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Equity Method Investments | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments [Abstract] |
Equity Method Investments | 4. Equity Method Investments a) Diana Wilhelmsen Management Limited, or DWM: DWM is a joint venture between Diana Ship Management Inc., a wholly owned subsidiary of DSI, and Wilhelmsen Ship Management Holding AS, an unaffiliated third party, each holding 50 % of DWM. As of June 30, 2024 and December 31, 2023, the investment in DWM amounted to $ 743 and $ 734 and is included in equity method investments in the accompanying consolidated balance sheets. For the six months ended June 30, 2024 and 2023, the investment in DWM resulted in a gain of $ 8 and $ 202 , respectively, included in gain/(loss) from equity method investments in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). DWM provides commercial and technical management to six of the Company’s vessels for a fixed monthly fee and a percentage of their gross revenues. Management fees for the six months ended June 30, 2024 and 2023 amounted to $ 666 and $ 647 , respectively, and are separately presented as management fees to related party in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). Commissions during the six months ended June 30, 2024 and 2023 amounted to $ 185 and $ 194 , respectively, and are included in voyage expenses, in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). As of June 30, 2024 and December 31, 2023, there was an amount of $ 9 and $ 25 , respectively, due from DWM included in due from related parties in the accompanying consolidated balance sheets. b) Bergen Ultra LP, or Bergen: Bergen is a limited partnership which was established for the purpose of acquiring, owning, chartering and/or operating a vessel and in which the Company has partnership interests of 25 %. For the six months ended June 30, 2024 and 2023, the investment in Bergen resulted in gain of $ 195 and $ 42 , respectively and is included in gain/(loss) on investments in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). As of June 30, 2024 and December 31, 2023, the investment in Bergen amounted to $ 4,895 and $ 4,700 , respectively, and is included in equity method investments in the accompanying consolidated balance sheets. The Company has an administrative agreement with Bergen under which it provides administrative services and a commission agreement under which it guarantees Bergen’s loan and receives a commission of 0.8 % per annum on the outstanding balance of the loan, paid quarterly (Note 10). For the six months ended June 30, 2024 and 2023, income from management fees from Bergen amounted to $ 8 and $ 3 , respectively, included in time charter revenues and income from the commission paid on the loan guarantee amounted to $ 17 and $ 22 , respectively, included in interest and other income in the 2024 accompanying unaudited interim consolidated statement of comprehensive income/(loss). As of June 30, 2024, and December 31, 2023, there was an amount of $ 295 and $ 443 , respectively, due from Bergen included in due from related parties, current and non-current. c) Windward Offshore GmbH, or Windward: On November 7, 2023, the Company through its wholly owned subsidiary Diana Energize Inc., or Diana Energize, entered into a joint venture agreement, with two unrelated companies to form Windward Offshore GmbH & Co. KG or Windward, based in Germany, for the purpose of establishing and operating an offshore wind vessel company with the aim of becoming a leading provider of service vessels to the growing offshore wind industry and acquire certain vessels. Diana Energize agreed to contribute 50,000,000 Euro, being 45.87 % of the limited partnership’s capital and as of June 30, 2024 and December 31, 2023, the investment amounted to $ 36,231 and $ 10,063 , respectively, mainly consisting of advances to fund the construction of four vessels and working capital. For the six months ended June 30, 2024, the investment in Windward resulted in a loss of $ 434 and is included in gain/(loss) from equity method investments in the six months ended June 30, 2024 accompanying unaudited interim consolidated statement of comprehensive income/(loss). d) Cohen Global Maritime Inc., or Cohen: On September 12, 2023, the Company through its wholly owned subsidiary Cebu Shipping Company Inc., or Cebu, acquired 24 % of Cohen, a company organized in the Republic of the Philippines for the purpose of engaging in the manning agency business. As of June 30, 2024 and December 31, 2023, the Company’s investment in Cohen amounted to $ 340 and $ 272 , respectively, consisting of set up costs and advances paid to acquire the license required to engage in the manning agency business.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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