Genco Shipping & Trading Limited (GNK) 10-K 27 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Jun. 28, 2020	Feb. 27, 2020
Document and Entity Information
Entity Registrant Name	GENCO SHIPPING & TRADING LTD
Entity Central Index Key	0001326200
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float		$ 129.6
Entity Common Stock, Shares Outstanding			41,754,413
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 155,889	$ 197,499
Restricted cash	6,045	4,947
Due from charterers, net of a reserve of $1,064 and $669, respectively	13,701	22,306
Prepaid expenses and other current assets	10,049	10,449
Inventories	27,208	29,548
Vessels held for sale	10,303	5,702
Total current assets	223,195	270,451
Noncurrent assets:
Vessels, net of accumulated depreciation of $288,373 and $244,529, respectively	1,273,861	1,344,870
Deferred drydock, net of accumulated amortization of $11,862 and $13,553 respectively	17,304	9,544
Fixed assets, net of accumulated depreciation and amortization of $2,154 and $1,281, respectively	5,976	2,290
Operating lease right-of-use assets	8,241
Restricted cash	315	315
Total noncurrent assets	1,305,697	1,357,019
Total assets	1,528,892	1,627,470
Current liabilities:
Accounts payable and accrued expenses	49,604	29,143
Current portion of long-term debt	69,747	66,320
Deferred revenue	6,627	6,404
Current operating lease liabilities	1,677
Total current liabilities:	127,655	101,867
Noncurrent liabilities:
Long-term operating lease liabilities	9,826
Deferred rent		3,468
Long-term debt, net of deferred financing costs of $13,094 and $16,272, respectively	412,983	468,828
Total noncurrent liabilities	422,809	472,296
Total liabilities	550,464	574,163
Commitments and contingencies (Note 14)
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 41,754,413 and 41,644,470 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	417	416
Additional paid-in capital	1,721,268	1,740,163
Retained deficit	(743,257)	(687,272)
Total equity	978,428	1,053,307
Total liabilities and equity	$ 1,528,892	$ 1,627,470

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Due from charterers, reserve	$ 1,064	$ 669
Noncurrent assets:
Vessels, accumulated depreciation	288,373	244,529
Deferred drydock, accumulated amortization	11,862	13,553
Fixed assets, accumulated depreciation and amortization	2,154	1,281
Deferred financing costs, noncurrent	$ 13,094	$ 16,272
Genco Shipping & Trading Limited shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,754,413	41,644,470
Common stock, shares outstanding (in shares)	41,754,413	41,644,470

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 389,496	$ 367,522	$ 209,698
Operating expenses:
Voyage expenses	173,043	114,855	25,321
Vessel operating expenses	96,209	97,427	98,086
Charter hire expenses	16,179	1,534	0
General and administrative expenses (inclusive of nonvested stock amortization expense of $2,057, $2,231 and $4,053, respectively)	24,516	23,141	22,190
Technical management fees	7,567	8,000	7,659
Depreciation and amortization	72,824	68,976	71,776
Impairment of vessel assets	27,393	56,586	21,993
Loss (gain) on sale of vessels	168	(3,513)	(7,712)
Total operating expenses	417,899	367,006	239,313
Operating (loss) income	(28,403)	516	(29,615)
Other (expense) income:
Other income (expense)	501	367	(164)
Interest income	4,095	3,801	1,551
Interest expense	(31,955)	(33,091)	(30,497)
Impairment of right-of-use asset	(223)
Loss on debt extinguishment		(4,533)
Other expense	(27,582)	(33,456)	(29,110)
Net loss	$ (55,985)	$ (32,940)	$ (58,725)
Net loss per share-basic	$ (1.34)	$ (0.86)	$ (1.71)
Net loss per share-diluted	$ (1.34)	$ (0.86)	$ (1.71)
Weighted average common shares outstanding-basic	41,762,893	38,382,599	34,242,631
Weighted average common shares outstanding-diluted	41,762,893	38,382,599	34,242,631
Dividends declared per share of common stock	$ 0.50
Voyage
Revenues:
Revenues	$ 389,496	$ 367,522	$ 209,698

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Operations
Nonvested stock amortization expenses	$ 2,057	$ 2,231	$ 4,053

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Loss
Net loss	$ (55,985)	$ (32,940)	$ (58,725)
Other comprehensive income	0	0	0
Comprehensive loss	$ (55,985)	$ (32,940)	$ (58,725)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Series A Preferred StockPreferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at the beginning at Dec. 31, 2016	$ 120,789	$ 74	$ 1,503,784	$ (594,948)	$ 1,029,699
Increase (Decrease) in Shareholders' Equity
Net loss				(58,725)	(58,725)
Conversion of 27,061,856 shares of Series A Preferred Stock	$ (120,789)	270	120,519
Issuance of shares of vested RSUs		1	(1)
Nonvested stock amortization			4,053		4,053
Balance at the end at Dec. 31, 2017		345	1,628,355	(653,673)	975,027
Increase (Decrease) in Shareholders' Equity
Impact of adoption of ASC 606				(659)	(659)
As adjusted balance — January 1, 2018		345	1,628,355	(654,332)	974,368
Net loss				(32,940)	(32,940)
Issuance of 7,015,000 shares of common stock		70	109,578		109,648
Issuance of shares of vested RSUs		1	(1)
Nonvested stock amortization			2,231		2,231
Balance at the end at Dec. 31, 2018		416	1,740,163	(687,272)	1,053,307
Increase (Decrease) in Shareholders' Equity
Net loss				(55,985)	(55,985)
Issuance of shares of vested RSUs		1	(1)
Cash dividends declared ($0.50 per share)			(20,951)		(20,951)
Nonvested stock amortization			2,057		2,057
Balance at the end at Dec. 31, 2019		$ 417	$ 1,721,268	$ (743,257)	$ 978,428

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Issuance of shares of RSUs (in shares)	109,943	97,466	115,700
Dividends declared per share	$ 0.50
Common Stock
Issuance of stock (in shares)		7,015,000
Series A Preferred Stock | Preferred Stock
Conversion of shares (in shares)			27,061,856

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (55,985)	$ (32,940)	$ (58,725)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	72,824	68,976	71,776
Amortization of deferred financing costs	3,788	3,035	2,325
PIK interest, net			4,542
Payment of PIK interest	0	(5,341)	0
Noncash operating lease expense	1,246
Amortization of nonvested stock compensation expense	2,057	2,231	4,053
Impairment of right-of-use asset	223
Impairment of vessel assets	27,393	56,586	21,993
Loss (gain) on sale of vessels	168	(3,513)	(7,712)
Loss on debt extinguishment		4,533
Insurance proceeds for protection and indemnity claims	494	303	765
Insurance proceeds for loss of hire claims		58	2,230
Change in assets and liabilities:
Decrease (increase) in due from charterers	8,605	(10,099)	(2,482)
Increase in prepaid expenses and other current assets	(789)	(6,626)	(5,875)
Decrease (increase) in inventories	2,340	(14,215)	(6,485)
Decrease in other noncurrent assets		514
Increase in accounts payable and accrued expenses	13,172	2,571	1,494
Increase in deferred revenue	223	1,190	3,234
Decrease in operating lease liabilities	(1,592)
Increase in deferred rent		880	720
Deferred drydock costs incurred	(14,641)	(2,236)	(7,782)
Net cash provided by operating activities	59,526	65,907	24,071
Cash flows from investing activities:
Purchase of vessels and ballast water treatment systems, including deposits	(13,960)	(241,872)	(262)
Purchase of scrubbers (capitalized in Vessels)	(31,750)
Purchase of other fixed assets	(4,714)	(1,462)	(290)
Net proceeds from sale of vessels	26,963	44,330	15,513
Insurance proceeds for hull and machinery claims	612	3,629	2,444
Net cash (used in) provided by investing activities	(22,849)	(195,375)	17,405
Cash flows from financing activities:
Payment of debt extinguishment costs		(2,962)
Proceeds from issuance of common stock		110,249
Payment of common stock issuance costs	(105)	(496)
Payment of Series A Preferred Stock issuance costs			(1,103)
Cash dividends paid	(20,877)
Payment of deferred financing costs	(611)	(11,845)
Net cash (used in) provided by financing activities	(77,189)	127,283	(5,598)
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,512)	(2,185)	35,878
Cash, cash equivalents and restricted cash at beginning of period	202,761	204,946	169,068
Cash, cash equivalents and restricted cash at end of period	162,249	202,761	204,946
Secured Debt | $108 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility		108,000
Repayment of secured debt	(6,320)	(1,580)	0
Secured Debt | $495 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility	21,500	460,000
Repayment of secured debt	(70,776)	(15,000)	0
Secured Debt | $400 Million Credit Facility
Adjustments to reconcile net loss to net cash provided by operating activities:
Payment of PIK interest		(5,341)
Cash flows from financing activities:
Repayment of secured debt		(399,600)	(400)
Secured Debt | 2014 Term Loan Facilities
Cash flows from financing activities:
Repayment of secured debt	0	(25,544)	(2,763)
Line of Credit Facility | $98 Million Credit Facility
Cash flows from financing activities:
Repayments of Credit Facility	$ 0	$ (93,939)	$ (1,332)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Feb. 28, 2019	Dec. 31, 2018	Aug. 14, 2018	Dec. 31, 2017	Nov. 15, 2016	Nov. 10, 2016	Nov. 04, 2015
Secured Debt | $108 Million Credit Facility
Maximum borrowing capacity	$ 108,000		$ 108,000	$ 108,000
Secured Debt | $495 Million Credit Facility
Maximum borrowing capacity	$ 495,000	$ 495,000	495,000
Secured Debt | $400 Million Credit Facility
Maximum borrowing capacity			400,000		$ 400,000		$ 400,000
Line of Credit Facility | $98 Million Credit Facility
Maximum borrowing capacity			$ 98,000		$ 98,000	$ 98,000		$ 98,000

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2019
GENERAL INFORMATION
GENERAL INFORMATION	1 - GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2019, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.” On June 19, 2018, the Company closed an equity offering of 7,015,000 shares of common stock at an offering price of $16.50 per share. The Company received net proceeds of $109,648 after deducting underwriters’ discounts and commissions and other expenses. On November 15, 2016, pursuant to stock purchase agreements (the “Purchase Agreements”) effective as of October 4, 2016 with Centerbridge Partners, L/P, or its affiliates, Strategic Value Partners, LLC and funds managed by affiliates of Apollo Global Management, LLC, the Company completed the private placement of 27,061,856 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rata basis. The Company received net proceeds of $120,789 after deducting placement agents’ fees and expenses. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share, which were purchased by certain investors in a private placement (the “Conversion Proposal”). As a result of shareholder approval of the Conversion Proposal, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017. Other General Information At December 31, 2019, 2018 and 2017, the Company’s fleet consisted of 55, 59 and 60 vessels, respectively. Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2019: Wholly Owned Subsidiaries Vessel Acquired Dwt Delivery Date Year Built Genco Augustus Limited Genco Augustus 180,151 8/17/07 Genco Tiberius Limited Genco Tiberius 175,874 8/28/07 Genco London Limited Genco London 177,833 9/28/07 Genco Titus Limited Genco Titus 177,729 11/15/07 Genco Charger Limited Genco Charger 28,398 12/14/07 (3) Genco Warrior Limited Genco Warrior 55,435 12/17/07 Genco Predator Limited Genco Predator 55,407 12/20/07 Genco Hunter Limited Genco Hunter 58,729 12/20/07 Genco Constantine Limited Genco Constantine 180,183 2/21/08 Genco Thunder LLC Genco Thunder 76,588 9/25/08 Genco Hadrian Limited Genco Hadrian 169,025 12/29/08 Genco Commodus Limited Genco Commodus 169,098 7/22/09 Genco Maximus Limited Genco Maximus 169,025 9/18/09 Genco Claudius Limited Genco Claudius 169,001 12/30/09 Genco Bay Limited Genco Bay 34,296 8/24/10 Genco Ocean Limited Genco Ocean 34,409 7/26/10 Genco Avra Limited Genco Avra 34,391 5/12/11 Genco Mare Limited Genco Mare 34,428 7/20/11 Genco Spirit Limited Genco Spirit 34,432 11/10/11 Genco Aquitaine Limited Genco Aquitaine 57,981 8/18/10 Genco Ardennes Limited Genco Ardennes 58,018 8/31/10 Genco Auvergne Limited Genco Auvergne 58,020 8/16/10 Genco Bourgogne Limited Genco Bourgogne 58,018 8/24/10 Genco Brittany Limited Genco Brittany 58,018 9/23/10 Genco Languedoc Limited Genco Languedoc 58,018 9/29/10 Genco Loire Limited Genco Loire 53,430 8/4/10 Genco Lorraine Limited Genco Lorraine 53,417 7/29/10 Genco Normandy Limited Genco Normandy 53,596 8/10/10 Genco Picardy Limited Genco Picardy 55,257 8/16/10 Genco Provence Limited Genco Provence 55,317 8/23/10 Genco Pyrenees Limited Genco Pyrenees 58,018 8/10/10 Genco Rhone Limited Genco Rhone 58,018 3/29/11 Genco Weatherly Limited Genco Weatherly 61,556 7/26/18 Genco Columbia Limited Genco Columbia 60,294 9/10/18 Genco Endeavour Limited Genco Endeavour 181,060 8/15/18 Genco Resolute Limited Genco Resolute 181,060 8/14/18 Genco Defender Limited Genco Defender 180,021 9/6/18 Genco Liberty Limited Genco Liberty 180,032 9/11/18 Baltic Lion Limited Baltic Lion 179,185 4/8/15 (1) Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) Baltic Leopard Limited Baltic Leopard 53,446 4/8/10 (2) Baltic Panther Limited Baltic Panther 53,350 4/29/10 (2) Baltic Cougar Limited Baltic Cougar 53,432 5/28/10 (2) Baltic Jaguar Limited Baltic Jaguar 53,473 5/14/10 (2) Baltic Bear Limited Baltic Bear 177,717 5/14/10 (2) Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 (2) Baltic Wind Limited Baltic Wind 34,408 8/4/10 (2) Baltic Cove Limited Baltic Cove 34,403 8/23/10 (2) Baltic Breeze Limited Baltic Breeze 34,386 10/12/10 (2) Baltic Fox Limited Baltic Fox 31,883 9/6/13 (2) Baltic Hare Limited Baltic Hare 31,887 9/5/13 (2) Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 (2) Baltic Wasp Limited Baltic Wasp 63,389 1/2/15 (2) Baltic Scorpion Limited Baltic Scorpion 63,462 8/6/15 Baltic Mantis Limited Baltic Mantis 63,470 10/9/15 (1) The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading. (2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading. (3) The Genco Charger was sold on February 24, 2020. Refer to Note 19 — Subsequent Events

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter. Segment reporting The Company reports financial information and evaluates its operations by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. Revenue recognition Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Time charters A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). The Company records time charter revenues, including spot market-related time charters, over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 (as defined under “Recent accounting pronouncements” below) because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use. The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 (as defined under “Recent accounting pronouncements” below). Refer to Note 12 — Voyage Revenue for further discussion. During the year ended December 31, 2017, six of the Company’s vessels were chartered under spot-market related time charters that included a profit-sharing element, the Genco Commodus, Baltic Lion, Genco London, Genco Maximus, Baltic Wasp and Baltic Wolf. These time charters all ended during the year ended December 31, 2017. Under these charter agreements, the rate for the spot market-related time charter was linked to a floor of $3 with a 50% index-based profit sharing component. During the years ended December 31, 2019 and 2018, there were no time charters with profit-sharing elements. Spot market voyage charters In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2019, 2018 and 2017 is not material. Pursuant to the new revenue recognition guidance as disclosed in Note 12 — Voyage Revenue, which was adopted during the first quarter of 2018, revenue for spot market voyage charters is now recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterered, and ended at the time discharge of cargo was completed at the discharge port. Vessel Pools At December 31, 2019 and 2018, the Company did not have any of its vessels in vessel pools. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. Voyage expense recognition In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net (loss) gain of ($829), $3,000 and $2,021 during the years ended December 31, 2019, 2018 and 2017, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Loss on debt extinguishment During the year ended December 31, 2018, the Company recorded $4,533 related to the loss on the extinguishment of debt in accordance with Accounting Standards Codification (“ASC”) 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility on June 5, 2018 as described in Note 7 — Debt. Due from charterers, net Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2019 and 2018, the Company had a reserve of $1,064 and $669, respectively, against the due from charterers balance and an additional accrual of $577 and $345, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available. Inventories Inventories consist of consumable bunkers and lubricants. For bunkers that are subject to gains and losses as a result of certain time charter agreements, these inventories are stated at the lower of cost and net realizable value, and all others are stated at cost. Cost is determined by the first in, first out method. Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred. Charter hire expenses During the second quarter of 2018, the Company began chartering-in third party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The Company recorded $16,179, $1,534 and $0 of charter hire expenses during the years ended December 31, 2019, 2018 and 2017, respectively. Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the years ended December 31, 2019, 2018 and 2017 was $66,351, $64,012 and $66,514, respectively. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the vessel noted in lwt. Vessels held for sale On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, and the relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2019. The vessel is expected to be sold during the first quarter of 2020. On November 23, 2018, the Company reached an agreement to sell the Genco Vigour, and the relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2018. This vessel was sold on January 28, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for additional information. Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2019, 2018 and 2017 was $989, $335 and $274, respectively. Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2019, 2018 and 2017 was $5,484, $4,629 and $4,988, respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred. Impairment of long-lived assets During the years ended December 31, 2019, 2018 and 2017 the Company recorded $27,393, $56,586 and $21,993, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of December 31, 2019, the vessel value for the Genco Charger was adjusted to its net sales price of $5,099 as of December 31, 2019. This resulted in an impairment loss of $1,314 during the year ended December 31, 2019. Refer to Note 19 — Subsequent Events for further detail regarding the sale. On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, to a third party for $10,200 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2019, the vessel value for the Genco Raptor was adjusted to its net sales price of $9,996 as of September 30, 2019. This resulted in an impairment loss of $5,812 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Thunder was adjusted to its net sales price of $10,192 as of September 30, 2019. This resulted in an impairment loss of $5,749 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Champion was adjusted to its net sales price of $6,402 as of September 30, 2019. This resulted in an impairment loss of $621 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019. As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019. This resulted in an impairment loss of $9,496 during the year ended December 31, 2019. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the year ended December 31, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2018. This resulted in an impairment loss of $56,402 during the year ended December 31, 2018. On August 4, 2017, the Board of Directors determined to dispose of the Company’s vessels built in 1999, namely the Genco Beauty, the Genco Explorer, the Genco Knight, the Genco Progress and the Genco Vigour, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, the Company has adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2017. This resulted in an impairment loss of $18,654 during the year ended December 31, 2017. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. At June 30, 2017, the Company determined that the sum of the estimated undiscounted future cash flows attributable to the Genco Surprise did not exceed the carrying value of the vessel at June 30, 2017 and reduced the carrying value of the Genco Surprise, a 1998-built Panamax vessel, to its fair market value as of June 30, 2017. This resulted in an impairment loss of $3,339 during the year ended December 31, 2017. Loss (gain) on sale of vessels During the years ended December 31, 2019, 2018 and 2017, the Company recorded net (losses) gains of ($168), $3,513 and $7,712, respectively, related to the sale of vessels. The ($168) net loss recognized during the year ended December 31, 2019 related primarily to the sale of the Genco Challenger, Genco Champion and Genco Raptor which was largely offset by a net gain related to the sale of the Genco Vigour. The $3,513 net gain recognized during the year ended December 31, 2018 related primarily to the sale of the Genco Progress, the Genco Cavalier, the Genco Explorer, the Genco Muse, the Genco Beauty and the Genco Knight. The $7,712 net gain recognized during the year ended December 31, 2017 related primarily to the sale of the Genco Wisdom, the Genco Reliance, the Genco Carrier, the Genco Success and the Genco Prosperity. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. Deferred financing costs Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statement of Operations. Cash and cash equivalents The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Restricted Cash Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: December 31, December 31, December 31, December 31, 2019 2018 2017 2016 Cash and cash equivalents $ 155,889 $ 197,499 $ 174,479 $ 133,400 Restricted cash - current 6,045 4,947 7,234 8,242 Restricted cash - noncurrent 315 315 23,233 27,426 Cash, cash equivalents and restricted cash $ 162,249 $ 202,761 $ 204,946 $ 169,068 United States Gross Transportation Tax Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below. The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of the Company’s stock (which the Company sometimes refers to as “5% shareholders”), together own 50% or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50 percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock. Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2019 and 2018. However, based on the ownership and trading of the Company’s stock in 2017, the Company believes that it did not satisfy the publicly traded test, the qualified shareholder test or the CFC test, and therefore did not qualify for the Section 883 exemption in 2017. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. Management believes that during the year ended December 31, 2017, the combined ownership of its 5% shareholders equaled 50% or more of its common stock for more than half the days of that year . Management believes that during the years ended December 31, 2019 and 2018, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those years. If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the year ended December 31, 2017, the Company recorded estimated U.S. gross transportation tax of $365 which was recorded in Voyages expenses in the Consolidated Statements of Operations. During the years ended December 31, 2019 and 2018, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax. Income taxes To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate effective 2018. In addition, the Company may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50% to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in “United States Gross Transportation Tax” above) and otherwise 0% to the United States. The Company’s U.S. source shipping income would be considered effectively connected income only if: · the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and · substantially all of the Company’s U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S. The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company’s expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income. The Company established Genco Shipping Pte. Ltd. (“GSPL”), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise (“MSI-AIS”) status under Section 13F of the Singapore Income Tax Act (“SITA”) by the Maritime and Port Authority of Singapore. The award is for an initial period of 10 years, commencing on August 15, 2018, and is subject to a review of performance at the end of the initial five year period. The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate in

