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Equity Method Investments | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023, the investment in DWM amounted to $ 794 and $ 734 and is included in equity method investments in the accompanying consolidated balance sheets. In 2024, 2023 and 2022, the investment in DWM resulted in a gain of $ 60 , $ 228 and $ 894 , respectively, included in gain/(loss) from equity method investments in the accompanying consolidated statements of income. DWM performs the technical and commercial management of six vessels of the Company’s fleet for a fixed monthly fee separately presented as management fees to a related party and a percentage of their gross revenues included in voyage expenses. Management fees to DWM in 2024, 2023 and 2022 amounted to $ 1,332 , $ 1,313 and $ 511 , respectively. Voyage expenses (commissions) incurred by DWM under the management agreements during 2024, 2023 and 2022, amounted to $ 368 , $ 390 and $ 162 , respectively. As of December 31, 2024 and 2023, there was an amount of $ 3 and $ 25 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. Bergen was a wholly owned subsidiary of Diana, which on February 14, 2023, signed a Memorandum of Agreement to acquire from an unrelated third-party an Ultramax dry bulk vessel, delivered on April 10, 2023. On March 30, 2023, Bergen entered into a loan agreement with Nordea for a $ 15,400 loan to finance part of the purchase price of the vessel. On the same date, the Company entered into a corporate guarantee with Nordea to secure Bergen’s obligations under the loan. On April 28, 2023, the Company entered into (i) an investment agreement with an unrelated third party to acquire 75 % of the limited partnership interests; (ii) an amended limited partnership agreement under which the Company acts as the General Partner of the partnership through its wholly owned subsidiary Diana General Partner Inc.; (iii) an administrative service agreement under which DSS provides administrative services to Bergen; (iv) a commission agreement under which the Company is paid a commission on the outstanding balance of the loan, as compensation for the guarantee it provided to Nordea and (v) a convertible loan with Bergen under which Bergen would have to repay all expenditures made by the Company for the acquisition of the vessel. Pursuant to the terms of the convertible loan, on April 28, 2023, the Company received from Bergen $ 25,189 in cash while an amount of $ 3,675 was converted into partnership interests in Bergen, representing 25 % of the total partnership interests. The Company evaluated its variable interests in Bergen under ASC 810 and concluded that Bergen is a VIE and that the Company does not individually have the power to direct the activities of the VIE that most significantly affect the partnership’s performance. From April 28, 2023 the Company no longer retains the power to control the board of directors. On the same date, Bergen was considered an affiliate entity and not a controlled subsidiary of the Company. The Company accounted for the deconsolidation of Bergen in accordance with ASC 610 and the retained noncontrolling interest was accounted for under the equity method due to the Company’s significant influence over Bergen. On the date of deconsolidation, the fair value of the Company’s interest amounted to $ 4,519 and was calculated through Level 2 inputs of the fair value hierarchy in accordance with ASC 610, by taking into consideration the fair value of the distinct assets and liabilities of Bergen on the date of the deconsolidation. This resulted in a gain on deconsolidation amounting to $ 844 , separately presented in the accompanying consolidated statement of income, being the difference between the fair value of the retained noncontrolling interest plus the carrying value of the liabilities assumed by Bergen and the carrying value of the assets derecognized. As of December 31, 2024 and 2023, the investment in Bergen amounted to $ 5,012 and $ 4,700 , respectively, and is included in equity method investments in the accompanying consolidated balance sheets. In 2024 and 2023, the investment in Bergen resulted in a gain of $ 312 and $ 181 , respectively and is included in gain/(loss) from equity method investments in the accompanying consolidated statements of income. Also, in 2024 and 2023, income from management fees from Bergen amounted to $ 15 and $ 10 , respectively, included in time charter revenues and income from the commission paid on the loan guarantee amounted to $ 40 and $ 28 , included in interest and other income in the accompanying consolidated statements of income. As of December 31, 2024 and 2023, there was an amount of $ 246 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 25,000,000 Euro, being 45.45 % of the limited partnership’s capital for the construction of two CSOVs, and in January 2024 agreed to increase its contribution to 50,000,000 Euro or 45.87 % of the limited partnership’s capital pursuant to a novated agreement in order for the partnership to place orders for two additional CSOVs. As of December 31, 2024 and 2023, the investment in Windward amounted to $ 36,631 and $ 10,063 , respectively, consisting of advances to fund the construction of the vessels and working capital. In 2024 and 2023, the investment in Windward resulted in a loss of $ 518 and $ 671 , respectively, included in gain/(loss) from equity method investments in the accompanying consolidated statements of income. d) Diana Mariners Inc., or Diana Mariners: On September 12, 2023, the Company through its wholly owned subsidiary Cebu Shipping Company Inc., or Cebu, acquired 24 % of Cohen Global Maritime Inc., or Cohen, a company organized in the Republic of the Philippines for the purpose of providing manning agency services. In August 2024, Cohen was renamed Diana Mariners and will act as the manning agent of the Company’s vessels. As of December 31, 2024 and 2023, the Company’s investment in Diana Mariners amounted to $ 389 and $ 272 , respectively and there was an amount of $ 100 and $ 0 , respectively, due from Diana Mariners included in due from related parties. As of December 31, 2024, Diana Mariners did not have any operations.

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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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