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Equity Method Investments
 6 Months Ended
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.