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2019
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 - CASH FLOW INFORMATION For the year ended December 31, 2019, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $548 for the Purchase of vessels and ballast water treatment systems, including deposits, $9,520 for the Purchase of scrubbers, $413 for the Purchase of other fixed assets and $118 for the Net proceeds from sale of vessels. For the year ended December 31, 2019, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $74 for Cash dividends paid. For the year ended December 31, 2018, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,228 for the Purchase of vessels and ballast water treatment systems, including deposits, $428 for the Purchase of Scrubbers, $262 for the Net proceeds from sale of vessels and $360 for the Purchase of other fixed assets. For the year ended December 31, 2018, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $105 for the Payment of common stock issuance costs and $1 for Payment of deferred financing costs. For the year ended December 31, 2017, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $36 for the Purchase of other fixed assets. Professional fees and trustee fees incurred related to the Company’s emergence of bankruptcy on July 9, 2014 in the amount of $0 were recognized by the Company in Reorganization items, net for the year ended December 31, 2017. During this period, $25 of professional fees and trustee fees were paid through December 31, 2017 and $0 is included in Accounts payable and accrued expenses as of December 31, 2017. During the year ended December 31, 2019, the Company made a reclassification of $10,303 from Vessels, net of accumulated depreciation and Fixed assets, net of accumulated depreciation and amortization to Vessels held for sale due to the approval by the Board of Directors to sell the Genco Thunder prior to December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions. During the year ended December 31, 2018, the Company made a reclassification of $5,702 from Vessels, net of accumulated depreciation to Vessels held for sale due to the approval by the Board of Directors to sell the Genco Vigour prior to December 31, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions. During the years ended December 31, 2019, 2018 and 2017, cash paid for interest, excluding the PIK interest paid as a result of the refinancing of the $400 Million Credit Facility, was $28,376, $30,167 and $25,098, respectively. Refer to Note 7 — Debt. During the years ended December 31, 2019, 2018 and 2017, there was no cash paid for estimated income taxes. On May 15, 2019, the Company issued 29,580 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255. On March 4, 2019, the Company issued 106,079 restricted stock units and options to purchase 240,540 shares of the Company’s stock at an exercise price of $8.065, as adjusted for the special dividend declared on November 5, 2019, to certain individuals. The fair value of these restricted stock units and stock options were $890 and $904, respectively. On May 15, 2018, the Company issued 14,268 restricted stock units to certain members of the Board of Directors. These restricted stock units vested on May 15, 2019. The aggregate fair value of these restricted stock units was $255. On February 27, 2018, the Company issued 37,436 restricted stock units and options to purchase 122,608 shares of the Company’s stock at an exercise price of $13.365, as adjusted for the special dividend declared on November 5, 2019, to certain individuals. The fair value of these restricted stock units and stock options were $512 and $926, respectively. On May 17, 2017, the Company issued 25,197 restricted stock units to certain members of the Board of Directors. These restricted stock units vested on May 15, 2018. The aggregate fair value of these restricted stock units was $255. On March 23, 2017, the Company issued 292,398 restricted stock units and options to purchase 133,000 shares with an exercise price of $10.805, as adjusted for the special dividend declared on November 5, 2019, per share to John C. Wobensmith, Chief Executive Officer and President. The fair value of these restricted stock units and stock options were $3,254 and $853, respectively. Refer to Note 16 — Stock-Based Compensation for further information regarding the aforementioned grants.

VESSEL ACQUISITIONS AND DISPOSI

VESSEL ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2019
VESSEL ACQUISITIONS AND DISPOSITIONS
VESSEL ACQUISITIONS AND DISPOSITIONS	4 - VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Acquisitions On June 6, 2018, the Company entered into an agreement for the en bloc purchase of four drybulk vessels, including two Capesize drybulk vessels and two Ultramax drybulk vessels for approximately $141,000. Each vessel was built with a fuel-saving “eco” engine. The Genco Resolute, a 2015-built Capesize vessel, was delivered on August 14, 2018 and the Genco Endeavour, a 2015-built Capesize vessel, was delivered on August 15, 2018. The Genco Weatherly, a 2014-built Ultramax vessel, was delivered on July 26, 2018 and the Genco Columbia, a 2016-built Ultramax vessel, was delivered on September 10, 2018. The Company utilized a combination of cash on hand and proceeds from the $108 Million Credit Facility to finance the purchase. On July 12, 2018, the Company entered into agreements to purchase two 2016-built Capesize drybulk vessels for an aggregate purchase price of $98,000. The Genco Defender was delivered on September 6, 2018, and the Genco Liberty was delivered on September 11, 2018. The Company utilized a combination of cash on hand and proceeds from the $108 Million Credit Facility to finance the purchase. Vessel Dispositions On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, for $10,200 less a 2.0% broker commission payable to a third party. The sale was completed on December 11, 2019. The Genco Raptor served as collateral under the $495 Million Credit Facility; therefore, $6,045 of the net proceeds received from the sale will remain classified as restricted cash for 180 days following the sale date, which has been reflected as current restricted cash in the Consolidated Balance Sheets as of December 31, 2019. That amount can be used to towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 180 day period, the Company will be required to use the proceeds as a loan prepayment. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. The sale is expected to be completed during the first quarter of 2020. The vessel assets have been classified as held for sale in the Consolidated Balance Sheets as of December 31, 2019. The Genco Thunder serves as collateral under the $495 Million Credit Facility. On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. The sale was completed on October 21, 2019. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. The sale was completed on October 10, 2019. The Genco Champion and Genco Challenger served as collateral under the $495 Million Credit Facility; therefore, $6,880 of the net proceeds from the sale of these two vessels was required to be used as a loan prepayment since a replacement vessel was not going to be added as collateral within 180 days following the sales dates. Refer to Note 7 — Debt for further information. On November 23, 2018, the Company entered into an agreement to sell the Genco Vigour, a 1999-built Panamax vessel, to a third party for $6,550 less a 2.0% broker commission payable to a third party. The sale was completed on January 28, 2019. The vessel assets were classified as held for sale in the Consolidated Balance Sheets as of December 31, 2018. On November 21, 2018, the Company entered into an agreement to sell the Genco Knight, a 1999-built Panamax vessel, to a third party for $6,200 less a 3.0% broker commission payable to a third party. The sale was completed on December 26, 2018. On November 15, 2018, the Company entered into an agreement to sell the Genco Beauty, a 1999-built Panamax vessel, to a third party for $6,560 less a 3.0% broker commission payable to a third party. The sale was completed on December 17, 2018. On October 31, 2018, the Company entered into an agreement to sell the Genco Muse, a 2001-built Handymax vessel, to a third party for $6,660 less a 2.0% broker commission payable to a third party. The sale was completed on December 5, 2018. On August 30, 2018, the Company entered into an agreement to sell the Genco Cavalier, a 2007-built Supramax vessel, to a third party for $10,000 less a 2.5% broker commission payable to a third party. The sale was completed on October 16, 2018. This vessel served as collateral under the $495 Million Credit Facility; therefore, $4,947 of the net proceeds received from the sale remained classified as restricted cash for 180 days following the sale date which was reflected as current restricted cash in the Consolidated Balance Sheets as of December 31, 2018. That amount could be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel was not added as collateral within such 180 day period, the Company was required to use the proceeds as a loan prepayment. On April 15, 2019, the Company utilized these proceeds as a loan prepayment under the $495 Million Credit Facility, refer to Note 7 — Debt. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. The sale was completed on August 7, 2018. On June 27, 2018, the Company reached agreements to sell the Genco Explorer and the Genco Progress, both 1999-built Handysize vessels, to a third party for $5,600 each less a 3.0% broker commission payable to a third party. The sale of the Genco Progress was completed on September 13, 2018 and the sale of the Genco Explorer was completed on November 13, 2018. With the exception of the Genco Cavalier, the aforementioned six vessels that were sold during the year ended December 31, 2018 and the Genco Vigour do not serve as collateral under any of the Company’s credit facilities; therefore the Company was not required to pay down any indebtedness with the proceeds from the sales. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Prosperity, a 1997-built Handymax vessel, and on December 21, 2016, the Company reached an agreement to sell the Genco Prosperity to a third party for $3,050 less a 3.5% broker commission payable to a third party. The sale was completed on May 16, 2017. On December 5, 2016, the Board of Directors unanimously approved selling the Genco Success, a 1997-built Handymax vessel, and on December 15, 2016, the Company reached an agreement to sell the Genco Success to a third party for $2,800 less a 3.0% broker commission payable to a third party. The sale was completed on March 19, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Carrier, a 1998-built Handymax vessel, and on January 25, 2017, the Company reached an agreement to sell the Genco Carrier to a third party for $3,560 less a $92 broker commission payable to a third party. The sale was completed on February 16, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Reliance, a 1999-built Handysize vessel, and on January 12, 2017, the Company reached an agreement to sell the Genco Reliance to a third party for $3,500 less a 3.5% broker commission payable to a third party. The sale was completed on February 9, 2017. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Wisdom, a 1997-built Handymax vessel. On December 21, 2016, the Company reached an agreement to sell the Genco Wisdom to a third party for $3,250 less a 3.5% broker commission payable to a third party. The sale was completed on January 9, 2017. Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2019
NET LOSS PER SHARE
NET LOSS PER SHARE	5 - NET LOSS PER SHARE The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 16 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. There were 162,097, 149,170 and 226,931 shares of restricted stock and restricted stock units excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017, respectively, because they were anti-dilutive. There were 496,148, 255,608 and 133,000 stock options excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017, respectively, because they were anti-dilutive. (refer to Note 16 — Stock-Based Compensation) The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 16 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term which commenced on the day following the Effective Date and are exercisable for one tenth of a share of the Company’s common stock. There were no unvested MIP Warrants during the years ended December 31, 2019, 2018 and 2017 excluded from the computation of diluted net loss per share because they were anti-dilutive. There were 3,936,761 equity warrants excluded from the computation of diluted net loss per share during the years ended December 31, 2019, 2018 and 2017 because they were anti-dilutive. The components of the denominator for the calculation of basic and diluted net loss per share are as follows: For the Years Ended December 31, 2019 2018 2017 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 41,762,893 38,382,599 34,242,631 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 41,762,893 38,382,599 34,242,631 Dilutive effect of warrants — — — Dilutive effect of stock options — — — Dilutive effect of restricted stock awards — — — Weighted-average common shares outstanding, diluted 41,762,893 38,382,599 34,242,631

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 - RELATED PARTY TRANSACTIONS During the years ended December 31, 2019, 2018 and 2017, the Company did not identify any related party transactions.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2019
DEBT
DEBT	7 - DEBT Long-term debt consists of the following: December 31, December 31, 2019 2018 Principal amount $ 495,824 $ 551,420 Less: Unamortized debt financing costs (13,094) (16,272) Less: Current portion (69,747) (66,320) Long-term debt, net $ 412,983 $ 468,828 December 31, 2019 December 31, 2018 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $495 Million Credit Facility $ 395,724 $ 11,642 $ 445,000 $ 14,423 $108 Million Credit Facility 100,100 1,452 106,420 1,849 Total debt $ 495,824 $ 13,094 $ 551,420 $ 16,272 As of December 31, 2019 and 2018, $13,094 and $16,272 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets. Amortization expense for deferred financing costs for the years ended December 31, 2019, 2018 and 2017 was $3,788, $3,035 and $2,325, respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations. Effective June 5, 2018, the portion of the unamortized deferred financing costs for the $400 Million Credit Facility and 2014 Term Loan Facilities that was identified as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $495 Million Credit Facility in accordance with ASC 470-50. During the year ended December 31, 2018, the Company paid $2,962 of debt extinguishment costs in relation to the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility. On November 5, 2019, the Company entered into amendments with its lenders to the dividend covenants of the credit agreements for the $495 Million Credit Facility and the $108 Million Credit Facility. Under the terms of these two facilities as so amended, dividends or repurchases of our stock are subject to customary conditions. The Company may pay dividends or repurchase stock under these facilities to the extent its total cash and cash equivalents are greater than $100,000 and 18.75% of our total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment or stock repurchase if the collateral maintenance test ratio is 200% or less for such quarter, for which purpose the full commitment of up to $35,000 of the scrubber tranche under the $495 Million Credit Facility is assumed to be drawn. $108 Million Credit Facility On August 14, 2018, the Company entered into a five-year senior secured credit facility (the “$108 Million Credit Facility”) with Cr é dit Agricole Corporate & Investment Bank (“CACIB”), as Structurer and Bookrunner, CACIB and Skandinaviska Enskilda Banken AB (Publ) as Mandate Lead Arrangers, CACIB as Administrative Agent and as Security Agent, and the other lenders party thereto from time to time. The Company has used proceeds from the $108 Million Credit Facility to finance a portion of the purchase price for the six vessels, including four Capesize Vessels and two Ultramax vessels, which were delivered to the Company during the three months ended September 30, 2018 (refer to Note 4 — Vessel Acquisitions and Dispositions). These six vessels also serve as collateral under the $108 Million Credit Facility. The Company drew down a total of $108,000 during the third quarter of 2018, which represents 45% of the appraised value of the six vessels. As of December 31, 2019, there was no availability under the $108 Million Credit Facility. Total debt repayments of $6,320 and $1,580 were made during the years ended December 31, 2019 and 2018, respectively, under the $108 Million Credit Facility. There were no debt repayments made during the year ended December 31, 2017. As of December 31, 2019 and 2018, the total outstanding net debt balance was $98,648 and $104,571, respectively. The $108 Million Credit Facility provides for the following key terms: · The final maturity date of the $108 Million Credit Facility is August 14, 2023. · Borrowings under the $108 Million Credit Facility bear interest at London Interbank Offered Rate (“ LIBOR”) plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA. · Scheduled amortization payments under the $108 Million Credit Facility reflect a repayment profile whereby the facility shall have been repaid to nil when the average vessel aged of the collateral vessels reaches 20 years. Based on this, the required repayments are $1,580 per quarter commencing on December 31, 2018, with a final balloon payment on the maturity date. · Mandatory prepayments are to be applied to remaining amortization payments pro rata, while voluntary prepayments are to be applied to remaining amortization payments in order of maturity. · Pursuant to the November 5, 2019 amendment, the Company may pay dividends or repurchase stock to the extent the Company’s total cash and cash equivalents are greater than $100,000 and 18.75% of its total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment or stock repurchase if the collateral maintenance test ratio is 200% or less for such quarter. · Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants (including a collateral maintenance test) and other customary conditions. · Key financial covenants are substantially similar to those under the Company’s $495 Million Credit Facility and include: · minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness; · minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero; · debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and · collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $108 Million Credit Facility. As of December 31, 2019, the Company was in compliance with all of the financial covenants under the $108 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $100,100 at December 31, 2019 under the $108 Million Credit Facility: Year Ending December 31, Total 2020 $ 6,320 2021 6,320 2022 6,320 2023 81,140 Total debt $ 100,100 $495 Million Credit Facility On May 31, 2018, the Company entered into a five-year senior secured credit facility for an aggregate amount of up to $460,000 with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agency, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. Deutsche Bank AG Filiale Deutschlandgesch äft, and CTBC Bank Co. Ltd. are Co-Arrangers under this facility. On June 5, 2018, proceeds of $460,000 under this facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities. as defined below) into one facility, and pay down the debt on seven of the Company’s oldest vessels, which have been identified for sale. On February 28, 2019, the Company entered into an Amendment and Restatement Agreement (the “Amendment”) for this credit facility (the “$495 Million Credit Facility”) with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agent, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. The Amendment provides for an additional tranche up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels. On August 28, 2019 and September 23, 2019, the Company made total drawdowns of $9,300 and $12,200, respectively, under the $35 Million tranche of the $495 Million Credit Facility. On November 15, 2019, the Company utilized $6,880 of the proceeds from the sale of the Genco Challenger and Genco Champion which were sold during the fourth quarter of 2019 as a loan prepayment under the $495 Million Credit Facility. Additionally, on April 15, 2019, the Company utilized $4,947 of the proceeds from the sale of the Genco Cavalier that was classified as restricted cash as of December 31, 2018 as a loan prepayment under the $495 Million Credit Facility. Under the terms of the $495 Million Credit Facility, the amount received from the proceeds of the sale of a collateralized vessel can be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. However, since a replacement vessel was not added as collateral within the 180 day period stipulated in the $495 Million Credit Facility, the Company was required to utilize the proceeds as a loan prepayment. On May 10, 2019 and July 5, 2019, the Company prepaid $15,000 for the amortization payment originally scheduled for June 30, 2019 and September 30, 2019, respectively. As the prepayment amounts exceeded the revised scheduled quarterly amortization payment, the excess payment was applied to the next scheduled quarterly amortization payment due as per the repayment schedule. As of December 31, 2019, there was $12,525 of availability under the $495 Million Credit Facility. Total debt repayments of $70,776 and $15,000 were made during the years ended December 31, 2019 and 2018, respectively, under the $495 Million Credit Facility. There were no debt repayments made during the year ended December 13, 2017. As of December 31, 2019 and December 31, 2018, the total outstanding net debt balance was $384,082 and $430,577, respectively. The $495 Million Credit Facility provides for the following key terms in relation to the $460,000 tranche: · The final maturity date is May 31, 2023. · Borrowings bear interest at LIBOR plus 3.25% through December 31, 2018 and LIBOR plus a range of 3.00% and 3.50% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA. Original scheduled amortization payments were $15,000 per quarter commencing on December 31, 2018, with a final payment of $190,000 due on the maturity date. As a result of the loan prepayments for the vessel sales as noted above, scheduled amortization payments were recalculated in accordance with the terms of the facility. Scheduled amortization payments were revised to $14,321 which commenced on December 30, 2019, with a final payment of $188,049 due on the maturity date. · Scheduled amortization payments may be recalculated upon the Company’s request based on changes in collateral vessels, prepayments of the loan made as a result of a collateral vessel disposition as part of the Company’s fleet renewal program, or voluntary prepayments, subject in each case to a minimum repayment profile under which the loan will be repaid to nil when the average age of the vessels serving as collateral from time to time reaches 17 years. Mandatory prepayments are applied to remaining amortization payments pro rata, while voluntary prepayments are applied to remaining amortization payments in order of maturity. · Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants, a collateral maintenance test, and other customary conditions. The $495 Million Credit Facility provides for the following key terms in relation to the $35,000 tranche: · The final maturity date is May 31, 2023. · Borrowings under the tranche may be incurred pursuant to multiple drawings on or prior to March 30, 2020 in minimum amounts of $5,000 and may be used to finance up to 90% of the scrubber costs noted above. · Borrowings under the tranche will bear interest at LIBOR plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months’ EBITDA. · The tranche is subject to equal consecutive quarterly repayments commencing on the last day of the fiscal quarter ending March 31, 2020 in an amount reflecting a repayment profile whereby the loans shall have been repaid after four years calculated from March 31, 2020. Assuming that the full $35,000 is borrowed, each quarterly repayment amount was originally scheduled to be equal to $2,500. However, as a result of the loan prepayments for the vessel sales as noted above, the availability under the $35,000 tranche was reduced to $34,025. Assuming that the full $34,025 is borrowed, scheduled quarterly repayments would be approximately $2,430 commencing March 31, 2020. The $495 Million Credit Facility provides for the following key terms: · Pursuant to the November 5, 2019 amendment, the Company may pay dividends or repurchase stock to the extent the Company’s total cash and cash equivalents are greater than $100,000 and 18.75% of the Company’s total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter, with the full commitment of up to $35,000 of the scrubber tranche assumed to be drawn. · Collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral within 120 days of such sale or disposition. On February 13, 2019, the Company entered into an amendment with its lenders to extend this period to 180 days. In addition: · the Company must be in compliance with the collateral maintenance test; · the replacement vessels must become collateral for the loan; and either · the replacement vessels must have an equal or greater appraised value that the collateral vessels for which they are substituted, or · ratio of the aggregate appraised value of the collateral vessels (including replacement vessels) to the outstanding loan amount after the collateral disposition (accounting for any prepayments of the loan by the time the replacement vessels become collateral vessels) must equal or exceed the aggregate appraised value of the collateral vessels to the outstanding loan before the collateral disposition. · Key financial covenants include: · minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness (no restricted cash is required); · minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero; · debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and · collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $495 Million Credit Facility. · Collateral includes the current vessels in the Company’s fleet other than the seven oldest vessels in the fleet which have been identified for sale, collateral vessel earnings and insurance, and time charters in excess of 24 months in respect of the collateral vessels. As of December 31, 2019, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $395,724 at December 31, 2019 under the $495 Million Credit Facility: Year Ending December 31, Total 2020 $ 63,427 2021 63,427 2022 63,427 2023 205,443 Total debt $ 395,724 $400 Million Credit Facility On November 10, 2016, the Company entered into a senior secured term loan facility, the $400 Million Credit Facility, in an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial and BNP Paribas. On November 15, 2016, the proceeds under the $400 Million Credit Facility were used to refinance six of the Company’s prior credit facilities. The $400 Million Credit Facility was collateralized by 45 of the Company’s vessels and at December 31, 2016, required the Company to sell five remaining unencumbered vessels, which were sold during the year ended December 31, 2017. On November 14, 2016, the Company borrowed the maximum available amount of $400,000. The $400 Million Credit Facility had a maturity date of November 15, 2021 and the principal borrowed under the facility bore interest at LIBOR for an interest period of three months plus a margin of 3.75%. The Company had the option to pay 1.50% of such rate in-kind (“PIK interest”) through December 31, 2018, of which was payable on the maturity date of the facility. The Company opted to make the PIK interest election through September 29, 2017. As of December 31, 2019 and 2018, the Company did not have any PIK interest recorded. The $400 Million Credit Facility originally had scheduled amortization payments of (i) $100 per quarter through December 31, 2018, (ii) $7,610 per quarter from March 31, 2019 through December 31, 2020, (iii) $18,571 per quarter from March 31, 2021 through September 30, 2021 and (iv) $282,605 upon final maturity on November 15, 2021, which did not include PIK interest. Pursuant to the credit facility agreement, upon the payment of any excess cash flow to the lenders (see below), the scheduled repayments were adjusted to reflect the reduction of future amortization amounts. There was no collateral maintenance testing for the $400 Million Credit Facility prior to June 30, 2018. Thereafter, there was to be required collateral maintenance testing with a gradually increasing threshold calculated as the value of the collateral under the facility as a percentage of the loan outstanding as follows: 105% from June 30, 2018 to December 30, 2018, 115% from December 31, 2018 to December 30, 2020 and 135% thereafter. The $400 Million Credit Facility required the Company to comply with a number of covenants substantially similar to those in the Company’s other credit facilities, including financial covenants related to debt to total book capitalization, minimum working capital, minimum liquidity, and dividends; collateral maintenance requirements (as described above); and other customary covenants. The Company was required to maintain a ratio of total indebtedness to total capitalization of not greater than 0.70 to 1.00 at all times. Minimum working capital as defined in the $400 Million Credit Facility was not to be less than $0 at all times. The $400 Million Credit Facility had minimum liquidity requirements at all times for all vessels in its fleet of (i) $250 per vessel to and including December 31, 2018, (ii) $400 per vessel from January 1, 2019 to and including December 31, 2019 and (iii) $700 per vessel from January 1, 2020 and thereafter. The Company was prohibited from paying dividends without lender consent through December 31, 2020. The Company was able to establish non-recourse subsidiaries to incur indebtedness or make investments, but it was restricted from incurring indebtedness or making investments (other than through non-recourse subsidiaries). Excess cash from the collateralized vessels under the $400 Million Credit Facility was subject to a cash sweep. The cash flow sweep was 100% of excess cash flow through December 31, 2018, 75% through December 31, 2020 and the lesser of 50% of excess cash flow or an amount that would reflect a 15-year average vessel age repayment profile thereafter; provided no prepayment under the cash sweep was required from the first $10,000 in aggregate of the prepayments otherwise required under the cash sweep. During the years ended December 31, 2019 and 2018, the Company repaid $0 and $15,428, respectively, for the excess cash flow sweep. There were no debt repayments made during the year ended December 31, 2019 under the $400 Million Credit Facility. Total debt repayments of $404,941 (which includes $5,341 of PIK interest) and $400 were made during the years ended December 31, 2018 and 2017, respectively, under the $400 Million Credit Facility. On June 5, 2018, the $400 Million Credit Facility was refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above. At December 31, 2019 and 2018, there was no outstanding debt under the $400 Million Credit Facility. $98 Million Credit Facility On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a newly formed direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”). The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015. Borrowings under the facility were available for working capital purposes. The facility had a final maturity date of September 30, 2020, and the principal borrowed under the facility bore interest at LIBOR for an interest period of three months plus a margin of 6.125% per annum. The facility had no fixed amortization payments for the first two years and fixed amortization payments of $2,500 per quarter thereafter. To the extent the value of the collateral under the facility is 182% or less of the loan amount outstanding, the Borrowers were to prepay the loan from earnings received from operation of the thirteen collateral vessels after deduction of the following amounts: costs, fees, expenses, interest, and fixed principal repayments under the facility; operating expenses relating to the thirteen vessels; and the Borrowers’ pro rata share of general and administrative expenses based on the number of vessels they own. The Facility Agreement requires the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants. The Company was prohibited from paying dividends under this facility until December 31, 2018. Following December 31, 2018, the amount of dividends the Company could pay was limited based on the amount of the repayment of at least $25,000 of the loan under such facility, as well as the ratio of the value of vessels and certain other collateral pledged under such facility. The Facility Agreement includes usual and customary events of default and remedies for facilities of this nature. Borrowings under the facility were secured by first priority mortgage on the vessels owned by the Borrowers, namely the Genco Constantine, the Genco Augustus, the Genco London, the Genco Titus, the Genco Tiberius, the Genco Hadrian, the Genco Knight, the Genco Beauty, the Genco Vigour, the Genco Predator, the Genco Cavalier, the Genco Champion, and the Genco Charger, and related collateral. Pursuant to the Facility Agreement and a separate Guarantee executed by the Company, the Company and Holdco were acting as guarantors of the obligations of the Borrowers and each other under the Facility Agreement and its related documentation. On November 15, 2016, the Company entered into an Amending and Restating Agreement which amended and restated the credit agreements and the guarantee for the $98 Million Credit Facility (the “Restated $98 Million Credit Facility”). The Restated $98 Million Credit Facility provided for the following: reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility, except the minimum liquidity amount for the collateral vessels under this facility was $750 per vessel, which was reflected as restricted cash; netting of certain amounts against the measurements of the collateral maintenance covenant, which remained in place with a 140% value to loan threshold; a portion of amounts required to be maintained under the minimum liquidity covenant for this facility may, under certain circumstances, have been used to prepay the facility to maintain compliance with the collateral maintenance covenant; elimination of the original maximum leverage ratio and minimum net worth covenants; and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to those provided for in the $400 Million Credit Facility. The minimum working capital and the total indebtedness to total capitalization were the same as the $400 Million Credit Facility. There were no debt repayments made during the year ended December 31, 2019 under the $98 Million Credit Facility. Total debt repayments of $93,939 and $1,332 were made during the years ended December 31, 2018 and 2017, respectively. On June 5, 2018, the $98 Million Credit Facility was refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above. At December 31, 2019 and 2018, there was no outstanding debt under the $98 Million Credit Facility. 2014 Term Loan Facilities On October 8, 2014, Baltic Trading and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary acquired, namely the Baltic Hornet and Baltic Wasp, respectively. Amounts borrowed under the 2014 Term Loan Facilities were not allowed to be reborrowed. The 2014 Term Loan Facilities had a ten-year term, and the facility amount was the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery. The 2014 Term Loan Facilities were insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which was recorded in deferred financing fees. Borrowings under the 2014 Term Loan Facilities bore interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum. Borrowings were to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity. Principal repayments commenced six months after the actual delivery date for each respective vessel. Borrowings under the 2014 Term Loan Facilities were secured by liens on the vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company guaranteed the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities. On November 15, 2016, the Company entered into Supplemental Agreements with lenders under our 2014 Term Loan Facilities which, among other things, amended the Company’s collateral maintenance covenants under the 2014 Term Loan Facilities to provide that such covenants would not be tested through December 30, 2017 and the minimum collateral value to loan ratio was 100% from December 31, 2017, 105% from June 30, 2018, 115% from December 31, 2018 and 135% from December 31, 2019. These Supplemental Agreements also provided for certain other amendments to the 2014 Term Loan Facilities, which included reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to the $400 Million Credit Facility. Additionally, the minimum working capital required was the same as the $400 Million Credit Facility. Lastly, the maximum leverage requirement was equivalent to the debt to total capitalization requirement in the $400 Million Credit Facility. There were no debt repayments made during the year ended December 31, 2019 under the 2014 Term Loan Facilities. Total debt repayments of $25,544 and $2,763 were made during the years ended December 31, 2018 and 2017, respectively, under the 2014 Term Loan Facilities. On June 5, 2018, the 2014 Term Loan Facilities were refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above. At December 31, 2019 and 2018, there was no outstanding debt under the 2014 Term Loan Facilities. Interest rates The following tables set forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the costs associated with unused commitment fees, if applicable. The following tables also include the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: For the Years Ended December 31, 2019 2018 2017 Effective Interest Rate 5.31 % 5.71 % 5.29 % Range of Interest Rates (excluding unused commitment fees) 4.05 % to 5.76 % 3.83 % to 8.43 % 3.36 % to 7.82 % Letter of credit In conjunction with the Company entering into a long-term office space lease (See Note 13 — Leases), the Company was required to provide a letter of credit to the landlord in lieu of a security deposit. As of September 21, 2005, the Company obtained an annually renewable unsecured letter of credit with DnB NOR Bank at a fee of 1% per annum. During September 2015, the Company replaced the unsecured letter of credit with DnB NOR Bank with an unsecured letter of credit with Nordea Bank Finland Plc, New York and Cayman Island Branches (“Nordea”) in the same amount at a fee of 1.375% per annum. The letter of credit outstanding was $300 as of December 31, 2019 and 2018 at a fee of 1.375% per annum. The letter of credit is cancelable on each renewal date provided the landlord is given 30 days minimum notice. As of December 31, 2019 and 2018, the letter of credit outstanding has been securitized by $315 that was paid by the Company to Nordea during the year ended December 31, 2015. These amounts have been recorded as restricted cash included in total noncurrent assets in the Consolidated Balance Sheets as of December 31, 2019 and 2018.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	8 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying values of the Company’s financial instruments at December 31, 2019 and 2018 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. December 31, 2019 December 31, 2018 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 155,889 $ 155,889 $ 197,499 $ 197,499 Restricted cash 6,360 6,360 5,262 5,262 Floating rate debt 495,824 495,824 551,420 551,420 The carrying value of the borrowings under the $495 Million Credit Facility and the $108 Million Credit Facility as of December 31, 2019 and 2018 approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. Refer to Note 7 — Debt for further information regarding the Company’s credit facilities. The $495 Million Credit Facility was utilized to refinance the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities on June 5, 2018 and was subsequently amended on February 28, 2019 and November 5, 2019. The carrying amounts of the Company’s other financial instruments at December 31, 2019 and 2018 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments. ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the consolidated financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows: · Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. · Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the year ended December 31, 2019, the vessel assets for five of the Company’s vessels were written down as part of the impairment recorded during the year ended December 31, 2019. Additionally, during the year ended December 31, 2018, the vessels assets for ten of the Company’s vessels were written down as part of the impairment recorded during the year ended December 31, 2018. Lastly, during the year ended December 31, 2017, the vessel assets for six of the Company’s vessels were written down as part of the impairment recorded during the year ended December 31, 2017. The vessel held for sale as of December 31, 2019 was written down as part of the impairment recorded during the year ended December 31, 2019. The vessel held for sale as of December 31, 2018 was written down as part of the impairment recorded during the year ended December 31, 2017 and there were no additional adjustments required as of December 31, 2018 when the held for sale criteria was met. Refer to “Impairment of long-lived assets” and “Vessels held for sale” sections in Note 2 — Summary of Significant Accounting Policies. Nonrecurring fair value measurements also include impairment tests conducted by the Company during the year ended December 31, 2019 of its operating lease right-of use asset. The fair value determination for the operating lease right-of-use asset was based on third party quotes, which is considered a Level 2 input. During the year ended December 31, 2019, the operating lease right-of-use asset was written down as part of the impairment of right-of-use asset recorded during the year ended December 31, 2019. Refer to Note 13 — Leases. The Company did not have any Level 3 financial assets or liabilities during the years ended December 31, 2019 and 2018.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, December 31, 2019 2018 Vessel stores $ 638 $ 597 Capitalized contract costs 1,952 2,289 Prepaid items 2,870 3,426 Insurance receivable 2,039 851 Advance to agents 1,162 1,109 Other 1,388 2,177 Total prepaid expenses and other current assets $ 10,049 $ 10,449

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2019
FIXED ASSETS
FIXED ASSETS	10 - FIXED ASSETS Fixed assets consist of the following: December 31, December 31, 2019 2018 Fixed assets, at cost: Vessel equipment $ 7,288 $ 2,873 Furniture and fixtures 467 462 Leasehold improvements 100 — Computer equipment 275 236 Total costs 8,130 3,571 Less: accumulated depreciation and amortization (2,154) (1,281) Total fixed assets, net $ 5,976 $ 2,290

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: December 31, December 31, 2019 2018 Accounts payable $ 26,040 $ 15,110 Accrued general and administrative expenses 4,105 4,298 Accrued vessel operating expenses 19,459 9,735 Total accounts payable and accrued expenses $ 49,604 $ 29,143

VOYAGE REVENUE

VOYAGE REVENUE	12 Months Ended
	Dec. 31, 2019
VOYAGE REVENUE
VOYAGE REVENUE	12 – VOYAGE REVENUE Total voyage revenue includes revenue earned on fixed rate time charters, spot market voyage charters, spot market-related time charters and vessel pools, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2019, 2018 and 2017, the Company earned $389,496, $367,522 and $209,698 of voyage revenue, respectively. $2,325 of net profit sharing revenue was included in voyage revenue for the year ended December 31, 2017. There was no profit sharing revenue earned during the years ended December 31, 2019 and 2018. On January 1, 2018, the Company adopted the revenue recognition guidance under ASC 606 (refer to Note 2 — Summary of Significant Accounting Policies) using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. The financial results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior period amounts are not adjusted and will be continued to be reported under previous guidance. As a result of the adoption of the new revenue recognition guidance on January 1, 2018, the Company recorded a net increase to the opening retained deficit of $659 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606. Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used, therefore revenue from spot market voyage charters is not within the scope of ASC 842. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered-in. The fuel consumption and any port expenses incurred prior to arrival at the load port during this period is capitalized and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Similarly, for any third party vessels that are chartered-in, the charter hire expenses during this period are capitalized and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. Refer also to Note 9 — Prepaid Expenses and Other Current Assets. All of the revenue for spot market voyage charters that was included in Deferred revenue (contract liability) in the Consolidated Balance Sheet as of January 1, 2018 when ASC 606 was adopted has been recognized during the year ended December 31, 2018. During time charter agreements, including fixed rate time charters and spot market-related time charters, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. During time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Consolidated Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease. Total voyage revenue recognized in the Consolidated Statements of Operations includes the following: For the Year Ended December 31, 2019 2018 2017 Lease revenue $ 108,096 $ 168,392 $ 181,249 Spot market voyage revenue 281,400 199,130 28,449 Total voyage revenues $ 389,496 $ 367,522 $ 209,698

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
LEASES	13 – LEASES Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments were $82 per month until May 31, 2015 and thereafter were $90 per month until the end of the seven-year term. Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space. The Company has also entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provided for a free base rental period from May 1, 2018 to September 30, 2018. Following the expiration of the free base rental period, the monthly base rental payments are $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement. In addition, during October 2017 the Company entered into a lease for office space in Singapore that expired in January 2019. A lease was signed for a new office space in Singapore effective January 17, 2019 for a three-year term. Lastly, during July 2018, the Company entered into a lease for office space in Copenhagen, which commenced on July 1, 2018 and ended on April 30, 2019. A lease was signed for a new office space in Copenhagen effective May 1, 2019 for a minimum period ending May 1, 2023. The Company adopted ASC 842 using the transition method on January 1, 2019 (refer to Note 2 — Summary of Significant Accounting Policies) and has identified these leases as operating leases. Variable rent expense, such as utilities and escalation expenses, are excluded from the determination of the operating lease liability and the Company has deemed these insignificant. The Company used its incremental borrowing rate as the discount rate under ASC 842 since the rate implicit in the lease cannot be readily determined. On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income will be $102 per month until September 29, 2025. The sublease income for the portion of the leased space is less than the lease payments due for the space, which has been identified as an indicator of impairment under ASC 360. As such, the right-of-use asset for the subleased portion of the space was written down to its fair value during the second quarter of 2019 which resulted in $223 of impairment charges which has been recorded in Impairment of right-of-asset in the Consolidated Statements of Operations during the year ended December 31, 2019. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Consolidated Statements of Operations. There was $72 of sublease income recorded during the year ended December 31, 2019. There was no sublease income recorded for this sublease agreement during the years ended December 31, 2018 and 2017. There was $1,884 of operating lease costs recorded during the year ended December 31, 2019 which was recorded in General and administrative expenses in the Consolidated Statements of Operations. Supplemental Consolidated Balance Sheets information related to the Company’s operating leases as of December 31, 2019 is as follows: December 31, 2019 Operating Lease: Operating lease right-of-use asset $ 8,241 Current operating lease liabilities $ 1,677 Long-term operating lease liabilities 9,826 Total operating lease liabilities $ 11,503 Weighted average remaining lease term (years) 5.75 Weighted average discount rate 5.15 % Maturities of operating lease liabilities as of December 31, 2019 are as follows: December 31, 2019 2020 $ 2,230 2021 2,230 2022 2,230 2023 2,378 2024 2,453 Thereafter 1,839 Total lease payments 13,360 Less imputed interest (1,857) Present value of lease liabilities $ 11,503 Maturities of operating lease liabilities as of December 31, 2018 are as follows: December 31, 2018 2019 $ 2,230 2020 2,230 2021 2,230 2022 2,230 2023 2,378 Thereafter 4,292 Total lease payments 15,590 Supplemental Condensed Consolidated Cash Flow information related to leases are as follows: For the Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating lease $ 2,230 Under the previous leasing guidance under ASC 840, the Company had deferred rent at December 31, 2018 of $3,468. Rent expense pertaining to this lease for the years ended December 31, 2018 and 2017 under ASC 840 was $1,808 during each year. During the second quarter of 2018, the Company began chartering-in third-party vessels. Under ASC 842, the Company is the lessee in these agreements. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the year ended December 31, 2019, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. Refer to Note 2 — Summary of Significant Accounting Policies for the charter hire expenses recorded during the years ended December 31, 2019 and 2018 for these charter-in agreements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14 - COMMITMENTS AND CONTINGENCIES During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 42 of its vessels. The cost of these systems will vary based on the size and specifications of each vessel and whether the systems will be installed in China during the vessels’ scheduled drydockings. Based on the contractual purchase price of the BWTS and the estimated installation fees, the Company estimates the cost of the systems to be approximately $0.9 million for Capesize vessels, $0.6 million for Supramax vessels and $0.5 million for Handysize vessels. These costs will be capitalized and depreciated over the remainder of the life of the vessel. The Company recorded $12,783 and $1,804 in Vessel assets in the Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018, respectively, related to BWTS additions. On December 21, 2018, the Company entered into agreements to install scrubbers on its 17 Capesize vessels. The Company completed scrubber installation on 16 of its Capesize vessels during the year ended December 31, 2019 and the remaining one Capesize vessel on January 17, 2020. The cost of each scrubber varied according to the specifications of the Company’s vessels and technical aspects of the installation, among other variables. These costs are being capitalized and depreciated over the remainder of the life of the vessel. The Company recorded $41,270 and $428 in Vessel assets in the Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018, respectively, related to scrubber additions. The Company has entered into an amendment to the $495 Million Credit Facility to provide financing to cover a portion of these expenses, refer to Note 7 — Debt for further information.

