XML 22 R15.htm IDEA: XBRL DOCUMENT
v3.25.2

Long-term Debt | 6 Months Ended
--- | ---
Jun. 30, 2025
Long-term Debt [Abstract] |
Long-term Debt | 7. Long-term debt The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as f ollows: June 30, 2025 December 31, 2024 Senior unsecured bond 175,000 175,000 Secured long-term debt 324,015 347,590 Total long-term debt $ 499,015 $ 522,590 Less: Deferred financing costs (7,001) (7,973) Long-term debt, net of deferred financing costs $ 492,014 $ 514,617 Less: Current long-term debt, net of deferred financing costs, current (45,292) (45,230) Long-term debt, excluding current maturities $ 446,722 $ 469,387 8.75% Senior Unsecured Bond : In 2024, the Company issued a $ 175,000 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 proceeds from the bond were used to prepay the balance of the then outstanding bond and for working capital. 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. 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 June 30, 2025, 27 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $ 573,351 . 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 June 30, 2025 and December 31, 2024 minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $ 18,500 and $ 19,000 , 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. As of June 30, 2025, 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 July 25, 2024, the Company entered into a $ 167,263 loan agreement, drawn on July 25, 2024, to refinance the balance of the then outstanding loans. 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 June 30, 2025 and December 31, 2024, the fair value of the interest rate swap was $ 391 and $ 165 , respectively, and is separately presented in current and non-current liabilities. During the six months ended June 30, 2025 and 2024, the Company recognized a loss of $ 227 and a gain of $ 361 , respectively, from the swap valuation separately presented as gain/(loss) on derivative instruments in the accompanying unaudited interim 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 June 30, 2025 and December 31, 2024, the Company was in compliance with all of its loan covenants. As of June 30, 2025, 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 47,149 Year 3 47,149 Year 4 47,149 Year 5 214,457 Year 6 and thereafter 95,961 Total $ 499,015

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

X
- 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: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration