XML 18 R11.htm IDEA: XBRL DOCUMENT
v3.25.2

Equity Method Investments | 6 Months Ended
--- | ---
Jun. 30, 2025
Equity Method Investments [Abstract] |
Equity Method Investments | 3. 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, 2025 and December 31, 2024, the investment in DWM amounted to $ 607 and $ 794 and is included in equity method investments in the accompanying consolidated balance sheets. For the six months ended June 30, 2025 and 2024, the investment in DWM resulted in a loss of $ 187 and a gain of $ 8 , respectively, included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income/(loss). Since March 31, 2025, DWM provides commercial and technical management to five of the Company’s vessels, after the disposal of one vessel, for a fixed monthly fee and a percentage of their gross revenues. Management fees for the six months ended June 30, 2025 and 2024 amounted to $ 636 and $ 666 , respectively, and are separately presented as management fees to related party in the accompanying unaudited interim consolidated statements of income/(loss). Commissions during the six months ended June 30, 2025 and 2024 amounted to $ 163 and $ 185 , respectively, and are included in voyage expenses, in the accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025 and December 31, 2024, there was an amount of $ 53 and $ 3 , 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, 2025 and 2024, the investment in Bergen resulted in a loss of $ 60 and a gain of $ 195 , respectively and is included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025 and December 31, 2024, the investment in Bergen amounted to $ 4,932 and $ 5,012 , 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 9). For the six months ended June 30, 2025 and 2024, income from management fees from Bergen amounted to $ 8 and $ 8 , respectively, included in time charter revenues and income from the commission received on the loan guarantee amounted to $ 25 and $ 17 , respectively, included in interest and other income in the accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025, and December 31, 2024, there was an amount of $ 200 and $ 246 , 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. On May 5, 2025, a new partner was admitted to the joint venture and the Company received Euro 3.1 million as return of capital, which resulted in its ownership percentage being amended to 34 %. As of June 30, 2025 and December 31, 2024, the investment amounted to $ 43,889 and $ 36,631 , respectively, mainly consisting of advances to fund the construction of four vessels and working capital. For the six months ended June 30, 2025 and 2024, the investment in Windward resulted in a loss of $ 476 and $ 434 , respectively, and is included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income/(loss). 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 acts as the manning agent of the Company’s vessels. As of June 30, 2025 and December 31, 2024, the Company’s investment in Diana Mariners amounted to $ 365 and $ 389 , respectively and there was an amount of $ 14 and $ 100 , included in due to and due from related parties, respectively. For the six months ended June 30, 2025 and 2024, the investment in Diana Mariners resulted in a loss of $ 24 and $ 0 , respectively and is included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025, two of the Company’s ship-owning subsidiaries have entered into manning agreements with Diana Mariners. e) Ecogas Holding AS, or Ecogas: On March 12, 2025, the Company, through a wholly owned subsidiary Diana Gas Inc., entered into a joint venture agreement with an unrelated party to establish Ecogas, a company formed under the laws of Norway, for the purpose of building two 7,500 cbm LPG vessels with delivery in 2027 and with an option for two additional vessels. The Company agreed to contribute $ 18,464 , being 80 % equity interest for the construction of the two vessels. As of June 30, 2025, the investment in Ecogas amounted to $ 7,508 , representing part of its equity participation to fund the construction of the vessels and working capital.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration