,000 | 5,769,000 | |||
Series C Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred Stock, Redemption Amount | $ 1,500,000 | |||||
Altair Travel Agency S.A. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 1,854,000 | 2,032,000 | 2,253,000 | |||
Due to related parties, current | $ 54,000 | 30,000 | ||||
Performance Shipping Inc [Member] | Nonredeemable Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period Shares New Issues | shares | 100 | |||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | |||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,000,000 | |||||
Preferred Stock Voting Rights | Each share of the Series C Preferred Stock entitled 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 would not exceed 49.0%, on all matters submitted to a vote of the stockholders ofPerformance Shipping. | |||||
Preferred Stock Number Of Voting Rights | 250,000 | |||||
Noncash or Part Noncash Acquisition, Interest Acquired | 49.00% | |||||
Investments and Other Noncurrent Assets | 1,500,000 | 3,000,000 | ||||
Performance Shipping Inc [Member] | Loan Receivable Second Amendment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loan receivable, related parties | $ 42,617,000 | |||||
Performance Shipping Inc [Member] | Loan Receivable Refinance [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Issuance Date | Jun. 30, 2017 | |||||
Loan receivable, related parties | 82,617,000 | |||||
Interest income from loan with Performance Shipping Inc. | 7,055,000 | |||||
Interest-bearing discount premium payable on the termination date | $ 5,000,000 | |||||
Amortization of debt discount premium | $ 5,000,000 | |||||
Performance Shipping Inc [Member] | First Twelve Months [Member] | Loan Receivable Refinance [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fixed interest rate from agreement with Performance Shipping Inc. | 6.00% | |||||
Performance Shipping Inc [Member] | Until Full Repayment [Member] | Loan Receivable Refinance [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Fixed interest rate from agreement with Performance Shipping Inc. | 9.00% | |||||
Steamship Shipbroking Enterprises Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 2,653,000 | 1,998,000 | $ 1,850,000 | |||
Commercial fees to related party | 576,000 | |||||
Due to related parties, current | $ 0 | $ 0 |
Transactions with Related Par_3
Transactions with Related Parties, textual 2 (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Jan. 31, 2019USD ($)$ / sharesshares | Feb. 15, 2019USD ($) | Feb. 14, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||||
Income / (loss) from Investments | $ (1,110) | $ (1,583) | $ 14 | |||
Management Fee Expense | 2,017 | 2,155 | 2,394 | |||
Due to related parties, current | 484 | 85 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 15,623 | 41,326 | 14,578 | |||
Payments to joint venture (Note 3(d)) | (500) | 0 | 0 | |||
Due From Related Parties Current | $ 1,196 | 23 | ||||
Diana Wilhelmsen Management Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Equity Method Investments | 180 | |||||
Income / (loss) from Investments | $ (1,110) | (83) | 14 | |||
Due to related parties, current | 430 | |||||
Diana Wilhelmsen Management Limited [Member] | Management Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management Fee Expense | 2,017 | 2,155 | 2,394 | |||
Commercial fees to related party | 353 | $ 453 | ||||
Due to related parties, current | $ 55 | |||||
Due From Related Parties Current | 1,196 | |||||
Each 50% shareholder of DWM [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to joint venture (Note 3(d)) | $ (500) | |||||
Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of new shares | shares | 10,675 | 10,675 | ||||
Preferred Stock Par Or Stated Value Per Share | $ / shares | $ 0.01 | |||||
Proceeds from issuance of preferred stock, value | $ 1,066 | $ 1,066 | ||||
Danae and Dione [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number Of Vessels To Be Disposed | 2 | |||||
Danae [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,200 | |||||
Dione [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,200 |
Vessels, textual (Details)
Vessels, textual (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 29, 2020USD ($) | Feb. 26, 2020USD ($) | Feb. 15, 2019USD ($) | Feb. 14, 2019USD ($) | Mar. 31, 2020USD ($)Vessels$ / shares | Dec. 31, 2020USD ($)Vessels$ / shares | Dec. 31, 2019USD ($)Vessels$ / shares | Dec. 31, 2018USD ($)$ / shares | Feb. 28, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||
Net income / (loss) attributed to common stockholders | $ (139,966) | $ (16,304) | $ 10,811 | ||||||
Loss per share, basic and diluted | $ / shares | $ (1.62) | $ (0.17) | $ 0.10 | ||||||
Impairment charges | $ 104,395 | $ 13,987 | $ 0 | ||||||
Insurance maximum amount | 1,000,000 | ||||||||
Loss from sale of vessels | 1,085 | 6,171 | 1,448 | ||||||
Vessel disposal | 16,708 | 47,370 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 15,623 | 41,326 | 14,578 | ||||||
Non-cash investments (Note 4) | 2,474 | 0 | $ 0 | ||||||
Danae [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,200 | ||||||||
Dione [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,200 | ||||||||
Danae and Dione [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number Of Vessels To Be Disposed | 2 | ||||||||
Erato [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 7,000 | ||||||||
Thetis [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 6,400 | ||||||||
Nirefs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 6,710 | ||||||||
Clio [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 7,400 | ||||||||
Danae, Dione, Thetis and Calipso [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 10,567 | ||||||||
Norfolk [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Loss from sale of vessels | $ 1,078 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,350 | $ 8,750 | |||||||
Coronis, Sideris, Arethus, Oceanis Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 11,257 | ||||||||
Arethusa [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Loss from sale of vessels | 7 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 7,850 | ||||||||
Coronis [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 7,100 | ||||||||
Sideris G.S. [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 11,500 | ||||||||
Oceanis [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 5,750 | ||||||||
Calipso [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 201 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,275 | ||||||||
Vessel Fair Value | $ 7,330 | ||||||||
Impaired Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number Of Vessels Impaired | Vessels | 9 | 3 | |||||||
Net income / (loss) attributed to common stockholders | $ 93,338 | $ 3,419 | |||||||
Loss per share, basic and diluted | $ / shares | $ 1.08 | $ 0.04 | |||||||
Impairment charges | $ 91,995 | $ 2,386 | |||||||
Vessel Fair Value | $ 46,580 | ||||||||
Impaired Vessels [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number Of Vessels Impaired | Vessels | 9 | 2 | 2 | ||||||
Vessel Fair Value | $ 166,430 | ||||||||
Deferred Charges Net [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 1,343 | $ 1,033 | |||||||
Deferred Charges Net [Member] | Danae, Dione, Thetis and Calipso [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 1,102 | ||||||||
Deferred Charges Net [Member] | Coronis, Sideris, Arethus, Oceanis Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 128 |
Vessels, detail (Details)
Vessels, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels, Beginning Balance | $ 1,096,534 | $ 1,228,591 |
Additions for improvements | 6,001 | 2,804 |
Additions reclassified from other non-current assets | 2,474 | |
Vessel transferred from held for sale | 7,130 | |
Impairment | (199,605) | (55,396) |
Vessel held for sale | (23,361) | (7,130) |
Vessel disposal | (16,742) | (72,335) |
Vessels, Ending Balance | 872,431 | 1,096,534 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, Beginning Balance | (214,237) | (237,188) |
Impairment | 96,681 | 43,545 |
Vessel disposal | 34 | 24,965 |
Depreciation for the year | (38,731) | (45,559) |
Accumulated depreciation, Ending Balance | (156,253) | (214,237) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels net book value, Beginning Balance | 882,297 | 991,403 |
Additions for improvements | 6,001 | 2,804 |
Additions reclassified from other non-current assets | 2,474 | |
Vessel transferred from held for sale | 7,130 | |
Impairment | (102,924) | (11,851) |
Vessel held for sale | (23,361) | (7,130) |
Vessel disposal | (16,708) | (47,370) |
Depreciation for the year | (38,731) | (45,559) |
Vessels net book value, Ending Balance | $ 716,178 | $ 882,297 |
Property and equipment, net, de
Property and equipment, net, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Property and Equipment, Beginning Balance | $ 27,060 | $ 26,935 |
Additions in property and equipment | 138 | 125 |
Property and Equipment, Ending Balance | 27,198 | 27,060 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated Depreciation, Property and Equipment, Beginning Balance | (4,983) | (4,510) |
Depreciation for the year | (511) | (473) |
Accumulated Depreciation, Property and Equipment, Ending Balance | (5,494) | (4,983) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property And Equipment Net, Beginning Balance | 22,077 | 22,425 |
Additions in property and equipment | 138 | 125 |
Depreciation for the year | (511) | (473) |
Property And Equipment Net, Ending Balance | $ 21,704 | $ 22,077 |
Long-term debt, current and n_2
Long-term debt, current and non-current, details (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt, current and non-current [Abstract] | ||
9.5% Senior Unsecured Bond | $ 92,000 | $ 100,000 |
Secured Term Loans | 331,056 | 378,298 |
Total debt outstanding | 423,056 | 478,298 |
Less related deferred financing costs | (2,742) | (3,347) |
Total debt, net of deferred financing costs | 420,314 | 474,951 |
Less: Current portion of long term debt, net of deferred financing costs current | (39,217) | (40,205) |
Long-term debt, net of current portion and deferred financing costs, non-current | $ 381,097 | $ 434,746 |
Long-term debt, current and n_3
Long-term debt, current and non-current, textual (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Vessels | Dec. 31, 2019USD ($)Vessels | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Number Of Vessels Collateral For Debt | Vessels | 30 | 30 | |
Debt Instrument, Payment Terms | The loan agreements are repayable in quarterly or semi-annual installments plus one balloon installment per loan agreement to be paid together with the last installment | ||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||
Long-term Debt, Weighted Average Interest Rate | 3.02% | 4.56% | |
Debt Instrument Collateral Amount | $ 629,349 | ||
Compensating Balance, Description | Under the secured term loans outstanding as of December 31, 2020, 30 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $629,349. | ||
Compensating Balance, Amount | $ 20,000 | $ 21,000 | |
Gain (Loss) on Repurchase of Debt Instrument | 374 | $ 0 | $ 0 |
Officers And Directors [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Unsecured Debt | $ 16,200 | ||
Senior Unsecured Bond [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Issuance Date | Sep. 27, 2018 | ||
Debt Instrument, Face Amount | $ 100,000 | ||
Debt Instrument, Payment Terms | payable semi-annually in arrears in March and September of each year. | ||
Debt Instrument, Covenant Description | The bond includes financial and other covenants and is trading on the Oslo Stock Exchange under the ticker symbol “DIASH01”. | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||
Debt Instrument, Prepayment Amount | $ 8,000 | ||
Debt Instrument, Call Feature | The Bond is callable in whole or in parts in three years at a price equal to 103% of nominal value; in four years at a price equal to 101.9% of the nominal value and in four and a half years at a price equal to 100% of nominal value. | ||
Senior Unsecured Bond [Member] | Additional Issuance of Bond on one or more occasions [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 25,000 | ||
Senior Unsecured Bond [Member] | In three years [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||
Senior Unsecured Bond [Member] | In four years [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.90% | ||
Senior Unsecured Bond [Member] | In four and a half years [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Loan Margin Percentage | 1.65% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Loan Margin Percentage | 2.50% |
Long-term debt, current and n_4
Long-term debt, current and non-current, textuals 2 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)VesselsInstallments | Dec. 31, 2019USD ($)Vessels | |
Debt Instrument [Line Items] | ||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual | |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | |
Long-term Debt, Weighted Average Interest Rate | 3.02% | 4.56% |
Number Of Vessels Collateral For Debt | Vessels | 30 | 30 |
Debt Instrument Collateral Amount | $ 629,349 | |
Compensating Balance, Amount | $ 20,000 | $ 21,000 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 1.65% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Loan Margin Percentage | 2.50% | |
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | First Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | Feb. 15, 2012 | |
Debt Instrument, Face Amount | $ 37,450 | |
Debt Instrument, Number of installments | Installments | 40 | |
Debt Instrument, Frequency of Periodic Payments | quarterly | |
Debt Instrument, Periodic Payment, Principal | $ 628 | |
Debt Instrument, Baloon Payment | $ 12,332 | |
Debt Instrument, Maturity Date | Feb. 15, 2022 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Loan Margin Percentage | 2.50% | |
Export-Import Bank of China and DnB NOR Bank ASA [Member] | Secured Debt [Member] | Second Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | May 18, 2012 | |
Debt Instrument, Face Amount | $ 34,640 | |
Debt Instrument, Number of installments | Installments | 40 | |
Debt Instrument, Frequency of Periodic Payments | quarterly | |
Debt Instrument, Periodic Payment, Principal | $ 581 | |
Debt Instrument, Baloon Payment | $ 11,410 | |
Debt Instrument, Maturity Date | May 18, 2022 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Loan Margin Percentage | 2.50% |
Long-term debt, current and n_5
Long-term debt, current and non-current, textuals 3 (Details) | Jun. 29, 2020USD ($) | Jan. 13, 2014USD ($) | Mar. 19, 2015USD ($) | Jul. 16, 2018USD ($) | Sep. 15, 2011USD ($) | Dec. 31, 2020USD ($)Installments | Dec. 19, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||||||
Emporiki Bank of Greece S.A. [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 15,000,000 | ||||||
Credit Agricole Corporate and Investment Bank [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Number of installments | Installments | 20 | ||||||
Debt Instrument, Frequency of Periodic Payments | semiannual | ||||||
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 | ||||||
Loan Margin Percentage | 2.50% | ||||||
Repayment of secured loan agreement | $ 6,500,000 | ||||||
Credit Agricole Corporate and Investment Bank [Member] | Secured Debt [Member] | Loan Amount Secured by Cash Pledge in Favor of the Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan Margin Percentage | 1.00% | ||||||
Commonwealth Bank of Australia, London Branch [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 9,500,000 | ||||||
Debt Instrument, Number of installments | 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 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Loan Margin Percentage | 2.25% | ||||||
BNP Paribas [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 53,500,000 | ||||||
Debt Instrument, Number of installments | 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 | ||||||
Loan Margin Percentage | 2.00% | ||||||
BNP Paribas [Member] | Secured Debt [Member] | First Tranche [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 75,000,000 | ||||||
Debt Instrument, Number of installments | Installments | 20 | ||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1,562,500 | ||||||
Debt Instrument, Baloon Payment | $ 43,750,000 | ||||||
Debt Instrument, Maturity Date | Jul. 16, 2023 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Loan Margin Percentage | 2.30% | ||||||
BNP Paribas [Member] | Secured Debt [Member] | Second Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 31,466,000 | ||||||
Debt Instrument, Number of installments | Installments | 5 | ||||||
Debt Instrument, Frequency of Periodic Payments | semi-annual | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1,574,000 | ||||||
Debt Instrument, Baloon Payment | $ 23,596,000 | ||||||
Debt Instrument, Maturity Date | May 19, 2024 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Loan Margin Percentage | 2.50% | ||||||
Nordea Bank AB, London Branch [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds From Issuance Of Secured Debt | $ 93,080,000 | ||||||
Debt Instrument, Number of installments | 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 | ||||||
Loan Margin Percentage | 2.10% | ||||||
Nordea Bank AB, London Branch [Member] | Secured Debt [Member] | Second Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Number of installments | Installments | 8 | ||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1,862,000 | ||||||
Debt Instrument, Baloon Payment | $ 40,955,000 | ||||||
Debt Instrument, Maturity Date | Mar. 19, 2022 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Loan Margin Percentage | 2.25% |
Long-term debt, current and n_6
Long-term debt, current and non-current, textuals 4 (Details) | May 22, 2020USD ($) | Jan. 04, 2017USD ($) | Mar. 14, 2019USD ($) | Mar. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Jun. 27, 2019USD ($) | Oct. 06, 2015USD ($) | Nov. 19, 2015USD ($) | Dec. 31, 2020USD ($)Installments |
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus margin | ||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 50,160,000 | ||||||||
Debt Instrument, Number of installments | 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 | ||||||||
Loan Margin Percentage | 2.00% | ||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 52,885,000 | ||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | First Tranche [Member] | Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity Date | Jun. 30, 2024 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 2.25% | ||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Second Tranche [Member] | Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity Date | Mar. 30, 2021 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 2.40% | ||||||||
ABN AMRO Bank N.V. [Member] | Secured Debt [Member] | Second Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 25,000,000 | ||||||||
Debt Instrument, Number of installments | Installments | 20 | ||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 800,000 | ||||||||
Debt Instrument, Baloon Payment | $ 9,000,000 | ||||||||
Debt Instrument, Maturity Date | Jun. 30, 2024 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 2.25% | ||||||||
Danish Ship FInance A/S [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 30,000,000 | ||||||||
Debt Instrument, Number of installments | 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 | ||||||||
Loan Margin Percentage | 2.15% | ||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 1.65% | ||||||||
ING Bank N.V. [Member] | Secured Debt [Member] | First Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 27,950,000 | ||||||||
Debt Instrument, Number of installments | 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] | Secured Debt [Member] | Second Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 11,733,000 | ||||||||
Debt Instrument, Number of installments | 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] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 57,240,000 | ||||||||
Debt Instrument, Number of installments | Installments | 60 | ||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 954,000 | ||||||||
Debt Instrument, Maturity Date | Jan. 4, 2032 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 2.30% | ||||||||
DNB Bank ASA [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds From Issuance Of Secured Debt | $ 19,000,000 | ||||||||
Debt Instrument, Number of installments | Installments | 20 | ||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 477,300 | ||||||||
Debt Instrument, Baloon Payment | $ 9,454,000 | ||||||||
Debt Instrument, Maturity Date | Mar. 14, 2024 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Loan Margin Percentage | 2.40% |
Long-term debt, current and n_7
Long-term debt, current and non-current, details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 40,242 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 133,766 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 156,485 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 64,897 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,816 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 23,850 | |
Total debt outstanding | $ 423,056 | $ 478,298 |
Commitments and Contingencies,
Commitments and Contingencies, textual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Jul. 09, 2020 | |
Environmental Remediation Obligations [Abstract] | ||
Insurance Coverage For Pollution | $ 1,000,000 | |
Security deposit | $ 1,750 | |
Accrual for Environmental Loss Contingencies | $ 958 |
Commitments and Contingencies_2
Commitments and Contingencies, detail (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Fixed non-cancellable revenues under time charter contracts [Abstract] | |
Year 1 | $ 71,718 |
Year 2 | 1,982 |
Total | $ 73,700 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2020 | Mar. 31, 2020 | Feb. 28, 2020 | Jul. 31, 2019 | Jan. 31, 2019 | Dec. 16, 2019 | Oct. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||||||||||||
Cash dividends on preferred stock | $ 5,769 | $ 5,769 | $ 5,769 | |||||||||
Payments for Repurchase of Common Stock | 11,999 | 49,679 | 15,157 | |||||||||
Proceeds from issuance of stock, net of expenses | $ 0 | $ 960 | $ 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 [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||||
Preferred Stock [Member] | Series B Participating Preferred Stock [Member] | ||||||||||||
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 | $ 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 | $ 25 | ||||||||||
Preferred Stock Liquidation Preference Per Share | $ 25 | $ 25 | ||||||||||
Preferred Stock Voting Rights | Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. | |||||||||||
Preferred Stock Dividend Rate Percentage | 8.875% | |||||||||||
Preferred Stock Dividend Rate Per Dollar Amount | $ 2.21875 | |||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||||||||
Preferred Stock [Member] | Series C Participating Preferred Stock [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 10,675 | 10,675 | ||||||||||
Stock Issued During Period Shares New Issues | 10,675 | 10,675 | ||||||||||
Preferred Stock Par Or Stated Value Per Share | $ 0.01 | |||||||||||
Preferred Stock, Shares Issued | 10,675 | 10,675 | ||||||||||
Preferred Stock, Shares Outstanding | 10,675 | 10,675 | ||||||||||
Shares Issued Price Per Share | $ 0.01 | $ 0.01 | ||||||||||
Preferred Stock Voting Rights | The Series C Preferred Stock votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. | |||||||||||
Proceeds from issuance of preferred stock | $ 1,066 | $ 1,066 | ||||||||||
Preferred Stock Number Of Voting Rights | 1,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Stock repurchased and retired, shares | 6,000,000 | 1,088,034 | 3,030,303 | 2,000,000 | 2,739,726 | 2,816,900 | 3,125,000 | 3,889,386 | 4,118,337 | 14,571,012 | 4,166,666 | |
Treasury Stock Acquired, Average Cost Per Share | $ 2 | $ 3.30 | $ 3.75 | $ 3.65 | $ 3.55 | $ 3.40 | $ 2.80 | $ 3.60 | ||||
Payments for Repurchase of Common Stock | $ 12,000 | $ 11,999 | $ 49,679 | $ 15,157 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, textuals 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Feb. 19, 2020 | May 31, 2018 | Nov. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock Capital Shares Reserved For Future Issuance | 4,924,759 | |||
Equity Incentive Plan 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Incentive Plan, Number of Shares Authorized | 13,000,000 | 5,000,000 | ||
Restricted Stock [Member] | Executive Management And Non-Executive Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Incentive Plan, Number of Shares Authorized | 2,200,000 | |||
Vesting period (in years) | 3 years | |||
Restricted Stock [Member] | Equity Incentive Plan 2014 | Executive Management And Non-Executive Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date, fair value | $ 5,984 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts, detail (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non vested restricted common stock, beginning balance | 3,833,233 | 3,761,633 | 3,641,117 |
Granted | 2,200,000 | 2,000,000 | 1,800,000 |
Vested | (3,610,221) | (1,928,400) | (1,679,484) |
Non vested restricted common stock, ending balance | 2,423,012 | 3,833,233 | 3,761,633 |
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 | $ 3.63 | $ 4.04 | $ 4.30 |
Weighted Average Grant Date Fair Value, Granted | 2.72 | 2.99 | 3.82 |
Weighted Average Grant Date Fair Value, Vested | 3.52 | 3.75 | 4.38 |
Weighted Average Grant Date Fair Value, enging balance | $ 2.95 | $ 3.63 | $ 4.04 |
Capital Stock and Changes in _6
Capital Stock and Changes in Capital Accounts, textuals 2 (Details) - USD ($) $ in Thousands | Sep. 16, 2020 | Feb. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||
Compensation cost on restricted stock | $ 2,328 | $ 1,988 | $ 10,511 | $ 7,581 | $ 7,279 |
Unrecognized cost for unvested restricted shares | $ 3,978 | $ 8,505 | |||
Total Compensation Cost Not yet Recognized, Period for Recognition | 9 months 29 days |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and Finance Costs [Abstract] | |||
Interest expense | $ 20,742 | $ 27,963 | $ 28,299 |
Interest income from bond repurchase | (579) | 0 | 0 |
Amortization of financing costs | 1,066 | 1,126 | 1,939 |
Loan expenses | 285 | 343 | 268 |
Interest and finance costs | $ 21,514 | $ 29,432 | $ 30,506 |
Earnings_(loss) per Share, deta
Earnings/(loss) per Share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | |||
