Filed: March 30, 2010 (period: December 31, 2009)
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- Vessel Cost Accumulated Depreciation
- Net Book Value Balance, December 31, 2007
- Balance, December 31, 2008
- Balance, December 31, 2009
- Vessel name Daily time charter gross rate (in U.S. Dollars)
- Period Amount
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As part of the transaction, the Company agreed with the shipbuilders to advance $19,960 for Hull H1138 (representing the difference in scheduled contract installments between Hull H1138 and Hull H1108 previously owned by the Company) and the builders agreed to expedite delivery of Hull H1107 from the second quarter of 2010 as initially scheduled, to March 2010 (Note 16). Assets exchanged were recorded at fair value, measured on the consummation date of the transaction. No gain or loss was recognized as a result of the transaction. The contract price of Hull H1107 (or New York) was agreed to be paid in five installments, one of 20%, three subsequent installments of 10% each, and a final predelivery installment of 50%. The contract price of the Houston (Hull H1138) was paid in three installments, one of $31,500, one of $10,500 and a final predelivery installment of $18,200 which was paid in October 2009 when the vessel was delivered. In December 2009, the Company, through its wholly owned subsidiary Taka Shipping Company Inc. ("Taka") entered into a Memorandum of Agreement with an unrelated third party to acquire the 76,436 dwt panamax dry bulk carrier "Melite" (built 2004) for a total consideration of $35,100 of which a 10% advance or $3,510 was paid in December 2009 and the balance of $31,590 was paid in January 2010 when the vessel was delivered. As at December 31, 2009 and 2008, the Company had $27,590 and $24,080, respectively, of construction and acquisition installments, and an aggregate amount of $2,040 and $3,119, respectively, of additional capitalized costs.
The amounts in the accompanying consolidated balance sheets are analyzed as follows:
DIANA SHIPPING INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 (Expressed in thousands of U.S. Dollars – except share and per share data, unless otherwise stated)
Eleven of the Company's vessels, having a total carrying value of $205,339 as of December 31, 2009, have been provided as collateral to secure the revolving credit facility with the Royal Bank of Scotland discussed in Note 7, while the Houston having a carrying value of $62,374 as of December 31, 2009 has been provided as collateral to secure the loan with Bremer discussed in Note 7. As of December 31, 2009, all vessels were operating under time charters, the last of which expires in January 2015. Contracts with minimum duration in excess of one year as of December 31, 2009, were as follows:
For the vessels Sideris GS, Aliki and Semirio that have varying rates for each year, the Company accounts for those revenues by using the average daily rates of the four year duration of the respective contracts (Note 8).
The amount shown in the accompanying 2009 consolidated balance sheet reflects the unamortized balance of an asset recognized by the Company pursuant to the acquisition of Gala in May 2009 and the amount paid in excess of the predelivery installments for the construction of Houston (Notes 1.2 and 4). Gala has time chartered Hull H1138 to Jiangsu Shagang Group Co. ("Shagang") or its nominee (with performance guaranteed by Shagang), at a gross charter hire rate of $55 per day for a period of a minimum of 59 months and a maximum of 62 months which commenced in November 2009.
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DIANA SHIPPING INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 (Expressed in thousands of U.S. Dollars – except share and per share data, unless otherwise stated) The amount recognized as prepaid charter revenue is amortized in revenues over the duration of the time charter contract beginning on the delivery of the vessel to the time charterers. As of December 31, 2009, the unamortized balance of the account amounted to $14,507 ($3,050 and $11,457) and the amortization in 2009 amounted to $493. The estimated amortization expense for each of the five succeeding fiscal years is as following:
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