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Name | Symbol | Market | Type |
---|---|---|---|
Diana Shipping Inc | NYSE:DSX-B | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.19% | 26.53 | 26.53 | 26.53 | 26.53 | 333 | 01:00:00 |
Cover |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Entity Listings [Line Items] | |
Document type | 6-K |
Document period end date | Jun. 30, 2023 |
Current fiscal year end date | --12-31 |
Entity registrant name | DIANA SHIPPING INC. |
Entity central index key | 0001318885 |
Document fiscal year focus | 2023 |
Document fiscal period focus | Q2 |
Amendment flag | false |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 106,437,232 | 102,653,619 |
Common stock, shares outstanding | 106,437,232 | 102,653,619 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income | $ 33,077 | $ 61,649 |
Other comprehensive income - Defined benefit plan | 0 | 1 |
Comprehensive income | $ 33,077 | $ 61,650 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Other Comprehensive Income / (Loss) [Member] |
Accumulated Deficit [Member] |
---|---|---|---|---|---|---|---|---|
Balance, shares at Dec. 31, 2021 | 2,600,000 | 10,675 | 400 | 84,672,258 | ||||
Balance at Dec. 31, 2021 | $ 393,195 | $ 26 | $ 0 | $ 0 | $ 847 | $ 982,537 | $ 71 | $ (590,286) |
Net income | 61,649 | 61,649 | ||||||
Issuance of stock, shares | 820,000 | |||||||
Issuance of stock | 4,980 | $ 8 | 4,972 | |||||
Issuance of Restricted Stock and Compensation Cost, shares (Note 8(h)) | 1,470,000 | |||||||
Issuance of Restricted Stock and Compensation Cost (Note 8(h)) | 4,931 | $ 15 | 4,916 | |||||
Stock Repurchased, shares | (191,055) | |||||||
Stock Repurchased | (928) | $ (2) | (926) | |||||
Dividends on Preferred Stock (Note 8(b)) | (2,884) | (2,884) | ||||||
Dividends on Common Stock (Note 8(f)) | (38,839) | (38,839) | ||||||
Other comprehensive income/(loss) | 1 | 1 | ||||||
Balance, shares at Jun. 30, 2022 | 2,600,000 | 10,675 | 400 | 86,771,203 | ||||
Balance at Jun. 30, 2022 | 422,105 | $ 26 | $ 0 | $ 0 | $ 868 | 991,499 | 72 | (570,360) |
Balance, shares at Dec. 31, 2022 | 2,600,000 | 10,675 | 400 | 102,653,619 | ||||
Balance at Dec. 31, 2022 | 487,328 | $ 26 | $ 0 | $ 0 | $ 1,027 | 1,061,015 | 253 | (574,993) |
Net income | 33,077 | 33,077 | ||||||
Issuance of Restricted Stock and Compensation Cost, shares (Note 8(h)) | 1,750,000 | |||||||
Issuance of Restricted Stock and Compensation Cost (Note 8(h)) | 4,826 | $ 18 | 4,808 | |||||
Issuance of Common Stock, shares (Notes 8(e)) | 2,033,613 | |||||||
Issuance of Common Stock (Notes 8(e)) | 7,733 | $ 20 | 7,713 | |||||
Dividends on Preferred Stock (Note 8(b)) | (2,884) | (2,884) | ||||||
Dividends on Common Stock (Note 8(f)) | (31,931) | (31,931) | ||||||
Dividends in kind (Note 8(g)) | (10,761) | (10,761) | ||||||
Other comprehensive income/(loss) | 0 | |||||||
Balance, shares at Jun. 30, 2023 | 2,600,000 | 10,675 | 400 | 106,437,232 | ||||
Balance at Jun. 30, 2023 | $ 487,388 | $ 26 | $ 0 | $ 0 | $ 1,065 | $ 1,073,536 | $ 253 | $ (587,492) |
Basis of Presentation and General Information and Recent Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Basis of Presentation and General Information and Recent Accounting Pronouncements | |
Basis of Presentation and General Information and Recent Accounting Pronouncements | 1. Pronouncements The Shipping Inc., or DSI and its March 8, 1999 2005, incorporation, the Company was renamed Diana Shipping Inc. and was re-domiciled from the Republic of Liberia to the Republic of the Marshall Islands. The accordance information. complete prepared on the ended Securities and adjustments, presentation presented. the results that might be expected for the fiscal year ending December The consolidated required by U.S. GAAP for complete financial statements. The Company ownership through Wilhelmsen Management Limited, or DWM, a 50 % owned joint venture (Note 2(c)). The fees paid to DSS are eliminated on consolidation. Significant Accounting Policies and Recent Accounting A discussion Consolidated December June 30, 2023, except for as discussed below: Equity method investments Under this deconsolidation) subsequent to the date of investment and reports the recognized Accrued Interest Income As 1,546 591 , respectively Prepaid expenses and other assets consolidated balance sheets. |
Transactions with related parties |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Transactions with related parties | |
Transactions with related parties | 2. a) agent, months 1,311 1,238 , included accompanying unaudited 31, 2022, an amount 195 136 , respectively, in the accompanying interim consolidated balance sheets. b) our Paliou commissions on February $ 1,950 1,654 , respectively, unaudited interim consolidated statements of income. the Company 226 $ 1,219 , respectively, 2023 and December 31, 2022, there was no c) Management Inc., a unaffiliated third party, 50 % of DWM. 2023 708 506 , included in equity method investments in the six months 202 767 , respectively, interim consolidated statements of income. DWM six monthly ended June 30, 2023 and 2022, amounted to 647 228 , respectively, as management income. Also, for the 19 in vessels, 194 and 83 2022, there was an amount 156 216 accompanying interim consolidated balance sheets. d) 500,000 and 10,000 Series B preferred shares entitle the holder to 2,000 votes on all matters submitted to vote of the stockholders of the Company, provided however, that the total number of votes shall not exceed 34% of the total number of votes, provided further, that the total number of votes entitled to vote, including common stock or any other voting security, would not exceed 49% of the total number of votes. or distribution rights. Series C preferred shares do not have voting rights unless related to amendments of the Articles of Incorporation that adversely alter the preference, powers or rights of the Series C Preferred Shares or to issue Parity Stock or create or issue Senior Stock. preference equal to the stated value of $ 10,000 option commencing upon the of 6.5 Dividends date at the rate of 8 % per annum. Dividends are payable in cash or, at OceanPal’s election, in kind. On February 1, OceanPal Melia 14,000 , 4,000 OceanPal on February 10,000 13,157 D Cumulative 2023, 13,157 Company 2023, paragraph ASC 321-10-35-2. The fair 2 inputs of the fair value hierarchy by taking into consideration a third-party valuation the expects to receive from holding the equity instrument. Series D preferred shares are convertible into equal holder would not 49 % of Series D preferred shares have no voting rights ; dividends are cumulative, accruing at 7 % per annum, payable the holder in lieu of cash dividends); and they have a liquidation 1,000 On dividend to its shareholders of record on April 24, 2023. The Company accounted for the transaction as a nonreciprocal preferred shares 10,761 . The was determined through into account the present value of the future cash flows, the holding the equity instrument. This resulted 761 , being the difference and the the 2023 accompanying unaudited interim consolidated statement of As of June 30, 2023 and December 31, the amounted to 7,744 7,744 , respectively, 168 periods, consolidated balance sheets. As of June 30, 2023 and December 31, any indications for impairment, same issuer June (from 567 400 , respectively, statements of income. e) AS, and/or operating a vessel. Bergen was signed Nord , 2016 Ultramax 27,900 Bergen 15,400 price of secure exchange investment agreement with Ecobulk AS, under which Ecobulk AS acquired 75 % of the limited partnership interests, for 11,025 ; (ii) the (iii) an administrative service agreement an annual 15 ; (iv) 0.8 % per to 27,900 which vessel. Pursuant 25,189 in cash while an 3,675 25 % of the total partnership interests. Upon the management and policies of Bergen. The Company evaluated its 810 and direct the 2023 Bergen has been considered as an affiliate entity and not as a controlled subsidiary of the Company. Company noncontrolling 25 % significant influence over Bergen. On interest at 4,519 the fair value of its 25 % interest in accordance with ASC distinct deconsolidation 844 , consolidated noncontrolling interest plus the carrying value the assets derecognized. For 42 included consolidated statement 4,561 and Also, for the $ 3 , amounted 22 , consolidated statement 25 included in due from related parties in the 2023 accompanying consolidated |
Advances for vessel acquisitions and Vessels, net |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Advances for vessel acquisitions and Vessels, net | |
Advances for vessel acquisitions and Vessels, net | 3. Vessel Acquisitions On 23,955 and 2,033,613 August 10, 2022. On 2,033,613 at $ 0.01 7,809 , based on stock on the Company had paid an amount of $ 24,123 the was transferred to Vessels, net on the vessel’s delivery to the Company. On February 14, 2023, the Company signed a Memorandum of Agreement to acquire from an unaffiliated third-party an 27,900 . On ship Company’s $ 27,908 Vessel Disposals On January 23, an unrelated Aliki 15,080 . The on subsidiary, Melia for 14,000 , 4,000 10,000 13,157 Shares (Note $ 23,198 405 value which was the lower of their carrying value and fair value Both vessels were delivered to their new owners on February 8, 2023. The sale of the gain 4,995 , unaudited interim consolidated statement of income. The follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2022 $ 1,141,128 $ (191,512) $ 949,616 - Additions for vessel acquisitions and improvements 61,088 - 61,088 - Vessel disposals (39,393) 16,195 (23,198) - Vessel disposal due to deconsolidation 2(e)) (27,908) - (27,908) - Depreciation for the period - (23,934) (23,934) Balance, June 30, 2023 $ 1,134,915 $ (199,251) $ 935,664 Additions other additional ports. |
Property and Equipment, net |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Property and Equipment, net | |
Property and Equipment, net | 4. The Additionally, acquired for became software and hardware as follows: Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 2022 $ 28,936 $ (5,973) $ 22,963 - Additions in property and equipment 308 - 308 - Depreciation for the period - (323) (323) Balance, June 30, 2023 $ 29,244 $ (6,296) $ 22,948 |
Long-term debt |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Long-term debt | |
Long-term debt | 5. The follows: June 30, 2023 December 31, 2022 Senior unsecured bond 119,100 125,000 Secured long-term debt 423,749 405,120 Total long-term $ 542,849 $ 530,120 Less: Deferred financing costs (7,526) (7,609) Long-term debt, net of deferred financing costs $ 535,323 $ 522,511 Less: Current long-term debt, net of deferred financing current (49,428) (91,495) Long-term debt, excluding current maturities $ 485,895 $ 431,016 Senior Unsecured Bond : On June 22, 2021 , the 125,000 bond ranks ahead of subordinated capital and ranks the of executive officers 21,000 the 8.375 % annually in 2024 103.35 % equal to 101.675 % of nominal value and after December 2025 at a price equal to 100 % of nominal value. On 5,900 5,851 . respect, the 159 difference 5,851 extinguished 5,900 208 . covenants and is trading at Oslo Stock Exchange under the Secured Term Loans: Under 33 mortgaged $ 714,222 . insurances, shares either (where applicable), financial covenants, as well as operating account assignments. The lenders may also require loan and ownership cover ratio and minimum liquidity per vessel owned by the borrowers, or the Guarantor, bank accounts of the borrowers, or the Guarantor. As times 20,500 21,000 , included sheets. Furthermore, Company is not permitted to pay any dividends following the occurrence As of June 30, 2023, the Company had the following agreements with banks, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries: BNP Paribas (“BNP”): 53,500 agreement, to G. P. P. maturing on November 30, 2021 . The agreement was refinanced on June 29, May 19, 2024 . The loan was repayable in equal semi-annual instalments of approximately $ 1,574 $ 23,596 margin of 2.5 %. On 75,000 loan was repayable in 1,562.5 43,750 payable together with the last instalment on July 17, 2023 . The loan bore interest at LIBOR plus a margin of 2.3 %. In outstanding balance of 75,193 a loss on debt extinguishment amounting to $ 107 . Nordea Bank AB, 93,080 under March 19, 2021 . May 7, 2020, and supplemented on July 29, 2021, with an additional borrowing of $ 460 . In July 2022 and in February 2023, the Company prepaid an amount of $ 4,786 8,134 , respectively, following the sale of vessels. On June 20, 2023, the Company the 20,934 . drew down 22,500 20,934 extinguishment 220 . twenty quarterly $ 1,125 2.25 %. The loan matures on June 27, 2028 . On 200 acquisition price 9 197,236 for each vessel on their delivery to the Company, 21,937 sale quarterly amount 3,719 , 100,912 October 11, 2027 . The loan bears interest at term SOFR plus a margin of 2.25 %. ABN AMRO Bank N.V., or ABN: the 52,885 consecutive quarterly 800 9,000 the June 28, 2024 . 2.25 %. Tranche B was repayable in equal consecutive quarterly 994 $ 13,391 June 28, 2024 , and margin of 2.4 %. On 91,000 with ABN 2022, the 30,791 loan was repayable in quarterly 1,980 13,553 last May 20, 2026 . 2.15 % which 10 performance under certain sustainability KPIs. On June 26, 68,678 , which were under extinguishment amounting to $ 237 . Export-Import Bank of China: 57,240 loan quarterly 954 , January 4, 2032 2.3 % (Note 12). DNB Bank 19,000 agreement, quarterly 477.3 9,454 payable March 14, 2024 . margin 2.4 %. 11,841 prepaid in full and the Company recorded a loss on debt extinguishment 25 . On June 26, 100,000 2023, purposes. 26 quarterly 3,846 and 2.2 %, the discussions mandatorily repayable entered 30,000 , 30 % amount 1,154 . rate 4.268 % termination date on reset date of the loan, according to which the swap will be terminated Danish Ship Danish, for 100,000 and $ 100,000 twenty quarterly 3,301 balloon of $ 33,972 April 19, 2028 , and bears interest at SOFR plus a margin of 2.2 %. As covenants. As of shown in the table below and do not include the related debt issuance Period Principal Repayment Year 1 $ 51,783 Year 2 51,783 Year 3 170,883 Year 4 51,783 Year 5 179,229 Year 6 and 37,388 Total $ 542,849 |
