Transactions with Related Parties

12 Months Ended

Dec. 31, 2012

Related Party Transaction Due From To Related Party [Abstract]

Transactions with Related Parties

3.Transactions with Related Parties

Diana Shipping Services S.A. (“DSS” or the “Manager”):DSS, a wholly owned subsidiary of Diana Shipping Inc., a Company's majorshareholder, provides (i)administrative services under an Administrative Services Agreement, for a monthly fee of $10; (ii) brokerage services pursuant to a Broker Services Agreement that DSS has entered into with Diana Enterprises Inc. (“Diana Enterprises”),a related party controlled by the Company's Chief Executive Officer and Chairman Mr.Symeon Palios,for annual fees of $1,040until the completion of the public offering on June 15, 2011and $1,300 thereafter; (iii) commercial and technical services pursuant to Vessel Management Agreements, signed between each shipowning company and DSS, under which the Company pays a commission of 1% of the gross charterhire or freight earned by each vessel and a technical management fee of $15 per vessel per month for employed vessels and $20 per vessel per month for laid-up vessels.

For 2012 and 2011 and for the period from January 7 (inception date) to December 31, 2010,DSS charged the Company the following amounts for (i) management fees and commissions under the Vessel Management Agreements, (ii) administrative fees under the Administrative Services Agreement and (iii) brokerage feesattributable to Diana Enterprises under the Broker Services Agreement between DSS and Diana Enterprises:

						For the period from January 7, 2010 (inception date) to December 31, 2010
		For the years ended December 31,
		2012		2011
Management fees, including capitalized fees	$	1,641	$	758	$	203
Commissions		687		270		57
Administrative fees		120		120		88
Brokerage fees		1,300		1,182		607

Part of the management feesis separately presented in Management fees in the accompanying consolidated statements ofoperations and the other part isincluded in Vessels and in Advances for vessel acquisitions and other vessel costin the accompanying consolidated balance sheets. Commissions are included in Voyage expensesin the accompanying consolidated statements of operations (Note 10). Administrative and brokerage fees are included in General and administrative expenses in the accompanying consolidated statements of operations.

As at December 31, 2012 and December 31, 2011, an amount of $612and $263, respectively, was due to DSS and comprises a significant part of the account Due to related parties in the accompanying consolidated balance sheets.