SAVINGS PLAN

SAVINGS PLAN	12 Months Ended
	Dec. 31, 2019
SAVINGS PLAN
SAVINGS PLAN	15 - SAVINGS PLAN In August 2005, the Company established a 401(k) plan that is available to U.S. based full-time employees who meet the plan’s eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415 with the Company matching $1.17 for each dollar contributed up to the first six percent of each employee’s salary. The matching contribution vests immediately. For the years ended December 31, 2019, 2018 and 2017, the Company’s matching contributions to this plan were $399, $380 and $385, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	16 - STOCK-BASED COMPENSATION 2014 Management Incentive Plan On the Effective Date, pursuant to the Chapter 11 Plan, the Company adopted the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). An aggregate of 966,806 shares of Common Stock were available for award under the MIP. Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values. The number of shares of common stock available under the Plan represented approximately 1.8% of the shares of post-emergence common stock outstanding as of the Effective Date on a fully-diluted basis. Awards under the MIP were available to eligible employees, non-employee directors and/or officers of the Company and its subsidiaries (collectively, “Eligible Individuals”). Under the MIP, a committee appointed by the Board from time to time (or, in the absence of such a committee, the Board) (in either case, the “Plan Committee”) may grant a variety of stock-based incentive awards, as the Plan Committee deems appropriate, to Eligible Individuals. The MIP Warrants are exercisable on a cashless basis and contain customary anti-dilution protection in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant can be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in three tranches for 238,066, 246,701, and 370,979 and have exercise prices, as adjusted for the special dividend declared on November 5, 2019, of $247.01511 (the “$247.02 Warrants”), $273.89981 (the “$273.90 Warrants”) and $325.95317 (the “$325.95 Warrants”) per whole share, respectively. The fair value of each warrant upon emergence from bankruptcy was $7.22 for the $247.02 Warrants, $6.63 for the $273.90 Warrants and $5.63 for the $325.95 Warrants. The warrant values were based upon a calculation using the Black-Scholes-Merton option pricing formula. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, cost of capital interest rate and expected life of the instrument. The Company has determined that the warrants should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes-Merton option pricing formula against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. The Black-Scholes-Merton option pricing formula used a volatility of 43.91% (representing the six-year volatility of a peer group), a risk-free interest rate of 1.85% and a dividend rate of 0%. The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. The warrants vested 33.33% on each of the first three anniversaries of the grant date, with accelerated vesting upon a change in control of the Company. For the years ended December 31, 2019, 2018 and 2017 the Company recognized amortization expense of the fair value of these warrants, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ — $ 902 As of December 31, 2019 and 2018, there was no unamortized stock-based compensation for the warrants and all warrants were vested. The following table summarizes the unvested warrant activity for the year ended December 31, 2017: For the Year Ended December 31, 2017 Weighted Weighted Average Average Number of Exercise Fair Warrants Price Value Outstanding at January 1 - Unvested 713,122 $ 303.12 $ 6.36 Granted — — — Exercisable (713,122) 303.12 6.36 Exercised — — — Forfeited — — — Outstanding at December 31 - Unvested — $ — $ — The following table summarizes certain information about the warrants outstanding as of December 31, 2019: Warrants Outstanding and Unvested, Warrants Outstanding and Exercisable, December 31, 2019 December 31, 2019 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Warrants Price Life Warrants Price Life — $ — — 8,557,461 $ 288.99 0.60 As of December 31, 2019 and 2018, a total of 8,557,461 of warrants were outstanding. The nonvested stock awards granted under the MIP vested ratably on each of the three anniversaries of August 7, 2014. The nonvested stock awards issued under the MIP have a grant date price that represents the stock price on that date. As of December 31, 2019 and 2018, all stock awards granted under the MIP were vested. The table below summarizes the Company’s nonvested stock awards for the year ended December 31, 2017 that were issued under the MIP: For the Year Ended December 31, 2017 Weighted Number of Average Grant Shares Date Price Outstanding at January 1 9,255 $ Granted — — Vested (9,255) 200.00 Forfeited — — Outstanding at December 31 — $ — The total fair value of MIP restricted shares that vested during the years ended December 31, 2019, 2018 and 2017 was $0, $0 and $106, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the years ended December 31, 2019, 2018 and 2017, the Company recognized nonvested stock amortization expense for the MIP restricted shares, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ — $ 368 The Company amortized these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2019 and 2018, there was no unrecognized compensation cost. 2015 Equity Incentive Plan On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 400,000 shares of common stock (the “2015 Plan”). Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. As of December 31, 2019, the Company has awarded restricted stock units, restricted stock and stock options under the 2015 Plan. On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increased the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; set the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modified the change in control definition. The Company’s shareholders approved the increase in the number of shares at the Company’s 2017 Annual Meeting of Shareholders on May 17, 2017. Stock Options On March 23, 2017, the Company issued options to purchase 133,000 of the Company’s shares of common stock to John C. Wobensmith, Chief Executive Officer and President, with an exercise price of $10.805 per share, as adjusted for the special dividend declared on November 5, 2019 . One third of the options become exercisable on each of the first three anniversaries of October 15, 2016, with accelerated vesting upon a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $6.41 per share, or $853 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 79.80% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate due to limited trading history since emergence from bankruptcy), a risk-free interest rate of 1.68%, a dividend yield of 0%, and expected life of 3.78 years (determined using the simplified method as outlined in Staff Accounting Bulletin 14 – Share-Based Payment (“SAB Topic 14”) due to lack of historical exercise data). On February 27, 2018, the Company issued options to purchase 122,608 of the Company’s shares of common stock to certain individuals with an exercise price of $13.365 per share, as adjusted for the special dividend declared on November 5, 2019. One third of the options become exercisable on each of the first three anniversaries of February 27, 2018, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $7.55 per share, or $926 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 71.94% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate due to limited trading history post recapitalization of the Company in November 2016), a risk-free interest rate of 2.53%, a dividend yield of 0%, and expected life of 4.00 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). On March 4, 2019, the Company issued options to purchase 240,540 of the Company’s shares of common stock to certain individuals with an exercise price of $8.065 per share, as adjusted for the special dividend declared on November 5, 2019 . One third of the options become exercisable on each of the first three anniversaries of March 4, 2019, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $3.76 per share, or $904 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 55.23% (representing the Company’s historical volatility), a risk-free interest rate of 2.49%, a dividend yield of 0%, and expected life of 4.00 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). For the years ended December 31, 2019, 2018 and 2017, the Company recognized amortization expense of the fair value of these options, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 850 $ 731 $ 512 Amortization of the unamortized stock-based compensation balance of $590 as of December 31, 2019 is expected to be expensed $431, $142 and $17 during the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarizes the unvested option activity for the years ended December 31, 2019, 2018 and 2017: For the Years Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Weighted Weighted Number Average Average Number Average Average Number Average Average of Exercise Fair of Exercise Fair of Exercise Fair Options Price Price Options Price Price Options Price Price Outstanding at January 1 - Unvested 166,942 $ 13.01 7.25 88,667 $ 11.13 6.41 — $ — — Granted 240,540 8.33 3.76 122,608 13.69 7.55 133,000 11.13 6.41 Exercisable (85,203) 12.36 6.96 (44,333) 11.13 6.41 (44,333) 11.13 6.41 Exercised — — — — — — — — — Forfeited — — — — — — — — — Outstanding at December 31 - Unvested 322,279 $ 9.41 $ 4.72 166,942 $ 13.01 $ 7.25 88,667 $ 11.13 $ 6.41 The following table summarizes certain information about the options outstanding as of December 31, 2019, as adjusted for the special dividend declared on November 5, 2019: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2019 December 31, 2019 Weighted Weighted Weighted Average Weighted Average Weighted Average Exercise Price of Average Remaining Average Remaining Outstanding Number of Exercise Contractual Number of Exercise Contractual Options Options Price Life Options Price Life $ 10.11 322,279 $ 9.41 4.92 173,869 $ 11.41 3.45 As of December 31, 2019 and 2018, a total of 496,148 and 255,608 stock options were outstanding, respectively. Restricted Stock Units The Company has issued restricted stock units (“RSUs”) to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of December 31, 2019 and 2018, 326,247 and 216,304 shares, respectively, of the Company’s common stock were outstanding in respect of the RSUs. Such shares will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the amended 2015 Plan described above. On May 17, 2017, 18,234 shares of common stock were issued to Eugene Davis, the former Chairman of the Audit Committee, in respect to vested RSUs following his departure from the Board. The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors. The RSUs that have been issued to other individuals vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Weighted Weighted Weighted Number of Average Grant Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price RSUs Date Price Outstanding at January 1 149,170 $ 12.42 220,129 $ 11.01 66,666 $ 5.10 Granted 140,914 8.50 51,704 14.84 317,595 11.05 Vested (127,988) 12.10 (122,663) 10.92 (164,132) 8.68 Forfeited — — — — — — Outstanding at December 31 162,096 $ 9.26 149,170 $ 12.42 220,129 $ 11.01 The total fair value of the RSUs that vested during the years ended December 31, 2019, 2018 and 2017 was $1,235, $1,694 and $1,858, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2019: Unvested RSUs Vested RSUs December 31, 2019 December 31, 2019 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 162,096 $ 9.26 1.67 422,223 $ 11.47 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2019, unrecognized compensation cost of $613 related to RSUs will be recognized over a weighted-average period of 1.67 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 1,207 $ 1,489 $ 2,241 Restricted Stock Under the 2015 Plan, grants of restricted common stock issued to executives ordinarily vest ratably on each of the three anniversaries of the determined vesting date. As of December 31, 2019, all restricted stock awards under the 2015 Plan were vested. The table below summarizes the Company’s nonvested stock awards for the years ended December 31, 2018 and 2017 that were issued under the 2015 Plan: For theYears Ended December 31, 2018 2017 Weighted Weighted Number of Average Grant Number of Average Grant Shares Date Price Shares Date Price Outstanding at January 1 6,802 $ 5.20 13,605 $ 5.20 Granted — — — — Vested (6,802) 5.20 (6,803) 5.20 Forfeited — — — — Outstanding at December 31 — $ — 6,802 $ 5.20 The total fair value of shares that vested under the 2015 Plan during the years ended December 31, 2018 and 2017 was $60 and $71, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the years ended December 31, 2019, 2018 and 2017, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ 11 $ 30

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Dec. 31, 2019
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	17 - LEGAL PROCEEDINGS From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

UNAUDITED QUARTERLY RESULTS OF

UNAUDITED QUARTERLY RESULTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2019
UNAUDITED QUARTERLY RESULTS OF OPERATIONS
UNAUDITED QUARTERLY RESULTS OF OPERATIONS	18 - UNAUDITED QUARTERLY RESULTS OF OPERATIONS In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis. 2019 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ 93,464 $ 83,550 $ 103,776 $ 108,705 Operating (loss) income (882) (27,309) (7,772) 7,560 Net (loss) income (7,801) (34,476) (14,591) 882 Net (loss) earnings per share - basic (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Net (loss) earnings per share - diluted (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Dividends declared per share $ — $ — $ — $ 0.50 Weighted average common shares outstanding - basic 41,726,106 41,742,301 41,749,200 41,832,942 Weighted average common shares outstanding - diluted 41,726,106 41,742,301 41,749,200 41,989,553 2018 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ 76,916 $ 86,157 $ 92,263 $ 112,185 Operating (loss) income (48,398) 10,851 12,089 25,972 Net (loss) income (55,813) (1,120) 5,708 18,283 Net (loss) earnings per share - basic (1) $ (1.61) $ (0.03) $ 0.14 $ 0.44 Net (loss) earnings per share - diluted (1) $ (1.61) $ (0.03) $ 0.14 $ 0.44 Weighted average common shares outstanding - basic 34,577,990 35,516,058 41,618,187 41,704,296 Weighted average common shares outstanding - diluted 34,577,990 35,516,058 41,821,008 41,792,956 (1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period. (2) Amounts may not total to annual amounts for the years ended December 31, 2019 and 2018 as reported in the Consolidated Statements of Operations due to rounding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	19 - SUBSEQUENT EVENTS On February 24, 2020, the Board of Directors determined to dispose of the Company’s ten Handysize vessels; the Baltic Hare, the Baltic Fox, the Baltic Wind, the Baltic Cove, the Baltic Breeze, the Genco Ocean, the Genco Bay, the Genco Avra, the Genco Mare and the Genco Spirit, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we have adjusted the values of these older vessels to their respective fair market values during the first quarter of 2020 which will result in an impairment loss. On February 25, 2020, the Company announced a regular quarterly dividend of $0.175 per share to be paid on or about March 16, 2020, to shareholders of record as of March 6, 2020. The aggregate amount of the dividend is expected to be approximately $7,400, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. On February 25, 2020, the Company’s Board of Directors awarded grants of 173,749 RSUs and options to purchase 344,568 shares of the Company’s stock at an exercise price of $7.06 to certain individuals under the 2015 Plan. The awards generally vest ratably in one-third increments on the first three anniversaries of February 25, 2020. On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party. The sale of the Genco Charger was completed on February 24, 2020. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the year ended December 31, 2019. This vessel served as collateral under the $495 Million Credit Facility; therefore, $3,471 of the net proceeds received from the sale will remain classified as restricted cash for 180 days following the sale date. The amount can be used towards a loan prepayment under the facility or for the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 180 day period, the Company will be required to use the proceeds as a loan prepayment.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation	Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Business geographics	Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable.
Vessel acquisitions	Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter.
Segment reporting	Segment reporting The Company reports financial information and evaluates its operations by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.
Revenue recognition	Revenue recognition Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Time charters A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). The Company records time charter revenues, including spot market-related time charters, over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 (as defined under “Recent accounting pronouncements” below) because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use. The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 (as defined under “Recent accounting pronouncements” below). Refer to Note 12 — Voyage Revenue for further discussion. During the year ended December 31, 2017, six of the Company’s vessels were chartered under spot-market related time charters that included a profit-sharing element, the Genco Commodus, Baltic Lion, Genco London, Genco Maximus, Baltic Wasp and Baltic Wolf. These time charters all ended during the year ended December 31, 2017. Under these charter agreements, the rate for the spot market-related time charter was linked to a floor of $3 with a 50% index-based profit sharing component. During the years ended December 31, 2019 and 2018, there were no time charters with profit-sharing elements. Spot market voyage charters In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2019, 2018 and 2017 is not material. Pursuant to the new revenue recognition guidance as disclosed in Note 12 — Voyage Revenue, which was adopted during the first quarter of 2018, revenue for spot market voyage charters is now recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterered, and ended at the time discharge of cargo was completed at the discharge port. Vessel Pools At December 31, 2019 and 2018, the Company did not have any of its vessels in vessel pools. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees.
Voyage expense recognition	Voyage expense recognition In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net (loss) gain of ($829), $3,000 and $2,021 during the years ended December 31, 2019, 2018 and 2017, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.
Loss on debt extinguishment	Loss on debt extinguishment During the year ended December 31, 2018, the Company recorded $4,533 related to the loss on the extinguishment of debt in accordance with Accounting Standards Codification (“ASC”) 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility on June 5, 2018 as described in Note 7 — Debt.
Due from charterers, net	Due from charterers, net Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2019 and 2018, the Company had a reserve of $1,064 and $669, respectively, against the due from charterers balance and an additional accrual of $577 and $345, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.
Inventories	Inventories Inventories consist of consumable bunkers and lubricants. For bunkers that are subject to gains and losses as a result of certain time charter agreements, these inventories are stated at the lower of cost and net realizable value, and all others are stated at cost. Cost is determined by the first in, first out method.
Vessel operating expenses	Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred.
Charter hire expenses	Charter hire expenses During the second quarter of 2018, the Company began chartering-in third party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The Company recorded $16,179, $1,534 and $0 of charter hire expenses during the years ended December 31, 2019, 2018 and 2017, respectively.
Vessels, net	Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the years ended December 31, 2019, 2018 and 2017 was $66,351, $64,012 and $66,514, respectively. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the vessel noted in lwt.
Vessels held for sale	Vessels held for sale On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, and the relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2019. The vessel is expected to be sold during the first quarter of 2020. On November 23, 2018, the Company reached an agreement to sell the Genco Vigour, and the relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2018. This vessel was sold on January 28, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for additional information.
Fixed assets, net	Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2019, 2018 and 2017 was $989, $335 and $274, respectively.
Deferred drydocking costs	Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2019, 2018 and 2017 was $5,484, $4,629 and $4,988, respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred.
Impairment of vessel assets	Impairment of long-lived assets During the years ended December 31, 2019, 2018 and 2017 the Company recorded $27,393, $56,586 and $21,993, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of December 31, 2019, the vessel value for the Genco Charger was adjusted to its net sales price of $5,099 as of December 31, 2019. This resulted in an impairment loss of $1,314 during the year ended December 31, 2019. Refer to Note 19 — Subsequent Events for further detail regarding the sale. On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, to a third party for $10,200 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2019, the vessel value for the Genco Raptor was adjusted to its net sales price of $9,996 as of September 30, 2019. This resulted in an impairment loss of $5,812 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Thunder was adjusted to its net sales price of $10,192 as of September 30, 2019. This resulted in an impairment loss of $5,749 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Champion was adjusted to its net sales price of $6,402 as of September 30, 2019. This resulted in an impairment loss of $621 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the year ended December 31, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019. As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019. This resulted in an impairment loss of $9,496 during the year ended December 31, 2019. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the year ended December 31, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale. On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2018. This resulted in an impairment loss of $56,402 during the year ended December 31, 2018. On August 4, 2017, the Board of Directors determined to dispose of the Company’s vessels built in 1999, namely the Genco Beauty, the Genco Explorer, the Genco Knight, the Genco Progress and the Genco Vigour, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, the Company has adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2017. This resulted in an impairment loss of $18,654 during the year ended December 31, 2017. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. At June 30, 2017, the Company determined that the sum of the estimated undiscounted future cash flows attributable to the Genco Surprise did not exceed the carrying value of the vessel at June 30, 2017 and reduced the carrying value of the Genco Surprise, a 1998-built Panamax vessel, to its fair market value as of June 30, 2017. This resulted in an impairment loss of $3,339 during the year ended December 31, 2017.
Loss (gain) on sale of vessels	Loss (gain) on sale of vessels During the years ended December 31, 2019, 2018 and 2017, the Company recorded net (losses) gains of ($168), $3,513 and $7,712, respectively, related to the sale of vessels. The ($168) net loss recognized during the year ended December 31, 2019 related primarily to the sale of the Genco Challenger, Genco Champion and Genco Raptor which was largely offset by a net gain related to the sale of the Genco Vigour. The $3,513 net gain recognized during the year ended December 31, 2018 related primarily to the sale of the Genco Progress, the Genco Cavalier, the Genco Explorer, the Genco Muse, the Genco Beauty and the Genco Knight. The $7,712 net gain recognized during the year ended December 31, 2017 related primarily to the sale of the Genco Wisdom, the Genco Reliance, the Genco Carrier, the Genco Success and the Genco Prosperity. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels.
Deferred financing costs	Deferred financing costs Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statement of Operations.
Cash and cash equivalents	Cash and cash equivalents The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Restricted cash	Restricted Cash Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: December 31, December 31, December 31, December 31, 2019 2018 2017 2016 Cash and cash equivalents $ 155,889 $ 197,499 $ 174,479 $ 133,400 Restricted cash - current 6,045 4,947 7,234 8,242 Restricted cash - noncurrent 315 315 23,233 27,426 Cash, cash equivalents and restricted cash $ 162,249 $ 202,761 $ 204,946 $ 169,068
United States Gross Transportation Tax	United States Gross Transportation Tax Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below. The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of the Company’s stock (which the Company sometimes refers to as “5% shareholders”), together own 50% or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50 percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock. Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2019 and 2018. However, based on the ownership and trading of the Company’s stock in 2017, the Company believes that it did not satisfy the publicly traded test, the qualified shareholder test or the CFC test, and therefore did not qualify for the Section 883 exemption in 2017. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. Management believes that during the year ended December 31, 2017, the combined ownership of its 5% shareholders equaled 50% or more of its common stock for more than half the days of that year . Management believes that during the years ended December 31, 2019 and 2018, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those years. If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the year ended December 31, 2017, the Company recorded estimated U.S. gross transportation tax of $365 which was recorded in Voyages expenses in the Consolidated Statements of Operations. During the years ended December 31, 2019 and 2018, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax.
Income taxes	Income taxes To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate effective 2018. In addition, the Company may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50% to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in “United States Gross Transportation Tax” above) and otherwise 0% to the United States. The Company’s U.S. source shipping income would be considered effectively connected income only if: · the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and · substantially all of the Company’s U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S. The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company’s expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income. The Company established Genco Shipping Pte. Ltd. (“GSPL”), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise (“MSI-AIS”) status under Section 13F of the Singapore Income Tax Act (“SITA”) by the Maritime and Port Authority of Singapore. The award is for an initial period of 10 years, commencing on August 15, 2018, and is subject to a review of performance at the end of the initial five year period. The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate income tax rate (currently 17%). During the years ended December 31, 2019, 2018 and 2017, there was no income tax recorded by GSPL. During 2018, the Company established Genco Shipping A/S, which is a Danish-incorporated corporation which is based in Copenhagen and considered to be a resident for tax purposes in Denmark. Genco Shipping A/S was subject to corporate taxes in Denmark a rate of 22% during 2018 and 2019. During the years ended December 31, 2019 and 2018, Genco Shipping A/S recorded $241 and $79, respectively, of income tax in Other income (expense) in the Consolidated Statements of Operations.
Deferred revenue	Deferred revenue Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. Refer to “Revenue recognition” above for description of the Company’s revenue recognition policy.
Nonvested stock awards	Nonvested stock awards The Company follows ASC Subtopic 718-10, “Compensation — Stock Compensation” (“ASC 718-10”), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital in the Consolidated Statements of Equity.
Accounting estimates	Accounting estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels and the fair value of derivative instruments, if any. Actual results could differ from those estimates.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned all of its voyage revenues from 170, 182 and 102 customers during the years ended December 31, 2019, 2018 and 2017. For the years ended December 31, 2019 and 2018, there were no customers that individually accounted for more than 10% of voyage revenues. For the year ended December 31, 2017, there were two customers that individually accounted for more than 10% of voyage revenues; Swissmarine Services S.A., including its subsidiaries (“Swissmarine”) and Clipper Group, including Clipper Bulk Shipping, the Clipper Logger Pool and the Clipper Sapphire Pool (“Clipper”), which represented 15.09% and 10.98% of voyage revenues, respectively. At December 31, 2019 and 2018, the Company maintains all of its cash and cash equivalents with four financial institutions. None of the Company’s cash and cash equivalent balance is covered by insurance in the event of default by these financial institutions.
Fair value of financial instruments	Fair value of financial instruments The estimated fair values of the Company’s financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2019 and 2018 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 8 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt.
Recent accounting pronouncements	Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, “Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”),” which change the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within that year. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. The Company has evaluated the impact of the adoption of ASU 2018-03 and has determined that there is no effect on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting” (“ASU 2017-09”). This ASU provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within that year and early adoption is permitted. ASU 2017-09 must be applied prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 during the first quarter of 2018 and there was no effect on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. This ASU shall be applied retrospectively to all periods presented, but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. The Company adopted ASU 2016-15 during the first quarter of 2018. The retrospective application of ASU 2016-15 resulted in insurance proceeds for protection and indemnity claims and loss of hire claims to be separately disclosed in the cash flows from operating activities and resulted in insurance proceeds for hull and machinery claims to be separately disclosed in the cash flows from investing activities. These amounts were previously recorded in the cash flows from operating activities as the change in prepaid expenses and other current assets. Additionally, as part of ASU 2016-15, any cash payments for debt prepayment or debt extinguishment costs (including third party costs, premiums paid and other fees paid to lenders) must be classified as cash outflows for financing activities. Lastly, for any debt instruments that contain interest payable in-kind, any cash payments attributable to the payment of in-kind interest will be classified as cash outflows for operating activities. There were no cash payments for in-kind interest during the years ended December 31, 2019 and 2017. Refer to the Consolidated Statements of Cash Flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which replaced the existing guidance in ASC 840 – Leases (“ASC 840”). This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU was effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors were required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” which provided clarifications and improvements to ASC 842, including allowing entities to elect an additional transition method with which to adopt ASC 842. The approved transition method enables entities to apply the transition requirements at the effective date of ASC 842 (rather than at the beginning of the earliest comparative period presented as currently required) with the effect of the initial application of ASC 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. As a result, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, including the disclosure requirements of ASC 840. The Company adopted ASC 842 on January 1, 2019 using this transition method. The new guidance provides a number of optional practical expedients in the transition. The Company had elected the package of practical expedients, which among other things, allows the carryforward of the historical lease classification. Further, upon implementation of the new guidance, the Company has elected the practical expedients to combine lease and non-lease components and to not recognize right-of-use assets and lease liabilities for short-term leases. Upon adoption of ASC 842 on January 1, 2019, the Company recorded a right-of-use asset of $9,710 and an operating lease liability of $13,095 in the Consolidated Balance Sheets. Refer to Note 13 — Leases for further information regarding our operating lease agreement and the effect of the adoption of ASC 842 from a lessor perspective. Pursuant to ASC 842, the Company has identified revenue from its time charter agreements as lease revenue. Refer to Note 12 — Voyage revenue for additional information regarding the adoption of ASC 842 from a lessor perspective. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU requires that equity investments be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for annual periods beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2016-01 during the first quarter of 2018 and there was no impact on the Company’s consolidated financial statements as the Company currently does not have any equity investments. I n May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09” or “ASC 606”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption (the “modified retrospective transition method”). The Company adopted ASC 606 during the first quarter of 2018 using the modified retrospective transition method applied to all contracts and determined that the only impact was to spot market voyage charter contracts that were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained deficit as of January 1, 2018. Prior periods were not retrospectively adjusted. The adoption of ASC 606 did not have a financial impact on the recognition of revenue generated from time charter agreements, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenue for further discussion of the financial impact on the Company’s consolidated financial statements.

GENERAL INFORMATION (Tables)

GENERAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
GENERAL INFORMATION
Schedule of wholly owned ship-owning subsidiaries	Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2019: Wholly Owned Subsidiaries Vessel Acquired Dwt Delivery Date Year Built Genco Augustus Limited Genco Augustus 180,151 8/17/07 Genco Tiberius Limited Genco Tiberius 175,874 8/28/07 Genco London Limited Genco London 177,833 9/28/07 Genco Titus Limited Genco Titus 177,729 11/15/07 Genco Charger Limited Genco Charger 28,398 12/14/07 (3) Genco Warrior Limited Genco Warrior 55,435 12/17/07 Genco Predator Limited Genco Predator 55,407 12/20/07 Genco Hunter Limited Genco Hunter 58,729 12/20/07 Genco Constantine Limited Genco Constantine 180,183 2/21/08 Genco Thunder LLC Genco Thunder 76,588 9/25/08 Genco Hadrian Limited Genco Hadrian 169,025 12/29/08 Genco Commodus Limited Genco Commodus 169,098 7/22/09 Genco Maximus Limited Genco Maximus 169,025 9/18/09 Genco Claudius Limited Genco Claudius 169,001 12/30/09 Genco Bay Limited Genco Bay 34,296 8/24/10 Genco Ocean Limited Genco Ocean 34,409 7/26/10 Genco Avra Limited Genco Avra 34,391 5/12/11 Genco Mare Limited Genco Mare 34,428 7/20/11 Genco Spirit Limited Genco Spirit 34,432 11/10/11 Genco Aquitaine Limited Genco Aquitaine 57,981 8/18/10 Genco Ardennes Limited Genco Ardennes 58,018 8/31/10 Genco Auvergne Limited Genco Auvergne 58,020 8/16/10 Genco Bourgogne Limited Genco Bourgogne 58,018 8/24/10 Genco Brittany Limited Genco Brittany 58,018 9/23/10 Genco Languedoc Limited Genco Languedoc 58,018 9/29/10 Genco Loire Limited Genco Loire 53,430 8/4/10 Genco Lorraine Limited Genco Lorraine 53,417 7/29/10 Genco Normandy Limited Genco Normandy 53,596 8/10/10 Genco Picardy Limited Genco Picardy 55,257 8/16/10 Genco Provence Limited Genco Provence 55,317 8/23/10 Genco Pyrenees Limited Genco Pyrenees 58,018 8/10/10 Genco Rhone Limited Genco Rhone 58,018 3/29/11 Genco Weatherly Limited Genco Weatherly 61,556 7/26/18 Genco Columbia Limited Genco Columbia 60,294 9/10/18 Genco Endeavour Limited Genco Endeavour 181,060 8/15/18 Genco Resolute Limited Genco Resolute 181,060 8/14/18 Genco Defender Limited Genco Defender 180,021 9/6/18 Genco Liberty Limited Genco Liberty 180,032 9/11/18 Baltic Lion Limited Baltic Lion 179,185 4/8/15 (1) Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) Baltic Leopard Limited Baltic Leopard 53,446 4/8/10 (2) Baltic Panther Limited Baltic Panther 53,350 4/29/10 (2) Baltic Cougar Limited Baltic Cougar 53,432 5/28/10 (2) Baltic Jaguar Limited Baltic Jaguar 53,473 5/14/10 (2) Baltic Bear Limited Baltic Bear 177,717 5/14/10 (2) Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 (2) Baltic Wind Limited Baltic Wind 34,408 8/4/10 (2) Baltic Cove Limited Baltic Cove 34,403 8/23/10 (2) Baltic Breeze Limited Baltic Breeze 34,386 10/12/10 (2) Baltic Fox Limited Baltic Fox 31,883 9/6/13 (2) Baltic Hare Limited Baltic Hare 31,887 9/5/13 (2) Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 (2) Baltic Wasp Limited Baltic Wasp 63,389 1/2/15 (2) Baltic Scorpion Limited Baltic Scorpion 63,462 8/6/15 Baltic Mantis Limited Baltic Mantis 63,470 10/9/15 (1) The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading. (2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading. (3) The Genco Charger was sold on February 24, 2020. Refer to Note 19 — Subsequent Events

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Schedule of restricted cash and cash equivalents	December 31, December 31, December 31, December 31, 2019 2018 2017 2016 Cash and cash equivalents $ 155,889 $ 197,499 $ 174,479 $ 133,400 Restricted cash - current 6,045 4,947 7,234 8,242 Restricted cash - noncurrent 315 315 23,233 27,426 Cash, cash equivalents and restricted cash $ 162,249 $ 202,761 $ 204,946 $ 169,068
Estimated Useful Lives of Fixed Assets
Summary of Significant Accounting Policies
Schedule of estimated useful lives of fixed assets	Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
NET LOSS PER SHARE
Components of denominator for calculation of basic and diluted net (loss) earnings per share	For the Years Ended December 31, 2019 2018 2017 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 41,762,893 38,382,599 34,242,631 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 41,762,893 38,382,599 34,242,631 Dilutive effect of warrants — — — Dilutive effect of stock options — — — Dilutive effect of restricted stock awards — — — Weighted-average common shares outstanding, diluted 41,762,893 38,382,599 34,242,631

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
Line of Credit Facility
Schedule of components of Long-term debt	December 31, December 31, 2019 2018 Principal amount $ 495,824 $ 551,420 Less: Unamortized debt financing costs (13,094) (16,272) Less: Current portion (69,747) (66,320) Long-term debt, net $ 412,983 $ 468,828
Schedule of long-term debt	December 31, 2019 December 31, 2018 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $495 Million Credit Facility $ 395,724 $ 11,642 $ 445,000 $ 14,423 $108 Million Credit Facility 100,100 1,452 106,420 1,849 Total debt $ 495,824 $ 13,094 $ 551,420 $ 16,272
Schedule of effective interest rate and the range of interest rates on the debt	For the Years Ended December 31, 2019 2018 2017 Effective Interest Rate 5.31 % 5.71 % 5.29 % Range of Interest Rates (excluding unused commitment fees) 4.05 % to 5.76 % 3.83 % to 8.43 % 3.36 % to 7.82 %
Secured Debt | $108 Million Credit Facility
Line of Credit Facility
Scheduled repayment of outstanding debt	Year Ending December 31, Total 2020 $ 6,320 2021 6,320 2022 6,320 2023 81,140 Total debt $ 100,100
Secured Debt | $495 Million Credit Facility
Line of Credit Facility
Scheduled repayment of outstanding debt	Year Ending December 31, Total 2020 $ 63,427 2021 63,427 2022 63,427 2023 205,443 Total debt $ 395,724

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying values of the Company's financial instruments	December 31, 2019 December 31, 2018 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 155,889 $ 155,889 $ 197,499 $ 197,499 Restricted cash 6,360 6,360 5,262 5,262 Floating rate debt 495,824 495,824 551,420 551,420

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	December 31, December 31, 2019 2018 Vessel stores $ 638 $ 597 Capitalized contract costs 1,952 2,289 Prepaid items 2,870 3,426 Insurance receivable 2,039 851 Advance to agents 1,162 1,109 Other 1,388 2,177 Total prepaid expenses and other current assets $ 10,049 $ 10,449

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Detail of Fixed Assets, Excluding Vessels
FIXED ASSETS
Schedule of fixed assets	December 31, December 31, 2019 2018 Fixed assets, at cost: Vessel equipment $ 7,288 $ 2,873 Furniture and fixtures 467 462 Leasehold improvements 100 — Computer equipment 275 236 Total costs 8,130 3,571 Less: accumulated depreciation and amortization (2,154) (1,281) Total fixed assets, net $ 5,976 $ 2,290

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Schedule of accounts payable and accrued expenses	December 31, December 31, 2019 2018 Accounts payable $ 26,040 $ 15,110 Accrued general and administrative expenses 4,105 4,298 Accrued vessel operating expenses 19,459 9,735 Total accounts payable and accrued expenses $ 49,604 $ 29,143

VOYAGE REVENUE (Tables)

VOYAGE REVENUE (Tables)	12 Months Ended
	Dec. 31, 2019
VOYAGE REVENUE
Schedule of voyage revenue	For the Year Ended December 31, 2019 2018 2017 Lease revenue $ 108,096 $ 168,392 $ 181,249 Spot market voyage revenue 281,400 199,130 28,449 Total voyage revenues $ 389,496 $ 367,522 $ 209,698

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Schedule of balance sheet information related to operating leases	December 31, 2019 Operating Lease: Operating lease right-of-use asset $ 8,241 Current operating lease liabilities $ 1,677 Long-term operating lease liabilities 9,826 Total operating lease liabilities $ 11,503 Weighted average remaining lease term (years) 5.75 Weighted average discount rate 5.15 %
Schedule of maturities of operating lease liabilities under ASC 842	December 31, 2019 2020 $ 2,230 2021 2,230 2022 2,230 2023 2,378 2024 2,453 Thereafter 1,839 Total lease payments 13,360 Less imputed interest (1,857) Present value of lease liabilities $ 11,503
Schedule of maturities of operating liabilities under ASU 840	December 31, 2018 2019 $ 2,230 2020 2,230 2021 2,230 2022 2,230 2023 2,378 Thereafter 4,292 Total lease payments 15,590
Schedule of cash flow information related to operating leases	For the Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating lease $ 2,230

