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Capital Stock and Changes in Capital Accounts
 6 Months Ended
Jun. 30, 2025
Capital Stock and Changes in Capital Accounts [Abstract]  
Capital Stock and Changes in Capital Accounts
10.
 
Capital Stock and Changes in Capital Accounts
a)
 
Preferred
 
stock
:
 
As
 
of
 
June
 
30,
 
2025,
 
and
 
December
 
31,
 
2024,
 
the
 
Company’s
 
authorized
preferred stock
 
consists of
50,000,000
 
shares, respectively
 
(all
 
in
 
registered form),
 
par
 
value
 
$
0.01
 
per
share, of
 
which
1,000,000
 
shares are
 
designated as
 
Series A
 
Participating Preferred
 
Shares,
5,000,000
shares
 
are
 
designated
 
as
 
Series
 
B
 
Preferred
 
Shares,
10,675
 
shares
 
are
 
designated
 
as
 
Series
 
C
Preferred Shares and
400
 
shares are designated as Series D Preferred Shares. As of June 30, 2025 and
December
 
31,
 
2024,
 
the
 
Company
 
had
zero
 
Series
 
A
 
Participating
 
Preferred
 
Shares
 
issued
 
and
outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b)
 
Series
 
B
 
Preferred
 
Stock:
 
As
 
of
 
June
 
30,
 
2025,
 
and
 
December
 
31,
 
2024,
 
the
 
Company
 
had
2,600,000
 
Series B
 
Preferred Shares
 
issued and
 
outstanding with
 
par value
 
$
0.01
 
per share,
 
at $
25.00
per share and with liquidation preference at $
25.00
 
per share.
Holders of Series B Preferred Shares have
no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for
six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited
protective voting rights.
 
Also, holders
 
of Series
 
B Preferred
 
Shares rank
 
prior to
 
the holders
 
of common
shares with respect to
 
dividends, distributions and payments upon
 
liquidation and are subordinated to
 
all
of the existing and future indebtedness.
Dividends
 
on
 
the
 
Series
 
B
 
Preferred
 
Shares
 
are
 
cumulative
 
from
 
the
 
date
 
of
 
original
 
issue
 
and
 
are
payable on the 15th day of January, April, July and October of each year at a dividend rate of
8.875
% per
annum, or $
2.21875
 
per share per annum. For the six
 
months ended June 30, 2025 and
 
2024, dividends
on
 
Series
 
B
 
Preferred
 
Shares amounted
 
to
 
$
2,884
 
and
 
$
2,884
,
 
respectively.
 
Since February
 
14,
 
2019,
the
 
Company may
 
redeem, in
 
whole or
 
in part,
 
the
 
Series B
 
Preferred Shares
 
at a
 
redemption price
 
of
$
25.00
 
per share
 
plus an
 
amount equal
 
to all
 
accumulated and
 
unpaid dividends
 
thereon to
 
the date
 
of
redemption, whether or not declared.
 
c)
 
Series
 
C
 
Preferred
 
Stock
:
 
As
 
of
 
June
 
30,
 
2025,
 
and
 
December
 
31,
 
2024,
 
the
 
Company
 
had
10,675
 
shares
 
of
 
Series
 
C
 
Preferred
 
Stock,
 
issued
 
and
 
outstanding,
 
with
 
par
 
value
 
$
0.01
 
per
 
share,
owned by an affiliate
 
of its Chief Executive Officer,
 
Mrs. Semiramis Paliou.
The Series C Preferred Stock
votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes
on all matters submitted to a vote of the shareholders of the Company.
 
The Series C Preferred Stock has
no dividend or liquidation
 
rights and cannot be
 
transferred without the consent
 
of the Company except to
the holder’s affiliates and immediate family members.
d)
 
Series D Preferred Stock
: As of June
 
30, 2025, and December 31,
 
2024, the Company had
400
shares of Series D Preferred Stock, issued and outstanding, with par value $
0.01
 
per share, owned by an
affiliate
 
of
 
its
 
Chief
 
Executive
 
Officer,
 
Mrs.
 
Semiramis
 
Paliou.
 
The
 
Series
 
D
 
Preferred
 
Stock
 
is
 
not
redeemable
 
and
 
has
no
 
dividend
 
or
 
liquidation
 
rights.
The Series D Preferred Stock vote with the
common shares of the Company, and each share of the Series D Preferred Stock entitles the holder
thereof to up to 200,000 votes,
 
on
 
all matters
 
submitted to
 
a vote
 
of the
 
stockholders of
 
the
 
Company,
provided however, that,
 
notwithstanding any other provision of the
 
Series D Preferred Stock statement of
designation, to the extent that
 
the total number of votes
 
one or more holders
 
of Series D Preferred Stock
is
 
entitled
 
to
 
vote
 
(including
 
any
 
voting
 
power
 
of
 
such
 
holders
 
derived
 
from
 
Series
 
D
 
Preferred
 
Stock,
shares of
 
Common Stock
 
or any
 
other voting
 
security of
 
the Company
 
issued and
 
outstanding as
 
of the
date hereof or
 
that may be
 
issued in the
 
future) on any
 
matter submitted to
 
a vote of
 
stockholders of the
Company would
 
exceed
36.0
% of
 
the total
 
number of
 
votes eligible
 
to be
 
cast on
 
such matter,
 
the total
number
 
of
 
votes
 
that
 
holders
 
of
 
Series
 
D
 
Preferred
 
Stock
 
may
 
exercise
 
derived
 
from
 
the
 
Series
 
D
Preferred
 
Stock
 
together
 
with
 
Common
 
Shares
 
and
 
any
 
other
 
voting
 
securities
 
of
 
the
 
Company
beneficially owned by such holder,
 
shall be reduced to
36
% of the total number of votes that
 
may be cast
on such matter submitted to a vote of stockholders.
e)
 
Issuance
 
and
 
Repurchase
 
of
 
Common
 
Shares:
On
 
December
 
2,
 
2024,
 
the
 
Company
commenced
 
a
 
tender
 
offer
 
to
 
purchase
 
up
 
to
15,000,000
 
shares
 
of
 
its
 
outstanding
 
common
 
stock,
 
at
$
2.00
 
per share,
 
using funds
 
available from
 
cash and
 
cash equivalents. On
 
January 7,
 
2025, the
 
tender
offer
 
was
 
settled
 
and
 
the
 
Company
 
repurchased
 
and
 
retired
 
a
 
total
 
of
11,442,645
 
shares
 
of
 
common
stock for an aggregate amount of $
22,885
.
f)
 
Dividend
 
on
 
Common
 
Stock
 
On
 
March
 
12,
 
2024,
 
the
 
Company
 
paid
 
a
 
cash
 
dividend
 
on
 
its
c
ommon stock
 
of $
0.075
 
per share,
 
or $
8,989
 
to shareholders
 
of record
 
as of
 
March 5,
 
2024. On
 
June
18,
 
2024,
 
the
 
Company
 
paid
 
a
 
cash
 
dividend
 
on
 
its
 
common
 
stock
 
of
 
$
0.075
 
per
 
share,
 
or
 
$
9,379
,
 
to
shareholders of
 
record as
 
of June
 
12, 2024.
 
On March
 
21, 2025,
 
the Company
 
paid a
 
cash dividend
 
on
its common
 
stock of
 
$
0.01
 
per share,
 
or $
1,158
, to
 
all shareholders
 
of record
 
as of
 
March 12,
 
2025. On
June 24, 2025, the Company paid
 
a cash dividend on its common stock
 
of $
0.01
 
per share, or $
1,158
, to
all shareholders of record as of June 17, 2025.
 
g)
 
Warrants:
On
 
December
 
14,
 
2023,
 
the
 
Company
 
distributed
22,613,070
 
warrants
 
to
 
its
shareholders
 
of
 
record
 
on
 
December
 
6,
 
2023.
 
Holders
 
received
one warrant for every five shares
 
of
issued and outstanding shares of common stock held as of the record date (rounded down to the
 
nearest
whole
 
number
 
for
 
any
 
fractional
 
warrant.
 
Each
 
Warrant
 
entitles
 
the
 
holder
 
to
 
purchase,
 
at
 
the
 
holder’s
sole
 
and
 
exclusive
 
election,
 
at
 
the
 
exercise
 
price
 
of
 
$
4
 
per
 
warrant,
1.10346
 
shares
 
of
 
common
 
stock
plus
 
a
 
bonus
 
share
 
fraction.
 
A
 
bonus
 
share
 
fraction
 
entitles
 
a
 
holder
 
to
 
receive
 
an
 
additional
 
part
 
of
 
a
share of common stock for each warrant exercised without payment
 
of any additional exercise price.
During
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025,
 
the
 
Company
 
issued
 
12,802
 
shares
 
of
 
common
 
stock,
having a value of $
16
, net of expenses, or $
1.24
 
per share, upon the exercise of
7,825
 
warrants issued in
2023
 
and
 
distributed
 
as
 
dividend
 
to
 
the
 
Company’s
 
shareholders.
 
The
 
Company received
 
$
69
 
in
proceeds, net
 
of fees,
 
from the
 
exercise of warrants.
 
If all
 
warrants were exercised
 
as of
 
June 30,
 
2025,
the
 
Company would
 
have issued
36,685,379
 
shares of
 
common stock
 
with
 
a
 
fair
 
value
 
of
 
$
67,242
 
and
would have received $
90,452
 
of gross proceeds. The warrants were measured on the
 
date of distribution
at fair
 
value, determined
 
through Level
 
1 account
 
hierarchy,
 
being the
 
opening price
 
of the
 
warrants on
the NYSE on the date
 
of distribution as they are listed
 
under the ticker DSX_W.
 
As of June 30, 2025 and
December
 
31,
 
2024,
 
the
 
warrant
 
liability,
 
measured
 
at
 
fair
 
value,
 
amounted
 
to
 
$
1,297
 
and
 
$
1,802
,
respectively. During the
 
six months ended June 30, 2025 and 2024,
 
gain and loss on warrants amounted
to
 
$
515
 
and
 
$
6,773
,
 
respectively,
 
separately
 
presented
 
in
 
the
 
accompanying
 
unaudited
 
interim
consolidated statements
 
of income/(loss).
h)
 
Incentive
 
Plan:
As
 
of
 
June
 
30,
 
2025,
9,144,759
 
shares
 
remained
 
reserved
 
for
 
issuance
according to the Company’s incentive plan.
Restricted stock as of June 30, 2025 and 2024 is analyzed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Shares
Weighted Average
Grant Date Price
Outstanding as of December 31, 2023
6,793,836
$
3.45
Granted
2,300,000
 
2.96
Vested
(2,996,334)
 
3.38
Outstanding as of June 30, 2024
6,097,502
$
3.30
Outstanding as of December 31, 2024
6,097,502
$
3.30
Granted
2,000,000
1.84
Vested
(3,134,365)
3.37
Outstanding as of June 30, 2025
4,963,137
$
2.67
The
 
fair
 
value
 
of
 
the
 
restricted
 
shares
 
has
 
been
 
determined
 
with
 
reference
 
to
 
the
 
closing
 
price
 
of
 
the
Company’s
 
stock
 
on
 
the
 
date
 
such
 
awards
 
were
 
approved
 
by
 
the
 
Company’s
 
board
 
of
 
directors.
 
The
aggregate compensation
 
cost is
 
recognized ratably
 
in the
 
accompanying unaudited
 
interim consolidated
statements of income/(loss) over the respective vesting periods. For the six months ended June 30, 2025
a
nd
 
2024,
 
compensation cost
 
amounted to
 
$
5,270
 
and
 
$
5,007
, respectively,
 
and is
 
included in
 
general
and
 
administrative
 
expenses
 
in
 
the
 
accompanying
 
unaudited
 
interim
 
consolidated
 
statements
 
of
income/(loss).
As
 
of
 
June
 
30,
 
2025
 
and
 
December
 
31,
 
2024,
 
the
 
total
 
unrecognized
 
cost
 
relating
 
to
 
restricted
 
share
awards was
 
$
10,084
 
and $
11,674
, respectively.
 
As of
 
June 30,
 
2025, the
 
weighted-average period
 
over
which
 
the
 
total
 
compensation
 
cost
 
related
 
to
 
non-vested
 
awards
 
not
 
yet
 
recognized
 
is
 
expected
 
to
 
be
recognized is
1.62
 
years.