Finance Liabilities |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Finance Liabilities | |
Finance Liabilities | 6. The amount follows: June 30, 2023 December 31, 2022 Finance liabilities 137,934 142,370 Less: Deferred financing costs (1,323) (1,439) Finance liabilities, net of deferred financing costs $ 136,611 $ 140,931 Less: Current finance liabilities, net of deferred financing current (9,020) (8,802) Finance liabilities, excluding current maturities $ 127,591 $ 132,129 On March 29, 2022, the Company sold Florida 50,000 back the ten years , under hire, vessel after the end of the third the earlier, 16,350 , lease on the tenth year. On August 17, 2022, the two Japanese New Santa for 66,400 . vessels were delivered the Company eight years , each, and has purchase options beginning at the end of the or written notice to the vessels for $ 13,000 , each, on the expiration of each lease on the eighth year. On December DSI Andromeda 29,850 3) ten years , Company repurchase the the not 8,050 , expiration of the lease on the tenth year. Under the bareboat charter parties, the Company is responsible for the operation and maintenance of the vessels and the during the charter period. The are the proceeds from the the 8.20 average interest rate was 4.83 %. As of as shown in the table below: Period Principal Repayment Year 1 $ 9,244 Year 2 9,606 Year 3 10,012 Year 4 10,438 Year 5 10,916 Year 6 and 87,718 Total $ 137,934 |
Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 7. a) liability, disputes with of when management becomes probable exposure. 1 vessel per incident, by the P&I Association in which the Company’s vessels b) counterparties, Florida, Barbara, New and upon expiration Note 6. c) Company maturity of to make any pledge earnings, partnership interests the Company did not record a provision for losses under the guarantee of Bergen’s loan amounting to $ 15,400 d) agreements, considered operating to -cancelable time and until their expiration was as follows: Period Amount Year 1 $ 159,042 Year 2 23,584 Year 3 9,454 Year 4 5,491 $ 197,571 |
Capital Stock and Changes in Capital Accounts |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Capital Stock and Changes in Capital Accounts | |
Capital Stock and Changes in Capital Accounts | 8. a) : preferred stock consists of 25,000,000 0.01 1,000,000 5,000,000 designated as 10,675 and 400 2022, the Company had zero b) 2,600,000 0.01 25.00 per share and with liquidation preference at $ 25.00 Holders of Series B Preferred Shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. shares with respect to of the existing and future indebtedness. Dividends payable on the 8.875 % per 2.21875 dividends 2,884 2,884 , 14, 2019, the price of 25.00 date of redemption, whether or not declared. c) : 10,675 0.01 owned by an affiliate The Series C Preferred Stock votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. no dividend or liquidation the holder’s affiliates and immediate family members. d) : As of June 400 shares of Series D Preferred Stock, issued and outstanding, with par value $ 0.01 affiliate redeemable no The Series D Preferred Stock vote with the common shares of the Company, and each share of the Series D Preferred Stock entitles the holder thereof to up to 100,000 votes, on all matters submitted to a vote of the shareholders of the Company, subject to a maximum number of votes eligible to be cast by such holder derived from the Series D Preferred Shares and any other voting security of the Company held by the holder to be equal to the lesser of (i) 36% of the total number of votes entitled to vote on any matter put to shareholders of the Company and (ii) the sum of the holder’s aggregate voting power derived from securities other than the Series D Preferred Stock and 15% of the total number of votes entitled to be cast on matters put to shareholders of the Company. immediate family members and to affiliated persons or entities. e) On 2,033,613 shares, at 3.84 , to vessel no t Trade and the exercise price of the shares issued was included in the price of the vessels f) On March 20, stock 0.15 15,965 , 2023, the Company declared a dividend on 0.15 15,965 , payable on July 10, shareholders of record as of June 12, 2023 (Note 12). g) On Series D 10,761 , or 0.10 per share, to its shareholders of record as of April 24, 2023 (Notes 2(d) and h) On February 22, 2023, 1,750,000 pursuant to the Company’s period of 7,945 . 