Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document type | 20-F |
Document period end date | Dec. 31, 2018 |
Amendment flag | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity registrant name | PERFORMANCE SHIPPING INC. |
Entity trading symbol | DCIX |
Entity central index key | 0001481241 |
Entity current reporting status | Yes |
Entity voluntary filers | No |
Current fiscal year end date | --12-31 |
Entity filer category | Non-accelerated Filer |
Entity well known seasoned issuer | No |
Entity common stock shares outstanding | 14,463,231 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 10,493 | $ 6,444 |
Accounts receivable, trade | 110 | 428 |
Inventories | 634 | 1,667 |
Prepaid expenses and other assets | 743 | 1,083 |
Vessels held for sale (Note 4) | 0 | 18,378 |
Total current assets | 11,980 | 28,000 |
FIXED ASSETS: | ||
Vessels, net (Note 4) | 85,870 | 201,308 |
Property and equipment, net | 998 | 911 |
Total fixed assets | 86,868 | 202,219 |
Deferred charges, net | 1,238 | 2,088 |
Total assets | 100,086 | 232,307 |
CURRENT LIABILITIES: | ||
Unrelated party financing, net of unamortized deferred financing costs (Note 5) | 0 | 12,119 |
Related party financing, net of unamortized deferred financing costs (Note 3) | 0 | 84,832 |
Accounts payable, trade and other | 1,192 | 1,715 |
Due to related parties (Note 3) | 4 | 65 |
Accrued liabilities | 1,360 | 2,045 |
Deferred revenue | 305 | 439 |
Total current liabilities | 2,861 | 101,215 |
Other liabilities, non-current (Note 7) | 1,649 | 320 |
Commitments and contingencies (Note 6) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 25,000,000 shares authorized, 350 and 389 issued and outstanding as at December 31, 2018 and 2017, respectively (Note 7) | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized; 14,463,231 and 4,051,266 issued and outstanding as at December 31, 2018 and 2017, respectively (Note 7) | 143 | 40 |
Additional paid-in capital (Note 7) | 428,527 | 410,982 |
Other comprehensive income | 57 | 6 |
Accumulated deficit | (333,151) | (280,256) |
Total stockholders' equity | 95,576 | 130,772 |
Total liabilities and stockholders' equity | $ 100,086 | $ 232,307 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 25,000,000 | 25,000,000 |
Preferred stock shares issued | 350 | 389 |
Preferred stock shares outstanding | 350 | 389 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares issued | 14,463,231 | 4,051,266 |
Common stock shares outstanding | 14,463,231 | 4,051,266 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Time charter revenues (Note 1) | $ 25,566 | $ 23,806 | $ 36,992 |
Prepaid charter revenue amortization | 0 | 0 | (3,798) |
Time charter revenues, net | 25,566 | 23,806 | 33,194 |
EXPENSES: | |||
Voyage expenses | 1,267 | 1,702 | 3,169 |
Vessel operating expenses | 15,453 | 22,732 | 30,213 |
Depreciation and amortization of deferred charges (Note 4) | 4,945 | 8,147 | 12,740 |
General and administrative expenses (Notes 3 and 7) | 8,030 | 8,366 | 7,241 |
Impairment losses (Note 4) | 20,654 | 8,363 | 118,861 |
Loss / (gain) on vessels' sale (Note 4) | 16,700 | (945) | 2,899 |
Foreign currency (gains) / losses | (44) | 51 | 111 |
Operating loss | (41,439) | (24,610) | (142,040) |
OTHER INCOME/(EXPENSES) | |||
Interest and finance costs (Notes 3, 5 and 8) | (11,520) | (13,843) | (7,094) |
Interest income | 64 | 87 | 120 |
Gain from bank debt write off (Note 3) | 0 | 42,185 | 0 |
Total other income /(expenses), net | (11,456) | 28,429 | (6,974) |
Net income/ (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Earnings / (Loss) per common share, basic (Note 9) | $ (5.6) | $ 8.94 | $ (100,821.38) |
Earnings / (Loss) per common share, diluted (Note 9) | $ (5.6) | $ 8.94 | $ (100,821.38) |
Weighted average number of common shares, basic (Note 9) | 9,450,555 | 427,333 | 1,478 |
Weighted average number of common shares, diluted (Note 9) | 9,450,555 | 427,361 | 1,478 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income / (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Other comprehensive income / (loss) (Actuarial gain / (loss)) | 51 | 26 | (25) |
Comprehensive income / (loss) | $ (52,844) | $ 3,845 | $ (149,039) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Income / (Loss) [Member] | Accumulated Deficit [Member] |
Balance as at Dec. 31, 2015 | $ 239,174 | $ 373,856 | $ 5 | $ (134,687) | ||
Balance as at Dec. 31, 2015 | 1,519 | |||||
Net income/ (loss) | (149,014) | (149,014) | ||||
Issuance of Series C preferred stock (Notes 3 and 7), value | 0 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 7), value | 1,119 | 1,119 | ||||
Issuance of restricted stock and compensation cost on restricted stock (Note 7), shares | 14 | |||||
Other comprehensive income / (loss) (Actuarial gain / (loss)) | (25) | (25) | ||||
Dividends declared and paid during the period (Note 9) | (374) | (374) | ||||
Balance as at Dec. 31, 2016 | 90,880 | 374,975 | (20) | (284,075) | ||
Balance as at Dec. 31, 2016 | 1,533 | |||||
Net income/ (loss) | 3,819 | 3,819 | ||||
Issuance of Series B preferred stock, net of expenses (Note 7), value | 31,989 | 31,989 | ||||
Issuance of Series B preferred stock, net of expenses (Note 7), shares | 32,500 | |||||
Conversion of Series B preferred stock to common stock (Note 7), shares | 4,049,733 | |||||
Conversion of Series B preferred stock to common stock (Note 7), shares | (32,211) | |||||
Issuance of Series C preferred stock (Notes 3 and 7), shares | 100 | |||||
Issuance of Series C preferred stock (Notes 3 and 7), value | 3,000 | 3,000 | ||||
Compensation cost on restricted stock (Note 7) | 1,058 | 1,058 | ||||
Conversion of Series B preferred stock to common stock, value (Note 7) | $ 40 | (40) | ||||
Other comprehensive income / (loss) (Actuarial gain / (loss)) | 26 | 26 | ||||
Balance as at Dec. 31, 2017 | 130,772 | $ 40 | 410,982 | 6 | (280,256) | |
Balance as at Dec. 31, 2017 | 4,051,266 | 389 | ||||
Net income/ (loss) | (52,895) | (52,895) | ||||
Issuance of Series B preferred stock, net of expenses (Note 7), value | 17,413 | 17,413 | ||||
Issuance of Series B preferred stock, net of expenses (Note 7), shares | 17,490 | |||||
Conversion of Series B preferred stock to common stock (Note 7), shares | 10,250,265 | |||||
Conversion of Series B preferred stock to common stock (Note 7), shares | (17,529) | |||||
Issuance of Series C preferred stock (Notes 3 and 7), value | 0 | |||||
Conversion of Series B preferred stock to common stock, value (Note 7) | $ 102 | (102) | ||||
Issuance of restricted stock and compensation cost on restricted stock (Note 7), value | 235 | $ 1 | 234 | |||
Issuance of restricted stock and compensation cost on restricted stock (Note 7), shares | 161,700 | |||||
Other comprehensive income / (loss) (Actuarial gain / (loss)) | 51 | 51 | ||||
Balance as at Dec. 31, 2018 | $ 95,576 | $ 143 | $ 428,527 | $ 57 | $ (333,151) | |
Balance as at Dec. 31, 2018 | 14,463,231 | 350 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Dividends declared and paid, per share | $ 0 | $ 0 | $ 123.48 | $ 123.48 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows used in Operating Activities: | |||
Net income / (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Adjustments to reconcile net income / (loss) to net cash used in operating activities: | |||
Depreciation and amortization of deferred charges (Note 4) | 4,945 | 8,147 | 12,740 |
Amortization of deferred financing costs (Note 8) | 176 | 322 | 427 |
Amortization of discount premium (Notes 3 and 5) | 8,990 | 6,010 | 0 |
Amortization of prepaid charter revenue | 0 | 0 | 3,798 |
Impairment losses (Note 4) | 20,654 | 8,363 | 118,861 |
Loss / (gain) on vessels' sale (Note 4) | 16,700 | (945) | 2,899 |
Compensation cost on restricted stock awards (Note 7) | 1,587 | 1,171 | 1,119 |
Gain from bank debt write off (Note 3) | 0 | (42,185) | 0 |
Actuarial gain / (loss) | 51 | 26 | (25) |
(Increase) / Decrease in: | |||
Accounts receivable, trade | 318 | 43 | 282 |
Inventories | 1,033 | 914 | 1,123 |
Prepaid expenses and other assets | (32) | 639 | (1,617) |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | (455) | 175 | (1,236) |
Due to related parties | (61) | (40) | 0 |
Accrued liabilities | (685) | 995 | (291) |
Deferred revenue | (134) | 331 | (539) |
Other liabilities, non current | (22) | 36 | 50 |
Drydock costs | (500) | (474) | (540) |
Net Cash used in Operating Activities | (330) | (12,653) | (11,963) |
Cash Flows provided by Investing Activities: | |||
Vessel improvements | 0 | 0 | (194) |
Proceeds from sale of vessels, net of expenses (Note 4) | 92,905 | 5,895 | 10,618 |
Property and equipment additions | (126) | (15) | (29) |
Insurance settlements | 372 | 785 | 179 |
Net Cash provided by Investing Activities | 93,151 | 6,665 | 10,574 |
Cash Flows used in Financing Activities: | |||
Proceeds from a related party loan (Note 3) | 0 | 40,000 | 0 |
Proceeds from an unrelated party loan (Note 5) | 0 | 35,000 | 0 |
Repayments of a related party loan (Note 3) | (87,617) | 0 | 0 |
Repayments of unrelated parties loans (Note 5) | (18,500) | (111,500) | (19,159) |
Issuance of preferred stock, net of expenses (Note 7) | 17,413 | 31,989 | 0 |
Payments of financing costs | (68) | (373) | (150) |
Cash dividends (Note 9) | 0 | 0 | (374) |
Net Cash used in Financing Activities | (88,772) | (4,884) | (19,683) |
Net increase / (decrease) in cash, cash equivalents and restricted cash | 4,049 | (10,872) | (21,072) |
Cash, cash equivalents and restricted cash at beginning of the year | 6,444 | 17,316 | 38,388 |
Cash, cash equivalents and restricted cash at end of the year | 10,493 | 6,444 | 17,316 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash, cash equivalents and restricted cash | 6,444 | 17,316 | 38,388 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Related party loan reduction in exchange for preferred shares (Notes 3 and 7) | 0 | 3,000 | 0 |
Interest payments, net of amounts capitalized | $ 2,355 | $ 7,724 | $ 6,626 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
General Information | 1 . General Information The accompanying consolidated financial statements include the accounts of Performance Shipping Inc. ( or “PS”) , ( formerly Diana Containerships Inc., Note 12 ) and its wholly-owned subsidiaries (collectively, the “Company”). Performance Shipping Inc. was incorporated on January 7, 2010 under the laws of the Republic of Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act. At December 31, 2018, the Company reported a working capital surplus of $9,119 . Since 2017, the Company’s management has implemented a number of actions to manage the Company’s working capital requirements. Dur ing 2018, the Company has managed to fully repay its entire outstanding debt, by making use of vessels’ sales proceeds and equity proceeds (Notes 4 and 7 ) and since then , the Company’s fleet comprises of four unencumbered vessels with zero d ebt outstanding. The Company expects that it will fund its operations either with cash on hand, cash generated from operations, bank debt and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial stateme nts' issuance and accordingly, there is no substantial doubt about the Company's ability to continue as a going concern. The Company is engaged in the seaborne transportation industry through the ownership of containerships and operates its fleet through U nitized Ocean Transport Limited, a wholly-owned subsidiary, while Wilhelmsen Ship Management LTD, an unaffilia ted third party, provided management services to the laid- up vessels of the C ompany's fleet until March 2018 , for a fixed monthly fee for each ves sel . The fees payable to Wilhelmsen Ship Management LTD , amounted to $62, $697 and $604 for the years ended December 31 , 2018, 2017 and 2016, respectively, and are included in Vessel operating expenses in the accompanying consolidated statements of operations. As at December 31 , 2018 , the Company was the sole owner of all outstanding shares of the following subsidiaries: a/a Company Place of Incorporation Vessel Flag TEU Date built Date acquired Date sold Vessel Owning Subsidiaries - Panamax Vessels 1 Rongerik Shipping Company Inc. Marshall Islands Domingo Marshall Islands 3,739 Mar-01 Feb-12 - 2 Dud Shipping Company Inc. Marshall Islands Pamina Marshall Islands 5,042 May-05 Nov-14 - Vessel Owning Subsidiaries - Post-Panamax Vessels 3 Oruk Shipping Company Inc. Marshall Islands Pucon Marshall Islands 6,541 Aug-06 Sep-13 - 4 Meck Shipping Company Inc. Marshall Islands Rotterdam Marshall Islands 6,494 Jul-08 Sep-15 - Vessel Owning Subsidiaries - Sold Vessels 5 Kapa Shipping Company Inc. Marshall Islands Angeles Marshall Islands 4,923 Dec-06 Apr-15 Nov-16 6 Utirik Shipping Company Inc. (Note 4) Marshall Islands Doukato Marshall Islands 3,739 Feb-02 Feb-12 Jun-17 7 Mago Shipping Company Inc. (Note 4) Marshall Islands New Jersey Marshall Islands 4,923 Nov-06 Apr-15 Mar-18 8 Delap Shipping Company Inc. (Note 4) Marshall Islands March Marshall Islands 5,576 May-04 Sep-14 Mar-18 9 Jabor Shipping Company Inc. (Note 4) Marshall Islands Great Marshall Islands 5,576 Apr-04 Oct-14 Mar-18 10 Likiep Shipping Company Inc. (Note 4 ) Marshall Islands Sagitta Marshall Islands 3,426 Jun-10 Jun-10 Apr-18 11 Orangina Inc. (Note 4) Marshall Islands