Genco Shipping & Trading Limited (GNK) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover page.
Entity Registrant Name	GENCO SHIPPING & TRADING LIMITED
Entity Central Index Key	0001326200
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-33393
Document Period End Date	Jun. 30, 2020
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	98-0439758
Entity Address, Address Line One	299 Park Avenue
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10171
City Area Code	646
Local Phone Number	443-8550
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GNK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,801,753
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 127,722	$ 155,889
Restricted cash	14,855	6,045
Due from charterers, net of a reserve of $662 and $1,064, respectively	13,370	13,701
Prepaid expenses and other current assets	8,705	10,049
Inventories	23,034	27,208
Vessels held for sale	23,252	10,303
Total current assets	210,938	223,195
Noncurrent assets:
Vessels, net of accumulated depreciation of $242,465 and $288,373, respectively	1,109,341	1,273,861
Deferred drydock, net of accumulated amortization of $7,691 and $11,862 respectively	19,192	17,304
Fixed assets, net of accumulated depreciation and amortization of $2,057 and $2,154, respectively	7,215	5,976
Operating lease right-of-use assets	7,565	8,241
Restricted cash	315	315
Total noncurrent assets	1,143,628	1,305,697
Total assets	1,354,566	1,528,892
Current liabilities:
Accounts payable and accrued expenses	24,071	49,604
Current portion of long-term debt	79,522	69,747
Deferred revenue	4,368	6,627
Current operating lease liabilities	1,720	1,677
Total current liabilities:	109,681	127,655
Noncurrent liabilities:
Long-term operating lease liabilities	8,955	9,826
Long-term debt, net of deferred financing costs of $11,648 and $13,094, respectively	403,304	412,983
Total noncurrent liabilities	412,259	422,809
Total liabilities	521,940	550,464
Commitments and contingencies (Note 12)
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 41,801,753 and 41,754,413 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	418	417
Additional paid-in capital	1,714,019	1,721,268
Accumulated deficit	(881,811)	(743,257)
Total equity	832,626	978,428
Total liabilities and equity	$ 1,354,566	$ 1,528,892

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Due from charterers, reserve	$ 662	$ 1,064
Noncurrent assets:
Vessels, accumulated depreciation	242,465	288,373
Deferred drydock, accumulated amortization	7,691	11,862
Fixed assets, accumulated depreciation and amortization	2,057	2,154
Deferred financing costs, noncurrent	$ 11,648	$ 13,094
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)	41,801,753	41,754,413
Common stock, shares outstanding (in shares)	41,801,753	41,754,413

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues	$ 74,206	$ 83,550	$ 172,542	$ 177,014
Operating expenses:
Voyage expenses	41,695	41,800	90,063	84,822
Vessel operating expenses	21,058	24,358	42,871	47,549
Charter hire expenses	1,432	4,849	4,507	7,267
General and administrative expenses (inclusive of nonvested stock amortization expense of $476, $569, $957 and $1,021, respectively)	5,471	5,799	11,238	12,109
Technical management fees	1,724	1,885	3,578	3,825
Depreciation and amortization	15,930	18,271	33,504	36,348
Impairment of vessel assets	0	13,897	112,814	13,897
Loss (gain) on sale of vessels			486	(611)
Total operating expenses	87,310	110,859	299,061	205,206
Operating loss	(13,104)	(27,309)	(126,519)	(28,192)
Other (expense) income:
Other income (expense)	120	107	(464)	437
Interest income	253	1,073	847	2,400
Interest expense	(5,473)	(8,124)	(12,418)	(16,699)
Impairment of right-of-use asset		(223)		(223)
Other expense	(5,100)	(7,167)	(12,035)	(14,085)
Net loss	$ (18,204)	$ (34,476)	$ (138,554)	$ (42,277)
Net loss per share-basic	$ (0.43)	$ (0.83)	$ (3.31)	$ (1.01)
Net loss per share-diluted	$ (0.43)	$ (0.83)	$ (3.31)	$ (1.01)
Weighted average common shares outstanding-basic	41,900,901	41,742,301	41,883,629	41,734,248
Weighted average common shares outstanding-diluted	41,900,901	41,742,301	41,883,629	41,734,248
Voyage
Revenues:
Revenues	$ 74,206	$ 83,550	$ 172,542	$ 177,014

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Operations
Nonvested stock amortization expenses	$ 476	$ 569	$ 957	$ 1,021

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Comprehensive Loss
Net loss	$ (18,204)	$ (34,476)	$ (138,554)	$ (42,277)
Other comprehensive income	0	0	0	0
Comprehensive loss	$ (18,204)	$ (34,476)	$ (138,554)	$ (42,277)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2018	$ 416	$ 1,740,163	$ (687,272)	$ 1,053,307
Increase (Decrease) in Shareholders' Equity
Net loss			(7,801)	(7,801)
Nonvested stock amortization		452		452
Balance at the end at Mar. 31, 2019	416	1,740,615	(695,073)	1,045,958
Increase (Decrease) in Shareholders' Equity
Net loss			(34,476)	(34,476)
Nonvested stock amortization		569		569
Balance at the end at Jun. 30, 2019	416	1,741,184	(729,549)	1,012,051
Balance at the beginning at Dec. 31, 2019	417	1,721,268	(743,257)	978,428
Increase (Decrease) in Shareholders' Equity
Net loss			(120,350)	(120,350)
Issuance of vested RSUs, net of forfeitures	1	(1)
Cash dividends declared		(7,363)		(7,363)
Nonvested stock amortization		481		481
Balance at the end at Mar. 31, 2020	418	1,714,385	(863,607)	851,196
Increase (Decrease) in Shareholders' Equity
Net loss			(18,204)	(18,204)
Cash dividends declared		(842)		(842)
Nonvested stock amortization		476		476
Balance at the end at Jun. 30, 2020	$ 418	$ 1,714,019	$ (881,811)	$ 832,626

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Equity
Issuance of shares of RSUs, net (in shares)	47,341	12,477
Forfeited (in shares)	1,490
Dividends declared per share	$ 0.175