13,444,759 remained reserved for issuance according to the Company’s incentive plan. Restricted stock during the six months ended June 30, 2023 and Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2021 9,514,649 $ 2.83 Granted 1,470,000 4.15 Vested (3,118,060) 2.84 Outstanding at June 30, 2022 7,866,589 $ 3.06 Outstanding at December 31, 2022 7,866,589 $ 3.07 Granted 1,750,000 4.54 Vested (2,822,753) 3.05 Outstanding at June 30, 2023 6,793,836 $ 3.45 The Company’s aggregate respective amounted to 4,826 4,931 , respectively, presented in the accompanying unaudited interim consolidated statements As awards was 19,992 16,873 , respectively. which recognized is 2.33 |
Interest and Finance Costs |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Interest and Finance Costs | |
Interest and Finance Costs | 9. The amounts in the accompanying consolidated statements of income For the six months ended June 30, 2023 2022 Interest expense, debt $ 18,929 $ 9,410 Finance liabilities interest expense 3,420 580 Amortization of debt and finance liabilities issuance costs 1,293 1,104 Loan and other expenses 203 115 Interest expense and finance costs $ 23,845 $ 11,209 |
Earnings per Share |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Earnings per Share | |
Earnings per Share | 10. All common are calculation of basic earnings per share does not treat the non-vested shares (not considered participating securities) as are the number non-vested shares 1,272,798 2,964,828 earnings per share calculation. Profit attributable to common equity holders is adjusted by the amount of dividends on Series B Preferred Stock as follows: For the six months ended June 30, 2023 2022 Net income $ 33,077 $ 61,649 Dividends on series B preferred shares (2,884) (2,884) Net income attributable to common stockholders $ 30,193 $ 58,765 Weighted average number of common shares, basic 98,489,613 77,343,851 Incremental shares 1,272,798 2,964,828 Weighted average number of common shares, diluted 99,762,411 80,308,679 Earnings/(loss) per share, basic $ 0.31 $ 0.76 Earnings/(loss) per share, diluted $ 0.30 $ 0.73 |
Financial Instruments and Fair Value Disclosures |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 11. Interest rate risk and concentration of credit risk Financial instruments, consist Company’s counterparties to perform their that conditions, rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting evaluations of the relative credit with and by receiving payments of hire in accounts receivable and does not have any agreements to During the 10 % or more of the Company’s time charter revenues were as follows: For the six months ended June 30, Charterer 2023 2022 Cargill International SA 16% 18% Koch Shipping PTE LTD. * 15% *Less than 10% The July 6, 2023, the of such exposure. Fair value of assets and liabilities The approximate their fair generally due to their variable interest rates. Fair value measurements disclosed As of June 30, 2023, 119,100 a 117,760 FASB guidance for Fair Value Measurements. Other Fair value measurements Description (in thousands of US Dollars) December 31, 2022 Quoted Prices in Active Markets (Level 1) Non-recurring fair value measurements Long-lived assets held for use (1) $ 67,909 $ 67,909 Total measurements 67,909 67,909 June 30, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Non-recurring fair value measurements Equity method investments (2) $ 4,519 $ $ 4,519 Long-lived assets held for use (3) 7,809 7,809 Total measurements $ 12,328 $ 7,809 $ 4,519 During eight agreement with 263,719 , of 195,810 paid in 67,909 of Company’s shares on such shares. (2) 25 % $ 4,519 , guidance 844 , between the assumed by Bergen and the carrying value of the assets derecognized (3) Sea 31,764 23,955 $ 7,809 shares issued to on the date of delivery of each vessel, which was also the date |
Subsequent Events |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | 12. a) related party with which they jointly € 1.1 1,208 b) : 12,424 shareholders 965,044 distributed declared $ 0.15 O n 13,041 receive 831,672 elected to receive shares, as payment for the dividend declared. c) On July 17, on its series B preferred stock, 0.5546875 1,442 , to its stockholders of record as of July 14, 2023. d) On Export-Import Bank of China for the purpose of replacing |
Basis of Presentation and General Information and Recent Accounting Pronouncements (Policy) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Basis of Presentation and General Information and Recent Accounting Pronouncements | |
Equity method investments | Equity method investments Under this deconsolidation) subsequent to the date of investment and reports the recognized |
Accrued Interest Income | Accrued Interest Income As 1,546 591 , respectively Prepaid expenses and other assets consolidated balance sheets. |
Advances for vessel acquisitions and Vessels, net (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Advances for vessel acquisitions and Vessels, net | |
Schedule of Vessels, net in the accompanying consolidated balance sheets | Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2022 $ 1,141,128 $ (191,512) $ 949,616 - Additions for vessel acquisitions and improvements 61,088 - 61,088 - Vessel disposals (39,393) 16,195 (23,198) - Vessel disposal due to deconsolidation 2(e)) (27,908) - (27,908) - Depreciation for the period - (23,934) (23,934) Balance, June 30, 2023 $ 1,134,915 $ (199,251) $ 935,664 |
Property and Equipment, net (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Property and Equipment, net | |
Schedule of property and equipment | Property and Equipment Accumulated Depreciation Net Book Value Balance, December 31, 2022 $ 28,936 $ (5,973) $ 22,963 - Additions in property and equipment 308 - 308 - Depreciation for the period - (323) (323) Balance, June 30, 2023 $ 29,244 $ (6,296) $ 22,948 |
Long-term debt (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Long-term debt | |
Schedule of Long-term Debt Instruments | June 30, 2023 December 31, 2022 Senior unsecured bond 119,100 125,000 Secured long-term debt 423,749 405,120 Total long-term $ 542,849 $ 530,120 Less: Deferred financing costs (7,526) (7,609) Long-term debt, net of deferred financing costs $ 535,323 $ 522,511 Less: Current long-term debt, net of deferred financing current (49,428) (91,495) Long-term debt, excluding current maturities $ 485,895 $ 431,016 |
Schedule of Maturities of Long-term Debt | Period Principal Repayment Year 1 $ 51,783 Year 2 51,783 Year 3 170,883 Year 4 51,783 Year 5 179,229 Year 6 and 37,388 Total $ 542,849 |
Finance Liabilities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Finance Liabilities | |
Analysis of Finance Liabilities on Balance Sheets | June 30, 2023 December 31, 2022 Finance liabilities 137,934 142,370 Less: Deferred financing costs (1,323) (1,439) Finance liabilities, net of deferred financing costs $ 136,611 $ 140,931 Less: Current finance liabilities, net of deferred financing current (9,020) (8,802) Finance liabilities, excluding current maturities $ 127,591 $ 132,129 |
Annual Lease Liabilities | Period Principal Repayment Year 1 $ 9,244 Year 2 9,606 Year 3 10,012 Year 4 10,438 Year 5 10,916 Year 6 and 87,718 Total $ 137,934 |
Commitments and Contingencies (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Commitments and Contingencies | |
Schedule of fixed non cancelable time charter contracts | Period Amount Year 1 $ 159,042 Year 2 23,584 Year 3 9,454 Year 4 5,491 $ 197,571 |
Capital Stock and Changes in Capital Accounts (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Capital Stock and Changes in Capital Accounts | |
Schedule of share-based compensation restricted stock and restricted stock units activity | Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2021 9,514,649 $ 2.83 Granted 1,470,000 4.15 Vested (3,118,060) 2.84 Outstanding at June 30, 2022 7,866,589 $ 3.06 Outstanding at December 31, 2022 7,866,589 $ 3.07 Granted 1,750,000 4.54 Vested (2,822,753) 3.05 Outstanding at June 30, 2023 6,793,836 $ 3.45 |
Interest and Finance Costs (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Interest and Finance Costs | |
Schedule Of Interest And Finance Costs | For the six months ended June 30, 2023 2022 Interest expense, debt $ 18,929 $ 9,410 Finance liabilities interest expense 3,420 580 Amortization of debt and finance liabilities issuance costs 1,293 1,104 Loan and other expenses 203 115 Interest expense and finance costs $ 23,845 $ 11,209 |
Earnings per Share (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Earnings per Share | |
Schedule of Earnings Per Share, Basic and Diluted | For the six months ended June 30, 2023 2022 Net income $ 33,077 $ 61,649 Dividends on series B preferred shares (2,884) (2,884) Net income attributable to common stockholders $ 30,193 $ 58,765 Weighted average number of common shares, basic 98,489,613 77,343,851 Incremental shares 1,272,798 2,964,828 Weighted average number of common shares, diluted 99,762,411 80,308,679 Earnings/(loss) per share, basic $ 0.31 $ 0.76 Earnings/(loss) per share, diluted $ 0.30 $ 0.73 |
Financial Instruments and Fair Value Disclosures (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of company's charter revenues | For the six months ended June 30, Charterer 2023 2022 Cargill International SA 16% 18% Koch Shipping PTE LTD. * 15% *Less than 10% |
Schedule of other fair value measurements | Description (in thousands of US Dollars) December 31, 2022 Quoted Prices in Active Markets (Level 1) Non-recurring fair value measurements Long-lived assets held for use (1) $ 67,909 $ 67,909 Total measurements 67,909 67,909 June 30, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Non-recurring fair value measurements Equity method investments (2) $ 4,519 $ $ 4,519 Long-lived assets held for use (3) 7,809 7,809 Total measurements $ 12,328 $ 7,809 $ 4,519 |
Basis of Presentation and General Information and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Entity Information [Line Items] | ||
Date of incorporation | Mar. 08, 1999 | |
Accrued interest income | $ 1,546 | $ 591 |
Accrued Interest Income, Statement Of Financial Position Extensible List | Prepaid expenses and other assets | Prepaid expenses and other assets |
Diana Wilhelmsen Management Limited [Member] | ||
Entity Information [Line Items] | ||
Equity method investment, ownership percentage | 50.00% |
Transactions with Related Parties (Altair and Steamship) (Narrative) (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | |||
Due to related parties, current | $ 195,000 | $ 136,000 | |
Altair Travel Agency S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,311,000 | $ 1,238,000 | |
Due to related parties, current | 195,000 | 136,000 | |
Steamship Shipbroking Enterprises [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,950,000 | 1,654,000 | |
Due to related parties, current | 0 | $ 0 | |
Commissions charged by a related party (Note 4(d)) | $ 226,000 | $ 1,219,000 |
Advances for vessel acquisitions and Vessels, net (Schedule of Vessels, net in the accompanying consolidated balance sheets) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Vessel Cost | |
Beginning balance | $ 1,141,128 |
Vessels additions and improvements | 61,088 |
Vessel disposals | (39,393) |
Vessels disposal due to deconsolidation of subsidiary (Note 2(e)) | (27,908) |
Ending balance | 1,134,915 |
Accumulated Depreciation | |
Beginning balance | (191,512) |
Vessel disposals | 16,195 |
Depreciation for the period | (23,934) |
Ending balance | (199,251) |
Net Book Value | |
Beginning balance | 949,616 |
Vessels additions and improvements | 61,088 |
Vessel disposal | (23,198) |
Vessels disposal due to deconsolidation of subsidiary (Note 2(e)) | (27,908) |
Depreciation for the period | (23,934) |
Ending balance | $ 935,664 |
Property and Equipment, net (Schedule of property and equipment) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Movement in Property, Plant and Equipment [Roll Forward] | |
Property and Equipment, Beginning Balance | $ 28,936 |
Additions in property and equipment | 308 |
Property and Equipment, Ending Balance | 29,244 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |
Accumulated Depreciation, Property and Equipment, Beginning Balance | (5,973) |
Depreciation for the period | (323) |
Accumulated Depreciation, Property and Equipment, Ending Balance | (6,296) |
Property, Plant and Equipment, Net, by Type [Abstract] | |
Property And Equipment Net, Beginning Balance | 22,963 |
Additions in property and equipment | 308 |
Depreciation for the period | (323) |
Property And Equipment Net, Ending Balance | $ 22,948 |
Long-term debt (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Long-term debt | ||
Senior unsecured bond | $ 119,100 | $ 125,000 |
Secured long-term debt | 423,749 | 405,120 |
Total long-term debt | 542,849 | 530,120 |
Less: Deferred financing costs | (7,526) | (7,609) |
Long-term debt, net of deferred financing costs | 535,323 | 522,511 |
Less: Current portion of long-term debt, net of deferred financing, current | (49,428) | (91,495) |
Long-term debt, excluding current maturities | $ 485,895 | $ 431,016 |
Long-term debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Maturities of Long-term Debt [Abstract] | ||
Year 1 | $ 51,783 | |
Year 2 | 51,783 | |
Year 3 | 170,883 | |
Year 4 | 51,783 | |
Year 5 | 179,229 | |
Year 6 and thereafter | 37,388 | |
Total long-term debt | $ 542,849 | $ 530,120 |
Finance Liabilities (Analysis of Finance Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finance Liabilities | ||
Total finance liabilities | $ 137,934 | $ 142,370 |
Finance liabilities, net of deferred financing costs | 136,611 | 140,931 |
Less: Current finance liabilities, net of deferred financing costs, current | (9,020) | (8,802) |
Finance liabilities, excluding current maturities | 127,591 | 132,129 |
Lessee Lease Description [Line Items] | ||
Less: Deferred financing costs | (7,526) | (7,609) |
Finance Liabilities [Member] | ||
Lessee Lease Description [Line Items] | ||
Less: Deferred financing costs | $ (1,323) | $ (1,439) |
Finance Liabilities (Annual Lease Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finance Liabilities | ||
Year 1 | $ 9,244 | |
Year 2 | 9,606 | |
Year 3 | 10,012 | |
Year 4 | 10,438 | |
Year 5 | 10,916 | |
Year 6 and thereafter | 87,718 | |
Total finance liabilities | $ 137,934 | $ 142,370 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Mar. 30, 2023 |
Dec. 31, 2022 |
|
Loss Contingencies [Line Items] | |||
Insurance maximum amount | $ 1,000,000 | ||
Total debt outstanding | 542,849 | $ 530,120 | |
Bergen [Member] | Loan Agreement With Nordea [Member] | |||
Loss Contingencies [Line Items] | |||
Loan amount | $ 15,400 | ||
Total debt outstanding | $ 15,400 |
Commitments and Contingencies (Schedule of fixed non cancelable time charter contracts) (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Year 1 | $ 159,042 |
Year 2 | 23,584 |
Year 3 | 9,454 |
Year 4 | 5,491 |
Total | $ 197,571 |
Capital Stock and Changes in Capital Accounts (Narrative incentive plan) (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Feb. 22, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock capital shares reserved for future issuance | 13,444,759 | |||
Compensation cost on restricted stock | $ 4,826 | $ 4,931 | ||
Unrecognized cost for unvested restricted shares | $ 19,992 | $ 16,873 | ||
Total compensation cost not yet recognized, Period for recognition | 2 years 3 months 29 days | |||
Granted | 1,750,000 | 1,470,000 | ||
Restricted Stock | Executive Management And Non-Executive Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized cost for unvested restricted shares | $ 7,945 | |||
Granted | 1,750,000 |
Capital Stock and Changes in Capital Accounts (Schedule of share-based compensation restricted stock and restricted stock units activity) (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Non vested restricted common stock, beginning balance | 7,866,589 | 9,514,649 |
Granted | 1,750,000 | 1,470,000 |
Vested | (2,822,753) | (3,118,060) |
Non vested restricted common stock, ending balance | 6,793,836 | 7,866,589 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, beginning balance | $ 3.07 | $ 2.83 |
Weighted Average Grant Date Fair Value, Granted | 4.54 | 4.15 |
Weighted Average Grant Date Fair Value, Vested | 3.05 | 2.84 |
Weighted Average Grant Date Fair Value, ending balance | $ 3.45 | $ 3.06 |
Interest and Finance Costs (Schedule of interest and finance costs) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Interest and Finance Costs | ||
Interest expense, debt | $ 18,929 | $ 9,410 |
Finance liabilities interest expense | 3,420 | 580 |
Amortization of debt and finance liabilities issuance costs | 1,293 | 1,104 |
Loan and other expenses | 203 | 115 |
Interest expense and finance costs | $ 23,845 | $ 11,209 |
Earnings per Share (Narrative) (Details) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | ||
Incremental shares | 1,272,798 | 2,964,828 |
Earnings per Share (Schedule of earnings per share, basic and diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract] | ||
Net income | $ 33,077 | $ 61,649 |
Dividends on series B preferred shares | (2,884) | (2,884) |
Net income attributable to common stockholders | $ 30,193 | $ 58,765 |
Weighted average number of common shares, basic | 98,489,613 | 77,343,851 |
Incremental shares | 1,272,798 | 2,964,828 |
Weighted average number of common shares, diluted | 99,762,411 | 80,308,679 |
Earnings/(loss) per share, basic | $ 0.31 | $ 0.76 |
Earnings/(loss) per share, diluted | $ 0.30 | $ 0.73 |
Financial Instruments and Fair Value Disclosures (Narrative-Fair value measurements) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 119,100 | $ 125,000 |
8.375% Senior Unsecured Bond. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 119,100 | |
8.375% Senior Unsecured Bond. | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 117,760 |
Financial Instruments and Fair Value Disclosures (Schedule of company's charter revenues) (Details) - Customer Concentration Risk - Revenue Benchmark |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Minimum | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 10.00% | 10.00% |
Cargill International SA | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 0.16% | 0.18% |
Koch Shipping PTE LTD. Singapore | ||
Concentration Risk [Line Items] | ||
Percentage of charter revenues | 0.15% |
1 Year Diana Shipping Chart |
1 Month Diana Shipping Chart |
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