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Equity Method Investments | 6 Months Ended
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Jun. 30, 2026
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, 2026 and December 31, 2025, the investment in DWM amounted to $ 84 and $ 244 and is included in equity method investments in the accompanying consolidated balance sheets. For the six months ended June 30, 2026 and 2025, the investment in DWM resulted in a loss of $ 159 and $ 187 , respectively, included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income. DWM performs the technical and commercial management of five vessels in the Company’s fleet for a fixed monthly fee and a percentage of their gross revenues. Management fees for the six months ended June 30, 2026 and 2025 amounted to $ 555 and $ 636 , respectively, and are presented as management fees to a related party in the accompanying unaudited interim consolidated statements of income. Commissions for the six months ended June 30, 2026 and 2025 amounted to $ 168 and $ 163 , respectively, and are included in voyage expenses, in the accompanying unaudited interim consolidated statements of income. As of June 30, 2026 and December 31, 2025, there was an amount of $ 10 and $ 239 , 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 established for the purpose of acquiring, owning, chartering and operating the vessel DSI Drammen in which the Company holds a 25 % partnership interest. On November 19, 2025, Bergen entered into an agreement with an unrelated third party to sell DSI Drammen for $ 26,400 . As a result, the Company reclassified its equity method investment to current assets. On January 29, 2026 and following delivery of the vessel to the new owners, the Company received $ 3,675 as a return of capital. For the six months ended June 30, 2026 and 2025, the Company’s investment in Bergen resulted in a loss of $ 116 and $ 60 , respectively, included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income. As of June 30, 2026 and December 31, 2025, the investment in Bergen amounted to $ 62 and $ 4,227 , respectively, included in equity method investment, current, in the accompanying consolidated balance sheets. The Company has an administrative agreement with Bergen under which it provides administrative services. It also entered into a commission agreement pursuant to which it guaranteed Bergen’s loan and received a commission of 0.8 % per annum on the outstanding loan balance, payable quarterly. Upon completion of the vessel sale and full repayment of Bergen’s loan with Nordea, the Company’s corporate guarantee has been released. For the six months ended June 30, 2026 and 2025, income from management fees from Bergen amounted to $ 8 and $ 8 , respectively, included in time charter revenues. Income from the loan guarantee amounted to $ 184 and $ 25 , respectively, included in interest and other income in the accompanying unaudited interim consolidated statements of income. As of June 30, 2026, and December 31, 2025, amounts due from Bergen totaled $ 379 and $ 158 , respectively, and are included in due from related parties. On June 4, 2026, Bergen declared a dividend of $ 375 to the Company, received in July 2026, which reduced the carrying amount of the equity method investment and is included in due from related parties (Note 14). 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 unrelated third party 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 that aims to become a leading provider of service vessels to the growing offshore wind industry. Diana Energize committed to a capital contribution of € 50.0 million, corresponding to a 34.36 % interest in the limited partnership, of which as of June 30, 2026, € 8.1 million remains outstanding (Note 9). As of June 30, 2026 and December 31, 2025, the investment in Windward amounted to $ 46,557 and $ 44,494 , respectively, which includes capital contributions of $ 48,573 and $ 45,440 and is included in equity method investments in the accompanying consolidated balance sheets. For the six months ended June 30, 2026 and 2025, the investment in Windward resulted in a gain of $ 436 and a loss of $ 476 , respectively, included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income. As of June 30, 2026, Windward had two vessels in operation and two vessels under construction. The third vessel was delivered in early July 2026, while the fourth vessel is expected to be delivered in the fourth quarter of 2026. 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, which in August 2024, was renamed Diana Mariners. As of June 30, 2026 and December 31, 2025, the Company’s investment in Diana Mariners amounted to $ 22 and $ 383 , respectively. Amounts due from Diana Mariners totaled $ 981 and $ 760 , respectively, and are included in due from related parties, in the accompanying consolidated balance sheets. For the six months ended June 30, 2026 and 2025, the investment in Diana Mariners resulted in a loss of $ 361 and $ 24 , respectively, which is included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income. As of June 30, 2026, all of the Company’s ship-owning subsidiaries have entered into manning agreements with Diana Mariners. On May 18, 2026, the Company entered into a loan agreement with Diana Mariners Inc., pursuant to which the Company provided a loan of $ 400 for general corporate purposes. The loan matures ten years from the date of issuance and is included in other non-current assets in the accompanying 2026 consolidated balance sheet. e) Ecogas Holding AS, or Ecogas: On March 12, 2025, the Company, through a wholly owned subsidiary Diana Gas Inc., or Diana Gas, entered into a joint venture agreement with an unrelated third 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. Under the terms of the agreement, the Company’s equity commitment in Ecogas is $ 18,464 , representing an 80 % equity interest. The Company and its strategic partner hold equal voting rights of 50 % each, and as a result, the Company accounts for its investment in Ecogas under the equity method of accounting. As of June 30, 2026 and December 31, 2025, the investment in Ecogas amounted to $ 11,719 and $ 8,754 , respectively, which includes capital contributions of $ 13,384 and $ 10,248 , respectively. For the six months ended June 30, 2026, the investment in Ecogas resulted in a loss of $ 218 and is included in loss from equity method investments in the accompanying unaudited interim consolidated statements of income.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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