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Long-term Debt | 12 Months Ended
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Dec. 31, 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 175,000 119,100 Secured long-term debt 347,590 397,857 Total long-term debt $ 522,590 $ 516,957 Less: Deferred financing costs (7,973) (6,314) Long-term debt, net of deferred financing costs $ 514,617 $ 510,643 Less: Current long-term debt, net of deferred financing costs, current (45,230) (49,512) Long-term debt, excluding current maturities $ 469,387 $ 461,131 8.375% 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. On June 29, 2023, the Company repurchased $ 5,900 nominal value of the bond for $ 5,851 and recognized an amount of $ 159 as loss on debt extinguishment, representing the difference between the reacquisition price of $ 5,851 and the net carrying amount of the debt being extinguished of $ 5,900 less deferred financing fees of $ 208 . In June 2024, the bond became callable, and on July 2, 2024,it was prepaid at a price equal to 103.35 % of nominal value, with the proceeds from the new bond discussed below. The Company applied the debt modification guidance for the part of the transaction refinanced by existing investors amounting to $ 57,850 and the debt extinguishment for the remaining $ 61,250 . An amount of $ 5,336 consisting of the costs paid to investors who participated in the refinancing and unamortized deferred fees were deferred over the term of the new bond and an amount of $ 3,475 was recorded as loss on debt extinguishment. The bond included financial and other covenants and was trading on the Oslo Stock Exchange under the ticker symbol “DIASH02”. 8.75% Senior Unsecured Bond : On July 2, 2024, the Company issued $ 150,000 out of the $ 175,000 maximum amount of a new issue of a senior unsecured bond maturing in July 2029 having a US Dollar fixed-rate coupon of 8.75 % payable semi- annually in arrears in January and July of each year. The bond is callable in whole or in part in July 2027 at a price equal to 103.50 % of nominal value; in January 2028 at a price equal to 102.625 % of nominal value; in July 2028 at a price equal to 101.75 % and after January 2029 at a price equal to 100.00 % of nominal value. On November 8, 2024, the Company issued the remaining $ 25,000 nominal value of the bond issue, at 102.00 % of par value. 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. The bond includes financial and other covenants and is trading on the Oslo Stock Exchange under the ticker symbol “DIASH03”. Secured Term Loans: Under the secured term loans outstanding as of December 31, 2024, 27 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $ 585,780 . 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 December 31, 2024 and 2023 minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $ 19,000 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. All of the Company’s secured term loans bear interest at SOFR plus a margin. In 2024 and 2023, the weighted average interest rate of the secured term loans was 7.3 % and 7.3 %, respectively. As of December 31, 2024 and 2023, 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 of 9 Ultramax vessels. The Company drew down $ 197,236 under the loan, in tranches for each vessel on their delivery to the Company and in December 2022 prepaid $ 21,937 due to a vessel sale and leaseback transaction. The loan was 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 . On June 27, 2023, the Company drew down $ 22,500 under a secured loan agreement and prepaid in full the outstanding balance of an existing loan amounting to $ 20,934 and recorded a loss on debt extinguishment amounting to $ 220 . The loan, maturing on June 27, 2028 was repayable in equal quarterly instalments of $ 1,125 . On July 25, 2024, the Company entered into a $ 167,263 loan agreement, drawn on July 25, 2024, to refinance the outstanding balance of the two loans mentioned above. The loan is repayable in equal quarterly instalments of $ 4,454 and a balloon instalment of $ 64,827 payable on July 25, 2030 . 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 . DNB Bank ASA or DNB: On June 26, 2023, the Company entered into a $ 100,000 sustainability linked loan agreement which was drawn on June 27, 2023, to refinance the outstanding balance of another loan and for working capital purposes. The loan is repayable in equal quarterly instalments of $ 3,846 until December 27, 2029 . The loan is subject to a margin reset and unless the parties agree on a new margin, the loan will be mandatorily repayable on June 27, 2027. On July 6, 2023, the Company entered into an interest rate swap with DNB for a notional amount for the 30 % of the loan amount. Under the interest rate swap, the Company pays a fixed rate and receives floating under term SOFR. The swap has a termination date on December 27, 2029, and a mandatory break on June 27, 2027, according to which the swap will be terminated if the loan is prepaid. As of December 31, 2024 and 2023, the fair value of the interest rate swap amounted to $ 165 and $ 439 , respectively, and is separately presented in current assets/liabilities and non-current liabilities. In 2024 and 2023, the Company recognized a gain of $ 274 and a loss of $ 439 , respectively, from the swap valuation separately presented as gain/(loss) on derivative instruments in the accompanying consolidated statements of income. 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 loans with other banks and for working capital. On April 18 and 19, 2023, the Company drew down $ 100,000 which was repayable in equal quarterly instalments of $ 3,301 each and a balloon of $ 33,972 payable together with the last instalment on April 19, 2028. On October 18, 2024, the Company refinanced the outstanding balance of this loan with a loan which is repayable in equal quarterly instalments of $ 2,533 each and a balloon of $ 14,323 payable together with the last instalment on April 18, 2031 . As of December 31, 2024 and 2023, the Company was in compliance with all of its loan covenants. As of December 31, 2024, the maturities of the Company’s bond and debt facilities throughout their term, are shown in the table below and do not include related debt issuance costs. Period Principal Repayment Year 1 $ 47,150 Year 2 47,150 Year 3 47,149 Year 4 47,149 Year 5 222,149 Year 6 and thereafter 111,843 Total $ 522,590

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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