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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