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (138,554)	$ (42,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	33,504	36,348
Amortization of deferred financing costs	1,909	1,867
Noncash operating lease expense	676	577
Amortization of nonvested stock compensation expense	957	1,021
Impairment of operating lease right of use asset		223
Impairment of vessel assets	112,814	13,897
Loss (gain) on sale of vessels	486	(611)
Insurance proceeds for protection and indemnity claims	278	389
Insurance proceeds for loss of hire claims	78
Change in assets and liabilities:
Decrease in due from charterers	331	6,588
Decrease in prepaid expenses and other current assets	504	165
Decrease in inventories	4,174	223
(Decrease) increase in accounts payable and accrued expenses	(17,454)	828
(Decrease) increase in deferred revenue	(2,259)	1,859
Decrease in operating lease liabilities	(828)	(786)
Deferred drydock costs incurred	(5,593)	(5,488)
Net cash (used in) provided by operating activities	(8,977)	14,823
Cash flows from investing activities:
Purchase of vessels and ballast water treatment systems, including deposits	(2,275)	(7,754)
Purchase of scrubbers (capitalized in Vessels)	(10,839)	(10,370)
Purchase of other fixed assets	(2,716)	(2,494)
Net proceeds from sale of vessels	14,726	6,309
Insurance proceeds for hull and machinery claims	484	612
Net cash used in investing activities	(620)	(13,697)
Cash flows from financing activities:
Payment of common stock issuance costs		(105)
Cash dividends paid	(8,126)
Payment of deferred financing costs	(283)	(611)
Net cash used in financing activities	(9,760)	(38,451)
Net decrease in cash, cash equivalents and restricted cash	(19,357)	(37,325)
Cash, cash equivalents and restricted cash at beginning of period	162,249	202,761
Cash, cash equivalents and restricted cash at end of period	142,892	165,436
Secured Debt | $133 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility	24,000
Repayment of secured debt	(3,280)	(3,160)
Secured Debt | $495 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility	11,250
Repayment of secured debt	$ (33,321)	$ (34,575)

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Jun. 30, 2020
GENERAL INFORMATION
GENERAL INFORMATION	1 - GENERAL INFORMATION ​ The accompanying condensed 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 and operates in one business segment. ​ At June 30, 2020, the Company’s fleet consists of 53 drybulk vessels, including 17 Capesize drybulk carriers, six Ultramax drybulk carriers, 20 Supramax drybulk carriers and 10 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,837,000 dwt and an average age of approximately 10.0 years. ​ In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical changes, and closure of non-essential businesses. This has led to a significant slowdown in overall economic activity levels globally and a decline in demand for certain of the raw materials that our vessels transport. ​ At present, it is not possible to ascertain the overall impact of COVID-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the results for 2020. However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Principles of consolidation ​ The accompanying condensed 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. ​ Basis of presentation ​ The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020. ​ 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, residual value of vessels, useful life of vessels and the fair value of derivative instruments, if any. Actual results could differ from those estimates. ​ Restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Cash and cash equivalents $ 127,722 $ 155,889 ​ Restricted cash - current ​ ​ 14,855 ​ ​ 6,045 ​ Restricted cash - noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 142,892 $ 162,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels held for sale The Company’s Board of Directors has approved a strategy of divesting specifically identified older, less fuel-efficient vessels as part of a fleet renewal program to streamline and modernize the Company’s fleet. ​ On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind and on March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2020. The Baltic Wind was sold on July 7, 2020, the Baltic Breeze was sold on July 31, 2020 and the Genco Bay is expected to be sold during the third quarter of 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreements. ​ 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 Condensed Consolidated Balance Sheet as of December 31, 2019. This vessel was sold on March 5, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreement. ​ 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. Refer to Note 10 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. 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 during the six months ended June 30, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. ​ Impairment of vessel assets ​ During the three months ended June 30, 2020 and 2019, the Company recorded $0 and $13,897 , respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2020 and 2019, the Company recorded ​ At March 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for four of its Supramax vessels, the Genco Picardy, the Genco Predator, the Genco Provence and the Genco Warrior, did not exceed the net book value of these vessels as of March 31, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of March 31, 2020. This resulted in an impairment loss of during the six months ended June 30, 2020. ​ On February 24, 2020, the Board of Directors determined to dispose of the Company’s following 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 revised estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel given the estimated probabilities of whether the vessels will be sold, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2020. Subsequent to February 24, 2020, the Company has entered into agreements to sell of these vessels during the three months ended March 31, 2020, namely the Baltic Wind, the Baltic Breeze and the Genco Bay, which were adjusted to their net sales price. This resulted in an impairment loss of during the six months ended June 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sales. ​ 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 three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel 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 three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale. ​ Loss (gain) on sale of vessels ​ During the six months ended June 30, 2020, the Company recorded a net loss of $486 related to the sale of vessels. The net loss of recorded during the six months ended June 30, 2020 related primarily to the sale of the Genco Charger and Genco Thunder. During the six months ended June 30, 2019, the Company recorded a net gain of related to the sale of vessels. The net gain of recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were ​ 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 2018-03”),” 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 ​ In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 was effective on January 1, 2020, with early adoption permitted. The Company adopted ASU 2016-13 during the first quarter of 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. ​ In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption on its condensed consolidated financial statements and related disclosures.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2020
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 - CASH FLOW INFORMATION ​ For the six months ended June 30, 2020, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $33 for the Purchase of scrubbers, $1,726 for the Purchase of vessels and ballast water treatment systems, including deposits, $490 for the Purchase of other fixed assets and $13 for the Net proceeds from sale of vessels. For the six months ended June 30, 2020, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of ​ For the six months ended June 30, 2019, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,383 for the Purchase of vessels and ballast water treatment systems, including deposits, $4,104 for the Purchase of scrubbers and $77 for the Purchase of other fixed assets. ​ During the six months ended June 30, 2020 and 2019, cash paid for interest was $10,457 and $14,946 , respectively. ​ During the six months ended June 30, 2020 and 2019, there was no cash paid for estimated income taxes. ​ During the six months ended June 30, 2020, the Company made a reclassification of $23,252 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Baltic Wind, Baltic Breeze and Genco Bay prior to June 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions. ​ On February 25, 2020, the Company issued 173,749 restricted stock units and options to purchase 344,568 shares of the Company’s stock at an exercise price of $7.06 to certain individuals. The fair value of these restricted stock units and stock options were $1,227 and $693, respectively. ​ 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 $8.39 to certain individuals. The fair value of these restricted stock units and stock options were $890 and $904, respectively. ​ Refer to Note 13 — Stock-Based Compensation for further information regarding the aforementioned grants. ​ Supplemental Condensed Consolidated Cash Flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ ​ June 30, ​ ​ ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating lease ​ $ 1,115 ​ $ 1,115 ​ ​

VESSEL ACQUISITIONS AND DISPOSI

VESSEL ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2020
VESSEL ACQUISITIONS AND DISPOSITIONS
VESSEL ACQUISITIONS AND DISPOSITIONS	4 - VESSEL ACQUISITIONS AND DISPOSITIONS ​ Vessel Dispositions ​ On March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay, both 2010-built Handysize vessels, for $7,900 each less a 2.0% broker commission payable to a third party. The sale of the Baltic Breeze was completed on July 2020 . Refer to Note 15 Subsequent Events. The sale of the Genco Bay is expected to be completed during the third quarter of 2020. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to “Impairment of vessel assets” section in Note 2 ​ On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind, a 2009-built Handysize vessel, for $7,750 less a 2.0% broker commission payable to a third party. The sale was completed on July 7, 2020, refer to Note 15 Subsequent Events. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to “Impairment of vessel assets” section in Note 2 ​ 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 was completed on March 5, 2020. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of December 31, 2019. ​ 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. ​ 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 Thunder, Genco Charger and Genco Raptor served as collateral under the $495 Million Credit Facility; therefore $5,339, $3,471 and $6,045, respectively, of the net proceeds received from the sale will remain classified as restricted cash for 360 days following the respective sale dates, which has been reflected as restricted cash in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to Note 7 Debt for amendment to the $495 Million Credit Facility. As of December 31, 2019 was reflected as restricted cash in the Condensed Consolidated Balance Sheets for the Genco Raptor. These amounts can 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 is not added as collateral within such ​ 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 October 10, 2019. The Genco Champion and Genco Challenger served as collateral under the $495 Million Credit Facility; therefore, ​ 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 Genco Vigour did not serve as collateral under any of the Company’s credit facilities.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2020
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 13 — 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 stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2020 because they were anti-dilutive. There were stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2019 because they were anti-dilutive (refer to Note 13 — 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 13 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a one tenth of a share of the Company’s common stock. There were equity warrants excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2020 and 2019 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 Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 2019 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of warrants ​ — — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of stock options ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of restricted stock awards ​ — — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, diluted ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​ ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 - RELATED PARTY TRANSACTIONS ​ During the three and six months ended June 30, 2020 and 2019, the Company did not identify any related party transactions. ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
DEBT
DEBT	7 – DEBT ​ Long-term debt, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Principal amount $ 494,474 $ 495,824 ​ Less: Unamortized debt financing costs ​ (11,648) ​ (13,094) ​ Less: Current portion ​ (79,522) ​ (69,747) ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net $ 403,304 $ 412,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ Debt Issuance ​ ​ Principal Cost Principal Cost $495 Million Credit Facility ​ $ 373,654 ​ $ 9,941 ​ $ 395,724 ​ $ 11,642 ​ $133 Million Credit Facility ​ ​ 120,820 ​ ​ 1,707 ​ ​ 100,100 ​ ​ 1,452 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 494,474 $ 11,648 ​ $ 495,824 $ 13,094 ​ ​ As of June 30, 2020 and December 31, 2019, $11,648 and $13,094 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets. ​ $495 Million Credit Facility On May 31, 2018, the Company entered into the $460 Million Credit Facility, a five-year senior secured credit facility for an aggregate amount of up to $460,000 which was used to (i) refinance all of the Company’s prior credit facilities into one facility and (ii) pay down the debt on seven of the Company’s oldest vessels, which have been sold. ​ On February 28, 2019, the Company entered into an amendment to the $460 Million Credit Facility, which provided an additional tranche of 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 (as so amended, the “$495 Million Credit Facility”). ​ On June 5, 2020, the Company entered into an amendment to the $495 Million Credit Facility to extend the period that 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 from 180 days to 360 days. ​ On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $9,300, $12,200 and $11,250 , respectively, under the $35 million tranche of the $495 Million Credit Facility. , and this tranche is considered fully drawn. Scheduled quarterly repayments under this tranche are . ​ As of June 30, 2020, there was no availability under the $495 Million Credit Facility. Total debt repayments of Facility, respectively. Total debt repayments of ​ As of June 30, 2020, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility. ​ $133 Million Credit Facility ​ On August 14, 2018, the Company entered into the $108 Million Credit Facility, a five-year senior secured credit facility that was used to finance a portion of the purchase price of six vessels, which also serve as collateral under the facility, which were delivered to the Company during the three months ended September 30, 2018. ​ On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility which provided for a revolving credit facility of up to $25,000 (the “Revolver”) for general corporate and working capital purposes (as so amended, the “$133 Million Credit Facility”). The key terms associated with the Revolver are as follows: ​ ● The final maturity date of the Revolver is August 14, 2023. ​ ● Borrowings under the Revolver may be incurred pursuant to multiple drawings on or prior to July 1, 2023 in minimum amounts of $1,000 . ​ ● Borrowings under the Revolver will bear interest at LIBOR plus 3.00% ​ ● The Revolver is subject to consecutive quarterly commitment reductions commencing on the last day of the fiscal quarter ending September 30, 2020 in an amount equal to approximately $1.9 million each quarter. ● Borrowings under the Revolver are subject to a limit of 60% for the ratio of outstanding total term and revolver loans to the aggregate appraised value of collateral vessels under the $133 Million Credit Facility. ​ The collateral and financial covenants otherwise remain substantially the same as they were under the $108 Million Credit Facility. ​ On June 15, 2020, the Company drew down $24,000 under the Revolver of the $133 Million Credit Facility. ​ As of June 30, 2020, there was $1,000 of availability under the $133 Million Credit Facility. Total debt repayments of were made during the three months ended June 30, 2020 and 2019 under the $133 Million Credit Facility, respectively. Total debt repayments of were made during the six months ended June 30, 2020 and 2019 under the $133 Million Credit Facility, respectively. ​ As of June 30, 2020, the Company was in compliance with all of the financial covenants under the $133 Million Credit Facility. ​ Interest rates ​ The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Effective Interest Rate ​ 3.62 % 5.43 % 4.22 % 5.50 % Range of Interest Rates (excluding unused commitment fees) ​ 2.67 % to 4.57 % 4.90 % to 5.50 % 2.67 % to 5.05 % 4.90 % to 5.76 % ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
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 as of June 30, 2020 and December 31, 2019 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ ​ Carrying ​ ​ ​ Value Fair Value Value Fair Value Cash and cash equivalents ​ $ 127,722 ​ $ 127,722 ​ $ 155,889 ​ $ 155,889 ​ Restricted cash ​ 15,170 ​ 15,170 ​ 6,360 ​ 6,360 ​ Principal amount of floating rate debt ​ 494,474 ​ 494,474 ​ 495,824 ​ 495,824 ​ ​ The carrying value of the borrowings under the $495 Million Credit Facility and the $133 Million Credit Facility as of June 30, 2020 and December 31, 2019 approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. The carrying amounts of the Company’s other financial instruments as of June 30, 2020 and December 31, 2019 (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 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 assumption (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 on various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the six months ended June 30, 2020, the vessel assets for of the Company’s vessels were written down as part of the impairment recorded during the six months ended June 30, 2020. There was vessel impairment recorded during the three months ended June 30, 2020. During the three and six months ended June 30, 2019, the vessel assets for of the Company’s vessels were written down as part of the impairment recorded during the three and six months ended June 30, 2019. The vessels held for sale as of June 30, 2020 were written down as part of the impairment recorded during the six months ended June 30, 2020. The vessel held for sale as of December 31, 2019 was written down as part of the impairment recorded during the three months ended September 30, 2019. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies. ​ Nonrecurring fair value measurements also include impairment tests conducted by the Company during the three and six months ended June 30, 2020 and 2019 of its operating lease right-of use assets. The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. During the three and six months ended June 30, 2020, there was no impairment of the operating lease right-of-use assets. ​ The Company did not have any Level 3 financial assets or liabilities as of June 30, 2020 and December 31, 2019.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES ​ Accounts payable and accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 Accounts payable ​ $ 11,206 ​ $ 26,040 ​ Accrued general and administrative expenses ​ 2,849 ​ 4,105 ​ Accrued vessel operating expenses ​ 10,016 ​ 19,459 ​ Total accounts payable and accrued expenses ​ $ 24,071 ​ $ 49,604 ​ ​

VOYAGE REVENUES

VOYAGE REVENUES	6 Months Ended
	Jun. 30, 2020
VOYAGE REVENUES
VOYAGE REVENUE	1 0 – VOYAGE REVENUES ​ Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2020 and 2019, the Company earned of voyage revenue, respectively. For the six months ended June 30, 2020 and 2019, the Company earned ​ Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage which 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 — Revenue from Contracts with Customers. 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 — Leases (“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 are capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets and are 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 Condensed Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. 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 Condensed Consolidated Statements of Operation. 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 Condensed Consolidated Statements of Operations includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Lease revenue ​ $ 11,983 ​ $ 25,852 ​ $ 31,134 ​ $ 49,242 ​ Spot market voyage revenue ​ ​ 62,223 ​ ​ 57,698 ​ ​ 141,408 ​ ​ 127,772 ​ Total voyage revenues ​ $ 74,206 ​ $ 83,550 ​ $ 172,542 ​ $ 177,014 ​ ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
LEASES
LEASES	11 - LEASES ​ 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 of sublease income recorded during the three and six months ended June 30, 2020, respectively. There was sublease income recorded during the three and six months ended June 30, 2019. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operation. ​ The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. 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 three and six months ended June 30, 2020 and 2019, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12 – 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. Prior to any adjustments for vessel impairment and vessel sales, the Company recorded cumulatively $16,049 and $12,783 in Vessel assets in the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, 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 of its Capesize vessels during 2019 and the remaining 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 will be capitalized and depreciated over the remainder of the life of the vessel. The Company recorded cumulatively additions. The Company entered into an amendment to the $495 Million Credit Facility to provide financing to cover a portion of these expenses; refer to Note 7 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	13 - STOCK-BASED COMPENSATION ​ 2014 Management Incentive Plan ​ As of June 30, 2020 and December 31, 2019, a total of 8,557,461 of warrants were outstanding under the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). The MIP Warrants were issued in three tranches for 238,066, 246,701 and 370,979 shares and have exercise prices, as adjusted for dividends declared during the fourth quarter of 2019 and the first quarter of 2020, of $240.89221, $267.11051 and $317.87359 per whole share, respectively. ​ For the three and six months ended June 30, 2020 and 2019, there was no amortization expense of the fair value of these warrants. As of June 30, 2020, there was ​ The following table summarizes certain information about the warrants outstanding as of June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding and Exercisable, ​ June 30, 2020 ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ Average ​ ​ ​ Average ​ Remaining ​ Number of ​ Exercise ​ Contractual ​ Warrants Price Life ​ ​ ​ ​ ​ ​ ​ 8,557,461 ​ $ 281.82 ​ 0.10 ​ ​ 2015 Equity Incentive Plan ​ Stock Options ​ On February 25, 2020, the Company issued options to purchase 344,568 of the Company’s shares of common stock to certain individuals with an exercise price of $7.06 per share. One three anniversaries of February 25, 2020, 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 Cox-Ross-Rubinstein pricing formula, resulting in a value of in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). ​ For the three and six months ended June 30, 2020 and 2019, the Company recognized amortization expense of the fair value of these options, which is included in General and administrative expenses, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 2019 General and administrative expenses ​ $ 192 ​ $ 229 ​ $ 397 ​ $ 411 ​ ​ Amortization of the unamortized stock-based compensation balance of $879 as of June 30, 2020 is expected to be expensed $389, $367, $111 and $12 during the remainder of 2020 and during the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes the unvested option activity for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Number ​ Average ​ Average ​ ​ ​ ​ of ​ Exercise ​ Fair ​ ​ ​ Options Price Value ​ Outstanding at January 1, 2020 - Unvested 322,279 $ 9.41 ​ ​ 4.72 ​ ​ Granted 344,568 ​ ​ 7.06 ​ ​ 2.01 ​ ​ Exercisable (119,923) ​ ​ 9.87 ​ ​ 5.05 ​ ​ Exercised — ​ ​ — ​ ​ — ​ ​ Forfeited (3,378) ​ ​ 8.07 ​ ​ 3.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2020 - Unvested 543,546 $ 7.83 ​ $ 2.94 ​ ​ ​ The following table summarizes certain information about the options outstanding as of June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding and Unvested, ​ Options Outstanding and Exercisable, ​ ​ ​ ​ June 30, 2020 ​ June 30, 2020 ​ 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 $ 8.86 543,546 ​ $ 7.83 ​ 5.22 ​ 293,792 ​ $ 10.78 ​ 3.51 ​ ​ As of June 30, 2020 and December 31, 2019, a total of 837,338 and 496,148 stock options were outstanding, respectively. ​ Restricted Stock Units ​ The Company has issued restricted stock units (“RSUs”) under the 2015 Plan 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 June 30, 2020 and December 31, 2019, shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares of common stock 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. ​ 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. three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ ​ RSUs ​ Date Price ​ Outstanding at January 1, 2020 162,096 ​ $ 9.26 ​ Granted 178,385 ​ ​ 7.00 ​ Vested (50,672) ​ ​ 9.45 ​ Forfeited (1,490) ​ ​ 8.39 ​ ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2020 288,319 ​ $ 7.83 ​ ​ The total fair value of the RSUs that vested during the six months ended June 30, 2020 and 2019 was $352 and $230 , 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 June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs ​ Vested RSUs ​ June 30, 2020 ​ June 30, 2020 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ Weighted ​ ​ ​ Average ​ Remaining ​ ​ ​ Average ​ Number of ​ Grant Date ​ Contractual ​ Number of ​ Grant Date ​ RSUs Price Life RSUs Price 288,319 ​ $ 7.83 ​ 2.04 ​ 472,895 ​ $ 11.25 ​ ​ The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2020, unrecognized compensation cost of ​ For the three and six months ended June 30, 2020 and 2019, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 General and administrative expenses ​ $ 284 ​ $ 340 ​ $ 560 ​ $ 610 ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2020
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	14 - 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15 – SUBSEQUENT EVENTS On August 5, 2020, the Company announced a regular quarterly dividend of $0.02 per share to be paid on or about August 25, 2020 to shareholders of record as of August 17, 2020. The aggregate amount of the dividend is expected to be approximately $0.8 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ On July 31, 2020, the Company completed the sale of the Baltic Breeze, a 2010-built Handysize vessel, to a third party for $7,900 less a 2.0 % broker commission payable to a third party. Additionally, on July 7, 2020, the Company completed the sale of the Baltic Wind, a 2009-built Handysize vessel, to a third party for . The Company expects to record a net loss on the sale of the Baltic Wind during the third quarter of 2020 of between ​ These vessels served as collateral under the $495 Million Credit Facility; therefore, $4,797 and $4,575 of the net proceeds received from the sale of the Baltic Breeze and Baltic Wind, respectively, will remain classified as restricted cash for 360 days following the sale date. Those amounts 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 360 day period, the Company will be required to use these proceeds as a loan prepayment. ​ On July 15, 2020, the Company issued 42,642 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255 . The awards will vest

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation	Principles of consolidation ​ The accompanying condensed 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.
Basis of presentation	Basis of presentation ​ The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020. ​ 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, residual value of vessels, useful life of vessels and the fair value of derivative instruments, if any. Actual results could differ from those estimates.
Restricted cash	Restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Cash and cash equivalents $ 127,722 $ 155,889 ​ Restricted cash - current ​ ​ 14,855 ​ ​ 6,045 ​ Restricted cash - noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 142,892 $ 162,249 ​ ​ ​ ​ ​ ​ ​ ​ ​
Vessels held for sale	​ Vessels held for sale The Company’s Board of Directors has approved a strategy of divesting specifically identified older, less fuel-efficient vessels as part of a fleet renewal program to streamline and modernize the Company’s fleet. ​ On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind and on March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2020. The Baltic Wind was sold on July 7, 2020, the Baltic Breeze was sold on July 31, 2020 and the Genco Bay is expected to be sold during the third quarter of 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreements. ​ 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 Condensed Consolidated Balance Sheet as of December 31, 2019. This vessel was sold on March 5, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreement.
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. Refer to Note 10 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. 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 during the six months ended June 30, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.
Impairment of vessel assets	Impairment of vessel assets ​ During the three months ended June 30, 2020 and 2019, the Company recorded $0 and $13,897 , respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2020 and 2019, the Company recorded ​ At March 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for four of its Supramax vessels, the Genco Picardy, the Genco Predator, the Genco Provence and the Genco Warrior, did not exceed the net book value of these vessels as of March 31, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of March 31, 2020. This resulted in an impairment loss of during the six months ended June 30, 2020. ​ On February 24, 2020, the Board of Directors determined to dispose of the Company’s following 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 revised estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel given the estimated probabilities of whether the vessels will be sold, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2020. Subsequent to February 24, 2020, the Company has entered into agreements to sell of these vessels during the three months ended March 31, 2020, namely the Baltic Wind, the Baltic Breeze and the Genco Bay, which were adjusted to their net sales price. This resulted in an impairment loss of during the six months ended June 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sales. ​ 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 three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel 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 three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale.
Loss (gain) on sale of vessels	​ Loss (gain) on sale of vessels ​ During the six months ended June 30, 2020, the Company recorded a net loss of $486 related to the sale of vessels. The net loss of recorded during the six months ended June 30, 2020 related primarily to the sale of the Genco Charger and Genco Thunder. During the six months ended June 30, 2019, the Company recorded a net gain of related to the sale of vessels. The net gain of recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were ​
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 2018-03”),” 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 ​ In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 was effective on January 1, 2020, with early adoption permitted. The Company adopted ASU 2016-13 during the first quarter of 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. ​ In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption on its condensed consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of restricted cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Cash and cash equivalents $ 127,722 $ 155,889 ​ Restricted cash - current ​ ​ 14,855 ​ ​ 6,045 ​ Restricted cash - noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 142,892 $ 162,249 ​ ​ ​ ​ ​ ​ ​ ​ ​

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
CASH FLOW INFORMATION
Schedule of cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ ​ June 30, ​ ​ ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating lease ​ $ 1,115 ​ $ 1,115 ​

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
NET LOSS PER SHARE
Components of denominator for calculation of basic and diluted net (loss) earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 2019 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of warrants ​ — — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of stock options ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of restricted stock awards ​ — — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, diluted ​ 41,900,901 41,742,301 ​ 41,883,629 41,734,248 ​

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
DEBT
Schedule of components of Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Principal amount $ 494,474 $ 495,824 ​ Less: Unamortized debt financing costs ​ (11,648) ​ (13,094) ​ Less: Current portion ​ (79,522) ​ (69,747) ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net $ 403,304 $ 412,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ Debt Issuance ​ ​ Principal Cost Principal Cost $495 Million Credit Facility ​ $ 373,654 ​ $ 9,941 ​ $ 395,724 ​ $ 11,642 ​ $133 Million Credit Facility ​ ​ 120,820 ​ ​ 1,707 ​ ​ 100,100 ​ ​ 1,452 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 494,474 $ 11,648 ​ $ 495,824 $ 13,094 ​ ​
Schedule of effective interest rate and the range of interest rates on the debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Effective Interest Rate ​ 3.62 % 5.43 % 4.22 % 5.50 % Range of Interest Rates (excluding unused commitment fees) ​ 2.67 % to 4.57 % 4.90 % to 5.50 % 2.67 % to 5.05 % 4.90 % to 5.76 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying values of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ ​ Carrying ​ ​ ​ Value Fair Value Value Fair Value Cash and cash equivalents ​ $ 127,722 ​ $ 127,722 ​ $ 155,889 ​ $ 155,889 ​ Restricted cash ​ 15,170 ​ 15,170 ​ 6,360 ​ 6,360 ​ Principal amount of floating rate debt ​ 494,474 ​ 494,474 ​ 495,824 ​ 495,824 ​

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Schedule of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 Accounts payable ​ $ 11,206 ​ $ 26,040 ​ Accrued general and administrative expenses ​ 2,849 ​ 4,105 ​ Accrued vessel operating expenses ​ 10,016 ​ 19,459 ​ Total accounts payable and accrued expenses ​ $ 24,071 ​ $ 49,604 ​

VOYAGE REVENUES (Tables)

VOYAGE REVENUES (Tables)	6 Months Ended
	Jun. 30, 2020
VOYAGE REVENUES
Schedule of voyage revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Lease revenue ​ $ 11,983 ​ $ 25,852 ​ $ 31,134 ​ $ 49,242 ​ Spot market voyage revenue ​ ​ 62,223 ​ ​ 57,698 ​ ​ 141,408 ​ ​ 127,772 ​ Total voyage revenues ​ $ 74,206 ​ $ 83,550 ​ $ 172,542 ​ $ 177,014 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
2014 MIP Plan | Warrants
Stock Awards
Summary of warrant activity and warrants outstanding	​ The following table summarizes certain information about the warrants outstanding as of June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding and Exercisable, ​ June 30, 2020 ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ Average ​ ​ ​ Average ​ Remaining ​ Number of ​ Exercise ​ Contractual ​ Warrants Price Life ​ ​ ​ ​ ​ ​ ​ 8,557,461 ​ $ 281.82 ​ 0.10 ​
2015 EIP Plan | Stock Options
Stock Awards
Schedule of nonvested stock amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 2019 General and administrative expenses ​ $ 192 ​ $ 229 ​ $ 397 ​ $ 411 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Number ​ Average ​ Average ​ ​ ​ ​ of ​ Exercise ​ Fair ​ ​ ​ Options Price Value ​ Outstanding at January 1, 2020 - Unvested 322,279 $ 9.41 ​ ​ 4.72 ​ ​ Granted 344,568 ​ ​ 7.06 ​ ​ 2.01 ​ ​ Exercisable (119,923) ​ ​ 9.87 ​ ​ 5.05 ​ ​ Exercised — ​ ​ — ​ ​ — ​ ​ Forfeited (3,378) ​ ​ 8.07 ​ ​ 3.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2020 - Unvested 543,546 $ 7.83 ​ $ 2.94 ​ ​ ​ The following table summarizes certain information about the options outstanding as of June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding and Unvested, ​ Options Outstanding and Exercisable, ​ ​ ​ ​ June 30, 2020 ​ June 30, 2020 ​ 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 $ 8.86 543,546 ​ $ 7.83 ​ 5.22 ​ 293,792 ​ $ 10.78 ​ 3.51 ​ ​
2015 EIP Plan | Restricted Stock Units
Stock Awards
Schedule of nonvested stock amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 General and administrative expenses ​ $ 284 ​ $ 340 ​ $ 560 ​ $ 610 ​
Summary of nonvested restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ ​ RSUs ​ Date Price ​ Outstanding at January 1, 2020 162,096 ​ $ 9.26 ​ Granted 178,385 ​ ​ 7.00 ​ Vested (50,672) ​ ​ 9.45 ​ Forfeited (1,490) ​ ​ 8.39 ​ ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2020 288,319 ​ $ 7.83 ​ ​ The total fair value of the RSUs that vested during the six months ended June 30, 2020 and 2019 was $352 and $230 , 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 June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs ​ Vested RSUs ​ June 30, 2020 ​ June 30, 2020 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ Weighted ​ ​ ​ Average ​ Remaining ​ ​ ​ Average ​ Number of ​ Grant Date ​ Contractual ​ Number of ​ Grant Date ​ RSUs Price Life RSUs Price 288,319 ​ $ 7.83 ​ 2.04 ​ 472,895 ​ $ 11.25 ​ ​

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details)	6 Months Ended
	Jun. 30, 2020segmentitemt
Segment reporting
Number of reportable segments | segment	1
Drybulk Vessels
Segment reporting
Number of vessels in fleet	53
Capacity of vessels | t	4,837,000
Average age of vessels	10 years
Capesize Drybulk Carriers
Segment reporting
Number of vessels in fleet	17
Ultramax Drybulk Carriers
Segment reporting
Number of vessels in fleet	6
Supramax Drybulk Carriers
Segment reporting
Number of vessels in fleet	20
Handysize Drybulk Carriers
Segment reporting
Number of vessels in fleet	10

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash
Cash and cash equivalents	$ 127,722	$ 155,889
Restricted cash - current	14,855	6,045
Restricted cash - noncurrent	315	315
Cash, cash equivalents and restricted cash	$ 142,892	$ 162,249	$ 165,436	$ 202,761

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Voyage expense recognition
Net loss (gain) on purchase and sale of bunker fuel and net realizable value adjustments	$ 958	$ (113)	$ 1,800	$ 237

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment (Details) $ in Thousands	Oct. 10, 2019USD ($)	Aug. 02, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2020item	Feb. 24, 2020item
Impairment of long-lived assets
Impairment of vessel assets			$ 0	$ 13,897	$ 112,814	$ 13,897
Net proceeds from sale of vessels					14,726	6,309
Genco Picardy, Genco Predator, Genco Provence and Genco Warrior
Impairment of long-lived assets
Number impaired vessel assets | item							4
Impairment of vessel assets					27,046
Baltic Hare, Baltic Fox, Baltic Wind, Baltic Cove, Baltic Breeze, Genco Ocean, Genco Bay, Genco Avra, Genco Mare and Genco Spirit
Impairment of long-lived assets
Number of vessels to be disposed | item								10
Impairment of vessel assets					$ 85,768
Baltic Wind, Baltic Breeze and Genco Bay
Impairment of long-lived assets
Number of vessels to be disposed | item							3
Genco Challenger
Impairment of long-lived assets
Impairment of vessel assets				4,401		4,401
Sale of assets	$ 5,250	$ 5,250
Broker commission (as a percent)	2.00%	2.00%
Adjusted net sales price of vessel				5,145		5,145
Genco Champion and Genco Charger
Impairment of long-lived assets
Impairment of vessel assets				$ 9,496		$ 9,496

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020item	Jun. 30, 2019item	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Gain on sale of vessels
(Loss) gain on sale of vessels			$ (486)	$ 611
Number of vessels sold | item	0	0
Genco Charger and Genco Thunder
Gain on sale of vessels
(Loss) gain on sale of vessels			$ (486)
Genco Vigour
Gain on sale of vessels
(Loss) gain on sale of vessels				$ 611

CASH FLOW INFORMATION - Non-cas

CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Non-cash investing and financing activities
Cash paid for interest	$ 10,457	$ 14,946
Cash paid for estimated income taxes	0	0
Reclassification from vessels to vessels held for sale	23,252
Accounts payable and accrued expenses
Non-cash investing and financing activities
Purchase of scrubbers	33	4,104
Purchases of vessels and ballast water treatment systems	1,726	2,383
Purchase of other fixed assets	490	$ 77
Non-cash financing activities net proceeds from sale of assets	13
Non-cash financing activities cash dividends paid	103
Non-cash financing activities for deferred financing costs	$ 179

CASH FLOW INFORMATION - Stock-B

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands	Feb. 25, 2020	May 15, 2019	Mar. 04, 2019	Jun. 30, 2020
Restricted Stock Units
Non-cash investing and financing activities
Granted (in shares)	173,749	29,580	106,079	178,385
Aggregate fair value	$ 1,227	$ 255	$ 890
Stock Options
Non-cash investing and financing activities
Options to purchase (in shares)	344,568		240,540	344,568
Exercise price	$ 7.06		$ 8.39	$ 7.06
Aggregate fair value	$ 693		$ 904

CASH FLOW INFORMATION - Lease p

CASH FLOW INFORMATION - Lease payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow payments	$ 1,115	$ 1,115

VESSEL ACQUISITIONS AND DISPO_2

VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands

Jul. 31, 2020USD ($)

Jul. 07, 2020USD ($)

Jun. 05, 2020

Jun. 04, 2020

Mar. 05, 2020USD ($)

Feb. 24, 2020USD ($)

Dec. 11, 2019USD ($)

Nov. 15, 2019USD ($)

Oct. 21, 2019USD ($)

Oct. 21, 2019item

Oct. 10, 2019USD ($)

Aug. 02, 2019USD ($)

Jan. 28, 2019USD ($)

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)item

Jun. 30, 2019item

Dec. 31, 2019USD ($)

VESSEL ACQUISITIONS

Number of vessels sold | item

0

0

Restricted cash, current

$ 14,855

$ 6,045

Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Collateral vessel replacement period

360 days

180 days

Genco Bay | Forecast

VESSEL ACQUISITIONS

Sale of assets

$ 7,900

Broker commission (as a percent)

2.00%

Baltic Breeze | Subsequent Event

VESSEL ACQUISITIONS

Sale of assets

$ 7,900

Broker commission (as a percent)

2.00%

Baltic Breeze | Secured Debt | Subsequent Event | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 4,797

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

360 days

Baltic Wind | Subsequent Event

VESSEL ACQUISITIONS

Sale of assets

$ 7,750

Broker commission (as a percent)

2.00%

Baltic Wind | Secured Debt | Subsequent Event | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 4,575

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

360 days

Genco Thunder

VESSEL ACQUISITIONS

Sale of assets

$ 10,400

Broker commission (as a percent)

2.00%

Genco Thunder | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 5,339

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

360 days

Genco Charger

VESSEL ACQUISITIONS

Sale of assets

$ 5,150

Broker commission (as a percent)

1.00%

Genco Charger | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 3,471

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

360 days

Genco Raptor

VESSEL ACQUISITIONS

Sale of assets

$ 10,200

Broker commission (as a percent)

2.00%

Genco Raptor | Secured Debt | $495 Million Credit Facility

VESSEL ACQUISITIONS

Restricted cash, current

$ 6,045

$ 6,045

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

360 days

Genco Champion

VESSEL ACQUISITIONS

Sale of assets

$ 6,600

Broker commission (as a percent)

3.00%

Genco Challenger

VESSEL ACQUISITIONS

Sale of assets

$ 5,250

$ 5,250

Broker commission (as a percent)

2.00%

2.00%

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

VESSEL ACQUISITIONS

Number of vessels sold | item

2

Vessel sale proceeds utilized as a loan repayment

$ 6,880

Collateral vessel replacement period

180 days

Genco Vigour

VESSEL ACQUISITIONS

Sale of assets

$ 6,550

Broker commission (as a percent)

2.00%

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	Jul. 10, 2014	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common shares outstanding, basic:
Weighted average common shares outstanding-basic		41,900,901	41,742,301	41,883,629	41,734,248
Common shares outstanding, diluted:
Weighted average common shares outstanding-basic		41,900,901	41,742,301	41,883,629	41,734,248
Weighted-average common shares outstanding, diluted (in shares)		41,900,901	41,742,301	41,883,629	41,734,248
Restricted Stock Units
Anti-dilutive shares (in shares)		288,319	258,084	288,319	258,084
Stock Options
Anti-dilutive shares (in shares)		837,338	496,148	837,338	496,148
MIP Warrants
Anti-dilutive shares (in shares)		0	0	0	0
Equity Warrants
Anti-dilutive shares (in shares)		3,936,761	3,936,761	3,936,761	3,936,761
Equity warrant term	7 years
Equity Warrants
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	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
RELATED PARTY TRANSACTIONS
Related party transactions	$ 0	$ 0	$ 0	$ 0

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility
Principal amount	$ 494,474	$ 495,824
Less: Unamortized debt financing costs	(11,648)	(13,094)
Less: Current portion	(79,522)	(69,747)
Long-term debt, net	403,304	412,983
Secured Debt | $495 Million Credit Facility
Line of Credit Facility
Principal amount	373,654	395,724
Less: Unamortized debt financing costs	(9,941)	(11,642)
Secured Debt | $133 Million Credit Facility
Line of Credit Facility
Principal amount	120,820	100,100
Less: Unamortized debt financing costs	$ (1,707)	$ (1,452)

DEBT - Expenses (Details)

DEBT - Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
DEBT
Deferred financing costs, noncurrent	$ 11,648	$ 13,094

DEBT - $495 Million Credit Faci

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

Jun. 05, 2020

Jun. 04, 2020

Mar. 12, 2020USD ($)

Sep. 23, 2019USD ($)

Aug. 28, 2019USD ($)

Feb. 28, 2019USD ($)item

May 31, 2018USD ($)item

Jun. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Jun. 30, 2020USD ($)

$495 Million Credit Facility

Line of Credit Facility

Maximum borrowing capacity

$ 495,000

$ 495,000

$ 495,000

Remaining borrowing capacity

0

0

0

Drawdowns during the period

11,250

Repayment of secured debt

$ 16,661

$ 19,575

33,321

$ 34,575

Collateral vessel replacement period

360 days

180 days

$460 Million Credit Facility

Line of Credit Facility

Maximum borrowing capacity

$ 460,000

Term of facilities

5 years

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

7

$35,000 Scrubber Tranche

Line of Credit Facility

Maximum borrowing capacity

$ 35,000

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

17

Drawdowns during the period

$ 11,250

$ 12,200

$ 9,300

$ 32,750

Amount of periodic payment

$ 2,339

DEBT - $133 Million Credit Faci

DEBT - $133 Million Credit Facility (Details) - Secured Debt	Jun. 15, 2020USD ($)	Jun. 11, 2020USD ($)	Aug. 14, 2018USD ($)item	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
$108 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity			$ 108,000,000
Term of facilities			5 years
$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
$133 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity				$ 133,000,000		$ 133,000,000
Drawdowns during the period						24,000,000
Remaining borrowing capacity				1,000,000		1,000,000
Repayment of secured debt				$ 1,700,000	$ 1,580,000	$ 3,280,000	$ 3,160,000
Revolver
Line of Credit Facility
Maximum borrowing capacity		$ 25,000,000
Minimum amounts of borrowings		1,000
Consecutive quarterly commitment reductions		$ 1,900,000
Threshold percentage of ratio of outstanding loan to aggregate appraised value of collateral vessels.		60.00%
Drawdowns during the period	$ 24,000,000
Revolver | LIBOR
Line of Credit Facility
Applicable margin over reference rate for interest payable		3.00%

DEBT - Interest Rates (Details)

DEBT - Interest Rates (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest rates on debt
Effective Interest Rate (as a percent)	3.62%	5.43%	4.22%	5.50%
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	2.67%	4.90%	2.67%	4.90%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	4.57%	5.50%	5.05%	5.76%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair value of financial instruments
Principal amount of floating rate debt	$ 494,474	$ 495,824
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	127,722	155,889
Restricted cash	15,170	6,360
Principal amount of floating rate debt	494,474	495,824
Fair value
Fair value of financial instruments
Cash and cash equivalents	127,722	155,889
Restricted cash	15,170	6,360
Principal amount of floating rate debt	$ 494,474	$ 495,824

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)item	Dec. 31, 2019USD ($)
Fair value of financial instruments
Impairment of operating lease right of use asset		$ 223,000		$ 223,000
Fair Value, Measurements, Nonrecurring
Fair value of financial instruments
Number of vessels written down as part of impairment	0	3	14	3
Impairment of operating lease right of use asset	$ 0		$ 0
Fair Value, Measurements, Nonrecurring | Level 3
Fair value of financial instruments
Financial assets	0		0		$ 0
Financial liabilities	$ 0		$ 0		$ 0

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 11,206	$ 26,040
Accrued general and administrative expenses	2,849	4,105
Accrued vessel operating expenses	10,016	19,459
Total accounts payable and accrued expenses	$ 24,071	$ 49,604

VOYAGE REVENUES (Details)

VOYAGE REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income statement
Lease, Practical Expedient, Lessor Single Lease Component	true		true
Lease revenue	$ 11,983	$ 25,852	$ 31,134	$ 49,242
Voyage Revenue	62,223	57,698	141,408	127,772
Total voyage revenues	74,206	83,550	172,542	177,014
Voyage
Income statement
Total voyage revenues	$ 74,206	$ 83,550	$ 172,542	$ 177,014

