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Equity Method Investments
 12 Months Ended
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.