Centaurus Marshall Islands 3,426 Jul-10 Jul-10 May-18 12 Eluk Shipping Company Inc. (Note 4) Marshall Islands Puelo Marshall Islands 6,541 Nov-06 Aug-13 Jun-18 13 Langor Shipping Company Inc. (Note 4) Marshall Islands Hamburg Marshall Islands 6,494 Mar-09 Nov-15 Jul-18 Other Subsidiaries 14 Unitized Ocean Transport Limited Marshall Islands Management company - - - - 15 Container Carriers (USA) LLC Delaware - USA Company's US representative - - - - Unitized Ocean Transport Limited (the “Manager” or “UOT”), was established for the purpose of providing the Company and its vessels with management and administrative services, effective March 1, 2013. T he fees payable to UOT pursuant to the respective management and administrative agreements are eliminated in consolidation as intercompany transactions. Container Carriers (USA) LLC ("Container Carriers" ), was established in July 2014 in the State of Delaware, USA, to act as t he Company's authorized representative in the United States. During 2018 , 2017 and 2016 , charterers that accounted for more than 10% of the Company’s hire revenues were as follows: Charterer 2018 2017 2016 A 29% - - B - 18% - C - - 22% D - - 34% E 32% 24% - F 19% 35% 11% |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Recent Accounting Pronouncements and Significant Accounting Policies | 2 . Recent Accounting Pronouncements and Significant Accounting Policies Recent Accounting Pronouncements Adopted On January 1, 2018, 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. On the same date, the Company adopted ASU No. 2018-19, “Codification Improvements to Topic 32 6, Financial Instruments—Credit Losses”. The amendments in this update clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The adoption of ASU No. 2016-13 and ASU No. 2018-19 did not have any effect in the Company’s financial statements and disclosures. On January 1, 2018 , the Company adopted ASU No. 2016-15- Statement of Cash Flows C lassification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18—Statement of Cash Flows – Restricted Cash. The adoption of ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments did not result in any changes in the classification of cash receipts and cash payments. The adoption of ASU No. 2016-18—Statement of Cash Flows – Restricted Cash, changed the presentation of restricted cash in cash flow, where amounts generally described as restricted cash an d restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. On January 1, 2018, the Company adopted the ASU No. 2017-09, "Compensa tion — Stock Compensation (Topic 718), Scope of Modification Accounting", which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the te rms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a material effect in the Company's financial statements. On January 1, 2018 , the Company adopted the ASU 2014-09 (Topic 606 – Revenue from Contracts with Customers) . The standard, as amended from time to time, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance and expands disclosure requirements. The co re principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for t hose goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obli gations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company elected to adopt ASC 606 by applying the modified retrospective method, to contracts that were in effect at January 1, 2018, the dat e of initial application. The Company has evaluated the impact of the standard after reviewing its contracts and has determined that all of its charter agreements contain a lease and were accounted for under ASC 842 as discussed below. Implementation of th e new revenue standard did not have any impact on revenue recognition. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. There was no cumulative effect fro m the adoption of the new revenue standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. In the fourth quarter of 2018, the Company early adopted t he ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with the adoption reflected as of January 1, 2018, the beginning of the Company’s annual period in accordance with ASC 250, by using the modified retrospective transition method. The Compa ny elected to apply the additional optional transition method, under which an entity initially applies the new leases standard to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated d eficit as of January 1, 2018. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients which does not require the Company, as a lessor, to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initi al direct costs for any expired or existing leases would qualify for capitalization under ASC 842. As all existing contracts with charterers, at January 1, 2018, are operating leases and as the Company did not account for initial direct costs related to ex isting leases at January 1, 2018, there were no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018 , and no impact on any of the line items reported in the Company’s consolidated financial statements. The Company, as a lessor, also elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. The C ompany did not have any material lease agreements in which it was a lessee at the adoption date. Recent Accounting Pronouncements Not Yet Adopted I n August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—C hanges 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 8 20, 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 al l entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements. ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after Decemb er 15, 2019. 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 app lied 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. Early adoption is permitted up on issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact th at adopting this new accounting guidance will have on its consolidated financial statements and related disclosures. I n October 2018, the FASB issued ASU No. 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The Board is issuing this Update in response to stakeholders’ observations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under commo n control, 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. The amendments in this Update improve the accounting for thos e areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance w ill have on its consolidated financial statements and related disclosures. Significant Accounting Policies (a ) Principles of Consolidation : The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted ac counting principles and include the accounts of Performance Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All significant 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 de emed 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. The Company’s evaluation did not result in an identification of variable interest entities as of December 31, 201 8 and 201 7 . (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 th e 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 follows the provisions o f Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income / (Loss) in a separate statement according to ASU 2011-05. (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company operates its vessels in international shipping markets, and therefore, primarily transacts bu siness in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the years presented 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 period-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated sta tements 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 three months or less to be cash equivalents. (f) Restricted Cash: Restricted cash, when applicable, includes minimum cash deposits required to be maintained under the Company’s borrowing arrangements. The comparative amounts in the accompanying consolidated statements of cash flows have been reclassifie d due to the changes in the current presentation of restricted cash following the adoption as of January 1, 2018, of the ASU No. 2016-18 -Statement of Cash Flows - Restricted Cash. (g) Accounts Receivable, Trade: The account includes receivables fr om cha rterers for hire, net of any provision for doubtful accounts . At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtfu l accounts has b een made as of December 31, 2018 and 2017 . (h) Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value . Cost is determined by the first in, first out method. Net realizab le value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventories may also consist of bunkers when the vessel operates under freight charter or when on the balance sheet date a vessel has been redelivered by her previous charterers and has not yet been delivered to new charterers, or remains idle. Bunkers are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. (i ) Prepaid/Deferred Charter Revenue: The Company records identified assets or liabilities associated with the acquisition of a vessel at their relative fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the ch arter and the net present value of future contractual cash flows. In determining the relative fair value, when the present value of the contractual cash flows of the time charter assumed is different than its current fair value, the difference, capped to t he excess between the acquisition cost and the vessel's fair value on a charter free basis, is recorded as prepaid charter revenue or as deferred revenue, respectively. Such assets and liabilities, respectively, are amortized as a reduction of, or an incre ase in, revenue over the period of the time charter assumed. (j) Vessel Cost: Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. Subsequent expenditures for convers ions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. (k) Vessel Depreciation: The Company depreciates containership vessels on a straight-line basis over their estimated useful lives, after considering the estimated salvage value. Each vessel’s salvage value is the product of her light-weight tonnage and estimated scra p rate, which is estimated at $0.35 per light-weight ton for all vessels in the fleet. Management estimates the useful life of the Company’s vessels to be 30 years from the date of initial delivery from the shipyard. Second-hand vessels are depreciated fro m the date of their acquisition through their remaining estimated useful life. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted at the date such regulations are adopted. (l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impair ment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount, the Company evaluates the vessel for impairment loss. Measurement of the impairment loss is based on the fair value of the vessel. The fair value of the v essel is determined based on management estimates and assumptions and by making use of available market data and third party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have o ccurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the containerships market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators o f a potential impairment. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, vess els' operating expenses, vessels' residual value, and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also tak es into account factors such as the vessels’ age and employment prospects under the then current market conditions, and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for e ach vessel as of the testing dates. The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. The projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days (based, to the extent applicable, on the most recent 10 year average historical 6-12 months’ time charter rates available for each type of vessel, considering also current market rates) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vess el operating expenses assuming an average annual inflation rate of 3.5%. Effective fleet utilization is assumed to 98% in the Company’s exercise, if vessel not laid-up, taking into account the period(s) each vessel is expected to undergo her scheduled mai ntenance (dry docking and special surveys), as well as an estimate of 1% off hire days each year, assumptions in line with the Company’s historical performance. The review of the vessel’s carrying amounts in connection with the estimated recoverable amount s for 201 8 , 201 7 and 201 6 indicated impairment charges for certain of the Company’s vessels, which are separately reflected in the accompanying consolidated statements of operations (Note 4 ). (m) Assets held for sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunit ies occur and not necessarily keep them until the end of their useful life. The Company classifies assets or assets in disposal groups as being held for sale i n accordance with ASC 360-10-45-9 "Long-Lived Assets Classified as Held for Sale", when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an "as is" basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is pr obable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current f air value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by aband onment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal gr oups 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 review of the related criteria for the year ended Dec ember 31, 2017 resulted in held for sale classification for certain of the Company’s vessels (Note 4 ) . (n) Accounting for Revenues from Time Charters and Related Expenses: Revenues are generated from time charter agreements. According to the terms of a time-charter agreement, the Company charters its vessels to a charterer from the delivery of the vessel to the charterer (commencement date), for a fixed period of time, at rates that are generally determined in the main body of the charter agreement s. As discussed above under “Recent Accounting Pronouncements Adopted”, the Company’s time charter agreements were determined to contain a lease and are accounted for under ASC 842. T ime charter revenues are recorded over the non-cancellable term of the ch arter as service is provided, while revenues from time charter agreements providing for varying charter rates over their term are accounted for on a straight line basis. Any off-hires are recognized as incurred. The non-lease components of the time charter agreements , primarily relating to operation and maintenance of the vessel, are accounted for along with the associated lease component as a single lease component, as revenue from such non-lease components is recognized ratably over the duration of the ti me charter, and is not predominant . Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Under time charter agreements, the charterer typically pays a fixed daily or monthly rate for a fixed period of time for the use of the vessel. Payments are typically made in advance. Deferred revenue, if any, includes cash received prior to the balance sheet date for which all criteria for recognition as revenue would not be m et, including any deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis. Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a parti cular charter, are paid for by the charterer under time charter arrangements, except fo r commissions, which are paid for by the Company. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are d eferred ove r the related charter period to the extent revenue has been deferred since commissions are due as revenues are earned. (o) Earnings / (Loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) attributab le to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings / (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. (p) Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the container vessels. The Company reports financial information and evaluates the operations of the segment by c harter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identif ied for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by r evenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (q) Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking will be sc heduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. The unamortized dry-docking cost is reflected in Deferred Charges, net, in the accompanying consolidated balance sheets. Amortization of dry-docking c osts, f or 2018, 2017 and 2016 amounted to $518, $744 and $657, respectively , and is reflected in Depreciation and amortization of deferred charges, in the accompanying cons olidated statement of operations . (r) Financing Costs and Liabilities : Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt , in accordance with ASU 2015-13: Interest-Imputation of Interest . Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Discount premiums (Notes 3 and 5 ) are accounted for similar to other financing fees. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred. A loan liability is derecognised when the Comp any pays the creditor and is relieved of its obligation for the liability. The difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or l oss in the statement of operations. (s) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in V essel operating expenses in the accompanying con solidated statements of operations. (t) Share Based Payment: 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 under the straight-line method over th e period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). When the service inception dat e precedes the grant date, the C ompany accrues the compensation cost for per iods before the grant date based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on the fair value at the grant date. 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 modifi ed award over the fair value of the original award immediately before the modification. (u) Fair Value Measurements: The Company follows the provisions of ASC 820 "Fair Value Measurements and Disclosures", which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of ac counting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or li abilities; 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 (v) Concentration of Credit Risk: Financial instruments, which potential ly 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 agr eements to mitigate credit risk. (w) Going Concern: The Company's policy is in accordance with ASU No. 2014-15, "Presenta tion of Financial Statements - Going Concern", issued in August 2014 by the FASB. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going conce rn and on related required footnote disclosures. For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Transactions with Related Parties | 3 . T ransactions 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 2018 , 2017 and 2016 were $554, $ 672 and $ 864 respectively, and are included in Vessel o perating expenses, in General and administrative expenses and in Loss / (gain) on vessel s ’ sale in the acco mpanying consolidated st atement s of operations . As at December 31 , 2018 and 2017 , an amount of $4 and $21 , respectively, was payable to Altair and is included in Due to related parties in the accompanying consolidated balance sheets. (b) Steamship Shipbroking Enterprises Inc. (“ Steamship Shipbroking” ): Steamship Shipbroking, a company controlled by the Company’s CEO and Chairman of the Board, provides brokerage services to DCI, pursuant to a Brokerage Services Agreement for a fixed fee. For 2018 , 2017 and 2016 , total brokerage fees and bonuses to Steamship Shipbroking amounted to $2,145 , $2,100 and $2,005 respectively, and are included in General and administrati ve expenses in the accompanying consolidated statemen ts of operations. As at December 31, 2018 and 2017 there was no amount due from or due to Steamship Shipbroking and an amount of $465 and $420, respectively, has been accrued for in connection with bonuses approved to Steamship Ship broking and is included in Accrued liabilities in the accompanying consolidated balance sheets. (c) Diana Shipping Inc. (“DSI”): The amounts of related party loans shown in the accompanying consolidated balance sheets are analy z ed as follows: December 31, 2018 Current Non-current December 31, 2017 Current Non-current Diana Shipping Inc - Term Loan $ - $ - $ - $ 82,617 $ 82,617 $ - Discount Premium payable to the lenders - - - 2,292 2,292 - less unamortized deferred financing costs - - - (77) (77) - Related party financing, net of unamortized deferred financing costs $ - $ - $ - $ 84,832 $ 84,832 $ - On May 20, 2013, the Company, through one of its subsidiaries, entered into an unsecured loan agreement of up to $50,000 with Diana Shipping Inc., to be used to fund vessel acquisitions and for general corporate purposes. Two amendments followed on September 9, 2015 and on September 12, 2016, which revised the main loan terms and, among others, extended its initial maturity, amended the annual repayment schedule and revised the applicable margins. On May 30, 2017, as discussed in Note 7 , the Company issued 100 shares of its newly-designated Series C Preferred Stock to DSI , in exchange for a reduction of $3,000 in the principal amount of the Company's outstanding loan. On June 30, 2017, the Company refinanced the above loan, which had an outst anding balance of $42,417 at that time, for $82,617. The newly-drawn amount of $40,000 was used to partially repay the Company’s then existing loan with The Royal Bank of Scotland plc (“RBS”), whose settlement resulted in a net gain of $42,185 for the Comp any, which is reflected in Gain from bank debt write off in the accompanying consolidated statements of operations. The new loan would mature on December 31, 2018 and provided for an additional $5,000 interest-bearing “discount premium ”, which was payable at maturity and was recognized in Interest and finance costs in the accompanying consolidated statements of operations throughout the life of the loan, and in Related party financing, net of unamortized deferred financing costs in the accompanying consolid ated balance sheets. The DSI loan was initially subordinated to the Addiewell loan (Note 5 ), and was secured by second priority mortgages over all the Company's containerships. After the full repayment of the Addiewell loan in May 2018, the DSI loan w as secured by first priority mortgages over all the Company's containerships. It also bore interest at the rate of 6% per annum for the first twelve months, scaled to 9% per annum for the next three months and further scaled to 12% per annum for the remain ing three months until maturity, included financial and other covenants which stipulated the repayment with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to pur chase the Company's Series B Convertible Preferred Shares (Note 7 ) and prohibited the payment of dividends. During 2018, the Company has repaid in full the outstanding loan balance and the entire discount premium by making use of warrant proceeds (N ote 7 ) and vessels’ sales proceeds (Note 4 ), and accordingly, the loan agreement was terminated. The weighted average interest rate of the DSI loan during 2018 and 2017 was 6.12% and 5.42%, respectively. For 2018 , 2017 and 2016 , interest expense incurred under the loan agreement s with DSI amounted to $2,054, $3,656 and $1,692 , respectively, while the discount premium amortization amounted to $2,708, $2,292 and $0, respectively. Interest expense and discount premium amortization ar e included in Interest and finance costs in the accompanying consolidated statements of operations . Accrued interest as of December 31, 2018 and 2017 amounted to $0 and $44 , respectively, and is incl uded in Due to related parties in the accompanyi ng consolidated balance sheets. |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2018 | |
Vessels | 4 . Vessels , net Vessels’ disposals In May 2017, the Company, through one of its subsidiaries, entered into a memorandum of agreement to sell the vessel “Doukato” to an unrelated party . T he vessel was delivered to her new owners in June 2017, and the Company received sale proceeds, net of expenses, of $5,895 . In October 2017, the Company, throu gh two of its subsidiaries, entered into two memoranda of agreement to sell the vessels “March” and “Great”. T he vessels were classified o n December 31, 2017 in current assets as held for sale, according to the provisions of ASC 360, as all criteria required for this classification were met. Furthermore, from February to May 2018, the Company, through five of its subsidiaries, ent ered into m emoranda of agreement to sell the vessels “New Jersey”, “Sagitta”, “Centaurus”, “Puelo” and “Hamburg” to unrelated parties. All seven vessels were delivered to their new owners from March to July 2018, and the Company received aggregate proceeds of $92,905 , net of expenses. For 2018 and 2016, t he aggregate loss from the sale of vessels, including direct to sale expenses, amounted to $16,700 and $2,899, respectively , while for 2017, the respective gain, net of direct to sale expenses, amounted to $945. The am ounts are separately reflected in Loss / (Gain) on vessels’ sale in the accompanying consolidated statements of operations. The Company used the proceeds from the sales of the vessels to repay indebtedness, according to the respective terms of the Company’ s then existing credit agreements (Notes 3 and 5 ). Vessels’ Impairment In 2018, 2017 and 2016 the Company, after taking into account factors such as the vessels’ age and employment prospects under the then current market conditions, determined the future undiscounted cash flows for each of its vessels, considering its various alternatives, including sale possibilities. This assessment concluded that the carrying value of two vessels in 2018, two vessels in 2017 and seven vessels in 2016 was not recoverable and accordingly, the Company has recognized an aggregate impairment loss of $20,654, $8,363, and $118,861, respectively, which is separately reflected in the accompanying statements of operations. The fair value of the vessels was determined through Level 2 inputs of the fair value hierarchy as determined by management, making also use of available market data for the market value of vessels with similar characteristics. The vessels were measured at fair value on a non-recurring basis as a result of the management’s impairment test exercise. The aggregate fair value of the impaired vessels as of the testing dates was $29,074 in 2018, $20,050 in 2017 and $59,900 in 2016. The amounts in the accompanying consolidated b alance sheets are analyzed as follows: Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 286,991 $ (46,639) $ 240,352 - Vessels' disposals (9,951) 5,001 (4,950) - Transfer to vessels held for sale (21,350) 2,972 (18,378) - Depreciation - (7,353) (7,353) - Impairment charges (8,363) - (8,363) Balance, December 31, 2017 $ 247,327 $ (46,019) $ 201,308 - Vessels' disposals (121,249) 30,853 (90,396) - Depreciation - (4,388) (4,388) - Impairment charges (20,654) - (20,654) Balance, December 31, 2018 $ 105,424 $ (19,554) $ 85,870 As at December 31 , 2018 , all the Company’s vessels were unencumbered. |
