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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.