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Long-term Debt | 6 Months Ended
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Jun. 30, 2024
Long-term Debt [Abstract] |
Long-term Debt | 8. Long-term debt The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: 2024 2023 Senior unsecured bond 119,100 119,100 Secured long-term debt 371,966 397,857 Total long-term debt $ 491,066 $ 516,957 Less: Deferred financing costs (5,170) (6,314) Long-term debt, net of deferred financing costs $ 485,896 $ 510,643 Less: Current long-term debt, net of deferred financing costs, current (47,277) (49,512) Long-term debt, excluding current maturities $ 438,619 $ 461,131 Senior Unsecured Bond : On June 22, 2021 , the Company issued a $ 125,000 senior unsecured bond maturing in June 2026. The bond ranks ahead of subordinated capital and ranks the same with all other senior unsecured obligations of the Company other than obligations which are mandatorily preferred by law. Entities affiliated with executive officers and directors of the Company purchased an aggregate of $ 21,000 principal amount of the bond. The bond bears interest at a US Dollar fixed-rate coupon of 8.375 % and is payable semi- annually in arrears in June and December of each year. The bond is callable in whole or in part in June 2024 at a price equal to 103.35 % of nominal value; between June 2025 to December 2025 at a price equal to 101.675 % of nominal value and after December 2025 at a price equal to 100 % of nominal value. On June 29, 2023, the Company repurchased $ 5,900 nominal value of the bond for $ 5,851 . The bond includes financial and other covenants and is trading at Oslo Stock Exchange under the ticker symbol “DIASH02”. In June 2024, the Company agreed to refinance the bond with a new issue in the amount of $ 150 million maturing in 2029 at a fixed rate coupon of 8.75 % (Note 15). Secured Term Loans: Under the secured term loans outstanding as of June 30, 2024, 32 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $ 673,431 . Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts that exceed a certain period, pledge over the shares of the borrowers, manager’s undertaking and subordination and requisition compensation and either a corporate guarantee by DSI (the “Guarantor”) or a guarantee by the ship owning companies (where applicable), financial covenants, as well as operating account assignments. The lenders may also require additional security in the future in the event the borrowers breach certain covenants under the loan agreements. The secured term loans generally include restrictions as to changes in management and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or the Guarantor, maintained in the bank accounts of the borrowers, or the Guarantor. As of June 30, 2024 and December 31, 2023 minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $ 19,500 and $ 20,000 , respectively and are included in restricted cash, non-current in the accompanying consolidated balance sheets. Furthermore, the secured term loans contain cross default provisions and additionally the Company is not permitted to pay any dividends following the occurrence of an event of default. As of June 30, 2024, the Company had the following agreements with banks, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries: Nordea Bank AB, London Branch (“Nordea”): On September 30, 2022, the Company entered into a $ 200 million loan agreement to finance the acquisition price of 9 Ultramax vessels. The Company drew down $ 197,236 under the loan, in tranches for each vessel on their delivery to the Company but prepaid $ 21,937 in December 2022 due to a vessel sale and leaseback transaction. The loan is repayable in equal quarterly instalments of an aggregate amount of $ 3,719 , and a balloon of $ 100,912 payable together with the last instalment on October 11, 2027 . The loan bears interest at term SOFR plus a margin of 2.25 %. On June 27, 2023, the Company drew down $ 22,500 to refinance the balance of a previous loan with the bank. The loan is repayable in twenty equal quarterly instalments of $ 1,125 and bears interest at term SOFR plus a margin of 2.25 %. The loan matures on June 27, 2028 . Export-Import Bank of China: On January 4, 2017, the Company drew down $ 57,240 under a secured loan agreement, which is repayable in equal quarterly instalments of $ 954 , each, until its maturity on January 4, 2032 and bears interest at term SOFR plus a margin of 2.45 %. DNB Bank ASA or DNB: On June 26, 2023, the Company entered into a $ 100,000 loan agreement which was drawn on June 27, 2023, to refinance the outstanding balance of the ABN loans mentioned above and for working capital purposes. The loan is repayable in 26 equal quarterly instalments of $ 3,846 until December 27, 2029 , and bears term SOFR plus a margin of 2.2 %, subject to sustainability margin adjustment. Additionally, the loan is subject to a margin reset, according to which the borrowers and the lenders will enter into discussions to agree on a new margin. Unless the parties agree on a new margin, the loan will be mandatorily repayable on June 27, 2027. As part of the loan agreement, on July 6, 2023, the Company entered into an interest rate swap with DNB for a notional amount of $ 30,000 , being 30 % of the loan amount and quarterly amortization of $ 1,154 . Under the interest rate swap, the Company pays a fixed rate of 4.268 % and receives floating under term SOFR, has a trade date on June 27, 2023, and termination date on December 27, 2029, and also has a mandatory break on June 27, 2027, the margin reset date of the loan, according to which the swap will be terminated if the loan is prepaid. As of June 30, 2024 and December 31, 2023, the fair value of the interest rate swap amounted to $ 78 and $ 439 , respectively, and is separately presented in current assets and non-current liabilities. For the six months ended June 30, 2024, gain from the interest rate swap amounted to $ 361 and is separately presented as gain on derivative instruments in the 2024 accompanying unaudited interim consolidated statement of comprehensive income/(loss). Danish Ship Finance A/S or Danish: On April 12, 2023, the Company signed a term loan facility with Danish, for $ 100,000 to refinance the outstanding balance of the Company’s loans with DNB Bank ASA and BNP, mentioned above and working capital. On April 18 and 19, 2023, the Company drew down $ 100,000 which is repayable in twenty equal consecutive quarterly instalments of $ 3,301 each and a balloon of $ 33,972 payable together with the last instalment on April 19, 2028, and bears interest at term SOFR plus a margin of 2.2 %. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all of its loan covenants. As of June 30, 2024, the maturities of the Company’s bond and debt facilities throughout their term, are shown in the table below and have been adjusted to take into account the refinancing of the two loan agreements with Nordea with a new loan agreement (Note 15(d)) and the issuance of the new Bond (Note 15(b)). The table below does not include related debt issuance costs. Period Principal Repayment Year 1 $ 49,487 Year 2 50,221 Year 3 50,221 Year 4 84,193 Year 5 156,116 Year 6 and thereafter 100,828 Total $ 491,066

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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