Unrelated Party Financing
Unrelated Party Financing | 12 Months Ended |
Dec. 31, 2018 | |
Unrelated Party Financing | 5 . Unrelated Party Financing The amount s of unrelated party financing shown in the accompanying consolidated balance sheet s are analyzed as follows: December 31, 2018 Current Non-current December 31, 2017 Current Non-current Addiewell LTD - Term Loan $ - $ - $ - $ 8,500 $ 8,500 $ - Discount Premium payable to the lenders - - - 3,718 3,718 - less unamortized deferred financing costs - - - (99) (99) - Unrelated party financing, net of unamortized deferred financing costs $ - $ - $ - $ 12,119 $ 12,119 $ - Addiewell Ltd (“Addiewell”) – Loan Facility: On June 30, 2017, the Company partially funded the refinancing of its then existing loan with RBS , with proceeds under a new secured loan facility with Addiewell Ltd. , an unaffiliated third party, for the amount of $35,000 . The loan, which would mature on December 31, 2018, also provided for an additional $10 ,000 interest-bearing “discount premium”, which was also payable at maturity and was recognized in Interest and finance costs in the accompanying consolidated statements of operations throughout the life of the loan , and in Unrelated party financing, net of unamortized deferred financing costs in the accompanying consolidated balance sheets . Moreover, the loan, which ranked senior to the loan agreement with DSI (Note 3 ), was secured by first priority mortgages over all the Company's containerships, b ore interest at the rate of 6% per annum for the first twelve months , scaled to 9% per annum for the next three months and further scaled to 12% per annum for the remaining three months until maturity . Fina lly, the loan facility include d financial and other covenants which stipulate d the repayment of the facility with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7 ), and prohibited the payment of dividends . During 2017, the Company repaid $26,500 of its outstanding loan balance, according to the respective terms of the loan agreement. During 2018, the Company has repaid in full the outstanding loan balance and the entire discount premium by making use of warrant proc eeds (Note 7 ) and vessels’ sales proceeds (Note 4 ), and accordingly, the loan agreement was terminated. The weighted average interest rate of the Addiewell loan during 2018 and 2017 was 6.00% and 6.00%, respectively. For 2018 , 2017 and 2016 , interest expense incurred in connection with the Addiewell and the RBS loans , amounted to $ 247, $3,773 and $4,902, respectively, while the discount premium amortization amounted to $ 6,282, $3,718 and $0, respectively. Interest expense and dis count premium amortization are included in Interest and finance costs in the accompanying consolidated statements of operations . Accrued interest as of December 31, 2018 and 2017 , amounted to $0 and $9, respectively, and is included in Accrued liabilit ies in the accompanying consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | 6 . 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. Currently, management is not aware of any claims or contingent liabilities, which should be disclosed, or for which a provision should be established and has not in the accompanying consolidated financial statements. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the proba ble exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company’s vessels are cove red for pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“ P&I Association ”) in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association a nd may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, wh ich generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls outstanding in respect of any policy year . (b) As at December 31 , 2018 , all our vessels were operating under time charter agreements . The minimum contractual annual charter revenues, net of related commissions to third parties, to be generated from the existing a s at December 31 , 2018 , non-cancelable time charter contracts, are estimated at $5,702 , until December 31, 2019. |
Changes in Capital Accounts
Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Changes in Capital Accounts | 7 . Changes in Capital Accounts (a ) Reverse Stock Splits: During 2016 and 2017, the Company effected six reverse stock splits of its common shares, each which was approved by the Company’s shareholders. More specifically, the Company effected: (i) on June 9, 2016, a one-for-eight reverse stock split, which was approved by shareholders at the Company’s 20 16 Annual Meeting of Shareholders held on February 24, 2016; (ii) on July 5, 2017, a one-for-seven reverse stock split; on July 27, 2017, a one-for-six reverse stock split; on August 24, 2017, a one-for-seven reverse stock split; and on September 25, 2017, a one-for-three reverse stock split, each approved by shareholders at the Company’s 2017 Annual Meeting of Shareholders held on June 29, 2017; and (iii) on November 2, 2017, a one-for-seven reverse stock split, which was approved by shareholders at the Co mpany’s Special Meeting of Shareholders held on October 26, 2017. No fractional shares were issued in connection with the reverse splits. Shareholders who would otherwise hold fractional shares of the Company’s common stock received a cash payment in lieu of such fractional share. (b) Issuance of Series B Preferred Stock and Warrants to purchase Series B Preferred Stock: On March 21, 2017, the Company completed a registered direct offering of (i) 3,000 newly-designated Series B-1 convertible preferred sha res, par value $0.01 per share, and common shares underlying such Series B-1 convertible preferred shares, and (ii) warrants to purchase 6,500 of Series B-1 convertible preferred shares, 6,500 of Series B-1 convertible preferred shares underlying such warr ants, and common shares underlying such Series B-1 convertible preferred shares. Concurrently with the registered direct offering, the Company completed an offering of warrants to purchase 140,500 of Series B-2 convertible preferred shares in a private pla cement, in reliance on Regulation S under the Securities Act. The securities in the registered direct offering and private placement were issued and sold to Kalani Investments Limited (or “Kalani”), an entity not affiliated with the Company, pursuant to a Securities Purchase Agreement. In connection with the private placement, the Company entered into a Registration Rights Agreement with Kalani, pursuant to which the investor was granted certain registration rights with respect to the securities issued and sold in the private placement. The Series B convertible preferred shares are convertible at any time at the option of the holder into common shares at an initial conversion price of $7.00 per common share, provided that a certain minimum trading volume of the Company's common shares on the conversion date is met. At the option of Kalani, the preferred stock may be alternatively converted into common shares at a per share price equal to the higher of (i) 92.25% of the lowest daily volume weighted average pri ce on any trading day during the 5 consecutive trading day period ending on and including the conversion date and (ii) $0.50. Kalani may elect to convert the preferred stock into shares of common stock at the conversion price or alternate conversion price then in effect, at any time. The Series B preferred warrants are exercisable into Series B convertible preferred shares at any time at the option of the holder thereof at an exercise price of $1,000 per Series B convertible preferred share. The Company i n its assessment for the accounting of the Series B-1 and B-2 convertible preferred shares has taken into consideration ASC 480 "Distinguishing liabilities from equity" and determined that the preferred shares should be classified as equity instead of liab ility. The Company further analysed key features of the preferred shares to determine whether these are more akin to equity or to debt and concluded that the Series B-1 and B-2 convertible preferred shares are equity-like. In its assessment, the Company id entified certain embedded features, examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these features affected the classification. Derivative accounting was deemed inappropriate a nd thus no bifurcation of these features was performed. Upon exercise of the warrants, the holder is entitled to receive preferred shares. ASC 480 "Distinguishing liabilities from equity" requires that a warrant which contains an obligation that may requir e the issuer to redeem the shares in cash, be classified as a liability and accounted for at fair value. The Company determined that the fair value of the warrants at inception and at December 31, 2018 is immaterial. As at December 31, 2018, 100,010 warran ts remained outstanding. In 2018 and 2017 , the Company received net equity proceeds, after deducting offering expenses payable by the Company, of $17,4 13 and $31,989, respectively. In 2018, an aggregate of 17,490 preferred warrants were exercised fo r the sale of an equal number of preferred shares and , in aggregate, 17,529 Series B convertible preferred shares were converted to 10,250,265 common shares , thus leaving 250 Series B convertible preferred shares outstanding as of December 31, 2018 . Subsequent to the balance sheet date, all outstanding preferred shares were converted to common shares (Note 12 ). In 2017, an aggregate of 32,500 Series B convertible preferred shares were issued, out of which 32,211 were converted to 4,049,733 common shares , thus leaving 289 Series B convertible preferred shares outstanding as of December 31, 2017 . (c) Issuance of Series C Preferred Stock: On May 30, 2017, the Company issued 100 shares of its newly-designated Series C Pr eferred Stock, par value $0.01 per share, to DSI, in exchange for a reduction of $3,000 in the principal amount of the Company's outstanding loan (Note 3 ). The Series C Preferred Stock has no dividend or liquidation rights. The Series C Pref erred Stock votes with the common shares of the Company, and each share of the Series C Preferred Stock entitles 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 toge ther with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of the Company. The issuance of shares of Series C Preferred Stock to DSI was approved by an independent committee of the Board of Directors of the Compa ny, which received a fairness opinion from independent third parties that the transaction was fair from a financial point of view to the Company. As of December 31, 201 8 , the 100 Series C Preferred Stock remained outstanding. (d) Compensation Cost on Rest ricted Common S tock: On February 9, 2018, the Company’s Board of Directors approved an amendment to the 2015 Equity Incentive Plan, to increase the aggregate number of shares issuable under the plan to 550,000 shares. On February 9, 2018, the Company issue d 161,700 restricted common shares as an award to the executive management and the non-executive directors, pursuant to the Company’s Board of Directors’ decision of February 9, 2017. The fair value of the award was $380 and the number of shares issued was based on the share closing price of February 9, 2018. One third of the shares vested on February 9, 2018 and the remainder two thirds will vest ratably over two years from the issuance date. As at December 31, 2018, 388,300 restricted common shares remain ed reserved for issuance under the Plan. Moreover, o n Fe bruary 15, 2018, the Company's Board of D irectors approved a one-time award of restricted common stock, which was proposed by the Company's compensation c ommittee, with an aggregate value of $5,000 , to the Company's executive officers and non-executive directors, in recognition of the successful refinancing of the Company's RBS loan in 2017 . In this respect, a number of 5,747,786 restricted shares were issued on February 15, 2019 and the ir number was defined based on the share closing price of February 15, 2019 (Note 12 ) . One third of the shares vested on the issuance date and the remainder two thirds will vest ratably over two years from the issuance date. In 2018, compensation cost of $1,464 was recognized in connection with the specific award and is included in General and administrative expenses in the accompanying consolidated statements of operations and in Other liabilities, non-current in the accompanying consolidated balance sheets. D uring 2018 , 2017 and 2016 , aggregate compensation cost on restricted stock amounted to $1,587, $1,171 , and $1,119 respectively, and is included in General and administrative expenses in the accompanying consolidated statements of operations . At D ecember 31, 2018 and 2017 , the total unrecognized compensation cost relating to restricted share awards was $3,680 and $267, respectively. During the year ended December 31, 2018 , the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 - $ - Granted 161,700 2.35 Vested (53,899) 2.35 Forfeited or expired - - Outstanding at December 31, 2018 107,801 $ 2.35 As a t December 31, 2018, the weighted-average period over which the total compensation cost related to non-vested awards, as presented above, is expected to be recognized, is 0.61 years. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2018 | |
Interest And Finance Costs [Abstract] | |
Interest and Finance Costs | 8 . Inte rest and F inance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2018 2017 2016 Interest expense and other fees on unrelated party debt (Note 5) $ 6,529 $ 7,491 $ 4,902 Interest expense and other fees on related party debt (Note 3) 4,762 5,948 1,692 Amortization of deferred financing costs 176 322 427 Commitment fees and other 53 82 73 Total $ 11,520 $ 13,843 $ 7,094 |
Earnings_ (Loss) per Share
Earnings/ (Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/ (Loss) Per Share | 9 . Earnings / (Loss) per Share All common shares issued (including the restricted shares issued under the equity incentive plan ) are DCI ’s common stock and have equal rights to vote and participate in dividends , subject to forfeiture provisions set forth in the applicable award agreement. Unvested shares granted under the Company's incentive plan are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are cons idered participating securities for basic earnings per share calculation purposes. Dividends declared and paid in 2018, 2017 and 2016 were $0, $0 and $374, respectively. The calculation of basic earnings/ (loss) per share does not consider the non-vested s hares as outstanding until the time-based vesting restrictions have lapsed. For 2018 and 2016 , and on the basis that the Company incurred losses, the effect of the incremental shares assumed issued would have been anti-dilutive and therefore basic a nd diluted losses per share is the same amount. For 2017 , the computation of diluted earnings per share reflects the potential dilution from conversion of outstanding preferred convertible stock calculated with the “if converted” method. No incremental shares were calculated with the treasury stock method for the unexercised warrants to issue preferred convertible shares. 2018 2017 2016 Basic LPS Diluted LPS Basic EPS Diluted EPS Basic LPS Diluted LPS Net income/(loss) $ (52,895) $ (52,895) $ 3,819 $ 3,819 $ (149,014) $ (149,014) Net income/(loss) available to common stockholders (52,895) (52,895) 3,819 3,819 (149,014) (149,014) Weighted average number of common shares outstanding 9,450,555 9,450,555 427,333 427,333 1,478 1,478 Effect of dilutive shares - - - 28 - - Total shares outstanding 9,450,555 9,450,555 427,333 427,361 1,478 1,478 Earnings/(Loss) per common share $ (5.60) $ (5.60) $ 8.94 $ 8.94 $ (100,821.38) $ (100,821.38) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 10 . 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 V essel operating expenses in the accompanying consolidated statements of operations . The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by from its voyages that begin or en d in the United States. However, u nder Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country th at grants an equivalent exemption from tax to corporations organized in the United States ( an “ equivalent exemption ”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified shareholders,”, which i s referred to as the “50% Ownership Test,” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption” , which is referred to as the “Publicly-T raded Test.” The Marshall Isl ands, the jurisdiction where Performance Shipping Inc. and each of its vessel-owning subsidiaries are incorporated, grant an “equivalent exemption” to U.S. corporations. Therefore, the Company would be exempt from U.S. federal income taxation with respect to its U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met. Based on the trading and ownership of its stock, the Company believes that it satisfied the Publicly-Traded Test for its 2018 taxable year and intends to take this position on its 2018 U.S. federal income tax returns. Therefore, the Company does not expect to have any U.S. federal income tax liability for the year ended December 31, 2018. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | 11 . Financi al Instruments The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term loans and restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as at December 31, 2018 and 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events | 12 . Subsequent Events (a) Issuance and Conversion of Series B Preferred Shares: Subsequent to the balance sheet date and up to March 15 , 2019, the 250 Series B-2 convertible preferred shares outstanding on December 31, 2018 were converted to common stock (Note 7 ). Addition ally, the Company received $ 3,470 of gross pr oceeds from the exercise of 3,470 Series B-2 preferred warrants to purchase an equal number of Series B-2 convertible preferred shares. In aggregate, subsequent to t he balance sheet date, 3,720 Series B-2 convertible pref erred shares were converted to 5,348,947 common shares, thus leaving 0 Series B-2 convertible preferred shares outstanding on March 15 , 2019. (b) Share Repurchase Program : On January 9, 2019, the Company announced that its Board of Directors authorized a share repurchase program to purchase up to an aggregate of $6,000 of the Company’s common shares. The timing and amount of any repurchases will be determined by the Company’s management team, and will depend on market conditions, capital allocation alternatives, applicable securities laws and other factors. The Board of Directors’ authorization of the repurchase program is effective immediately and expires on December 21, 2019. Common shares re purchased as part of this program will be cancelled by the Company. (c) Receipt of Nasdaq Notice: On January 15, 2019, the Company announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated January 10, 2019, indi cating that because the closing bid price of the Company's common stock for 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days, or until July 9, 2019 and the Company intends to cure the deficiency within the prescribed grace period. (d) Determination of restricted stock awards approv ed in 2018: On February 15, 2019, the Company issued 5,747,786 restricted common shares as a one-time special award to the executive management and the non-executive Directors, pursuant to the Company’s Board of Directors decision of February 15, 2018, in recognition of the successful refinancing of the RBS loan in 2017, which resulted in a significant gain of $42,185, net of expenses (Note 7 ). The fair value of the award is $5,000 and the number of shares issued was based on the share closing price of February 15, 2019. One third of the shares vested as of the issuance date and the remainder two thirds will vest ratably over two years from the issuance date . (e) Company’s Renaming: On February 19, 2019, the Company’s Annual Meeting of Shareholders approved an amendment to the Company’s Amended and Restated Articles of Incorporation to change the name of the Company to “Performance Shipping Inc.,” which was effected on February 25, 2019. The Company’s common shares will continue to trade on the Nasd aq Global Select Market under the ticker “DCIX”. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Recent Accounting Pronouncements Adopted and Not Yet Adopted | Recent Accounting Pronouncements Adopted On January 1, 2018, 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. On the same date, the Company adopted ASU No. 2018-19, “Codification Improvements to Topic 32 6, Financial Instruments—Credit Losses”. The amendments in this update clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The adoption of ASU No. 2016-13 and ASU No. 2018-19 did not have any effect in the Company’s financial statements and disclosures. On January 1, 2018 , the Company adopted ASU No. 2016-15- Statement of Cash Flows C lassification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18—Statement of Cash Flows – Restricted Cash. The adoption of ASU No. 2016-15- Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments did not result in any changes in the classification of cash receipts and cash payments. The adoption of ASU No. 2016-18—Statement of Cash Flows – Restricted Cash, changed the presentation of restricted cash in cash flow, where amounts generally described as restricted cash an d restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. On January 1, 2018, the Company adopted the ASU No. 2017-09, "Compensa tion — Stock Compensation (Topic 718), Scope of Modification Accounting", which clarifies and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the te rms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a material effect in the Company's financial statements. On January 1, 2018 , the Company adopted the ASU 2014-09 (Topic 606 – Revenue from Contracts with Customers) . The standard, as amended from time to time, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance and expands disclosure requirements. The co re principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for t hose goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obli gations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company elected to adopt ASC 606 by applying the modified retrospective method, to contracts that were in effect at January 1, 2018, the dat e of initial application. The Company has evaluated the impact of the standard after reviewing its contracts and has determined that all of its charter agreements contain a lease and were accounted for under ASC 842 as discussed below. Implementation of th e new revenue standard did not have any impact on revenue recognition. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. There was no cumulative effect fro m the adoption of the new revenue standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company’s consolidated financial statements. In the fourth quarter of 2018, the Company early adopted t he ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with the adoption reflected as of January 1, 2018, the beginning of the Company’s annual period in accordance with ASC 250, by using the modified retrospective transition method. The Compa ny elected to apply the additional optional transition method, under which an entity initially applies the new leases standard to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated d eficit as of January 1, 2018. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients which does not require the Company, as a lessor, to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initi al direct costs for any expired or existing leases would qualify for capitalization under ASC 842. As all existing contracts with charterers, at January 1, 2018, are operating leases and as the Company did not account for initial direct costs related to ex isting leases at January 1, 2018, there were no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018 , and no impact on any of the line items reported in the Company’s consolidated financial statements. The Company, as a lessor, also elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. The C ompany did not have any material lease agreements in which it was a lessee at the adoption date. Recent Accounting Pronouncements Not Yet Adopted I n August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—C hanges 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 8 20, 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 al l entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements. ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after Decemb er 15, 2019. 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 app lied 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. Early adoption is permitted up on issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact th at adopting this new accounting guidance will have on its consolidated financial statements and related disclosures. I n October 2018, the FASB issued ASU No. 2018-17, “Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The Board is issuing this Update in response to stakeholders’ observations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under commo n control, 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. The amendments in this Update improve the accounting for thos e areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance w ill have on its consolidated financial statements and related disclosures. |
Principles of Consolidation | (a ) Principles of Consolidation : The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted ac counting principles and include the accounts of Performance Shipping Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All significant 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 de emed 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. The Company’s evaluation did not result in an identification of variable interest entities as of December 31, 201 8 and 201 7 . |
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 th e 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 follows the provisions o f Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income / (Loss) in a separate statement according to ASU 2011-05. |
Foreign Currency Translation | (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company operates its vessels in international shipping markets, and therefore, primarily transacts bu siness in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the years presented 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 period-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated sta tements of operations. |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. |
Restricted Cash | (f) Restricted Cash: Restricted cash, when applicable, includes minimum cash deposits required to be maintained under the Company’s borrowing arrangements. The comparative amounts in the accompanying consolidated statements of cash flows have been reclassifie d due to the changes in the current presentation of restricted cash following the adoption as of January 1, 2018, of the ASU No. 2016-18 -Statement of Cash Flows - Restricted Cash. |
Accounts Receivable, Trade | (g) Accounts Receivable, Trade: The account includes receivables fr om cha rterers for hire, net of any provision for doubtful accounts . At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtfu l accounts has b een made as of December 31, 2018 and 2017 . |
Inventories | (h) Inventories: Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value . Cost is determined by the first in, first out method. Net realizab le value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventories may also consist of bunkers when the vessel operates under freight charter or when on the balance sheet date a vessel has been redelivered by her previous charterers and has not yet been delivered to new charterers, or remains idle. Bunkers are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. |
Prepaid/Deferred Charter Revenue | (i ) Prepaid/Deferred Charter Revenue: The Company records identified assets or liabilities associated with the acquisition of a vessel at their relative fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the ch arter and the net present value of future contractual cash flows. In determining the relative fair value, when the present value of the contractual cash flows of the time charter assumed is different than its current fair value, the difference, capped to t he excess between the acquisition cost and the vessel's fair value on a charter free basis, is recorded as prepaid charter revenue or as deferred revenue, respectively. Such assets and liabilities, respectively, are amortized as a reduction of, or an incre ase in, revenue over the period of the time charter assumed. |
Vessel Cost | (j) Vessel Cost: Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. Subsequent expenditures for convers ions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. |
Vessel Depreciation | (k) Vessel Depreciation: The Company depreciates containership vessels on a straight-line basis over their estimated useful lives, after considering the estimated salvage value. Each vessel’s salvage value is the product of her light-weight tonnage and estimated scra p rate, which is estimated at $0.35 per light-weight ton for all vessels in the fleet. Management estimates the useful life of the Company’s vessels to be 30 years from the date of initial delivery from the shipyard. Second-hand vessels are depreciated fro m the date of their acquisition through their remaining estimated useful life. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted at the date such regulations are adopted. |
Impairment of Long-Lived Assets | (l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impair ment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount, the Company evaluates the vessel for impairment loss. Measurement of the impairment loss is based on the fair value of the vessel. The fair value of the v essel is determined based on management estimates and assumptions and by making use of available market data and third party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have o ccurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the containerships market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators o f a potential impairment. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, vess els' operating expenses, vessels' residual value, and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also tak es into account factors such as the vessels’ age and employment prospects under the then current market conditions, and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for e ach vessel as of the testing dates. The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. The projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days (based, to the extent applicable, on the most recent 10 year average historical 6-12 months’ time charter rates available for each type of vessel, considering also current market rates) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vess el operating expenses assuming an average annual inflation rate of 3.5%. Effective fleet utilization is assumed to 98% in the Company’s exercise, if vessel not laid-up, taking into account the period(s) each vessel is expected to undergo her scheduled mai ntenance (dry docking and special surveys), as well as an estimate of 1% off hire days each year, assumptions in line with the Company’s historical performance. The review of the vessel’s carrying amounts in connection with the estimated recoverable amount s for 201 8 , 201 7 and 201 6 indicated impairment charges for certain of the Company’s vessels, which are separately reflected in the accompanying consolidated statements of operations (Note 4 ). |
Assets held for sale | (m) Assets held for sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunit ies occur and not necessarily keep them until the end of their useful life. The Company classifies assets or assets in disposal groups as being held for sale i n accordance with ASC 360-10-45-9 "Long-Lived Assets Classified as Held for Sale", when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an "as is" basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is pr obable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current f air value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by aband onment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal gr oups 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 review of the related criteria for the year ended Dec ember 31, 2017 resulted in held for sale classification for certain of the Company’s vessels (Note 4 ) . |
Accounting for Revenues from Time Charters and Related Expenses | (n) Accounting for Revenues from Time Charters and Related Expenses: Revenues are generated from time charter agreements. According to the terms of a time-charter agreement, the Company charters its vessels to a charterer from the delivery of the vessel to the charterer (commencement date), for a fixed period of time, at rates that are generally determined in the main body of the charter agreement s. As discussed above under “Recent Accounting Pronouncements Adopted”, the Company’s time charter agreements were determined to contain a lease and are accounted for under ASC 842. T ime charter revenues are recorded over the non-cancellable term of the ch arter as service is provided, while revenues from time charter agreements providing for varying charter rates over their term are accounted for on a straight line basis. Any off-hires are recognized as incurred. The non-lease components of the time charter agreements , primarily relating to operation and maintenance of the vessel, are accounted for along with the associated lease component as a single lease component, as revenue from such non-lease components is recognized ratably over the duration of the ti me charter, and is not predominant . Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Under time charter agreements, the charterer typically pays a fixed daily or monthly rate for a fixed period of time for the use of the vessel. Payments are typically made in advance. Deferred revenue, if any, includes cash received prior to the balance sheet date for which all criteria for recognition as revenue would not be m et, including any deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis. Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a parti cular charter, are paid for by the charterer under time charter arrangements, except fo r commissions, which are paid for by the Company. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are d eferred ove r the related charter period to the extent revenue has been deferred since commissions are due as revenues are earned. |
Earnings / (Loss) per Common Share | (o) Earnings / (Loss) per Common Share: Basic earnings / (loss) per common share are computed by dividing net income / (loss) attributab le to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings / (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. |
Segmental Reporting | (p) Segmental Reporting: The Company has determined that it operates under one reportable segment, relating to its operations of the container vessels. The Company reports financial information and evaluates the operations of the segment by c harter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identif ied for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by r evenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Accounting for Dry-Docking Costs | (q) Accounting for Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking will be sc heduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. The unamortized dry-docking cost is reflected in Deferred Charges, net, in the accompanying consolidated balance sheets. Amortization of dry-docking c osts, f or 2018, 2017 and 2016 amounted to $518, $744 and $657, respectively , and is reflected in Depreciation and amortization of deferred charges, in the accompanying cons olidated statement of operations . |
Financing Costs and Liabilities | (r) Financing Costs and Liabilities : Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt , in accordance with ASU 2015-13: Interest-Imputation of Interest . Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Discount premiums (Notes 3 and 5 ) are accounted for similar to other financing fees. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred. A loan liability is derecognised when the Comp any pays the creditor and is relieved of its obligation for the liability. The difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or l oss in the statement of operations. |
Repairs and Maintenance | (s) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in V essel operating expenses in the accompanying con solidated statements of operations. |
Share Based Payment | (t) Share Based Payment: 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 under the straight-line method over th e period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). When the service inception dat e precedes the grant date, the C ompany accrues the compensation cost for per iods before the grant date based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on the fair value at the grant date. 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 modifi ed award over the fair value of the original award immediately before the modification. |
Fair Value Measurements | (u) Fair Value Measurements: The Company follows the provisions of ASC 820 "Fair Value Measurements and Disclosures", which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of ac counting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or li abilities; 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 . |
Concentration of Credit Risk | (v) Concentration of Credit Risk: Financial instruments, which potential ly 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 agr eements to mitigate credit risk. |
Going Concern | (w) Going Concern: The Company's policy is in accordance with ASU No. 2014-15, "Presenta tion of Financial Statements - Going Concern", issued in August 2014 by the FASB. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going conce rn and on related required footnote disclosures. For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Subsidiaries [Table Text Block] | a/a Company Place of Incorporation Vessel Flag TEU Date built Date acquired Date sold Vessel Owning Subsidiaries - Panamax Vessels 1 Rongerik Shipping Company Inc. Marshall Islands Domingo Marshall Islands 3,739 Mar-01 Feb-12 - 2 Dud Shipping Company Inc. Marshall Islands Pamina Marshall Islands 5,042 May-05 Nov-14 - Vessel Owning Subsidiaries - Post-Panamax Vessels 3 Oruk Shipping Company Inc. Marshall Islands Pucon Marshall Islands 6,541 Aug-06 Sep-13 - 4 Meck Shipping Company Inc. Marshall Islands Rotterdam Marshall Islands 6,494 Jul-08 Sep-15 - Vessel Owning Subsidiaries - Sold Vessels 5 Kapa Shipping Company Inc. Marshall Islands Angeles Marshall Islands 4,923 Dec-06 Apr-15 Nov-16 6 Utirik Shipping Company Inc. (Note 4) Marshall Islands Doukato Marshall Islands 3,739 Feb-02 Feb-12 Jun-17 7 Mago Shipping Company Inc. (Note 4) Marshall Islands New Jersey Marshall Islands 4,923 Nov-06 Apr-15 Mar-18 8 Delap Shipping Company Inc. (Note 4) Marshall Islands March Marshall Islands 5,576 May-04 Sep-14 Mar-18 9 Jabor Shipping Company Inc. (Note 4) Marshall Islands Great Marshall Islands 5,576 Apr-04 Oct-14 Mar-18 10 Likiep Shipping Company Inc. (Note 4 ) Marshall Islands Sagitta Marshall Islands 3,426 Jun-10 Jun-10 Apr-18 11 Orangina Inc. (Note 4) Marshall Islands Centaurus Marshall Islands 3,426 Jul-10 Jul-10 May-18 12 Eluk Shipping Company Inc. (Note 4) Marshall Islands Puelo Marshall Islands 6,541 Nov-06 Aug-13 Jun-18 13 Langor Shipping Company Inc. (Note 4) Marshall Islands Hamburg Marshall Islands 6,494 Mar-09 Nov-15 Jul-18 Other Subsidiaries 14 Unitized Ocean Transport Limited Marshall Islands Management company - - - - 15 Container Carriers (USA) LLC Delaware - USA Company's US representative - - - - |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Charterer 2018 2017 2016 A 29% - - B - 18% - C - - 22% D - - 34% E 32% 24% - F 19% 35% 11% |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Related Party Transactions [Table Text Block] | December 31, 2018 Current Non-current December 31, 2017 Current Non-current Diana Shipping Inc - Term Loan $ - $ - $ - $ 82,617 $ 82,617 $ - Discount Premium payable to the lenders - - - 2,292 2,292 - less unamortized deferred financing costs - - - (77) (77) - Related party financing, net of unamortized deferred financing costs $ - $ - $ - $ 84,832 $ 84,832 $ - |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Property Plant And Equipment [Table Text Block] | Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 286,991 $ (46,639) $ 240,352 - Vessels' disposals (9,951) 5,001 (4,950) - Transfer to vessels held for sale (21,350) 2,972 (18,378) - Depreciation - (7,353) (7,353) - Impairment charges (8,363) - (8,363) Balance, December 31, 2017 $ 247,327 $ (46,019) $ 201,308 - Vessels' disposals (121,249) 30,853 (90,396) - Depreciation - (4,388) (4,388) - Impairment charges (20,654) - (20,654) Balance, December 31, 2018 $ 105,424 $ (19,554) $ 85,870 |
Unrelated Party Financing (Tabl
Unrelated Party Financing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Bank and Other Debt [Table Text Block] | December 31, 2018 Current Non-current December 31, 2017 Current Non-current Addiewell LTD - Term Loan $ - $ - $ - $ 8,500 $ 8,500 $ - Discount Premium payable to the lenders - - - 3,718 3,718 - less unamortized deferred financing costs - - - (99) (99) - Unrelated party financing, net of unamortized deferred financing costs $ - $ - $ - $ 12,119 $ 12,119 $ - |
Changes in Capital Accounts (Ta
Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 - $ - Granted 161,700 2.35 Vested (53,899) 2.35 Forfeited or expired - - Outstanding at December 31, 2018 107,801 $ 2.35 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest And Finance Costs [Abstract] | |
Interest and Finance Costs | 2018 2017 2016 Interest expense and other fees on unrelated party debt (Note 5) $ 6,529 $ 7,491 $ 4,902 Interest expense and other fees on related party debt (Note 3) 4,762 5,948 1,692 Amortization of deferred financing costs 176 322 427 Commitment fees and other 53 82 73 Total $ 11,520 $ 13,843 $ 7,094 |
Earnings_ (Loss) per Share (Tab
Earnings/ (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 2016 Basic LPS Diluted LPS Basic EPS Diluted EPS Basic LPS Diluted LPS Net income/(loss) $ (52,895) $ (52,895) $ 3,819 $ 3,819 $ (149,014) $ (149,014) Net income/(loss) available to common stockholders (52,895) (52,895) 3,819 3,819 (149,014) (149,014) Weighted average number of common shares outstanding 9,450,555 9,450,555 427,333 427,333 1,478 1,478 Effect of dilutive shares - - - 28 - - Total shares outstanding 9,450,555 9,450,555 427,333 427,361 1,478 1,478 Earnings/(Loss) per common share $ (5.60) $ (5.60) $ 8.94 $ 8.94 $ (100,821.38) $ (100,821.38) |
General information, textuals (
General information, textuals (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Entity Incorporation, Date of Incorporation | Jan. 7, 2010 | ||
Entity Incorporation, State Country Name | the Republic of Marshall Islands | ||
Fees payable to Wilhelmsen Ship Management LTD | $ 62 | $ 697 | $ 604 |
Working Capital surplus | $ 9,119 | ||
Number of unencumbered vessels | 4 | ||
Oustanding debt in relation to unenumbered vessels | $ 0 |
General Information, details (D
General Information, details (Details) | Dec. 31, 2018teu |
Rongerik Shipping Company Inc [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 3,739 |
Dud Shipping Company Inc [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 5,042 |
Oruk Shipping Company Inc [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 6,541 |
Meck Shipping Company Inc [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 6,494 |
Kapa Shipping Company Inc [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 4,923 |
Utirik Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 3,739 |
Mago Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 4,923 |
Delap Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 5,576 |
Jabor Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 5,576 |
Likiep Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 3,426 |
Orangina Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 3,426 |
Eluk Shipping Company Inc (Note 4) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 6,541 |
Langor Shipping Company Inc (Notes 4 and 10) [Member] | |
Capacity By Subsidiary And Fees [Line Items] | |
Vessel capacity in TEU | 6,494 |
General information, details 2
General information, details 2 (Details) - Sales Revenue Net [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Major Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 29.00% | ||
Major Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.00% | ||
Major Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | ||
Major Customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 34.00% | ||
Major Customer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 32.00% | 24.00% | |
Major Customer F [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 35.00% | 11.00% |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements, textuals (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements, textuals 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation Methods | Straight-line basis | ||
Amortization of dry-docking costs | $ 518,000 | $ 744,000 | $ 657,000 |
Container Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated residual scrap value per light-weight ton | $ 350 | ||
Property, Plant And Equipment, Estimated Useful Lives | 30 years | ||
Assumed time-charter rates for asset impairment | to the extent applicable, on the most recent 10 year average historical 6-12 months' time charter rates | ||
Assumed inflation percentage for asset impairment | 3.50% | ||
Assumed vessel utilization for asset impairment | 98.00% | ||
Assumed off hire percentage for asset impairment | 1.00% |
Transactions with related par_3
Transactions with related parties, textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Due to related parties, current | $ 4 | $ 65 | |
Steamship Shipbroking Enterprises Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | 2,145 | 2,100 | $ 2,005 |
Due to related parties, current | 0 | 0 | |
Due from related parties, current | 0 | 0 | |
Accrued bonus | 465 | 420 | |
Altair Travel Agency Sa [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | 554 | 672 | $ 864 |
Due to related parties, current | $ 4 | $ 21 |
Transactions with related par_4
Transactions with related parties, detail (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Related party financing, net of unamortized deferred financing costs, Current | $ 0 | $ 84,832 |
Diana Shipping Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Diana Shipping Inc - Term Loan | 0 | 82,617 |
Diana Shipping Inc - Term Loan, Current | 0 | 82,617 |
Diana Shipping Inc - Term Loan, Non-current | 0 | 0 |
Discount Premium payable to the lenders | 0 | 2,292 |
Discount Premium payable to the lenders, Current | 0 | 2,292 |
Discount Premium payable to the lenders, Non-current | 0 | 0 |
less unamortized deferred financing costs | 0 | (77) |
less unamortized deferred financing costs, Current | 0 | (77) |
less unamortized deferred financing costs, non-current | 0 | 0 |
Related party financing, net of unamortized deferred financing costs, Total | 0 | 84,832 |
Related party financing, net of unamortized deferred financing costs, Current | 0 | 84,832 |
Related party financing, net of unamortized deferred financing costs, Non-current | $ 0 | $ 0 |
Transactions with related par_5
Transactions with related parties, textuals 2 (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Proceeds from long term debt from a related party | $ 0 | $ 40,000 | $ 0 | ||
Interest expense on related party debt | 4,762 | 5,948 | 1,692 | ||
Issuance of preferred stock in exchange for loan reduction | 0 | 3,000 | 0 | ||
Discount premium amortization | 8,990 | 6,010 | 0 | ||
Net gain from settlement of loan | $ 0 | 42,185 | 0 | ||
Diana Shipping Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument issuance date | Jun. 30, 2017 | ||||
Proceeds from long term debt from a related party | $ 40,000 | ||||
Debt instrument maturity date | Dec. 31, 2018 | ||||
Interest expense on related party debt | $ 2,054 | 3,656 | 1,692 | ||
Accrued interest on related party debt | 0 | 44 | |||
Other fee payable | 0 | $ 2,292 | |||
Issuance of Series C preferred stock (Notes 3 and 7), shares | 100 | ||||
Interest bearing "discount premium" | $ 5,000 | ||||
Weighted average interest rate | 6.12% | 5.42% | |||
Issuance of preferred stock in exchange for loan reduction | $ 3,000 | ||||
Outstanding principal balance | $ 0 | ||||
Debt Instrument Dividend Restrictions | The loan included financial and other covenants which prohibited the payment of dividends. | ||||
Discount premium amortization | $ 2,708 | $ 2,292 | $ 0 | ||
Diana Shipping Inc [Member] | Last Three Months [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan margin percentage | 12.00% | ||||
Diana Shipping Inc [Member] | First Twelve Months [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan margin percentage | 6.00% | ||||
Diana Shipping Inc [Member] | Thirteenth To Fifteenth Month [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan margin percentage | 9.00% | ||||
Diana Shipping Inc [Member] | Loans Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument issuance date | May 20, 2013 | ||||
Debt instrument face amount | $ 50,000 | ||||
Outstanding principal balance | $ 42,417 |
Vessels, net, textuals (Details
Vessels, net, textuals (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2018 | Oct. 31, 2017 | May 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||||||
Proceeds from sale of vessels | $ 92,905 | ||||||
Loss / (gain) on vessels' sale (Note 4) | $ 16,700 | $ (945) | $ 2,899 | ||||
Number of vessels impaired | 2 | 2 | 7 | ||||
Number Of Memoranda Of Agreement | 5 | 2 | 1 | ||||
Impairment losses (Note 4) | $ 20,654 | $ 8,363 | $ 118,861 | ||||
Vessels fair value | $ 29,074 | $ 20,050 | $ 59,900 | ||||
Doukato Member [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Proceeds from sale of vessels | $ 5,895 |
Vessels, net, detail (Details)
Vessels, net, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Vessels' cost, beginning balance | $ 247,327 | $ 286,991 | |
Vessels' disposals | (121,249) | (9,951) | |
Transfer to vessels held for sale | 0 | (21,350) | |
Impairment charges | (20,654) | (8,363) | $ (118,861) |
Vessels' cost, ending balance | 105,424 | 247,327 | 286,991 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated depreciation, beginning balance | (46,019) | (46,639) | |
Vessels' disposals | 30,853 | 5,001 | |
Transfer to vessels held for sale | 0 | 2,972 | |
Depreciation | (4,388) | (7,353) | |
Accumulated depreciation, ending balance | (19,554) | (46,019) | (46,639) |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Vessels' net book value, beginning balance | 201,308 | 240,352 | |
Vessels' disposals | (90,396) | (4,950) | |
Transfer to vessels held for sale | 0 | (18,378) | |
Depreciation | (4,388) | (7,353) | |
Impairment charges | (20,654) | (8,363) | (118,861) |
Vessel's net book value, ending balance | $ 85,870 | $ 201,308 | $ 240,352 |
Unrelated Party Financing, deta
Unrelated Party Financing, details (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Unrelated party financing, net of unamortized deferred financing costs, Current | $ 0 | $ 12,119 |
Addiewell LTD [Member] | ||
Term Loan | 0 | 8,500 |
Term Loan Current | 0 | 8,500 |
Term Loan Non-current | 0 | 0 |
Discount Premium payable to the lenders | 0 | 3,718 |
Discount Premium payable to the lenders, Current | 0 | 3,718 |
Discount Premium payable to the lenders, Non-current | 0 | 0 |
less unamortized deferred financing costs | 0 | (99) |
less unamortized deferred financing costs, Current | 0 | (99) |
less unamortized deferred financing costs, Non-current | 0 | 0 |
Unrelated party financing, net of uamortized deferred financing costs | 0 | 12,119 |
Unrelated party financing, net of unamortized deferred financing costs, Current | 0 | 12,119 |
Unrelated party financing, net of unamortized deferred financing costs, Non-current | $ 0 | $ 0 |
Unrelated Party Financing, text
Unrelated Party Financing, textuals 1 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||||
Repayment of the loan | $ 26,500 | |||
Proceeds from an unrelated party loan | $ 0 | 35,000 | $ 0 | |
Discount premium amortization | 8,990 | 6,010 | 0 | |
Outstanding amount | $ 0 | |||
Addiewell LTD [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument issuance date | Jun. 30, 2017 | |||
Debt instrument maturity date | Dec. 31, 2018 | |||
Debt Instrument Dividend Restrictions | Finally, the new loan facility included financial and other covenants which stipulated the repayment of the facility with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7), and prohibited the payment of dividends. | |||
Proceeds from an unrelated party loan | $ 35,000 | |||
Interest bearing "discount premium" | $ 10,000 | |||
Weighted average interest rate | 6.00% | 6.00% | ||
Outstanding amount | $ 0 | |||
Addiewell LTD [Member] | Last Three Months [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 12.00% | |||
Addiewell LTD [Member] | Thirteenth To Fifteenth Month [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 9.00% | |||
Addiewell LTD [Member] | First Twelve Months [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 6.00% | |||
Rbs Term Loan [Member] | Addiewell LTD [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Discount premium amortization | $ 6,282 | $ 3,718 | 0 | |
Accrued interest | 0 | 9 | ||
Interest expense on unrelated party debt | $ 247 | $ 3,773 | $ 4,902 |
Commitments and Contingencies,
Commitments and Contingencies, textuals (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Insurance Maximum Amount | $ 1 |
Policy year closing period | 3 years |
Commitments and Contingencies_2
Commitments and Contingencies, textuals 2 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Minimum Future Revenues Year One | $ 5,702 |
Changes in Capital Accounts, te
Changes in Capital Accounts, textuals (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Feb. 09, 2018USD ($)shares | Mar. 15, 2019shares | Feb. 15, 2019USD ($)shares | Feb. 15, 2018USD ($) | Mar. 21, 2017$ / sharesshares | May 30, 2017USD ($)$ / sharesshares | Jun. 09, 2016 | Jul. 05, 2017 | Jul. 27, 2017 | Aug. 24, 2017 | Sep. 25, 2017 | Nov. 02, 2017 | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | |
Stockholders equity reverse stock splits | one-for-eight reverse stock split | one-for-seven reverse stock split | one-for-six reverse stock split | one-for-seven reverse stock split | one-for-three reverse stock split | one-for-seven reverse stock split | |||||||||
Number of reverse stock splits during 2016 and 2017 | 6 | ||||||||||||||
Common stock shares issued | 14,463,231 | 4,051,266 | |||||||||||||
Common stock shares outstanding | 14,463,231 | 4,051,266 | |||||||||||||
Equity incentive plan, number of shares reserved | 388,300 | ||||||||||||||
Restricted common stock, award vesting period | 2 years | ||||||||||||||
Compensation cost on restricted stock awards | $ | $ 1,587 | $ 1,171 | $ 1,119 | ||||||||||||
Unrecognized compensation cost relating to restricted share awards | $ | $ 3,680 | 267 | |||||||||||||
Period for recognition for unrecognized compensation cost | 7 months 10 days | ||||||||||||||
Net proceeds after deducting offering expenses | $ | $ 17,413 | $ 31,989 | |||||||||||||
Preferred stock par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Issuance of preferred stock in exchange for loan reduction | $ | $ 0 | $ 3,000 | $ 0 | ||||||||||||
Preferred stock shares outstanding | 350 | 389 | |||||||||||||
Percentage of shares that will vest on the grant date | 33.00% | ||||||||||||||
Warrants outstanding | 100,010 | ||||||||||||||
Restricted common stock award, value | $ | $ 380 | $ 5,000 | |||||||||||||
Restricted stock award, shares | 161,700 | 161,700 | |||||||||||||
Percentage of shares vesting after grant date | 66.00% | 66.00% | |||||||||||||
Executive Officers And Non Executive Directors [Member] | |||||||||||||||
Restricted common stock, award vesting period | 2 years | ||||||||||||||
Compensation cost on restricted stock awards | $ | $ 1,464 | ||||||||||||||
Percentage of shares that will vest on the grant date | 33.00% | ||||||||||||||
Percentage of shares vesting after grant date | 66.00% | ||||||||||||||
Executive Officers And Non Executive Directors [Member] | Subsequent Event [Member] | |||||||||||||||
Restricted common stock, award vesting period | 2 years | ||||||||||||||
Percentage of shares that will vest on the grant date | 33.00% | ||||||||||||||
Restricted common stock award, value | $ | $ 5,000 | ||||||||||||||
Restricted stock award, shares | 5,747,786 | ||||||||||||||
Percentage of shares vesting after grant date | 66.00% | ||||||||||||||
2015 Equity Incentive Plan Amendment [Member] | |||||||||||||||
Equity incentive plan, number of shares reserved | 550,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Conversion of Series B preferred stock to common stock (Note 7), shares | 10,250,265 | 4,049,733 | |||||||||||||
Preferred Stock [Member] | |||||||||||||||
Issuance of Series B preferred stock, shares | 17,490 | 32,500 | |||||||||||||
Conversion of Series B preferred stock to common stock | 17,529 | 32,211 | |||||||||||||
Issuance of Series C preferred stock, shares | 100 | ||||||||||||||
Preferred stock shares outstanding | 100 | ||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||
Net proceeds after deducting offering expenses | $ | $ 17,413 | $ 31,989 | |||||||||||||
Issuance of preferred stock in exchange for loan reduction | $ | $ 3,000 | ||||||||||||||
Kalani [Member] | |||||||||||||||
Preferred Shares Convertible Threshold Consecutive Trading Days | 5 days | ||||||||||||||
Preferred Stock Conversion Price Per Share | $ / shares | $ 0.5 | ||||||||||||||
Conversion Price Percentage | 92.25% | ||||||||||||||
Warrants exercise price | $ / shares | $ 1,000 | ||||||||||||||
Kalani [Member] | Certain Minimum Trading Volume Of Common Shares Is Met [Member] | |||||||||||||||
Preferred Stock Conversion Price Per Share | $ / shares | $ 7 | ||||||||||||||
Diana Shipping Inc [Member] | |||||||||||||||
Issuance of Series C preferred stock, shares | 100 | ||||||||||||||
Preferred stock par value | $ / shares | $ 0.01 | ||||||||||||||
Preferred stock, voting rights | 49% | 250.000 votes | |||||||||||||
Issuance of preferred stock in exchange for loan reduction | $ | $ 3,000 | ||||||||||||||
Outstanding principal balance | $ | $ 0 | ||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||
Preferred stock par value | $ / shares | $ 0.01 | ||||||||||||||
Series B Convertible Preferred Stock [Member] | Registered Direct Offering [Member] | |||||||||||||||
Issuance of preferred stock, shares | 3,000 | ||||||||||||||
Number of warrants | 6,500 | ||||||||||||||
Preferred stock par value | $ / shares | $ 0.01 | ||||||||||||||
Series B-2 Convertible Preferred Stock [Member] | |||||||||||||||
Preferred stock shares outstanding | 250 | 289 | |||||||||||||
Series B-2 Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||
Number of warrants | 3,470 | ||||||||||||||
Conversion of Series B preferred stock to common stock | 3,720 | ||||||||||||||
Conversion of Series B preferred stock to common stock (Note 7), shares | 5,348,947 | ||||||||||||||
Preferred stock shares outstanding | 0 | ||||||||||||||
Series B-2 Convertible Preferred Stock [Member] | Private Placement Offering [Member] | |||||||||||||||
Number of warrants | 140,500 |
Changes in Capital Accounts, de
Changes in Capital Accounts, detail (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Feb. 09, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Outstanding, beginning balance | 0 | 0 |
Granted | 161,700 | 161,700 |
Vested | (53,899) | |
Forfeited or expired | 0 | |
Outstanding, ending balance | 107,801 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures [Abstract] | ||
Weighted average grant date fair value, beginning balance | $ 0 | $ 0 |
Granted, Weighted Average Grant Date Fair Value | 2.35 | |
Vested, Weighted Average Grant Date Fair Value | 2.35 | |
Weighted Average Grant Date Fair Value, ending balance | $ 2.35 |
Interest and Finance Costs, det
Interest and Finance Costs, detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest And Debt Expense [Abstract] | |||
Interest expense and other fees on unrelated party debt (Note 5) | $ 6,529 | $ 7,491 | $ 4,902 |
Interest expense and other fees on related party debt (Note 3) | 4,762 | 5,948 | 1,692 |
Amortization of deferred financing costs | 176 | 322 | 427 |
Commitment fees and other | 53 | 82 | 73 |
Total | $ 11,520 | $ 13,843 | $ 7,094 |
Earnings _ (Loss) per share, te
Earnings / (Loss) per share, textuals (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividends declared and paid during the period | $ 374 |
Earnings _ (Loss) per share, de
Earnings / (Loss) per share, detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income/ (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Weighted average number of common shares outstanding | 9,450,555 | 427,333 | 1,478 |
Total shares outstanding | 9,450,555 | 427,361 | 1,478 |
Earnings / (Loss) per common share | $ (5.6) | $ 8.94 | $ (100,821.38) |
Earnings / (Loss) per common share | $ (5.6) | $ 8.94 | $ (100,821.38) |
Earnings Loss Per Share Diluted [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income/ (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Net income / (loss) available to common stockholders | $ (52,895) | $ 3,819 | $ (149,014) |
Weighted average number of common shares outstanding | 9,450,555 | 427,333 | 1,478 |
Effect of dilutive shares | 0 | 28 | 0 |
Total shares outstanding | 9,450,555 | 427,361 | 1,478 |
Earnings / (Loss) per common share | $ (5.6) | $ 8.94 | $ (100,821.38) |
Earnings Loss Per Share Basic [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income/ (loss) | $ (52,895) | $ 3,819 | $ (149,014) |
Net income / (loss) available to common stockholders | $ (52,895) | $ 3,819 | $ (149,014) |
Weighted average number of common shares outstanding | 9,450,555 | 427,333 | 1,478 |
Effect of dilutive shares | 0 | 0 | 0 |
Earnings / (Loss) per common share | $ (5.6) | $ 8.94 | $ (100,821.38) |
Income taxes, textuals (Details
Income taxes, textuals (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum stock ownership percentage for tax exemption | 50.00% |
Percentage Of Gross Income Subject To Tax | 50.00% |
Tax Rate On Us Source Shipping Income | 4.00% |
Subsequent events, textuals (De
Subsequent events, textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2019 | Feb. 09, 2018 | Mar. 15, 2019 | Feb. 15, 2019 | Feb. 15, 2018 | Dec. 31, 2018 | Jan. 09, 2019 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||||||
Preferred stock shares outstanding | 350 | 389 | ||||||
Restricted stock award, shares | 161,700 | 161,700 | ||||||
Restricted common stock award, value | $ 380 | $ 5,000 | ||||||
Percentage of shares that will vest on the grant date | 33.00% | |||||||
Percentage of shares vesting after grant date | 66.00% | 66.00% | ||||||
Restricted common stock, award vesting period | 2 years | |||||||
Executive Officers And Non Executive Directors [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of shares that will vest on the grant date | 33.00% | |||||||
Percentage of shares vesting after grant date | 66.00% | |||||||
Restricted common stock, award vesting period | 2 years | |||||||
Series B-2 Convertible Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock shares outstanding | 250 | 289 | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum aggregate authorized share repurchase amount | $ 6,000 | |||||||
Subsequent Event [Member] | Executive Officers And Non Executive Directors [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Restricted stock award, shares | 5,747,786 | |||||||
Restricted common stock award, value | $ 5,000 | |||||||
Percentage of shares that will vest on the grant date | 33.00% | |||||||
Percentage of shares vesting after grant date | 66.00% | |||||||
Restricted common stock, award vesting period | 2 years | |||||||
Subsequent Event [Member] | Receipt Of Nasdaq Notice [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Minimum Bid Price | $ 1 | |||||||
Closing Bid Price Threshold Consecutive Trading Days | 30 days | |||||||
Grace Period To Regain Compliance | 180 days | |||||||
Subsequent Event [Member] | Series B-2 Convertible Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred shares converted | 3,720 | |||||||
Preferred stock shares outstanding | 0 | |||||||
Conversion of Series B preferred stock to common stock (Note 7), shares | 5,348,947 | |||||||
Total proceeds | $ 3,470 | |||||||
Number of warrants | 3,470 |
Uncategorized Items - dcix-2018
Label | Element | Value |
Restricted cash (Note 3) | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | $ 0 |
Restricted cash (Note 3) | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | 0 |
Restricted cash (Note 3) | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | $ 9,000,000 |