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2019
2014 MIP Plan
Stock Awards
Schedule of nonvested stock amortization expense	For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ — $ 368
Summary of nonvested stock awards	For the Year Ended December 31, 2017 Weighted Number of Average Grant Shares Date Price Outstanding at January 1 9,255 $ Granted — — Vested (9,255) 200.00 Forfeited — — Outstanding at December 31 — $ —
2014 MIP Plan | Warrants
Stock Awards
Summary of warrant activity and warrants outstanding	For the Year Ended December 31, 2017 Weighted Weighted Average Average Number of Exercise Fair Warrants Price Value Outstanding at January 1 - Unvested 713,122 $ 303.12 $ 6.36 Granted — — — Exercisable (713,122) 303.12 6.36 Exercised — — — Forfeited — — — Outstanding at December 31 - Unvested — $ — $ — The following table summarizes certain information about the warrants outstanding as of December 31, 2019: Warrants Outstanding and Unvested, Warrants Outstanding and Exercisable, December 31, 2019 December 31, 2019 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Warrants Price Life Warrants Price Life — $ — — 8,557,461 $ 288.99 0.60
Schedule of nonvested stock amortization expense	For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ — $ 902
2015 EIP Plan | Stock Options
Stock Awards
Schedule of nonvested stock amortization expense	For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 850 $ 731 $ 512
Schedule of stock option activity	For the Years Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Weighted Weighted Number Average Average Number Average Average Number Average Average of Exercise Fair of Exercise Fair of Exercise Fair Options Price Price Options Price Price Options Price Price Outstanding at January 1 - Unvested 166,942 $ 13.01 7.25 88,667 $ 11.13 6.41 — $ — — Granted 240,540 8.33 3.76 122,608 13.69 7.55 133,000 11.13 6.41 Exercisable (85,203) 12.36 6.96 (44,333) 11.13 6.41 (44,333) 11.13 6.41 Exercised — — — — — — — — — Forfeited — — — — — — — — — Outstanding at December 31 - Unvested 322,279 $ 9.41 $ 4.72 166,942 $ 13.01 $ 7.25 88,667 $ 11.13 $ 6.41 The following table summarizes certain information about the options outstanding as of December 31, 2019, as adjusted for the special dividend declared on November 5, 2019: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2019 December 31, 2019 Weighted Weighted Weighted Average Weighted Average Weighted Average Exercise Price of Average Remaining Average Remaining Outstanding Number of Exercise Contractual Number of Exercise Contractual Options Options Price Life Options Price Life $ 10.11 322,279 $ 9.41 4.92 173,869 $ 11.41 3.45
2015 EIP Plan | Restricted Stock Units
Stock Awards
Schedule of nonvested stock amortization expense	For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 1,207 $ 1,489 $ 2,241
Summary of nonvested restricted stock units	2019 2018 2017 Weighted Weighted Weighted Number of Average Grant Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price RSUs Date Price Outstanding at January 1 149,170 $ 12.42 220,129 $ 11.01 66,666 $ 5.10 Granted 140,914 8.50 51,704 14.84 317,595 11.05 Vested (127,988) 12.10 (122,663) 10.92 (164,132) 8.68 Forfeited — — — — — — Outstanding at December 31 162,096 $ 9.26 149,170 $ 12.42 220,129 $ 11.01 The total fair value of the RSUs that vested during the years ended December 31, 2019, 2018 and 2017 was $1,235, $1,694 and $1,858, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2019: Unvested RSUs Vested RSUs December 31, 2019 December 31, 2019 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 162,096 $ 9.26 1.67 422,223 $ 11.47
2015 EIP Plan | Restricted Stock
Stock Awards
Schedule of nonvested stock amortization expense	For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ — $ 11 $ 30
Summary of nonvested stock awards	For theYears Ended December 31, 2018 2017 Weighted Weighted Number of Average Grant Number of Average Grant Shares Date Price Shares Date Price Outstanding at January 1 6,802 $ 5.20 13,605 $ 5.20 Granted — — — — Vested (6,802) 5.20 (6,803) 5.20 Forfeited — — — — Outstanding at December 31 — $ — 6,802 $ 5.20

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 19, 2018	Jan. 04, 2017	Nov. 15, 2016	Dec. 31, 2018	Dec. 31, 2017
Common Stock
Summary of Significant Accounting Policies
Issuance of stock (in shares)	7,015,000			7,015,000
Share price (in dollars per share)	$ 16.50
Net proceeds proceeds from issuance of common stock	$ 109,648
Series A Preferred Stock | Preferred Stock
Summary of Significant Accounting Policies
Common stock authorized for conversion of preferred stock		27,061,856
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock outstanding (in shares)		27,061,856
Preferred stock converted into common stock		27,061,856			27,061,856
Private placement | Series A Preferred Stock
Summary of Significant Accounting Policies
Issuance of stock (in shares)			27,061,856
Issuance of stock excluding services (in shares)			25,773,196
Share price (in dollars per share)			$ 4.85
Additional shares issued as commitment fee (in shares)			1,288,660
Net proceeds			$ 120,789

GENERAL INFORMATION - Vessel De

GENERAL INFORMATION - Vessel Details (Details) - item	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vessels
Number of vessels in the fleet	55	59	60
Genco Augustus Limited | Genco Augustus
Vessels
Capacity of vessels	180,151
Genco Tiberius Limited | Genco Tiberius
Vessels
Capacity of vessels	175,874
Genco London Limited | Genco London
Vessels
Capacity of vessels	177,833
Genco Titus Limited | Genco Titus
Vessels
Capacity of vessels	177,729
Genco Charger Limited | Genco Charger
Vessels
Capacity of vessels	28,398
Genco Warrior Limited | Genco Warrior
Vessels
Capacity of vessels	55,435
Genco Predator Limited | Genco Predator
Vessels
Capacity of vessels	55,407
Genco Hunter Limited | Genco Hunter
Vessels
Capacity of vessels	58,729
Genco Constantine Limited | Genco Constantine
Vessels
Capacity of vessels	180,183
Genco Thunder LLC | Genco Thunder
Vessels
Capacity of vessels	76,588
Genco Hadrian Limited | Genco Hadrian
Vessels
Capacity of vessels	169,025
Genco Commodus Limited | Genco Commodus
Vessels
Capacity of vessels	169,098
Genco Maximus Limited | Genco Maximus
Vessels
Capacity of vessels	169,025
Genco Claudius Limited | Genco Claudius
Vessels
Capacity of vessels	169,001
Genco Bay Limited | Genco Bay
Vessels
Capacity of vessels	34,296
Genco Ocean Limited | Genco Ocean
Vessels
Capacity of vessels	34,409
Genco Avra Limited | Genco Avra
Vessels
Capacity of vessels	34,391
Genco Mare Limited | Genco Mare
Vessels
Capacity of vessels	34,428
Genco Spirit Limited | Genco Spirit
Vessels
Capacity of vessels	34,432
Genco Aquitaine Limited | Genco Aquitaine
Vessels
Capacity of vessels	57,981
Genco Ardennes Limited | Genco Ardennes
Vessels
Capacity of vessels	58,018
Genco Auvergne Limited | Genco Auvergne
Vessels
Capacity of vessels	58,020
Genco Bourgogne Limited | Genco Bourgogne
Vessels
Capacity of vessels	58,018
Genco Brittany Limited | Genco Brittany
Vessels
Capacity of vessels	58,018
Genco Languedoc Limited | Genco Languedoc
Vessels
Capacity of vessels	58,018
Genco Loire Limited | Genco Loire
Vessels
Capacity of vessels	53,430
Genco Lorraine Limited | Genco Lorraine
Vessels
Capacity of vessels	53,417
Genco Normandy Limited | Genco Normandy
Vessels
Capacity of vessels	53,596
Genco Picardy Limited | Genco Picardy
Vessels
Capacity of vessels	55,257
Genco Provence Limited | Genco Provence
Vessels
Capacity of vessels	55,317
Genco Pyrenees Limited | Genco Pyrenees
Vessels
Capacity of vessels	58,018
Genco Rhone Limited | Genco Rhone
Vessels
Capacity of vessels	58,018
Genco Weatherly Limited | Genco Weatherly
Vessels
Capacity of vessels	61,556
Genco Columbia Limited | Genco Columbia
Vessels
Capacity of vessels	60,294
Genco Endeavour Limited | Genco Endeavour
Vessels
Capacity of vessels	181,060
Genco Resolute Limited | Genco Resolute
Vessels
Capacity of vessels	181,060
Genco Defender Limited | Genco Defender
Vessels
Capacity of vessels	180,021
Genco Liberty Limited | Genco Liberty
Vessels
Capacity of vessels	180,032
Baltic Lion Limited | Baltic Lion
Vessels
Capacity of vessels	179,185
Baltic Tiger Limited | Genco Tiger
Vessels
Capacity of vessels	179,185
Baltic Leopard Limited | Baltic Leopard
Vessels
Capacity of vessels	53,446
Baltic Panther Limited | Baltic Panther
Vessels
Capacity of vessels	53,350
Baltic Cougar Limited | Baltic Cougar
Vessels
Capacity of vessels	53,432
Baltic Jaguar Limited | Baltic Jaguar
Vessels
Capacity of vessels	53,473
Baltic Bear Limited | Baltic Bear
Vessels
Capacity of vessels	177,717
Baltic Wolf Limited | Baltic Wolf
Vessels
Capacity of vessels	177,752
Baltic Wind Limited | Baltic Wind
Vessels
Capacity of vessels	34,408
Baltic Cove Limited | Baltic Cove
Vessels
Capacity of vessels	34,403
Baltic Breeze Limited | Baltic Breeze
Vessels
Capacity of vessels	34,386
Baltic Fox Limited | Baltic Fox
Vessels
Capacity of vessels	31,883
Baltic Hare Limited | Baltic Hare
Vessels
Capacity of vessels	31,887
Baltic Hornet Limited | Baltic Hornet
Vessels
Capacity of vessels	63,574
Baltic Wasp Limited | Baltic Wasp
Vessels
Capacity of vessels	63,389
Baltic Scorpion Limited | Baltic Scorpion
Vessels
Capacity of vessels	63,462
Baltic Mantis Limited | Baltic Mantis
Vessels
Capacity of vessels	63,470

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details)	12 Months Ended
	Dec. 31, 2019segment
Segment reporting
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue and Voyage Expense (Details) $ / item in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item$ / item
Voyage expense recognition
Net (loss) gain on purchase and sale of bunker fuel and net realizable value adjustments | $	$ (829)	$ 3,000	$ 2,021
Number of vessels in vessel pools	0	0
Spot Market-Related Time Charter Agreement with Profit Sharing Element
Voyage expense recognition
Number of vessels under spot market-related time charters which include a profit-sharing element	0	0	6
Floor price (in dollars per unit) | $ / item			3
Allocation of excess profit sharing amount (as a percent)			50.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on Debt Extinguishment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Feb. 28, 2019	Dec. 31, 2017	Nov. 15, 2016	Nov. 10, 2016	Nov. 04, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loss on debt extinguishment	$ 4,533
$400 Million Credit Facility | Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of term loan facility	400,000			$ 400,000		$ 400,000
$98 Million Credit Facility | Line of Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of term loan facility	98,000			$ 98,000	$ 98,000		$ 98,000
$495 Million Credit Facility | Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of term loan facility	$ 495,000	$ 495,000	$ 495,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net and Deferred revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Vessels, net
Estimated useful life	25 years
Estimated scrap value (in dollars per lightweight ton) | $ / item	310
Depreciation and amortization	$ 72,824	$ 68,976	$ 71,776
Deferred drydocking costs
Amortization expense for drydocking	5,484	4,629	4,988
Due from charterers, reserve	1,064	669
Charter hire expenses	16,179	1,534	0
Accrual related to estimated customer claims	$ 577	345
Minimum
Deferred drydocking costs
Period for which vessels are required to be drydocked for major repairs and maintenance	30 months
Maximum
Deferred drydocking costs
Period for which vessels are required to be drydocked for major repairs and maintenance	60 months
Furniture and fixtures
Fixed assets, net
Useful lives	5 years
Vessel equipment | Minimum
Fixed assets, net
Useful lives	2 years
Vessel equipment | Maximum
Fixed assets, net
Useful lives	15 years
Computer equipment
Fixed assets, net
Useful lives	3 years
Vessels
Vessels, net
Depreciation and amortization	$ 66,351	64,012	66,514
Detail of Fixed Assets, Excluding Vessels
Vessels, net
Depreciation and amortization	$ 989	$ 335	$ 274

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment (Details) $ in Thousands

Feb. 24, 2020USD ($)

Feb. 03, 2020USD ($)

Dec. 11, 2019USD ($)

Nov. 04, 2019USD ($)

Oct. 21, 2019USD ($)

Oct. 10, 2019USD ($)

Sep. 25, 2019USD ($)

Sep. 20, 2019USD ($)

Aug. 02, 2019USD ($)

Aug. 07, 2018USD ($)

Jul. 24, 2018USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Jun. 30, 2018USD ($)

Feb. 27, 2018item

Impairment of long-lived assets

Impairment of vessel assets

$ 27,393

$ 56,586

$ 21,993

Genco Charger

Impairment of long-lived assets

Vessel net sales price

5,099

Impairment of vessel assets

1,314

Genco Challenger

Impairment of long-lived assets

Sale of assets

$ 5,250

$ 5,250

Broker commission (as a percent)

2.00%

2.00%

Vessel net sales price

$ 5,145

Impairment of vessel assets

4,401

Genco Raptor

Impairment of long-lived assets

Sale of assets

$ 10,200

$ 10,200

Broker commission (as a percent)

2.00%

2.00%

Vessel net sales price

$ 9,996

Impairment of vessel assets

5,812

Genco Thunder

Impairment of long-lived assets

Sale of assets

$ 10,400

Broker commission (as a percent)

2.00%

Vessel net sales price

10,192

Impairment of vessel assets

5,749

Genco Champion

Impairment of long-lived assets

Sale of assets

$ 6,600

$ 6,600

Broker commission (as a percent)

3.00%

3.00%

Vessel net sales price

$ 6,402

Impairment of vessel assets

621

Genco Champion and Genco Charger

Impairment of long-lived assets

Impairment of vessel assets

$ 9,496

Genco Surprise

Impairment of long-lived assets

Sale of assets

$ 5,300

$ 5,300

Broker commission (as a percent)

3.00%

3.00%

Vessel net sales price

$ 5,141

Impairment of vessel assets

184

3,339

Genco Cavalier, Genco Loire, Genco Lorraine, Genco Muse, Genco Normandy, Baltic Cougar, Baltic Jaguar, Baltic Leopard and Baltic Panther

Impairment of long-lived assets

Number impaired vessel assets | item

9

Impairment of vessel assets

$ 56,402

Genco Beauty, Genco Explorer, Genco Knight, Genco Progress and Genco Vigour

Impairment of long-lived assets

Impairment of vessel assets

$ 18,654

Subsequent Event | Genco Charger

Impairment of long-lived assets

Sale of assets

$ 5,150

$ 5,150

Broker commission (as a percent)

1.00%

1.00%

Forecast | Genco Thunder

Impairment of long-lived assets

Sale of assets

$ 10,400

Broker commission (as a percent)

2.00%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain on sale of vessels
(Loss) gain on sale of vessels	$ (168)	$ 3,513	$ 7,712
Genco Progress, Genco Cavalier, Genco Explorer, Genco Muse, Genco Beauty and Genco Knight
Gain on sale of vessels
(Loss) gain on sale of vessels		$ 3,513
Genco Challenger, Genco Champion and Genco Raptor
Gain on sale of vessels
(Loss) gain on sale of vessels	$ (168)
Genco Wisdom, Genco Reliance, Genco Carrier, Genco Success And Genco Prosperity
Gain on sale of vessels
(Loss) gain on sale of vessels			$ 7,712

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash
Cash and cash equivalents	$ 155,889	$ 197,499	$ 174,479	$ 133,400
Restricted cash - current	6,045	4,947	7,234	8,242
Restricted cash - noncurrent	315	315	23,233	27,426
Cash, cash equivalents and restricted cash	$ 162,249	$ 202,761	$ 204,946	$ 169,068

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Taxes (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Gross transportation tax		$ 0	$ 0	$ 365
Ownership percentage held by each shareholder (as a percent)		5.00%	5.00%	5.00%
Federal tax rate (as a percent)			21.00%
Tax rate on 50% of shipping income if not qualified for Section 883		4.00%
Tax on branch profits		30.00%
Percentage of shipping income sourced to United States if attributable to transportation exclusively between United States ports		100.00%
Percentage of shipping income attributable to transportation that begins or ends in the United States included in United States source shipping income		50.00%
Percentage of shipping income sourced to United States if no transportation is attributable to United States		0.00%
Minimum
Income Taxes
Combined ownership held by 5% shareholders (as a percent)		50.00%
Combined ownership of shareholders for more than half the days of year (as a percent)				50.00%
Percentage of value of outstanding shares owned by the qualified shareholders of a foreign corporation		50.00%
Maximum
Income Taxes
Combined ownership of shareholders for more than half the days of year (as a percent)		50.00%	50.00%
Singapore | Genco Shipping Pte. Ltd. (GSPL)
Income Taxes
Federal tax rate (as a percent)		17.00%
Initial period of the Maritime Sector Incentive award	10 years
Initial performance review period of the Maritime Sector Incentive award	5 years
Singapore | Genco Shipping Pte. Ltd. (GSPL) | Ohter income (expense)
Income Taxes
Income tax expense		$ 0	$ 0	$ 0
Denmark | Genco Shipping A/S
Income Taxes
Federal tax rate (as a percent)		22.00%	22.00%
Denmark | Genco Shipping A/S | Ohter income (expense)
Income Taxes
Income tax expense		$ 241	$ 79

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2019USD ($)customer	Dec. 31, 2018USD ($)customer	Dec. 31, 2017customer
Concentration Risk
Number of financial institutions with which the entity maintains its cash and cash equivalents | $	4	4
Cash insured by financial institutions | $	$ 0	$ 0
Voyage Revenues | Customer Concentration Risk
Concentration Risk
Number of customers | customer	170	182	102
Major Customers | customer	0	0	2
Concentration risk percentage (as a percent)	10.00%	10.00%	10.00%
Voyage Revenues | Customer Concentration Risk | Swissmarine Services S.A.
Concentration Risk
Concentration risk percentage (as a percent)			15.09%
Voyage Revenues | Customer Concentration Risk | Clipper Group
Concentration Risk
Concentration risk percentage (as a percent)			10.98%

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Summary of Significant Accounting Policies
Operating Lease, Right-of-use asset	$ 8,241
Operating Lease, Liability	11,503
Payment of PIK interest	$ 0	$ 5,341	$ 0
Adjustment | ASU 2016-02
Summary of Significant Accounting Policies
Operating Lease, Right-of-use asset				$ 9,710
Operating Lease, Liability				$ 13,095

CASH FLOW INFORMATION - Non-cas

CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 10, 2016
Non-cash investing and financing activities
Professional fees and trustee fees recognized in Reorganization items before fresh-start adjustments, net			$ 0
Cash paid for professional fees and trustee fees for Reorganization items			25
Reclassification from vessels to vessels held for sale	$ 10,303	$ 5,702
Cash paid for interest	28,376	30,167	25,098
Cash paid for estimated income taxes	0	0	0
Cash dividends paid	20,877
Secured Debt | $400 Million Credit Facility
Non-cash investing and financing activities
Face amount of term loan facility		400,000	400,000	$ 400,000
Accounts payable and accrued expenses
Non-cash investing and financing activities
Non-cash investing activities purchase of vessels and ballast water treatment systems, including deposits	548	2,228
Net proceeds from sale of vessels	118
Non-cash investing activities purchase of scrubbers	9,520	428
Non-cash investing activities purchase of other fixed assets	413	360	36
Non-cash financing activities deferred financing fees		1
Non-cash financing activities common stock issuance costs		$ 105
Reorganization professional and trustee fees incurred			$ 0
Cash dividends paid	$ 74

CASH FLOW INFORMATION - Stock-B

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2019	May 15, 2019	Mar. 04, 2019	May 15, 2018	Feb. 27, 2018	May 17, 2017	Mar. 23, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units
Non-cash investing and financing activities
Granted (in shares)		29,580	106,079	14,268	37,436	25,197		140,914	51,704	317,595
Aggregate fair value		$ 255	$ 890	$ 255	$ 512	$ 255
Vested (in shares)		14,268		25,197				127,988	122,663	164,132
Restricted Stock Units | John C. Wobensmith
Non-cash investing and financing activities
Granted (in shares)							292,398
Aggregate fair value							$ 3,254
Stock Options
Non-cash investing and financing activities
Options to purchase (in shares)			240,540		122,608			240,540	122,608	133,000
Exercise price								$ 8.33	$ 13.69	$ 11.13
Aggregate fair value			$ 904		$ 926
Stock Options | Exercise Price - $8.065
Non-cash investing and financing activities
Exercise price	$ 8.065
Stock Options | Exercise Price - $13.365
Non-cash investing and financing activities
Exercise price	13.365
Stock Options | John C. Wobensmith
Non-cash investing and financing activities
Options to purchase (in shares)							133,000
Exercise price	$ 10.805
Aggregate fair value							$ 853

VESSEL ACQUISITIONS AND DISPO_2

VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands

Dec. 11, 2019USD ($)

Nov. 15, 2019

Nov. 05, 2019USD ($)

Nov. 04, 2019USD ($)

Oct. 21, 2019USD ($)

Oct. 10, 2019USD ($)

Sep. 25, 2019USD ($)

Sep. 20, 2019USD ($)

Aug. 02, 2019USD ($)

Apr. 15, 2019USD ($)

Jan. 28, 2019USD ($)

Dec. 26, 2018USD ($)

Dec. 17, 2018USD ($)

Dec. 05, 2018USD ($)

Nov. 13, 2018USD ($)

Oct. 16, 2018USD ($)

Sep. 13, 2018USD ($)

Aug. 07, 2018USD ($)

Jul. 24, 2018USD ($)

May 31, 2018

May 16, 2017USD ($)

Mar. 19, 2017USD ($)

Feb. 16, 2017USD ($)

Feb. 09, 2017USD ($)

Jan. 09, 2017USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)item

Dec. 31, 2018USD ($)item

Feb. 28, 2019USD ($)

Aug. 14, 2018USD ($)item

Jul. 12, 2018USD ($)item

Jun. 06, 2018USD ($)item

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

VESSEL ACQUISITIONS

Restricted cash, current

$ 6,045

$ 4,947

$ 7,234

$ 8,242

Number of vessels sold which did not serve as collateral under credit facilities | item

6

Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Maximum borrowing capacity

495,000

$ 495,000

$ 495,000

Collateral vessel replacement period

120 days

Secured Debt | $108 Million Credit Facility

VESSEL ACQUISITIONS

Maximum borrowing capacity

108,000

108,000

$ 108,000

Agreement To Purchase Ultramax And Capesize Vessels

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

4

Aggregate purchase price for vessels

$ 141,000

Agreement To Purchase Ultramax And Capesize Vessels | Secured Debt | $108 Million Credit Facility

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

6

Agreement to Purchase Capesize Drybulk Vessels

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

2

2

Aggregate purchase price for vessels

$ 98,000

Agreement to Purchase Capesize Drybulk Vessels | Secured Debt | $108 Million Credit Facility

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

4

Agreement To Purchase Ultramax Drybulk Vessels

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

2

Agreement To Purchase Ultramax Drybulk Vessels | Secured Debt | $108 Million Credit Facility

VESSEL ACQUISITIONS

Number of vessels committed to be acquired under purchase agreement | item

2

Genco Vigour

VESSEL ACQUISITIONS

Sale of assets

$ 6,550

Broker commission (as a percent)

2.00%

Genco Knight

VESSEL ACQUISITIONS

Sale of assets

$ 6,200

Broker commission (as a percent)

3.00%

Genco Beauty

VESSEL ACQUISITIONS

Sale of assets

$ 6,560

Broker commission (as a percent)

3.00%

Genco Muse

VESSEL ACQUISITIONS

Sale of assets

$ 6,660

Broker commission (as a percent)

2.00%

Genco Cavalier

VESSEL ACQUISITIONS

Sale of assets

$ 10,000

Broker commission (as a percent)

2.50%

Genco Cavalier | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 4,947

Period for which sales proceeds from vessels will remain as restricted cash

180 days

Vessel sale proceeds utilized as a loan repayment

$ 4,947

Genco Surprise

VESSEL ACQUISITIONS

Sale of assets

$ 5,300

$ 5,300

Broker commission (as a percent)

3.00%

3.00%

Genco Progress

VESSEL ACQUISITIONS

Sale of assets

$ 5,600

Broker commission (as a percent)

3.00%

Genco Explorer

VESSEL ACQUISITIONS

Sale of assets

$ 5,600

Broker commission (as a percent)

3.00%

Genco Raptor

VESSEL ACQUISITIONS

Sale of assets

$ 10,200

$ 10,200

Broker commission (as a percent)

2.00%

2.00%

Genco Raptor | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 6,045

Collateral vessel replacement period

180 days

Genco Thunder

VESSEL ACQUISITIONS

Sale of assets

$ 10,400

Broker commission (as a percent)

2.00%

Genco Thunder | Forecast

VESSEL ACQUISITIONS

Sale of assets

$ 10,400

Broker commission (as a percent)

2.00%

Genco Champion

VESSEL ACQUISITIONS

Sale of assets

$ 6,600

$ 6,600

Broker commission (as a percent)

3.00%

3.00%

Genco Champion | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Collateral vessel replacement period

180 days

Genco Challenger

VESSEL ACQUISITIONS

Sale of assets

$ 5,250

$ 5,250

Broker commission (as a percent)

2.00%

2.00%

Genco Challenger | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Period for which sales proceeds from vessels will remain as restricted cash

180 days

Genco Champion and Genco Challenger

VESSEL ACQUISITIONS

Number of vessels sold | item

2

Genco Champion and Genco Challenger | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Vessel sale proceeds utilized as a loan repayment

$ 6,880

$ 6,880

Collateral vessel replacement period

180 days

Genco Prosperity

VESSEL ACQUISITIONS

Sale of assets

$ 3,050

Broker commission (as a percent)

3.50%

Genco Success

VESSEL ACQUISITIONS

Sale of assets

$ 2,800

Broker commission (as a percent)

3.00%

Genco Carrier

VESSEL ACQUISITIONS

Sale of assets

$ 3,560

Brokerage commission

$ 92

Genco Reliance

VESSEL ACQUISITIONS

Sale of assets

$ 3,500

Broker commission (as a percent)

3.50%

Genco Wisdom

VESSEL ACQUISITIONS

Sale of assets

$ 3,250

Broker commission (as a percent)

3.50%

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	Jul. 10, 2014	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common shares outstanding, basic:
Weighted average common shares outstanding-basic		41,832,942	41,749,200	41,742,301	41,726,106	41,704,296	41,618,187	35,516,058	34,577,990	41,762,893	38,382,599	34,242,631
Common shares outstanding, diluted:
Weighted average common shares outstanding-basic		41,832,942	41,749,200	41,742,301	41,726,106	41,704,296	41,618,187	35,516,058	34,577,990	41,762,893	38,382,599	34,242,631
Weighted-average common shares outstanding, diluted (in shares)		41,989,553	41,749,200	41,742,301	41,726,106	41,792,956	41,821,008	35,516,058	34,577,990	41,762,893	38,382,599	34,242,631
Restricted Stock and Restricted Stock Units
Anti-dilutive shares (in shares)										162,097	149,170	226,931
Stock Options
Anti-dilutive shares (in shares)										496,148	255,608	133,000
MIP Warrants
Anti-dilutive shares (in shares)										0	0	0
Equity Warrants
Anti-dilutive shares (in shares)										3,936,761	3,936,761	3,936,761
Equity Warrants
Equity warrant term	7 years
Number of shares of new stock in which each warrant or right can be converted	0.10

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RELATED PARTY TRANSACTIONS
Related party transactions	$ 0	$ 0	$ 0

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Feb. 28, 2019	Dec. 31, 2018	Aug. 14, 2018
Line of Credit Facility
Principal amount	$ 495,824		$ 551,420
Less: Unamortized debt financing costs	(13,094)		(16,272)
Less: Current portion	(69,747)		(66,320)
Long-term debt, net	412,983		468,828
Secured Debt | $495 Million Credit Facility
Line of Credit Facility
Principal amount	395,724		445,000
Less: Unamortized debt financing costs	(11,642)		(14,423)
Maximum borrowing capacity	495,000	$ 495,000	495,000
Secured Debt | $108 Million Credit Facility
Line of Credit Facility
Principal amount	100,100		106,420
Less: Unamortized debt financing costs	(1,452)		(1,849)
Maximum borrowing capacity	$ 108,000		$ 108,000	$ 108,000

DEBT - Expenses (Details)

DEBT - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility
Deferred financing costs, noncurrent	$ 13,094	$ 16,272
Amortization of deferred financing costs	3,788	3,035	$ 2,325
Payment of debt extinguishment costs		2,962
$400 Credit Facility, the $98 Million Credit Facility, and the 2014 Term Loan Facilities
Line of Credit Facility
Payment of debt extinguishment costs		2,962
Interest Expense
Line of Credit Facility
Amortization of deferred financing costs	$ 3,788	$ 3,035	$ 2,325

DEBT - Amended Facilities (Deta

DEBT - Amended Facilities (Details) - Secured Debt $ in Thousands	Nov. 05, 2019USD ($)facility	Nov. 15, 2019USD ($)	Feb. 28, 2019USD ($)
Amended $495 and $108 Credit Facilities
Line of Credit Facility
Number of amended credit facilities | facility	2
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent)	18.75%
Percentage limit of consolidated net income for which dividends can be paid	50.00%
Amended $495 and $108 Credit Facilities | Minimum
Line of Credit Facility
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents	$ 100,000
Amended $495 and $108 Credit Facilities | Maximum
Line of Credit Facility
Collateral security maintenance test (as a percent)	200.00%
$35,000 Scrubber Tranche
Line of Credit Facility
Maximum borrowing capacity	$ 35,000	$ 34,025	$ 35,000

DEBT - $108 Million Credit Faci

DEBT - $108 Million Credit Facility (Details) $ in Thousands	Nov. 05, 2019USD ($)	Aug. 14, 2018USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 12, 2018item	Jun. 06, 2018item
Repayment of the outstanding debt
Total debt				$ 495,824	$ 551,420
Agreement To Purchase Ultramax And Capesize Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item								4
Agreement to Purchase Capesize Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item							2	2
Agreement To Purchase Ultramax Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item								2
Secured Debt | $108 Million Credit Facility
Line of Credit Facility
Term of facilities		5 years
Maximum borrowing capacity		$ 108,000		108,000	108,000
Proceeds from credit facility			$ 108,000		108,000
Number of vessels to serve as collateral under debt agreement | item		6
Maximum facility amount of fair market value of aggregate vessels at delivery (as a percent)			45.00%
Remaining borrowing capacity				0
Repayment of secured debt				6,320	1,580	$ 0
Long-term debt				98,648	104,571
Repaid value of loan when certain debt terms are met		$ 0
Average age of collateral vessels for repayment of loan		20 years
Amount of repayment per quarter		$ 1,580
Percentage limit of consolidated net income for which dividends can be paid	50.00%
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent)	18.75%
Key covenant - Unrestricted cash and cash equivalents minimum		$ 30,000
Key covenant – Percentage of unrestricted cash to total indebtedness		7.50%
Minimum working capital required		$ 0
Maximum total indebtedness to total capitalization (as a ratio)		0.70
Repayment of the outstanding debt
2020				6,320
2021				6,320
2022				6,320
2023				81,140
Total debt				$ 100,100	$ 106,420
Secured Debt | $108 Million Credit Facility | LIBOR
Line of Credit Facility
Reference rate		LIBOR
Secured Debt | $108 Million Credit Facility | LIBOR | Through September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)		2.50%
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax And Capesize Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item		6
Secured Debt | $108 Million Credit Facility | Agreement to Purchase Capesize Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item		4
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement | item		2
Secured Debt | Minimum | $108 Million Credit Facility
Line of Credit Facility
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents	$ 100,000
Collateral security maintenance test (as a percent)		135.00%
Secured Debt | Minimum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)		2.25%
Secured Debt | Maximum | $108 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)	200.00%
Secured Debt | Maximum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)		2.75%

DEBT - $495 Million Credit Faci

DEBT - $495 Million Credit Facility (Details) $ in Thousands

Dec. 30, 2019USD ($)

Nov. 15, 2019USD ($)

Nov. 05, 2019USD ($)

Sep. 23, 2019USD ($)

Aug. 28, 2019USD ($)

Jul. 05, 2019USD ($)

May 10, 2019USD ($)

Apr. 15, 2019USD ($)

Feb. 28, 2019USD ($)item

Feb. 13, 2019

Jun. 05, 2018USD ($)

May 31, 2018USD ($)item

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Repayment of the outstanding debt

Total debt

$ 495,824

$ 551,420

Secured Debt | $495 Million Credit Facility

Line of Credit Facility

Maximum borrowing capacity

$ 495,000

495,000

495,000

Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent)

18.75%

Number of oldest vessels identified for sale for which debt will be paid down | item

7

Remaining borrowing capacity

12,525

Drawdowns during the period

21,500

460,000

Repayment of secured debt

70,776

15,000

$ 0

Long-term debt

384,082

430,577

Percentage limit of consolidated net income for which dividends can be paid

50.00%

Collateral vessel replacement period

120 days

Collateral vessel replacement extension period

180 days

Key covenant - Unrestricted cash and cash equivalents minimum

$ 30,000

Key covenant – Percentage of unrestricted cash to total indebtedness

7.50%

Minimum restricted cash required

$ 0

Minimum working capital required

$ 0

Maximum total indebtedness to total capitalization (as a ratio)

0.70

Key covenant – Minimum time charters period

24 months

Repayment of the outstanding debt

2020

63,427

2021

63,427

2022

63,427

2023

205,443

Total debt

395,724

$ 445,000

Secured Debt | $495 Million Credit Facility | Genco Champion and Genco Challenger

Line of Credit Facility

Vessel sale proceeds utilized as a loan repayment

$ 6,880

$ 6,880

Collateral vessel replacement period

180 days

Secured Debt | $495 Million Credit Facility | Genco Cavalier

Line of Credit Facility

Vessel sale proceeds utilized as a loan repayment

$ 4,947

Secured Debt | $460 Million Credit Facility

Line of Credit Facility

Term of facilities

5 years

Maximum borrowing capacity

$ 460,000

Number of oldest vessels identified for sale for which debt will be paid down | item

7

Drawdowns during the period

$ 460,000

Reference rate

LIBOR

Prepayment of amortization payment before due date

$ 15,000

$ 15,000

Amount of periodic payment

$ 14,321

Repaid value of loan when certain debt terms are met

$ 0

Average age of collateral vessels for repayment of loan

17 years

Secured Debt | $460 Million Credit Facility | Period after December 31, 2018

Line of Credit Facility

Amortization payments per quarter

$ 15,000

Secured Debt | $460 Million Credit Facility | Period upon final maturity on May 31, 2023

Line of Credit Facility

Final payment amount

$ 188,049

$ 190,000

Secured Debt | $460 Million Credit Facility | LIBOR | Through December 31, 2018

Line of Credit Facility

Applicable margin over reference rate (as a percent)

3.25%

Secured Debt | $35,000 Scrubber Tranche

Line of Credit Facility

Maximum borrowing capacity

$ 34,025

35,000

$ 35,000

Drawdowns during the period

$ 12,200

$ 9,300

Number of Capesize vessels for which the scrubber installation will be financed | item

17

Secured Debt | $35,000 Scrubber Tranche | Period To March 30, 2020

Line of Credit Facility

Minimum amount required per borrowing

$ 5,000

Secured Debt | $35,000 Scrubber Tranche | Through September 30, 2019

Line of Credit Facility

Applicable margin over reference rate (as a percent)

2.50%

Secured Debt | $35,000 Scrubber Tranche | Period After March 31, 2020

Line of Credit Facility

Term of facilities

4 years

Amount of periodic payment

$ 2,430

$ 2,500

Secured Debt | Minimum | $495 Million Credit Facility

Line of Credit Facility

Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents

$ 100,000

Collateral security maintenance test (as a percent)

135.00%

Secured Debt | Minimum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018

Line of Credit Facility

Applicable margin over reference rate (as a percent)

3.00%

Secured Debt | Minimum | $35,000 Scrubber Tranche | Period After September 30, 2019

Line of Credit Facility

Applicable margin over reference rate (as a percent)

2.25%

Secured Debt | Maximum | $495 Million Credit Facility

Line of Credit Facility

Collateral security maintenance test (as a percent)

200.00%

Secured Debt | Maximum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018

Line of Credit Facility

Applicable margin over reference rate (as a percent)

3.50%

Secured Debt | Maximum | $35,000 Scrubber Tranche | Period To March 30, 2020

Line of Credit Facility

Percentage of scrubber costs to be financed

90.00%

Secured Debt | Maximum | $35,000 Scrubber Tranche | Period After September 30, 2019

Line of Credit Facility

Applicable margin over reference rate (as a percent)

2.75%

DEBT - $400 Million Credit Faci

DEBT - $400 Million Credit Facility (Details) $ in Thousands	Nov. 15, 2016item	Nov. 14, 2016USD ($)	Nov. 10, 2016USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)item
Line of Credit Facility
Payment of PIK interest				$ 0	$ 5,341	$ 0
Secured Debt | $400 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity			$ 400,000		400,000	$ 400,000
Number of prior credit facilities refinanced | item	6
Number of vessels mortgaged | item			45
Number of vessels sold | item						5
Drawdowns during the period		$ 400,000
PIK interest (as a percent)			1.50%
Maximum total indebtedness to total capitalization (as a ratio)			0.70
Minimum working capital required			$ 0
Long-term debt				0	0
Repayments for the excess cash flow sweep				0	15,428
Repayments of debt, including PIK				$ 0	404,941
Repayments of Secured Debt					399,600	$ 400
Payment of PIK interest					$ 5,341
Secured Debt | $400 Million Credit Facility | Through December 31, 2018
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 250
Cash flow sweep (as a percent)			100.00%
Amortization payments per quarter			$ 100
Secured Debt | $400 Million Credit Facility | From March 31, 2019 through December 31, 2020
Line of Credit Facility
Amortization payments per quarter			7,610
Secured Debt | $400 Million Credit Facility | From March 31, 2021 through September 30, 2021
Line of Credit Facility
Amortization payments per quarter			18,571
Secured Debt | $400 Million Credit Facility | Period Upon Final Maturity On November 15 2021
Line of Credit Facility
Amortization payments per quarter			$ 282,605
Secured Debt | $400 Million Credit Facility | From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)			105.00%
Secured Debt | $400 Million Credit Facility | From December 31, 2018 to December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			115.00%
Cash flow sweep (as a percent)			75.00%
Prepayment under cash sweep required			$ 0
Threshold initial aggregate prepayments limit for prepayment under cash sweep			$ 10,000
Secured Debt | $400 Million Credit Facility | After December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			135.00%
Secured Debt | $400 Million Credit Facility | After December 31, 2020
Line of Credit Facility
Cash flow sweep option one (as a percent)			50.00%
Vessel age repayment period			15 years
Secured Debt | $400 Million Credit Facility | From January 1, 2019 To December 31, 2019
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 400
Secured Debt | $400 Million Credit Facility | After January 1, 2020
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 700
Secured Debt | $400 Million Credit Facility | LIBOR
Line of Credit Facility
Reference rate			three-month LIBOR
Applicable margin over reference rate (as a percent)			3.75%

DEBT - $98M Credit Facility (De

DEBT - $98M Credit Facility (Details) - Line of Credit Facility - $98 Million Credit Facility	Nov. 10, 2015USD ($)	Nov. 04, 2015USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 15, 2016USD ($)
Line of Credit Facility
Number of wholly owned subsidiaries		13
Maximum borrowing capacity		$ 98,000,000		$ 98,000,000	$ 98,000,000	$ 98,000,000
Drawdowns during the period	$ 98,271,000
Repayment of line of credit facility			$ 0	93,939,000	$ 1,332,000
Fixed amortization payment for the first two years		$ 0
Period without fixed amortization schedule		2 years
Amount of periodic payment		$ 2,500,000
Maximum collateral required for prepayment of loan (as a percent)		182.00%
Number of collateral vessels | item		13
Long-term debt			$ 0	$ 0
Minimum cash required to be maintained by each collateralized vessel						$ 750,000
Collateral security maintenance test (as a percent)						140.00%
LIBOR
Line of Credit Facility
Reference rate		three-month LIBOR
Applicable margin over reference rate for interest payable		6.125%
Minimum
Line of Credit Facility
Loan repayment requirement to have the ability to pay dividends after December 31, 2018		$ 25,000,000

DEBT - 2014 Term Loan (Details)

DEBT - 2014 Term Loan (Details) - Secured Debt - 2014 Term Loan Facilities $ in Thousands	Oct. 08, 2014USD ($)installment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 15, 2016
Line of Credit Facility
Term of facilities	10 years
Maximum facility amount of delivered cost per vessel (as a percent)	60.00%
Maximum facility amount of delivered cost per vessel	$ 16,800
Maximum facility amount of fair market value per vessel at delivery (as a percent)	60.00%
Percentage of outstanding principal plus interest insured	95.00%
Number of semi-annual installments in which the credit facility is to be repaid | installment	20
Amount due per installment (as a percent)	4.16%
Balloon payment of facility amount due at maturity (as a percent)	16.67%
Repayment of secured debt		$ 0	$ 25,544	$ 2,763
Long-term debt		$ 0	$ 0
LIBOR
Line of Credit Facility
Reference rate	three or six-month LIBOR
Applicable margin over reference rate (as a percent)	2.50%
Baltic Hornet
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
Baltic Wasp
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
From December 31, 2017 To June 29, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)					100.00%
From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)					105.00%
From December 31, 2018 To December 30, 2019
Line of Credit Facility
Collateral security maintenance test (as a percent)					115.00%
From December 31, 2019 To End Date of Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)					135.00%

DEBT - Interest Rates (Details)

DEBT - Interest Rates (Details) - USD ($) $ in Thousands	Sep. 21, 2005	Sep. 30, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest rates on debt
Effective Interest Rate (as a percent)			5.31%	5.71%	5.29%
Letter of credit
Restricted cash, non-current			$ 315	$ 315	$ 23,233	$ 27,426
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)			4.05%	3.83%	3.36%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)			5.76%	8.43%	7.82%
Letter of credit
Letter of credit
Fee on letter of credit (as a percent)	1.00%	1.375%	1.375%	1.375%
Amount of letters outstanding			$ 300	$ 300
Restricted cash, non-current			$ 315	$ 315
Letter of credit | Minimum
Letter of credit
Notice period for cancellation of line of credit			30 days

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Feb. 28, 2019	Dec. 31, 2018	Aug. 14, 2018	Dec. 31, 2017	Nov. 15, 2016	Nov. 10, 2016	Nov. 04, 2015
Fair value of financial instruments
Floating rate debt	$ 495,824		$ 551,420
Secured Debt | $495 Million Credit Facility
Fair value of financial instruments
Floating rate debt	395,724		445,000
Face amount of term loan facility	495,000	$ 495,000	495,000
Secured Debt | $108 Million Credit Facility
Fair value of financial instruments
Floating rate debt	100,100		106,420
Face amount of term loan facility	108,000		108,000	$ 108,000
Secured Debt | $400 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility			400,000		$ 400,000		$ 400,000
Line of Credit Facility | $98 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility			98,000		$ 98,000	$ 98,000		$ 98,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	155,889		197,499
Restricted cash	6,360		5,262
Floating rate debt	495,824		551,420
Fair value
Fair value of financial instruments
Cash and cash equivalents	155,889		197,499
Restricted cash	6,360		5,262
Floating rate debt	$ 495,824		$ 551,420

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item	Dec. 31, 2017item
Fair value of financial instruments
Number of vessels written down as part of impairment | item	5	10	6
Level 3
Fair value of financial instruments
Financial assets	$ 0	$ 0
Financial liabilities	$ 0	$ 0

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Vessel stores	$ 638	$ 597
Capitalized contract costs	1,952	2,289
Prepaid items	2,870	3,426
Insurance receivable	2,039	851
Advance to agents	1,162	1,109
Other	1,388	2,177
Total prepaid expenses and other current assets	$ 10,049	$ 10,449

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
FIXED ASSETS
Total costs	$ 8,130	$ 3,571
Less: accumulated depreciation and amortization	(2,154)	(1,281)
Total fixed assets, net	5,976	2,290
Vessel equipment
FIXED ASSETS
Total costs	7,288	2,873
Furniture and fixtures
FIXED ASSETS
Total costs	467	462
Leasehold improvements
FIXED ASSETS
Total costs	100
Computer equipment
FIXED ASSETS
Total costs	$ 275	$ 236

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 26,040	$ 15,110
Accrued general and administrative expenses	4,105	4,298
Accrued vessel operating expenses	19,459	9,735
Total accounts payable and accrued expenses	$ 49,604	$ 29,143

VOYAGE REVENUE (Details)

VOYAGE REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
Revenue from Time Charters
Retained deficit	$ 743,257				$ 687,272				$ 743,257	$ 687,272
Income statement
Lease revenue									108,096	168,392	$ 181,249
Spot market voyage revenue									281,400	199,130	28,449
Revenues									389,496	367,522	209,698
Voyage
Income statement
Revenues	$ 108,705	$ 103,776	$ 83,550	$ 93,464	$ 112,185	$ 92,263	$ 86,157	$ 76,916	389,496	367,522	209,698
Profit Sharing
Income statement
Revenues									$ 0	$ 0	$ 2,325
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue from Time Charters
Retained deficit												$ 659

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 14, 2019	Apr. 04, 2011	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 17, 2019
Leases
Impairment of right-of-use asset			$ 223	$ 223
Sublease income				72	$ 0	$ 0
Total lease cost				1,884
Period from July 26, 2019 to September 29, 2025
Leases
Free base rental period of the sublease	4 months 15 days
Period from December 10, 2019 to September 29, 2025
Leases
Monthly base sublease income	$ 102
Lease agreement entered into April 2011
Leases
Lease term		7 years
Obligation of sublessor towards the cost of alterations of office space		$ 472
Lease agreement entered into April 2011 | Period from October 1, 2018 to April 30, 2023
Leases
Monthly rental payment				186
Lease agreement entered into April 2011 | Period from May 1, 2023 to September 30, 2025
Leases
Monthly rental payment				$ 204
Sub Sublease Agreement | Period November 1, 2011 until May 31, 2015
Leases
Monthly rental payment		82
Sub Sublease Agreement | Period after May 31, 2015 until April 30, 2018
Leases
Monthly rental payment		$ 90
Lease Agreement entered into January 2019 | Singapore
Leases
Lease term							3 years

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating lease
Operating lease right-of-use assets	$ 8,241
Current operating lease liabilities	1,677
Long-term operating lease liabilities	9,826
Present value of lease liabilities	$ 11,503
Weighted average remaining lease term (years)	5 years 9 months
Weighted average discount rate	5.15%

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Lease Liabilities - ASC 842
2020	$ 2,230
2021	2,230
2022	2,230
2023	2,378
2024	2,453
Thereafter	1,839
Total lease payments	13,360
Less: Imputed interest	(1,857)
Present value of lease liabilities	11,503
Operating cash flow payments	$ 2,230
Operating Lease Liabilities - ASC 840
2019		$ 2,230
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		15,590
Deferred rent		3,468
Rent expense		$ 1,808	$ 1,808

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jan. 17, 2020item	Dec. 21, 2018item	Dec. 31, 2018USD ($)item	Dec. 31, 2019USD ($)item	Feb. 28, 2019USD ($)
Purchase commitment
Vessel assets			$ 1,344,870	$ 1,273,861
Secured Debt | $495 Million Credit Facility
Purchase commitment
Maximum borrowing capacity			$ 495,000	495,000	$ 495,000
Purchase Agreements for BWTS
Purchase commitment
Number of vessels to receive ballast water treatments systems | item			42
Vessel assets			$ 1,804	$ 12,783
Purchase Agreement of BWTS for Capesize Vessels
Purchase commitment
BWTS purchase price			900
Purchase Agreement of BWTS for Supramax Vessels
Purchase commitment
BWTS purchase price			600
Purchase Agreement of BWTS for Handysize Vessels
Purchase commitment
BWTS purchase price			500
Scrubber Installation Agreements
Purchase commitment
Number of Capesize vessels to receive scrubber installations | item		17
Number of completed scrubber installations | item	1			16
Vessel assets			$ 428	$ 41,270

SAVINGS PLAN (Details)

SAVINGS PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SAVINGS PLAN
Employer's dollar matching contribution for each employee up to 6% to the 401(k) plan	$ 1.17
Employer's matching contribution (as a percent)	6.00%
Employer's matching contribution	$ 399,000	$ 380,000	$ 385,000

STOCK-BASED COMPENSATION - 2014

STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan	Aug. 07, 2014USD ($)tranche$ / sharesshares	Jul. 09, 2014itemshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)$ / sharesshares	Nov. 05, 2019$ / shares
Stock Awards
Aggregate number of shares of common stock available for awards | shares		966,806
Percentage of Common Stock outstanding ( In percent)		1.80%
Vesting period of awards	3 years
Number of Shares
Balance at the beginning of the period (in shares) | shares					9,255
Vested (in shares) | shares					(9,255)
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)					$ 200
Vested (in dollars per share)					$ 200
Additional disclosures
Total fair value of shares vested | $			$ 0	$ 0	$ 106,000
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $			$ 0	$ 0
General and Administrative Expense
Stock Awards
Amortization expense | $					$ 368,000
Warrants
Stock Awards
Number of tranches | tranche	3
Number of tiers of MIP Warrants | item		3
Volatility rate ( as a percent)	43.91%
Volatility rate term	6 years
Risk-free interest rate ( as a percent)	1.85%
Dividend rate ( as a percent)	0.00%
Total fair value of outstanding awards upon emergence from bankruptcy | $	$ 54,436,000
Percentage of warrant vest for anniversaries of the grant date	33.33%
Vesting period of awards	3 years
Number of Shares
Balance at the beginning of the period (in shares) | shares					713,122
Exercisable (in shares) | shares					(713,122)
Weighted Average Exercise price
Outstanding at the beginning of the period (in dollars per share)					$ 303.12
Exercisable (in dollars per share)					303.12
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)					6.36
Exercisable (in dollars per share)					$ 6.36
Number of warrants | shares			8,557,461
Exercisable (in dollars per share)			$ 288.99
Weighted average remaining contractual life, exercisable			7 months 6 days
Additional disclosures
Warrants outstanding (in shares) | shares			8,557,461	8,557,461
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $			$ 0	$ 0
Warrants | General and Administrative Expense
Stock Awards
Amortization expense | $					$ 902,000
Warrants | $247.02 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares	238,066
Exercise price per share, as adjusted by special dividend						$ 247.01511
Fair value of warrant (in dollars per share)	$ 7.22
Warrants | $273.90 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares	246,701
Exercise price per share, as adjusted by special dividend						273.89981
Fair value of warrant (in dollars per share)	$ 6.63
Warrants | $325.95 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares	370,979
Exercise price per share, as adjusted by special dividend						$ 325.95317
Fair value of warrant (in dollars per share)	$ 5.63

STOCK-BASED COMPENSATION - 2015

STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2019	Mar. 04, 2019	Feb. 27, 2018	Mar. 23, 2017	Oct. 15, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 26, 2015
Stock options
Aggregate number of shares of common stock available for awards				2,750,000					400,000
Nonemployee Directors
Additional disclosures
Maximum annual limit for grants (in shares)				500,000
Other Individuals
Additional disclosures
Maximum annual limit for grants (in shares)				1,000,000
Stock Options
Stock options
Vesting percentage of awards		33.33%	33.33%
Vesting period		3 years	3 years
Unrecognized compensation cost
Unamortized compensation cost						$ 590
Future amortization of stock based compensation
2020						431
2021						142
2022						$ 17
Number of Options
Outstanding at beginning of period (in shares)						166,942	88,667
Granted (in shares)		240,540	122,608			240,540	122,608	133,000
Exercisable (in shares)						(85,203)	(44,333)	(44,333)
Outstanding at end of period (in shares)						322,279	166,942	88,667
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)						$ 13.01	$ 11.13
Granted (in dollars per share)						8.33	13.69	$ 11.13
Exercisable (in dollars per share)						12.36	11.13	11.13
Outstanding at end of period (in dollars per share)						9.41	13.01	11.13
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)						7.25	6.41
Granted (in dollars per share)		$ 3.76	$ 7.55			3.76	7.55	6.41
Exercisable (in dollars per share)						6.96	6.41	6.41
Outstanding at end of period (in dollars per share)						4.72	$ 7.25	$ 6.41
Weighted Average Exercise Price Of Outstanding Options						$ 10.11
Options Outstanding, Weighted Average Remaining Contractual Life						4 years 11 months 1 day
Options Exercisable, Number of options						173,869
Options Exercisable, Weighted Average Exercise Price						$ 11.41
Options Exercisable, Weighted Average Remaining Contractual Life						3 years 5 months 12 days
Aggregate fair value		$ 904	$ 926
Stock options outstanding - nonvested and exercisable						496,148	255,608
Assumptions and Methodology
Weighted average volatility rate (as a percent)		55.23%	71.94%
Risk-free interest rate ( as a percent)		2.49%	2.53%
Dividend rate ( as a percent)		0.00%	0.00%
Expected life (in years)		4 years	4 years
Stock Options | General and Administrative Expense
Stock options
Amortization expense						$ 850	$ 731	$ 512
Stock Options | Exercise Price - $13.365
Weighted Average Exercise Price
Granted (in dollars per share)	$ 13.365
Stock Options | Exercise Price - $8.065
Weighted Average Exercise Price
Granted (in dollars per share)	8.065
Stock Options | John C. Wobensmith
Stock options
Vesting percentage of awards				33.33%
Vesting period					3 years
Number of Options
Granted (in shares)				133,000
Weighted Average Exercise Price
Granted (in dollars per share)	$ 10.805
Weighted Average Fair Value
Granted (in dollars per share)				$ 6.41
Aggregate fair value				$ 853
Assumptions and Methodology
Weighted average volatility rate (as a percent)				79.80%
Risk-free interest rate ( as a percent)				1.68%
Dividend rate ( as a percent)				0.00%
Expected life (in years)				3 years 9 months 11 days

STOCK-BASED COMPENSATION - 20_2

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	May 15, 2019	Mar. 04, 2019	May 15, 2018	Feb. 27, 2018	May 17, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Awards
Number of common shares outstanding in respect of RSUs						326,247	216,304
Vesting period of awards						3 years
Number of Shares
Balance at the beginning of the period (in shares)						149,170	220,129	66,666
Granted (in shares)	29,580	106,079	14,268	37,436	25,197	140,914	51,704	317,595
Vested (in shares)	(14,268)		(25,197)			(127,988)	(122,663)	(164,132)
Balance at the end of the period (in shares)						162,096	149,170	220,129
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)						$ 12.42	$ 11.01	$ 5.10
Granted (in dollars per share)						8.50	14.84	11.05
Vested (in dollars per share)						12.10	10.92	8.68
Balance at the end of the period (in dollars per share)						$ 9.26	$ 12.42	$ 11.01
Weighted-average remaining contractual life						1 year 8 months 1 day
Additional disclosures
Total fair value of shares vested						$ 1,235	$ 1,694	$ 1,858
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost						$ 613
Weighted-average period for recognition of unrecognized compensation cost						1 year 8 months 1 day
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense						$ 1,207	$ 1,489	$ 2,241
Vested RSUs
Number of Shares
Number of shares vested						422,223
Weighted Average Grant Date Price, Vested						$ 11.47
Eugene Davis
Number of Shares
Granted (in shares)					18,234

STOCK-BASED COMPENSATION - 20_3

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock (Details) - 2015 EIP Plan - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Awards
Vesting period of awards	3 years
Number of Shares
Balance at the beginning of the period (in shares)		6,802	13,605
Vested (in shares)		(6,802)	(6,803)
Balance at the end of the period (in shares)			6,802
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)		$ 5.20	$ 5.20
Vested (in dollars per share)		$ 5.20	5.20
Balance at the end of the period (in dollars per share)			$ 5.20
Additional disclosures
Total fair value of shares vested		$ 60	$ 71
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense		$ 11	$ 30

UNAUDITED QUARTERLY RESULTS O_2

UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
UNAUDITED QUARTERLY RESULTS OF OPERATIONS
Revenues									$ 389,496	$ 367,522	$ 209,698
Operating (loss) income	$ 7,560	$ (7,772)	$ (27,309)	$ (882)	$ 25,972	$ 12,089	$ 10,851	$ (48,398)	(28,403)	516	(29,615)
Net (loss) income	$ 882	$ (14,591)	$ (34,476)	$ (7,801)	$ 18,283	$ 5,708	$ (1,120)	$ (55,813)	$ (55,985)	$ (32,940)	$ (58,725)
Net (loss) earnings per share - basic (1)	$ 0.02	$ (0.35)	$ (0.83)	$ (0.19)	$ 0.44	$ 0.14	$ (0.03)	$ (1.61)	$ (1.34)	$ (0.86)	$ (1.71)
Net (loss) earnings per share - diluted (1)	0.02	$ (0.35)	$ (0.83)	$ (0.19)	$ 0.44	$ 0.14	$ (0.03)	$ (1.61)	(1.34)	$ (0.86)	$ (1.71)
Dividends declared per share	$ 0.50								$ 0.50
Weighted average common shares outstanding-basic	41,832,942	41,749,200	41,742,301	41,726,106	41,704,296	41,618,187	35,516,058	34,577,990	41,762,893	38,382,599	34,242,631
Weighted average common shares outstanding-diluted	41,989,553	41,749,200	41,742,301	41,726,106	41,792,956	41,821,008	35,516,058	34,577,990	41,762,893	38,382,599	34,242,631
Voyage
UNAUDITED QUARTERLY RESULTS OF OPERATIONS
Revenues	$ 108,705	$ 103,776	$ 83,550	$ 93,464	$ 112,185	$ 92,263	$ 86,157	$ 76,916	$ 389,496	$ 367,522	$ 209,698

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands

Feb. 25, 2020USD ($)$ / sharesshares

Feb. 24, 2020USD ($)item

Feb. 03, 2020USD ($)

May 15, 2019shares

Mar. 04, 2019shares

May 15, 2018shares

Feb. 27, 2018shares

May 17, 2017shares

Dec. 31, 2019USD ($)$ / shares

Dec. 31, 2019USD ($)$ / sharesshares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Feb. 28, 2019USD ($)

Dec. 31, 2016USD ($)

Subsequent Events

Dividends declared per share of common stock | $ / shares

$ 0.50

$ 0.50

Restricted cash

$ 6,045

$ 6,045

$ 4,947

$ 7,234

$ 8,242

Secured Debt | $495 Million Credit Facility

Subsequent Events

Maximum borrowing capacity

$ 495,000

$ 495,000

$ 495,000

$ 495,000

2015 EIP Plan | Restricted Stock Units

Subsequent Events

Granted (in shares) | shares

29,580

106,079

14,268

37,436

25,197

140,914

51,704

317,595

Vesting period of awards

3 years

2015 EIP Plan | Stock Options

Subsequent Events

Options to purchase (in shares) | shares

240,540

122,608

240,540

122,608

133,000

Vesting percentage of awards

33.33%

33.33%

Vesting period of awards

3 years

3 years

Subsequent Event

Subsequent Events

Number of vessels to be disposed | item

10

Dividends declared per share of common stock | $ / shares

$ 0.175

Dividend payable

$ 7,400

Subsequent Event | Genco Charger

Subsequent Events

Sale of assets

$ 5,150

$ 5,150

Broker commission (as a percent)

1.00%

1.00%

Subsequent Event | Secured Debt | $495 Million Credit Facility | Genco Charger

Subsequent Events

Restricted cash

$ 3,471

Period for which sales proceeds from vessels will remain as restricted cash

180 days

Subsequent Event | 2015 EIP Plan | RSUs and Stock Options

Subsequent Events

Vesting percentage of awards

33.33%

Vesting period of awards

3 years

Subsequent Event | 2015 EIP Plan | Restricted Stock Units

Subsequent Events

Granted (in shares) | shares

173,749

Subsequent Event | 2015 EIP Plan | Stock Options

Subsequent Events

Options to purchase (in shares) | shares

344,568

Exercise price (in dollars per share) | $ / shares

$ 7.06