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Long-term Debt | 6 Months Ended
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Jun. 30, 2026
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 follows: June 30, 2026 December 31, 2025 Senior unsecured bond 175,000 175,000 Secured long-term debt 328,116 354,189 Total long-term debt $ 503,116 $ 529,189 Less: Deferred financing costs (5,434) (6,380) Long-term debt, net of deferred financing costs $ 497,682 $ 522,809 Less: Current long-term debt, net of deferred financing costs, current (88,670) (50,281) Long-term debt, excluding current portion and deferred financing costs $ 409,012 $ 472,528 8.75% Senior Unsecured Bond : In 2024, the Company issued a $ 175,000 senior unsecured bond maturing in July 2029 bearing a fixed- rate coupon of 8.75 % payable semi-annually in arrears in January and July of each year. Proceeds from the bond were used to prepay the balance of the then outstanding bond and for general working capital purposes. 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, 2026, 31 vessels of the Company’s fleet are mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of $ 606,341 . 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, 2026 and December 31, 2025 minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $ 18,000 and $ 18,000 , 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, 2026, the Company had the following agreements with banks, either as a borrower or as guarantor, to guarantee the loans of its subsidiaries: Nordea Bank AB, London Branch (“Nordea”): On July 25, 2024, the Company drew down a $ 167,263 loan agreement, 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 terms of the loan agreement, the Company and the lender are required to agree on a new margin not later than 120 days prior to the Margin Reset Date. As of June 30, 2026, a new margin had not yet been agreed. Accordingly, the outstanding balance of the loan and the related interest rate swap liability were reclassified from non-current liabilities to current liabilities. 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, 2026 and December 31, 2025, the fair value of the interest rate swap was $ 109 and $ 361 , respectively, and is separately presented in current and non-current liabilities. For the six months ended June 30, 2026 and 2025, the Company recognized a gain of $ 252 and a loss of $ 227 , respectively, from the swap valuation separately presented as gain/(loss) on derivative instruments in the accompanying unaudited interim consolidated statements of income. For the six months ended June 30, 2026 and 2025, swap interest expense, amounting to $ 51 and nil , respectively and is included in gain/(loss) on derivative instruments, net in the accompanying unaudited interim consolidated statement 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 purposes. 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 . National Bank of Greece S.A. (“NBG”): On September 29, 2025, the Company entered into a $ 55,000 loan agreement. The loan proceeds were drawn on the same date and deposited in a pledged account with the bank to reduce the margin. As of June 30, 2026 and December 31, 2025, the amount of $ 51,250 and $ 53,750 , respectively, is presented separately as restricted cash, current in the accompanying consolidated balance sheets. The Company may withdraw any part or all of the funds from the pledged account at the end of the loan’s fixed interest period, provided no event of default has occurred. The loan is repayable in equal quarterly instalments of $ 1,250 and a balloon instalment of $ 25,000 payable on September 29, 2031 . As of June 30, 2026 and December 31, 2025, the Company was in compliance with all of its loan covenants. As of June 30, 2026, the maturities of the Company’s bond and debt facilities throughout their term, are shown in the table below. The amounts do not include related debt issuance costs and have been adjusted to reflect the reclassification within current liabilities of $ 38,462 resulting from the margin reset of the loan agreement with DNB discussed above. Period Principal Repayment Year 1 $ 90,611 Year 2 36,764 Year 3 36,764 Year 4 211,765 Year 5 98,099 Year 6 and thereafter 29,113 Total $ 503,116

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- 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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