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
LEASES
Sublease income	$ 306	$ 0	$ 612	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 21, 2018item	Dec. 31, 2018USD ($)item	Dec. 31, 2019USD ($)item	Jun. 30, 2020USD ($)
Purchase commitment
Vessel assets			$ 1,273,861	$ 1,109,341
Purchase Agreements for BWTS
Purchase commitment
Number of vessels to receive ballast water treatments systems | item		42
Vessel assets			$ 12,783	16,049
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			16
Vessel assets			$ 41,270	$ 42,621

STOCK-BASED COMPENSATION - 2014

STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan - Warrants $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Feb. 25, 2020$ / shares	Dec. 31, 2019shares	Aug. 07, 2014itemshares
Stock Awards
Number of tranches | item							3
Amortization expense | $	$ 0	$ 0	$ 0	$ 0
Weighted Average Fair Value
Warrants outstanding | shares	8,557,461		8,557,461			8,557,461
Exercisable (in dollars per share) | $ / shares	$ 281.82		$ 281.82
Weighted average remaining contractual life, exercisable			1 month 6 days
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $	$ 0		$ 0
$240.89 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares							238,066
Exercise price per share, as adjusted by dividends | $ / shares					$ 240.89221
$267.11 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares							246,701
Exercise price per share, as adjusted by dividends | $ / shares					267.11051
$317.87 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards | shares							370,979
Exercise price per share, as adjusted by dividends | $ / shares					$ 317.87359

STOCK-BASED COMPENSATION - 2015

STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - Stock Options - USD ($) $ / shares in Units, $ in Thousands	Feb. 25, 2020	Mar. 04, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock options
Vesting percentage of awards	33.33%
Vesting period	3 years
Unrecognized compensation cost
Unamortized compensation cost			$ 879		$ 879
Future amortization of stock based compensation
Remainder of 2020			389		389
2021			367		367
2022			111		111
2023			$ 12		$ 12
Number of Options
Outstanding at beginning of period (in shares)					322,279
Granted (in shares)	344,568	240,540			344,568
Exercisable (in shares)					(119,923)
Forfeited (in shares)					(3,378)
Outstanding at end of period (in shares)			543,546		543,546
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)					$ 9.41
Granted (in dollars per share)	$ 7.06	$ 8.39			7.06
Exercisable (in dollars per share)					9.87
Forfeited (in dollars per share)					8.07
Outstanding at end of period (in dollars per share)			$ 7.83		7.83
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)					4.72
Granted (in dollars per share)	$ 2.01				2.01
Exercisable (in dollars per share)					5.05
Forfeited (in dollars per share)					3.76
Outstanding at end of period (in dollars per share)			2.94		2.94
Weighted Average Exercise Price Of Outstanding Options			$ 8.86		$ 8.86
Options Outstanding, Weighted Average Remaining Contractual Life					5 years 2 months 19 days
Options Exercisable, Number of options			293,792		293,792
Options Exercisable, Weighted Average Exercise Price			$ 10.78		$ 10.78
Options Exercisable, Weighted Average Remaining Contractual Life					3 years 6 months 3 days
Aggregate fair value	$ 693	$ 904
Stock options outstanding - nonvested and exercisable			837,338		837,338		496,148
Assumptions and Methodology
Weighted average volatility rate (as a percent)	53.91%
Risk-free interest rate ( as a percent)	1.41%
Dividend rate ( as a percent)	7.13%
Expected life (in years)	4 years
General and Administrative Expense
Stock options
Amortization expense			$ 192	$ 229	$ 397	$ 411

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	Feb. 25, 2020	May 15, 2019	Mar. 04, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock Awards
Number of common shares outstanding in respect of RSUs				373,588		373,588		326,247
Number of Shares
Balance at the beginning of the period (in shares)						162,096
Granted (in shares)	173,749	29,580	106,079			178,385
Vested (in shares)						(50,672)
Forfeited (in shares)						(1,490)
Balance at the end of the period (in shares)				288,319		288,319
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)						$ 9.26
Granted (in dollars per share)						7
Vested (in dollars per share)						9.45
Forfeited (in dollars per share)						8.39
Balance at the end of the period (in dollars per share)				$ 7.83		$ 7.83
Weighted-average remaining contractual life						2 years 14 days
Additional disclosures
Total fair value of shares vested						$ 352	$ 230
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost				$ 1,274		$ 1,274
Weighted-average period for recognition of unrecognized compensation cost						2 years 14 days
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense				$ 284	$ 340	$ 560	$ 610
Vested RSUs
Number of Shares
Number of shares vested				472,895		472,895
Weighted Average Fair Value
Vested (in dollars per share)						$ 11.25
Other Individuals
Stock Awards
Vesting period of awards						3 years

SUBSEQUENT EVENTS (Details)

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

Aug. 05, 2020

Jul. 31, 2020

Jul. 15, 2020

Jul. 07, 2020

Feb. 25, 2020

May 15, 2019

Mar. 04, 2019

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Subsequent Events

Dividends declared per share of common stock

$ 0.02

$ 0.175

Loss on disposal of vessels

$ 486

$ (611)

Restricted Cash and Cash Equivalents, Current

$ 14,855

$ 14,855

$ 6,045

2015 EIP Plan | Restricted Stock Units

Subsequent Events

Granted (in shares)

173,749

29,580

106,079

178,385

Aggregate fair value

$ 1,227

$ 255

$ 890

Subsequent Event

Subsequent Events

Dividends declared per share of common stock

$ 0.02

Aggregate amount of dividend

$ 800

Subsequent Event | Baltic Breeze

Subsequent Events

Sale of assets

$ 7,900

Broker commission (as a percent)

2.00%

Subsequent Event | Baltic Wind

Subsequent Events

Sale of assets

$ 7,750

Broker commission (as a percent)

2.00%

Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Breeze

Subsequent Events

Restricted Cash and Cash Equivalents, Current

$ 4,797

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

360 days

Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Wind

Subsequent Events

Restricted Cash and Cash Equivalents, Current

$ 4,575

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

360 days

Subsequent Event | 2015 EIP Plan | Restricted Stock Units

Subsequent Events

Granted (in shares)

42,642

Aggregate fair value

$ 255

Subsequent Event | 2015 EIP Plan | Restricted Stock Units | Maximum

Subsequent Events

Vesting period

14 months

Subsequent Event | Forecast | Baltic Breeze | Minimum

Subsequent Events

Loss on disposal of vessels

$ 200

Subsequent Event | Forecast | Baltic Breeze | Maximum

Subsequent Events

Loss on disposal of vessels

400

Subsequent Event | Forecast | Baltic Wind | Minimum

Subsequent Events

Loss on disposal of vessels

200

Subsequent Event | Forecast | Baltic Wind | Maximum

Subsequent Events

Loss on disposal of vessels

$ 400