Net income/(loss) | $ (134,197) | $ (10,535) | $ 16,580 |
Less dividends on series B preferred shares | (5,769) | (5,769) | (5,769) |
Net income/(loss) attributed to common stockholders | $ (139,966) | $ (16,304) | $ 10,811 |
Weighted average number of common shares, basic | 86,143,556 | 95,191,116 | 103,736,742 |
Incremental shares | 0 | 0 | 979,141 |
Weighted average number of common shares, diluted | 86,143,556 | 95,191,116 | 104,715,883 |
Earnings/(loss) per share, basic and diluted | $ (1.62) | $ (0.17) | $ 0.10 |
Income Taxes, textual (Details)
Income Taxes, textual (Details) | Dec. 31, 2020 |
Income Tax Uncertainties [Abstract] | |
Shipping Income Percentage | 50.00% |
Tax Rate On US Source Shipping Income | 4.00% |
Financial Instruments, textual
Financial Instruments, textual (Details) $ in Thousands | Dec. 31, 2020USD ($)Vessels | Mar. 31, 2020Vessels | Dec. 31, 2019Vessels |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bond [Member] | |||
Financial Instruments and Fair Value Disclosures [Abstract] | |||
Bonds Fair Value Disclosure | $ | $ 97,880 | ||
Impaired Vessels [Member] | |||
Financial Instruments and Fair Value Disclosures [Abstract] | |||
Number Of Vessels Impaired | 9 | 3 | |
Impaired Vessels [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Instruments and Fair Value Disclosures [Abstract] | |||
Number Of Vessels Impaired | 1 | ||
Impaired Vessels [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments and Fair Value Disclosures [Abstract] | |||
Number Of Vessels Impaired | 2 | 9 | 2 |
Subsequent Events, textual (Det
Subsequent Events, textual (Details) - USD ($) | Feb. 24, 2021 | Feb. 18, 2021 | Sep. 16, 2020 | Feb. 19, 2020 | Feb. 28, 2021 | Feb. 02, 2021 | Jan. 29, 2020 | Feb. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2021 | Jan. 15, 2021 | Jan. 08, 2021 | Feb. 28, 2020 | May 31, 2018 | Nov. 30, 2014 |
Subsequent Event [Line Items] | |||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,623,000 | $ 41,326,000 | $ 14,578,000 | ||||||||||||||
Compensation cost on restricted stock | $ 2,328,000 | $ 1,988,000 | $ 10,511,000 | 7,581,000 | 7,279,000 | ||||||||||||
Debt Instrument, Frequency of Periodic Payments | quarterly or semi-annual | ||||||||||||||||
Payments for Repurchase of Common Stock | $ 11,999,000 | 49,679,000 | 15,157,000 | ||||||||||||||
Proceeds from sale of related party investment (Note 3(b)) | $ 1,500,000 | $ 0 | $ 0 | ||||||||||||||
Series B Preferred Stock [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Dividends payable on series B preferred stock, per share | $ 0.5546875 | ||||||||||||||||
Dividends payable on series B preferred stock, current | $ 1,442,000 | ||||||||||||||||
Common Stock [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Shares Authorized to be Repurchased Per Share | $ 2.50 | $ 2.50 | |||||||||||||||
Stock repurchased and retired, shares | 6,000,000 | ||||||||||||||||
Payments for Repurchase of Common Stock | $ 15,000,000 | ||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Redemption Amount | $ 1,500,000 | ||||||||||||||||
Norfolk [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,350,000 | $ 8,750,000 | |||||||||||||||
Diana Wilhelmsen Management Limited (DWM) [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||
Equity Method Investment, Aggregate Cost, Additional Investment | $ 250,000 | ||||||||||||||||
Loss Contingency Damages Sought Value | $ 2,000,000 | ||||||||||||||||
Equity Incentive Plan 2014 | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Stock Incentive Plan, Number of Shares Authorized | 13,000,000 | 5,000,000 | |||||||||||||||
Equity Incentive Plan 2014 | Restricted Stock [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 260,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 798,000 | ||||||||||||||||
Stock Incentive Plan, Number of Shares Authorized | 20,000,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||
Annual bonus [Member] | Restricted Stock [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 2,400,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6,816,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||
Long-term bonus [Member] | Restricted Stock [Member] | Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Issuance of restricted stock and compensation cost, shares (Note 8(f)) | 5,600,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 15,904,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |