Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-33393 | ||
Entity Registrant Name | GENCO SHIPPING & TRADING LIMITED | ||
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 $.01 per share | ||
Trading Symbol | GNK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 109.1 | ||
Entity Common Stock, Shares Outstanding | 41,801,753 | ||
Entity Central Index Key | 0001326200 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 143,872 | $ 155,889 |
Restricted cash | 35,492 | 6,045 |
Due from charterers, net of a reserve of $669 and $1,064, respectively | 12,991 | 13,701 |
Prepaid expenses and other current assets | 10,856 | 10,049 |
Inventories | 21,583 | 27,208 |
Vessels held for sale | 22,408 | 10,303 |
Total current assets | 247,202 | 223,195 |
Noncurrent assets: | ||
Vessels, net of accumulated depreciation of $204,201 and $288,373, respectively | 919,114 | 1,273,861 |
Vessels held for exchange | 38,214 | |
Deferred drydock, net of accumulated amortization of $8,124 and $11,862 respectively | 14,689 | 17,304 |
Fixed assets, net of accumulated depreciation and amortization of $2,266 and $2,154, respectively | 6,393 | 5,976 |
Operating lease right-of-use assets | 6,882 | 8,241 |
Restricted cash | 315 | 315 |
Total noncurrent assets | 985,607 | 1,305,697 |
Total assets | 1,232,809 | 1,528,892 |
Current liabilities: | ||
Accounts payable and accrued expenses | 22,793 | 49,604 |
Current portion of long-term debt | 80,642 | 69,747 |
Deferred revenue | 8,421 | 6,627 |
Current operating lease liabilities | 1,765 | 1,677 |
Total current liabilities: | 113,621 | 127,655 |
Noncurrent liabilities: | ||
Long-term operating lease liabilities | 8,061 | 9,826 |
Contract Liability | 7,200 | |
Long-term debt, net of deferred financing costs of $9,653 and $13,094, respectively | 358,933 | 412,983 |
Total noncurrent liabilities | 374,194 | 422,809 |
Total liabilities | 487,815 | 550,464 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, par value $0.01; 500,000,000 shares authorized; 41,801,753 and 41,754,413 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | 418 | 417 |
Additional paid-in capital | 1,713,406 | 1,721,268 |
Accumulated deficit | (968,830) | (743,257) |
Total equity | 744,994 | 978,428 |
Total liabilities and equity | $ 1,232,809 | $ 1,528,892 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Due from charterers, reserve | $ 669 | $ 1,064 |
Noncurrent assets: | ||
Vessels, accumulated depreciation | 204,201 | 288,373 |
Deferred drydock, accumulated amortization | 8,124 | 11,862 |
Fixed assets, accumulated depreciation and amortization | 2,266 | 2,154 |
Deferred financing costs, noncurrent | $ 9,653 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Revenues | $ 355,560 | $ 389,496 | $ 367,522 |
Operating expenses: | |||
Voyage expenses | 156,985 | 173,043 | 114,855 |
Vessel operating expenses | 87,420 | 96,209 | 97,427 |
Charter hire expenses | 10,307 | 16,179 | 1,534 |
General and administrative expenses (inclusive of nonvested stock amortization expense of $2,026, $2,057 and $2,231, respectively) | 21,266 | 24,516 | 23,141 |
Technical management fees | 6,961 | 7,567 | 8,000 |
Depreciation and amortization | 65,168 | 72,824 | 68,976 |
Impairment of vessel assets | 208,935 | 27,393 | 56,586 |
Loss (gain) on sale of vessels | 1,855 | 168 | (3,513) |
Total operating expenses | 558,897 | 417,899 | 367,006 |
Operating loss | (203,337) | (28,403) | 516 |
Other (expense) income: | |||
Other (expense) income | (851) | 501 | 367 |
Interest income | 1,028 | 4,095 | 3,801 |
Interest expense | (22,413) | (31,955) | (33,091) |
Impairment of right-of-use asset | (223) | ||
Loss on debt extinguishment | (4,533) | ||
Other expense | (22,236) | (27,582) | (33,456) |
Net loss | $ (225,573) | $ (55,985) | $ (32,940) |
Net loss per share-basic | $ (5.38) | $ (1.34) | $ (0.86) |
Net loss per share-diluted | $ (5.38) | $ (1.34) | $ (0.86) |
Weighted average common shares outstanding-basic | 41,907,597 | 41,762,893 | 38,382,599 |
Weighted average common shares outstanding-diluted | 41,907,597 | 41,762,893 | 38,382,599 |
Voyage | |||
Revenues: | |||
Revenues | $ 355,560 | $ 389,496 | $ 367,522 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations | |||
Nonvested stock amortization expenses | $ 2,026 | $ 2,057 | $ 2,231 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Loss | |||
Net loss | $ (225,573) | $ (55,985) | $ (32,940) |
Other comprehensive income | 0 | 0 | 0 |
Comprehensive loss | $ (225,573) | $ (55,985) | $ (32,940) |
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, 2017 | $ 345 | $ 1,628,355 | $ (654,332) | $ 974,368 |
Increase (Decrease) in Shareholders' Equity | ||||
Net loss | (32,940) | (32,940) | ||
Issuance of 7,015,000 shares of common stock | 70 | 109,578 | 109,648 | |
Issuance of shares of vested RSUs | 1 | (1) | ||
Nonvested stock amortization | 2,231 | 2,231 | ||
Balance at the end at Dec. 31, 2018 | 416 | 1,740,163 | (687,272) | 1,053,307 |
Increase (Decrease) in Shareholders' Equity | ||||
Net loss | (55,985) | (55,985) | ||
Issuance of shares of vested RSUs | 1 | (1) | ||
Cash dividends declared | (20,951) | (20,951) | ||
Nonvested stock amortization | 2,057 | 2,057 | ||
Balance at the end at Dec. 31, 2019 | 417 | 1,721,268 | (743,257) | 978,428 |
Increase (Decrease) in Shareholders' Equity | ||||
Net loss | (225,573) | (225,573) | ||
Issuance of 47,341 shares of vested RSUs, net of forfeitures of 1,490 shares | 1 | (1) | ||
Cash dividends declared | (9,887) | (9,887) | ||
Nonvested stock amortization | 2,026 | 2,026 | ||
Balance at the end at Dec. 31, 2020 | $ 418 | $ 1,713,406 | $ (968,830) | $ 744,994 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issuance of shares of RSUs (in shares) | 109,943 | 97,466 | |
Issuance of shares of RSUs, net (in shares) | 47,341 | ||
Forfeited (in shares) | 1,490 | ||
Dividends declared per share | $ 0.235 | $ 0.50 | |
Common Stock | |||
Issuance of stock (in shares) | 7,015,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (225,573) | $ (55,985) | $ (32,940) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 65,168 | 72,824 | 68,976 |
Amortization of deferred financing costs | 3,903 | 3,788 | 3,035 |
Payment of PIK interest | (5,341) | ||
Noncash operating lease expense | 1,359 | 1,246 | |
Amortization of nonvested stock compensation expense | 2,026 | 2,057 | 2,231 |
Impairment of right-of-use asset | 223 | ||
Impairment of vessel assets | 208,935 | 27,393 | 56,586 |
Loss (gain) on sale of vessels | 1,855 | 168 | (3,513) |
Loss on debt extinguishment | 4,533 | ||
Insurance proceeds for protection and indemnity claims | 569 | 494 | 303 |
Insurance proceeds for loss of hire claims | 78 | 58 | |
Change in assets and liabilities: | |||
Decrease (Increase) in due from charterers | 710 | 8,605 | (10,099) |
Increase in prepaid expenses and other current assets | (1,938) | (789) | (6,626) |
Decrease (increase) in inventories | 5,625 | 2,340 | (14,215) |
Decrease in other noncurrent assets | 514 | ||
(Decrease) increase in accounts payable and accrued expenses | (17,355) | 13,172 | 2,571 |
Increase in deferred revenue | 1,794 | 223 | 1,190 |
Decrease in operating lease liabilities | (1,677) | (1,592) | |
Increase in deferred rent | 880 | ||
Deferred drydock costs incurred | (8,583) | (14,641) | (2,236) |
Net cash provided by operating activities | 36,896 | 59,526 | 65,907 |
Cash flows from investing activities: | |||
Purchase of vessels and ballast water treatment systems, including deposits | (4,485) | (13,960) | (241,872) |
Purchase of scrubbers (capitalized in Vessels) | (10,973) | (31,750) | |
Purchase of other fixed assets | (4,580) | (4,714) | (1,462) |
Net proceeds from sale of vessels | 56,993 | 26,963 | 44,330 |
Insurance proceeds for hull and machinery claims | 484 | 612 | 3,629 |
Net cash provided by (used in) investing activities | 37,439 | (22,849) | (195,375) |
Cash flows from financing activities: | |||
Payment of debt extinguishment costs | (2,962) | ||
Proceeds from issuance of common stock | 110,249 | ||
Payment of common stock issuance costs | (105) | (496) | |
Cash dividends paid | (9,847) | (20,877) | |
Payment of deferred financing costs | (462) | (611) | (11,845) |
Net cash (used in) provided by financing activities | (56,905) | (77,189) | 127,283 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 17,430 | (40,512) | (2,185) |
Cash, cash equivalents and restricted cash at beginning of period | 162,249 | 202,761 | 204,946 |
Cash, cash equivalents and restricted cash at end of period | 179,679 | 162,249 | 202,761 |
Secured Debt | $133 Million Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from credit facility | 24,000 | 108,000 | |
Repayment of secured debt | (9,160) | (6,320) | (1,580) |
Secured Debt | $495 Million Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from credit facility | 11,250 | 21,500 | 460,000 |
Repayment of secured debt | $ (72,686) | $ (70,776) | (15,000) |
Secured Debt | $400 Million Credit Facility | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Payment of PIK interest | (5,341) | ||
Cash flows from financing activities: | |||
Repayment of secured debt | (399,600) | ||
Secured Debt | $98 Million Credit Facility | |||
Cash flows from financing activities: | |||
Repayment of secured debt | (93,939) | ||
Secured Debt | 2014 Term Loan Facilities | |||
Cash flows from financing activities: | |||
Repayment of secured debt | $ (25,544) |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
GENERAL INFORMATION | |
GENERAL INFORMATION | 1 - GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2020, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.” 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 any future 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 and the timing of wide-scale vaccine distribution 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. On June 19, 2018, the Company closed an equity offering of 7,015,000 shares of common stock at an offering price of $16.50 per share. The Company received net proceeds of $109,648 after deducting underwriters’ discounts and commissions and other expenses. Other General Information As of December 31, 2020, 2019 and 2018, the Company’s fleet consisted of 47, 55 and 59 vessels, respectively. Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2020: Wholly Owned Subsidiaries Vessel Acquired Dwt Delivery Date Year Built Genco Augustus Limited Genco Augustus 180,151 8/17/07 2007 Genco Tiberius Limited Genco Tiberius 175,874 8/28/07 2007 Genco London Limited Genco London 177,833 9/28/07 2007 Genco Titus Limited Genco Titus 177,729 11/15/07 2007 Genco Warrior Limited Genco Warrior 55,435 12/17/07 2005 Genco Predator Limited Genco Predator 55,407 12/20/07 2005 Genco Hunter Limited Genco Hunter 58,729 12/20/07 2007 Genco Constantine Limited Genco Constantine 180,183 2/21/08 2008 Genco Hadrian Limited Genco Hadrian 169,025 12/29/08 2008 Genco Commodus Limited Genco Commodus 169,098 7/22/09 2009 Genco Maximus Limited Genco Maximus 169,025 9/18/09 2009 Genco Claudius Limited Genco Claudius 169,001 12/30/09 2010 Genco Avra Limited Genco Avra 34,391 5/12/11 2011 Genco Mare Limited Genco Mare 34,428 7/20/11 2011 Genco Spirit Limited Genco Spirit 34,432 11/10/11 2011 Genco Aquitaine Limited Genco Aquitaine 57,981 8/18/10 2009 Genco Ardennes Limited Genco Ardennes 58,018 8/31/10 2009 Genco Auvergne Limited Genco Auvergne 58,020 8/16/10 2009 Genco Bourgogne Limited Genco Bourgogne 58,018 8/24/10 2010 Genco Brittany Limited Genco Brittany 58,018 9/23/10 2010 Genco Languedoc Limited Genco Languedoc 58,018 9/29/10 2010 Genco Lorraine Limited Genco Lorraine 53,417 7/29/10 2009 Genco Picardy Limited Genco Picardy 55,257 8/16/10 2005 Genco Provence Limited Genco Provence 55,317 8/23/10 2004 Genco Pyrenees Limited Genco Pyrenees 58,018 8/10/10 2010 Genco Rhone Limited Genco Rhone 58,018 3/29/11 2011 Genco Weatherly Limited Genco Weatherly 61,556 7/26/18 2014 Genco Columbia Limited Genco Columbia 60,294 9/10/18 2016 Genco Endeavour Limited Genco Endeavour 181,060 8/15/18 2015 Genco Resolute Limited Genco Resolute 181,060 8/14/18 2015 Genco Defender Limited Genco Defender 180,021 9/6/18 2016 Genco Liberty Limited Genco Liberty 180,032 9/11/18 2016 Genco Magic Limited Genco Magic 63,446 12/23/20 2014 Baltic Lion Limited Baltic Lion 179,185 4/8/15 (1) 2012 Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) 2011 Baltic Leopard Limited Baltic Leopard 53,446 4/8/10 2009 Baltic Panther Limited Baltic Panther 53,350 4/29/10 2009 Baltic Cougar Limited Baltic Cougar 53,432 5/28/10 2009 Baltic Bear Limited Baltic Bear 177,717 5/14/10 2010 Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 2010 Baltic Cove Limited Baltic Cove 34,403 8/23/10 2010 Baltic Fox Limited Baltic Fox 31,883 9/6/13 2010 Baltic Hare Limited Baltic Hare 31,887 9/5/13 2009 Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 2014 Baltic Wasp Limited Baltic Wasp 63,389 1/2/15 2015 Baltic Scorpion Limited Baltic Scorpion 63,462 8/6/15 2015 Baltic Mantis Limited Baltic Mantis 63,470 10/9/15 2015 (1) The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter. Segment reporting The Company reports financial information and evaluates its operations by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in Revenue recognition Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Time charters A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). The Company records time charter revenues, including spot market-related time charters, over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 (as defined under “Recent accounting pronouncements” below) because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use. The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 (as defined under “Recent accounting pronouncements” below). Refer to Spot market voyage charters In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2020, 2019 and 2018 is not material. Revenue for spot market voyage charters is recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. 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 12 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 Loss on debt extinguishment During the year ended December 31, 2018, the Company recorded $4,533 related to the loss on the extinguishment of debt in accordance with Accounting Standards Codification (“ASC”) 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility on June 5, 2018 as described in Note 7 — Debt. Due from charterers, net Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2020 and 2019, the Company had a reserve of primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available. Inventories Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method. Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred. Charter hire expenses During the second quarter of 2018, the Company began chartering-in third party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The Company recorded Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the years ended December 31, 2020, 2019 and 2018 was $58,008, $66,351 and $64,012 , respectively. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the vessel noted in lwt. Vessels held for sale 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 November 3, 2020, November 27, 2020 and November 30, 2020, the Company entered into agreements to sell the Baltic Panther, the Baltic Hare and the Baltic Cougar, respectively. The relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The Baltic Panther, the Baltic Hare and the Baltic Cougar were sold on January 4, 2021, January 15, 2021 and February 24, 2021, respectively. 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 Consolidated Balance Sheet as of December 31, 2019. The vessel was sold on March 5, 2020. Refer to Note 4 Vessels held for exchange , after recognition of impairment. This includes the vessel assets for the Baltic Cove, the Baltic Fox, the Genco Avra, the Genco Mare and the Genco Spirit. These vessels were exchanged during the first quarter of 2021. Contract liability Ultramax vessels owned by the counterparty. As of December 31, 2020, the Company completed the exchange of Ultramax vessel, the Genco Magic. The contract liability represents the excess of fair value of the vessels received as of December 31, 2020 over the fair value of the vessel contributed to the counterparty. The exchange of the remainder of the vessels under the agreement were completed during the first quarter of 2021. Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2 Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2020, 2019 and 2018 was $1,562, $989 and $335 , respectively. Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2020, 2019 and 2018 was $5,598, $5,484 and $4,629 , respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred. Impairment of long-lived assets During the years ended December 31, 2020, 2019 and 2018, the Company recorded $208,935, $27,393 and $56,586 , respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. When the Company performs its analysis of the anticipated undiscounted future net cash flows, the Company utilizes various assumptions based on historical trends. Specifically, the Company utilizes the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing. For periods of time during which the Company’s vessels are not fixed on time charters or spot market voyage charters, the Company utilizes an estimated daily time charter equivalent for the vessels’ unfixed days based on the most recent ten year historical one-year time charter average. In addition, the Company considers the current market rate environment and, if necessary, will adjust its estimates of future undiscounted cash flows to reflect the current rate environment. The projected undiscounted future net cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, On January 22, 2021, the Company entered into an agreement to sell the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $7,950 less a 2.5% commission payable to a third party. Additionally, on January 25, 2021, the Company entered into an agreement to sell the Baltic Leopard, a 2009-built Supramax vessel, to a third party for $8,000 less a 2.0% commission payable to a third party. As the undiscounted cash flows, including the net sales price, did not exceed the net book value of the Genco Lorraine and Baltic Leopard as of December 31, 2020, the vessels values for the Genco Lorraine and Baltic Leopard were adjusted to their net sales prices of as of December 31, 2020, respectively. This resulted in an impairment loss of As of December 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for nine of its Supramax vessels, the Genco Aquitaine, the Genco Ardennes, the Genco Auvergne, the Genco Bourgogne, the Genco Brittany, the Genco Hunter, the Genco Languedoc, the Genco Pyrenees and the Genco Rhone, did not exceed the net book value of these vessels. The Company adjusted the carrying value of these vessels to their respective fair market values as of December 31, 2020 which resulted in an impairment loss of $67,200 during the year ended December 31, 2020. On December 17, 2020, the Company entered into an agreement to acquire three Ultramax vessels in exchange for six of our Handysize vessels. The Handysize vessels include the Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, and the Genco Avra, the Genco Mare and the Genco Spirit, all 2011-built Handysize vessels. The values for these On November 30, 2020, the Company entered into an agreement to sell the Genco Cougar, a 2009-built Supramax vessel, to a third party for $7,600 less a 3.0% commission payable to a third party. Therefore, the vessel value for the Baltic Cougar was adjusted to its net sales price of $7,372 as of December 31, 2020. This resulted in an impairment loss of $790 during the year ended December 31, 2020. On November 27, 2020, the Company entered into an agreement to sell the Baltic Hare, a 2009-built Handysize vessel, to a third party for $7,750 less a 2.0% commission payable to a third party. Therefore, the vessel value for the Baltic Hare was adjusted to its net sales price of $7,595 as of December 31, 2020. This resulted in an impairment loss of $769 during the year ended December 31, 2020. On November 3, 2020, the Company entered into an agreement to sell the Baltic Panther, a 2009-built Supramax vessel, to a third party for $7,510 less a 3.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2020, the vessel value for the Baltic Panther was adjusted to its net sales price of $7,285 as of September 30, 2020. This resulted in an impairment loss of $3,713 during the year ended December 31, 2020. On October 16, 2020, the Company entered into an agreement to sell the Genco Loire, a 2009-built Supramax vessel, to a third party for $7,650 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2020, the vessel value for the Genco Loire was adjusted to its net sales price of $7,497 as of September 30, 2020. This resulted in an impairment loss of $3,408 during the year ended December 31, 2020. On September 30, 2020, the Company determined that the expected estimated future undiscounted cash flows for three of its Supramax vessels, the Genco Lorraine, the Baltic Cougar and the Baltic Leopard, did not exceed the net book value of these vessels as of September 30, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of September 30, 2020. This resulted in an impairment loss of $7,963 during the year ended December 31, 2020. On September 25, 2020, the Company entered into an agreement to sell the Baltic Jaguar, a 2009-built Supramax vessel, to a third party for $7,300 less a 3.0% commission payable to a third party. Therefore, the vessel value for the Baltic Jaguar was adjusted to its net sales price of $7,081 as of September 30, 2020. This resulted in an impairment loss of $4,140 during the year ended December 31, 2020. On September 17, 2020, the Company entered in an agreement to sell the Genco Normandy, a 2007-built Supramax vessel, to a third party for $5,850 less a 2.0% commission payable to a third party. Therefore, the vessel value for the Genco Normandy was adjusted to its net sales price of $5,733 as of September 30, 2020. This resulted in an impairment loss of $2,679 during the year ended December 31, 2020. 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 $27,055 during the year ended December 31, 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 three 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 $85,768 during the year ended December 31, 2020. On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of December 31, 2019, the vessel value for the Genco Charger was adjusted to its net sales price of $5,099 as of December 31, 2019. This resulted in an impairment loss of $1,314 during the year ended December 31, 2019. On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, to a third party for $10,200 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2019, the vessel value for the Genco Raptor was adjusted to its net sales price of $9,996 as of September 30, 2019. This resulted in an impairment loss of $5,812 during the year ended December 31, 2019. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Thunder was adjusted to its net sales price of $10,192 as of September 30, 2019. This resulted in an impairment loss of $5,749 during the year ended December 31, 2019. On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Champion was adjusted to its net sales price of $6,402 as of September 30, 2019. This resulted in an impairment loss of $621 during the year ended December 31, 2019. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the year ended December 31, 2019. At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019. As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019. This resulted in an impairment loss of $9,496 during the year ended December 31, 2019. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the year ended December 31, 2018. On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2018. This resulted in an impairment loss of $56,402 during the year ended December 31, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of the aforementioned vessels. Loss (gain) on sale of vessels During the years ended December 31, 2020, 2019 and 2018, the Company recorded net (losses) gains of ($1,855), ($168) and $3,513 , respectively, related to the sale of vessels. The net gain recognized during the year ended December 31, 2018 related primarily to the sale of the Genco Progress, the Genco Cavalier, the Genco Explorer, the Genco Muse, the Genco Beauty and the Genco Knight. Deferred financing costs Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statements of Operations. Cash and cash equivalents The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Restricted Cash Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: December 31, December 31, 2020 2019 Cash and cash equivalents $ 143,872 $ 155,889 Restricted cash - current 35,492 6,045 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 179,679 $ 162,249 United States Gross Transportation Tax Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below. The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock. Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2020, 2019 and 2018. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the years ended December 31, 2020, 2019 and 2018, the Company qualified for |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
CASH FLOW INFORMATION | |
CASH FLOW INFORMATION | 3 - CASH FLOW INFORMATION For the year ended December 31, 2020, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $857 for the Purchase of vessels and ballast water treatment systems, including deposits, $5 for the Purchase of scrubbers, $142 for the Purchase of other fixed assets and $99 for the Net proceeds from sale of vessels. For the year ended December 31, 2020, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $114 for Cash dividends paid. For the year ended December 31, 2019, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $548 for the Purchase of vessels and ballast water treatment systems, including deposits, $9,520 for the Purchase of scrubbers, $413 for the Purchase of other fixed assets and $118 for the Net proceeds from sale of vessels. For the year ended December 31, 2019, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of For the year ended December 31, 2018, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,228 for the Purchase of vessels and ballast water treatment systems, including deposits, $428 for the Purchase of Scrubbers, $262 for the Net proceeds from sale of vessels and $360 for the Purchase of other fixed assets. For the year ended December 31, 2018, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of During the year ended December 31, 2020, the Company made a reclassification of $22,408 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Baltic Panther, the Baltic Hare and the Baltic Cougar prior to December 31, 2020. Additionally, during the year ended December 31, 2020, the Company made a reclassification of from Vessels, net of accumulated depreciation to Vessels held for exchange as the Company entered into an agreement to exchange the Baltic Cove, the Baltic Fox, the Genco Avra, the Genco Mare and the Genco Spirit prior to December 31, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions. During the year ended December 31, 2019, the Company made a reclassification of $10,303 from Vessels, net of accumulated depreciation and Fixed assets, net of accumulated depreciation to Vessels held for sale due to the approval by the Board of Directors to sell the Genco Thunder prior to December 31, 2019. During the year ended December 31, 2018, the Company made a reclassification of $5,702 from Vessels, net of accumulated depreciation to Vessels held for sale due to the approval by the Board of Directors to sell the Genco Vigour prior to December 31, 2018. Refer to Note 4 During the years ended December 31, 2020, 2019 and 2018, cash paid for interest, excluding the PIK interest paid as a result of the refinancing of the $400 Million Credit Facility, was $18,420, $28,376 and $30,167 , respectively. Refer to Note 7 During the years ended December 31, 2020, 2019 and 2018, there was no cash paid for income taxes. 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. 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 July 15, 2020 . The aggregate fair value of these restricted stock units was On March 4, 2019, the Company issued 106,079 restricted stock units and options to purchase 240,540 shares of the Company’s stock at an exercise price of $8.065, as adjusted for the special dividend declared on November 5, 2019, to certain individuals. The fair value of these restricted stock units and stock options were $890 and $904, respectively. On May 15, 2018, the Company issued 14,268 restricted stock units to certain members of the Board of Directors. These restricted stock units vested on May 15, 2019 On February 27, 2018, the Company issued 37,436 restricted stock units and options to purchase 122,608 shares of the Company’s stock at an exercise price of $13.365, as adjusted for the special dividend declared on November 5, 2019, to certain individuals. The fair value of these restricted stock units and stock options were $512 and $926, respectively. Refer to Note 16 — Stock-Based Compensation for further information regarding the aforementioned grants. |
VESSEL ACQUISITIONS AND DISPOSI
VESSEL ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2020 | |
VESSEL ACQUISITIONS AND DISPOSITIONS | |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 - VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Exchange commission payable to a third party. The Genco Magic, a 2014-built Ultramax vessel, and the Genco Vigilant and the Genco Freedom, both 2015-built Ultramax vessels, were delivered to the Company on December 23, 2020, January 28, 2021 and February 20, 2021, respectively. The Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, were delivered to the buyers on December 29, 2020, January 30, 2021 and February 2, 2021, respectively. The Genco Spirit, the Genco Avra and the Genco Mare, all 2011-built Handysize vessels, were delivered to the buyers on February 15, 2021, February 21, 2021 and February 24, 2021, respectively. As of December 31, 2020, the vessel assets for the Baltic Cove, the Baltic Fox, the Genco Avra, the Genco Mare and the Genco Spirit have been classified as held for exchange in the Consolidated Balance Sheet. Vessel Acquisitions On June 6, 2018, the Company entered into an agreement for the en bloc purchase of four drybulk vessels, including two Capesize drybulk vessels and two Ultramax drybulk vessels for approximately $141,000. Each vessel was built with a fuel-saving “eco” engine. The Genco Resolute, a 2015-built Capesize vessel, was delivered on August 14, 2018 and the Genco Endeavour, a 2015-built Capesize vessel, was delivered on August 15, 2018. The Genco Weatherly, a 2014-built Ultramax vessel, was delivered on July 26, 2018 and the Genco Columbia, a 2016-built Ultramax vessel, was delivered on September 10, 2018. The Company utilized a combination of cash on hand and proceeds from the $133 Million Credit Facility to finance the purchase. On July 12, 2018, the Company entered into agreements to purchase two 2016-built Capesize drybulk vessels for an aggregate purchase price of $98,000. The Genco Defender was delivered on September 6, 2018, and the Genco Liberty was delivered on September 11, 2018. The Company utilized a combination of cash on hand and proceeds from the $133 Million Credit Facility to finance the purchase. Vessel Dispositions During November 2020, the Company entered into agreements to sell the Baltic Cougar, the Baltic Hare and the Baltic Panther. These vessels have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The sale of the Baltic Hare, Baltic Panther and Baltic Cougar were completed on January 15, 2021, January 4, 2021 and February 24, 2021, respectively. During the fourth quarter of 2020, the Company completed the sale of the Genco Bay, the Baltic Jaguar, the Genco Loire and the Genco Normandy on October 1, 2020, October 16, 2020, November 18, 2020 and December 8, 2020, respectively. During the third quarter of 2020, the Company completed the sale of the Baltic Wind and Baltic Breeze on July 7, 2020 and July 31, 2020, respectively. During the first quarter of 2020, the Company completed the sale of the Genco Charger and Genco Thunder on February 24, 2020 and March 5, 2020, respectively. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder. The vessel assets have been classified as held for sale in the Consolidated Balance Sheets as of December 31, 2019. As of December 31, 2020, the Genco Normandy, Genco Loire, Baltic Jaguar, Genco Bay, Baltic Breeze, Baltic Wind, Genco Thunder and Genco Charger served as collateral under the $495 Million Credit Facility; therefore $35,492 of the net proceeds received from the sale of these vessels will remain classified as restricted cash for 360 days following the respective sale dates, which has been reflected as restricted cash in the Consolidated Balance Sheet as of December 31, 2020. Refer to Note 7 — Debt for amendment to the $495 Million Credit Facility. During the fourth quarter of 2019, the Company completed the sale of the Genco Challenger, the Genco Champion and Genco Raptor on October 10, 2019, October 21, 2019 and December 10, 2019. The Genco Champion and Genco Challenger served as collateral under the $495 Million Credit Facility; therefore, from the sale of these two vessels was required to be used as a loan prepayment since a replacement vessel was not going to be added as collateral within 180 days following the sales dates. Additionally, the Genco Raptor served as collateral under the $495 Million Credit Facility. As of December 31, 2019, a total amount of was reflected as restricted cash in the Consolidated Balance Sheet for the Genco Raptor. The Company made a Note 7 — Debt for further information. On November 23, 2018, the Company entered into an agreement to sell the Genco Vigour, a 1999-built Panamax vessel, to a third party for $6,550 less a 2.0% broker commission payable to a third party. The sale was completed on January 28, 2019. On November 21, 2018, the Company entered into an agreement to sell the Genco Knight, a 1999-built Panamax vessel, to a third party for $6,200 less a 3.0% broker commission payable to a third party. The sale was completed on December 26, 2018. On November 15, 2018, the Company entered into an agreement to sell the Genco Beauty, a 1999-built Panamax vessel, to a third party for $6,560 less a 3.0% broker commission payable to a third party. The sale was completed on December 17, 2018. On October 31, 2018, the Company entered into an agreement to sell the Genco Muse, a 2001-built Handymax vessel, to a third party for $6,660 less a 2.0% broker commission payable to a third party. The sale was completed on December 5, 2018. On August 30, 2018, the Company entered into an agreement to sell the Genco Cavalier, a 2007-built Supramax vessel, to a third party for $10,000 less a 2.5% broker commission payable to a third party. The sale was completed on October 16, 2018. This vessel served as collateral under the $495 Million Credit Facility; therefore, $4,947 of the net proceeds received from the sale was required to be used as a loan prepayment under the $495 Million Credit Facility which was made on April 15, 2019. Refer to Note 7 — Debt for further information. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. The sale was completed on August 7, 2018. On June 27, 2018, the Company reached agreements to sell the Genco Explorer and the Genco Progress, both 1999-built Handysize vessels, to a third party for $5,600 each less a 3.0% broker commission payable to a third party. The sale of the Genco was With the exception of the Genco Cavalier, the aforementioned six vessels that were sold during the year ended December 31, 2018 and the Genco Vigour did not serve as collateral under any of the Company’s credit facilities; therefore the Company was not required to pay down any indebtedness with the proceeds from the sales. Refer to the “Impairment of vessel assets” and the “Loss (gain) on sale of vessels” sections in Note 2 — Summary of Significant Accounting Policies for discussion of impairment expense and the loss (gain) on sale of vessels recorded during the years ended December 31, 2020, 2019 and 2018 for the aforementioned vessels. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 12 Months Ended |
Dec. 31, 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 16 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. There were restricted stock and restricted stock units excluded from the computation of diluted net loss per share during the years ended December 31, 2020, 2019 and 2018, respectively, because they were anti-dilutive. There were The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 16 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term which commenced on the day following the Effective Date and are exercisable for one All MIP Warrants during the years ended December 31, 2020, 2019 and 2018 were excluded from the computation of diluted net loss per share because they were anti-dilutive. The MIP Warrants expired on August 7, 2020. There were equity warrants excluded from the computation of diluted net loss per share during the years ended December 31, 2020, 2019 and 2018 because they were anti-dilutive. The components of the denominator for the calculation of basic and diluted net loss per share are as follows: For the Years Ended December 31, 2020 2019 2018 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 41,907,597 41,762,893 38,382,599 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 41,907,597 41,762,893 38,382,599 Dilutive effect of warrants — — — Dilutive effect of stock options — — — Dilutive effect of restricted stock awards — — — Weighted-average common shares outstanding, diluted 41,907,597 41,762,893 38,382,599 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 6 - RELATED PARTY TRANSACTIONS During the years ended December 31, 2020, 2019 and 2018, the Company did not identify any related party transactions. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
DEBT | |
DEBT | 7 - DEBT Long-term debt consists of the following: December 31, December 31, 2020 2019 Principal amount $ 449,228 $ 495,824 Less: Unamortized debt financing costs (9,653) (13,094) Less: Current portion (80,642) (69,747) Long-term debt, net $ 358,933 $ 412,983 December 31, 2020 December 31, 2019 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $495 Million Credit Facility $ 334,288 $ 8,222 $ 395,724 $ 11,642 $133 Million Credit Facility 114,940 1,431 100,100 1,452 Total debt $ 449,228 $ 9,653 $ 495,824 $ 13,094 As of December 31, 2020 and 2019, $9,653 and $13,094 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets. Amortization expense for deferred financing costs for the years ended December 31, 2020, 2019 and 2018 was , respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations. Effective June 5, 2018, the portion of the unamortized deferred financing costs for the $400 Million Credit Facility and 2014 Term Loan Facilities that was identified as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $495 Million Credit Facility in accordance with ASC 470-50. During the year ended December 31, 2018, the Company paid of debt extinguishment costs in relation to the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility. On November 5, 2019, the Company entered into amendments with its lenders to the dividend covenants of the credit agreements for the $495 Million Credit Facility and the $133 Million Credit Facility. Under the terms of these two facilities as so amended, dividends or repurchases of our stock are subject to customary conditions. The Company may pay dividends or repurchase stock under these facilities to the extent its total cash and cash equivalents are greater than $100,000 and 18.75% of our total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment or stock repurchase if the collateral maintenance test ratio is 200% or less for such quarter, for which purpose the full commitment of up to $35,000 of the scrubber tranche under the $495 Million Credit Facility is assumed to be drawn. $133 Million Credit Facility On August 14, 2018, the Company entered into a five-year senior secured credit facility (the “$108 Million Credit Facility”) with Cré dit Agricole Corporate & Investment Bank (“CACIB”), as Structurer and Bookrunner, CACIB and Skandinaviska Enskilda Banken AB (Publ) as Mandate Lead Arrangers, CACIB as Administrative Agent and as Security Agent, and the other lenders party thereto from time to time. The Company has used proceeds from the $108 Million Credit Facility to finance a portion of the purchase price for the Ultramax vessels, which were delivered to the Company during the three months ended September 30, 2018 (refer to Note 4 — Vessel Acquisitions and Dispositions). These Credit Facility. The Company drew down a total of 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”). On June 15, 2020, the Company drew down The $133 Million Credit Facility provides for the following key terms in relation to the $108,000 tranche: ● The final maturity date is August 14, 2023. ● Borrowings bear interest at London Interbank Offered Rate (“ LIBOR ”) plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA. ● Scheduled amortization payments reflect a repayment profile whereby the facility shall have been repaid to nil when the average vessel aged of the collateral vessels reaches 20 years . Based on this, the required repayments are $1,580 per quarter commencing on December 31, 2018, with a final balloon payment on the maturity date. ● Mandatory prepayments are to be applied to remaining amortization payments pro rata, while voluntary prepayments are to be applied to remaining amortization payments in order of maturity. The $133 Million Credit Facility provides for the following key terms in relation to the $25,000 Revolver tranche: ● 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 $133 Million Credit Facility provides for the following key terms: ● Pursuant to the November 5, 2019 amendment, the Company may pay dividends or repurchase stock to the extent the Company’s total cash and cash equivalents are greater than $100,000 and 18.75% of its total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment or stock repurchase if the collateral maintenance test ratio is 200% or less for such quarter. ● Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants (including a collateral maintenance test) and other customary conditions. ● Key financial covenants are substantially similar to those under the Company’s $495 Million Credit Facility and include: ● minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness; ● minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero ; ● debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70% ; and ● collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $133 Million Credit Facility. As of December 31, 2020, there was no availability under the $133 Million Credit Facility. Total debt repayments of were made during the years ended December 31, 2020, 2019 and 2018, respectively, under the $133 Million Credit Facility. As of December 31, 2020 and 2019, the total outstanding net debt balance was As of December 31, 2020, the Company was in compliance with all of the financial covenants under the $133 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $114,940 as of December 31, 2020 under the $133 Million Credit Facility: Year Ending December 31, Total 2021 $ 14,000 2022 14,000 2023 86,940 Total debt $ 114,940 $495 Million Credit Facility On May 31, 2018, the Company entered into a five-year senior secured credit facility for an aggregate amount of up to $460,000 with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agency, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. Deutsche Bank AG Filiale Deutschlandgesch äft, and CTBC Bank Co. Ltd. are Co-Arrangers under this facility. On June 5, 2018, proceeds of $460,000 under this facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities) into one facility, and pay down the debt on seven of the Company’s oldest vessels, which have been identified for sale. On February 28, 2019, the Company entered into an Amendment and Restatement Agreement (the “Amendment”) for this credit facility (the “$495 Million Credit Facility”) with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agent, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. The Amendment provides for an additional tranche up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels. On August 28, 2019, 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. On December 7, 2020, the Company utilized $6,045 of the proceeds from the sale of the Genco Raptor which was classified as restricted cash as of December 31, 2019 as a loan prepayment under the $495 Million Credit Facility. On November 15, 2019, the Company utilized of the proceeds from the sale of the Genco Challenger and Genco Champion which were sold during the fourth quarter of 2019 as a loan prepayment under the $495 Million Credit Facility. Additionally, on April 15, 2019, the Company utilized On December 17, 2020, the Company entered into an amendment to the $495 Million Credit Facility that allowed the Company to enter into a vessel transaction in which the Company agreed to acquire three Ultramax vessels in exchange for six of the Company’s Handysize vessels. Refer to Note 4 The $495 Million Credit Facility provides for the following key terms in relation to the $460,000 tranche: ● The final maturity date is May 31, 2023. ● Borrowings bear interest at LIBOR plus 3.25% through December 31, 2018 and LIBOR plus a range of 3.00% and 3.50% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA. Original scheduled amortization payments were $15,000 per quarter commencing on December 31, 2018, with a final payment of $190,000 due on the maturity date. As a result of the loan prepayments for the vessel sales as noted above, scheduled amortization payments were recalculated in accordance with the terms of the facility. Scheduled amortization payments were revised to $14,321 which commenced on December 30, 2019, with a final payment of $182,440 due on the maturity date. ● Scheduled amortization payments may be recalculated upon the Company’s request based on changes in collateral vessels, prepayments of the loan made as a result of a collateral vessel disposition as part of the Company’s fleet renewal program, or voluntary prepayments, subject in each case to a minimum repayment profile under which the loan will be repaid to nil when the average age of the vessels serving as collateral from time to time reaches 17 years . Mandatory prepayments are applied to remaining amortization payments pro rata, while voluntary prepayments are applied to remaining amortization payments in order of maturity. ● Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants, a collateral maintenance test, and other customary conditions. The $495 Million Credit Facility provides for the following key terms in relation to the $35,000 tranche: ● The final maturity date is May 31, 2023. ● Borrowings under the tranche may be incurred pursuant to multiple drawings on or prior to March 30, 2020 in minimum amounts of $5,000 and may be used to finance up to 90% of the scrubber costs noted above. ● Borrowings under the tranche will bear interest at LIBOR plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months’ EBITDA. ● The tranche is subject to equal consecutive quarterly repayments commencing on the last day of the fiscal quarter ending March 31, 2020 in an amount reflecting a repayment profile whereby the loans shall have been repaid after four years calculated from March 31, 2020. Assuming that the full $35,000 is borrowed, each quarterly repayment amount was originally scheduled to be equal to $2,500 . However, as a result of the loan prepayments for the vessel sales as noted above, the availability under the $35,000 tranche was reduced to $34,025 . The Company drew down $32,750 and, as a result of the loan prepayments for the vessel sales as noted above, scheduled quarterly amortization repayments were revised to $2,339 which commenced on March 31, 2020, with a final payment of $1,904 due on the maturity date. The $495 Million Credit Facility provides for the following key terms: ● Pursuant to the November 5, 2019 amendment, the Company may pay dividends or repurchase stock to the extent the Company’s total cash and cash equivalents are greater than $100,000 and 18.75% of the Company’s total indebtedness, whichever is higher; if the Company cannot satisfy this condition, the Company is subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter, with the full commitment of up to $35,000 of the scrubber tranche assumed to be drawn. ● Collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral within 120 days of such sale or disposition. On February 13, 2019 and June 5, 2020, the Company entered into amendments with its lenders to extend this period to 180 days and 360 days , respectively. In addition: ● the Company must be in compliance with the collateral maintenance test; ● the replacement vessels must become collateral for the loan; and either ● the replacement vessels must have an equal or greater appraised value that the collateral vessels for which they are substituted, or ● ratio of the aggregate appraised value of the collateral vessels (including replacement vessels) to the outstanding loan amount after the collateral disposition (accounting for any prepayments of the loan by the time the replacement vessels become collateral vessels) must equal or exceed the aggregate appraised value of the collateral vessels to the outstanding loan before the collateral disposition. ● Key financial covenants include: ● minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness ( no restricted cash is required); ● minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero ; ● debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70% ; and ● collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $495 Million Credit Facility. ● Collateral includes the current vessels in the Company’s fleet other than the seven oldest vessels in the fleet which have been identified for sale, collateral vessel earnings and insurance, and time charters in excess of 24 months in respect of the collateral vessels. As of December 31, 2020, there was no availability under the $495 Million Credit Facility. Total debt repayments of were made during the years ended December 31, 2020, 2019 and 2018, respectively, under the $495 Million Credit Facility. As of December 31, 2020 and December 31, 2019, the total outstanding net debt balance was As of December 31, 2020, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $334,288 as of December 31, 2020 under the $495 Million Credit Facility: Year Ending December 31, Total 2021 $ 66,642 2022 66,642 2023 201,004 Total debt $ 334,288 Prior Credit Facilities On June 5, 2018, the $495 Million Credit Facility was used to refinance the Company’s prior credit facilities, the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities. Total debt repayments were made during the year ended December 31, 2018 under the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities, respectively. As of December 31, 2020 and 2019, there was Interest rates The following tables set forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the costs associated with unused commitment fees, if applicable. The following tables also include the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: For the Years Ended December 31, 2020 2019 2018 Effective Interest Rate 3.71 % 5.31 % 5.71 % Range of Interest Rates (excluding unused commitment fees) 2.65 % to 3.50 % 4.05 % to 5.76 % 3.83 % to 8.43 % Letter of credit In conjunction with the Company entering into a long-term office space lease (See Note 13 — Leases), the Company was required to provide a letter of credit to the landlord in lieu of a security deposit. As of September 21, 2005, the Company obtained an annually renewable unsecured letter of credit with DnB NOR Bank at a fee of per annum. During September 2015, the Company replaced the unsecured letter of credit with DnB NOR Bank with an unsecured letter of credit with Nordea Bank Finland Plc, New York and Cayman Island Branches (“Nordea”) in the same amount at a fee of per annum. The letter of credit outstanding was per annum. The letter of credit is cancelable on each renewal date provided the landlord is given minimum notice. As of December 31, 2020 and 2019, the letter of credit outstanding has been securitized by was paid by the Company to Nordea during the year ended December 31, 2015. These amounts have been recorded as restricted cash included in total noncurrent assets in the Consolidated Balance Sheets as of December 31, 2020 and 2019. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. December 31, 2020 December 31, 2019 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 143,872 $ 143,872 $ 155,889 $ 155,889 Restricted cash 35,807 35,807 6,360 6,360 Principal amount of floating rate debt 449,228 449,228 495,824 495,824 The carrying value of the borrowings under the $495 Million Credit Facility and the $133 Million Credit Facility as of December 31, 2020 and 2019 approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. Refer to Note 7 — Debt for further information regarding the Company’s credit facilities. The carrying amounts of the Company’s other financial instruments as of December 31, 2020 and 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 consolidated financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows: ● Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. ● Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. ● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the years ended December 31, 2020, 2019 and 2018, the vessels assets for 31, 2020 and 2019, respectively. Refer to “Impairment of long-lived assets,” “Vessels held for sale” and “Vessels held for exchange” sections in Note 2 — Summary of Significant Accounting Policies. Nonrecurring fair value measurements also include impairment tests conducted by the Company during the years ended December 31, 2020 and 2019 of its operating lease right-of use asset. The fair value determination for the operating lease right-of-use asset was based on third party quotes, which is considered a Level 2 input. During the year ended December 31, 2020, there was no impairment of the operating lease right-of-use assets. During the year ended December 31, 2019, the operating lease right-of-use asset was written down as part of the impairment of right-of-use asset recorded during the year ended December 31, 2019. Refer to Note 13 — Leases. The Company did not have any Level 3 financial assets or liabilities as of December 31, 2020 and 2019. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, December 31, 2020 2019 Vessel stores $ 501 $ 638 Capitalized contract costs 1,669 1,952 Prepaid items 2,998 2,870 Insurance receivable 1,917 2,039 Advance to agents 1,466 1,162 Other 2,305 1,388 Total prepaid expenses and other current assets $ 10,856 $ 10,049 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
FIXED ASSETS | |
FIXED ASSETS | 10 - FIXED ASSETS Fixed assets consist of the following: December 31, December 31, 2020 2019 Fixed assets, at cost: Vessel equipment $ 6,188 $ 7,288 Furniture and fixtures 443 467 Leasehold improvements 1,369 100 Computer equipment 659 275 Total costs 8,659 8,130 Less: accumulated depreciation and amortization (2,266) (2,154) Total fixed assets, net $ 6,393 $ 5,976 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: December 31, December 31, 2020 2019 Accounts payable $ 11,864 $ 26,040 Accrued general and administrative expenses 3,258 4,105 Accrued vessel operating expenses 7,671 19,459 Total accounts payable and accrued expenses $ 22,793 $ 49,604 |
VOYAGE REVENUE
VOYAGE REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
VOYAGE REVENUE | |
VOYAGE REVENUE | 12 – VOYAGE REVENUES Total voyage revenues includes 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 years ended December 31, 2020, 2019 and 2018, the Company earned $355,560, $389,496 and $367,522 of voyage revenue, respectively. On January 1, 2018, the Company adopted the revenue recognition guidance under ASC 606 (refer to Note 2 — Summary of Significant Accounting Policies) using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. As a result of the adoption of the new revenue recognition guidance on January 1, 2018, the Company recorded a net increase to the opening accumulated deficit of $659 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606. Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used, therefore revenue from spot market voyage charters is not within the scope of ASC 842. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered-in. The fuel consumption and any port expenses incurred prior to arrival at the load port during this period is capitalized and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Similarly, for any third party vessels that are chartered-in, the charter hire expenses during this period are capitalized and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. Refer also to Note 9 — Prepaid Expenses and Other Current Assets. During time charter agreements, including fixed rate time charters and spot market-related time charters, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. During time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Consolidated Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease. Total voyage revenue recognized in the Consolidated Statements of Operations includes the following: For the Years Ended December 31, 2020 2019 2018 Lease revenue $ 78,402 $ 108,096 $ 168,392 Spot market voyage revenue 277,158 281,400 199,130 Total voyage revenues $ 355,560 $ 389,496 $ 367,522 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
LEASES | 13 – LEASES Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011 and ended on May 1, 2018. The Company entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement. In addition, during October 2017, the Company entered into a lease for office space in Singapore that expired in January 2019. A lease was signed for a new office space in Singapore effective January 17, 2019 for a Lastly, during July 2018, the Company entered into a lease for office space in Copenhagen, which commenced on July 1, 2018 and ended on April 30, 2019. A lease was signed for a new office space in Copenhagen effective May 1, 2019 for a minimum period ending May 1, 2023. The Company adopted ASC 842 using the transition method on January 1, 2019 (refer to Note 2 — Summary of Significant Accounting Policies) and has identified the aforementioned leases as operating leases. Variable rent expense, such as utilities and escalation expenses, are excluded from the determination of the operating lease liability and the Company has deemed these insignificant. The Company used its incremental borrowing rate as the discount rate under ASC 842 since the rate implicit in the lease cannot be readily determined. On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income will be per month until September 29, 2025. The sublease income for the portion of the leased space is less than the lease payments due for the space, which has been identified as an indicator of impairment under ASC 360. As such, the right-of-use asset for the subleased portion of the space was written down to its fair value during the second quarter of 2019 which resulted in of impairment charges which has been recorded in Impairment of right-of-asset in the Consolidated Statement of Operations during the year ended December 31, 2019. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Consolidated Statements of Operations. There was of sublease income recorded during the years ended December 31, 2020 and 2019, respectively. There was There was of operating lease costs recorded during the years ended December 31, 2020 and 2019, respectively, which was recorded in General and administrative expenses in the Consolidated Statements of Operations. Supplemental Consolidated Balance Sheet information related to the Company’s operating leases as of December 31, 2020 is as follows: December 31, 2020 Operating Lease: Operating lease right-of-use asset $ 6,882 Current operating lease liabilities $ 1,765 Long-term operating lease liabilities 8,061 Total operating lease liabilities $ 9,826 Weighted average remaining lease term (years) 4.75 Weighted average discount rate 5.15 % Maturities of operating lease liabilities as of December 31, 2020 are as follows: December 31, 2020 2021 $ 2,230 2022 2,230 2023 2,378 2024 2,453 2025 1,839 Total lease payments 11,130 Less imputed interest (1,304) Present value of lease liabilities $ 9,826 Consolidated Cash Flow information related to leases are as follows: For the Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating lease $ 2,230 $ 2,230 Under the previous leasing guidance under ASC 840, rent expense pertaining to this lease for the year ended December 31, 2018 was $1,808. During the second quarter of 2018, the Company began chartering-in third-party vessels. Under ASC 842, the Company is the lessee in these agreements. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the years ended December 31, 2020, 2019 and 2018, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. Refer to Note 2 Summary of Significant Accounting Policies for the charter hire expenses recorded during the years ended December 31, 2020, 2019 and 2018 for these charter-in agreements. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 14 - COMMITMENTS AND CONTINGENCIES During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 36 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 $17,009 and $12,783 in Vessel assets in the Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively, related to BWTS additions. Capesize vessels. The Company completed scrubber installation on January 17, 2020. The cost of each scrubber varied according to the specifications of the Company’s vessels and technical aspects of the installation, among other variables. These costs are being capitalized and depreciated over the remainder of the life of the vessel. The Company recorded cumulatively in Vessel assets in the Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively, related to scrubber additions. The Company has entered into an amendment to the $495 Million Credit Facility to provide financing to cover a portion of these expenses, refer to Note 7 |
SAVINGS PLAN
SAVINGS PLAN | 12 Months Ended |
Dec. 31, 2020 | |
SAVINGS PLAN | |
SAVINGS PLAN | 15 - SAVINGS PLAN In August 2005, the Company established a 401(k) plan that is available to U.S. based full-time employees who meet the plan’s eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415 with the Company matching percent of each employee’s salary. The matching contribution vests immediately. For the years ended December 31, 2020, 2019 and 2018, the Company’s matching contributions to this plan were , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 16 - STOCK-BASED COMPENSATION 2014 Management Incentive Plan In 2014, the Company adopted the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). An aggregate of 966,806 shares of Common Stock were available for award under the MIP. Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values. On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant could be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in All warrants were fully vested and the related expense was fully amortized as of January 1, 2018 and expired on August 7, 2020. 2015 Equity Incentive Plan On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 400,000 shares of common stock (the “2015 Plan”). Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan (the “Amended 2015 Plan”). This amendment and restatement increased the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; set the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modified the change in control definition. The Company’s shareholders approved the increase in the number of shares at the Company’s 2017 Annual Meeting of Shareholders on May 17, 2017. As of December 31, 2020, the Company has awarded restricted stock units, restricted stock and stock options under the Amended 2015 Plan. Stock Options On March 23, 2017, the Company issued options to purchase 133,000 of the Company’s shares of common stock to John C. Wobensmith, Chief Executive Officer and President, with an exercise price of $10.805 per share, as adjusted for the special dividend declared on November 5, 2019. One third of the options become exercisable on each of the first three anniversaries of October 15, 2016, with accelerated vesting upon a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $6.41 per share, or $853 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 79.80% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate due to limited trading history since emergence from bankruptcy), a risk-free interest rate of 1.68%, a dividend yield of 0%, and expected life of 3.78 years (determined using the simplified method as outlined in Staff Accounting Bulletin 14 – Share-Based Payment (“SAB Topic 14”) due to lack of historical exercise data). On February 27, 2018, the Company issued options to purchase 122,608 of the Company’s shares of common stock to certain individuals with an exercise price of $13.365 per share, as adjusted for the special dividend declared on November 5, 2019. One third three On March 4, 2019, the Company issued options to purchase 240,540 of the Company’s shares of common stock to certain individuals with an exercise price of $8.065 per share, as adjusted for the special dividend declared on November 5, 2019 . One third three anniversaries of March 4, 2019, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). 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 third three For the years ended December 31, 2020, 2019 and 2018, the Company recognized amortization expense of the fair value of these options, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ 787 $ 850 $ 731 Amortization of the unamortized stock-based compensation balance of $490 as of December 31, 2020 is expected to be $367, $111 and $12 during the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes the unvested option activity for the years ended December 31, 2020, 2019 and 2018: For the Years Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Weighted Weighted Weighted Number Average Average Number Average Average Number Average Average of Exercise Fair of Exercise Fair of Exercise Fair Options Price Value Options Price Price Options Price Price Outstanding as of January 1 - Unvested 322,279 $ 9.41 4.72 166,942 $ 13.01 7.25 88,667 $ 11.13 6.41 Granted 344,568 7.06 2.01 240,540 8.33 3.76 122,608 13.69 7.55 Exercisable (119,923) 9.87 5.05 (85,203) 12.36 6.96 (44,333) 11.13 6.41 Exercised — — — — — — — — — Forfeited (3,378) 8.07 3.76 — — — — — — Outstanding as of December 31 - Unvested 543,546 $ 7.83 $ 2.94 322,279 $ 9.41 $ 4.72 166,942 $ 13.01 $ 7.25 The following table summarizes certain information about the options outstanding as of December 31, 2020: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2020 December 31, 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 4.72 293,792 $ 10.78 3.01 As of December 31, 2020 and 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”) to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of December 31, 2020 and 2019, shares, respectively, of the Company’s common stock were outstanding in respect of the RSUs. Such shares will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the Amended 2015 Plan described above. The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors. The RSUs that have been issued to other individuals vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Weighted Weighted Weighted Number of Average Grant Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price RSUs Date Price Outstanding as of January 1 162,096 $ 9.26 149,170 $ 12.42 220,129 $ 11.01 Granted 221,903 6.80 140,914 8.50 51,704 14.84 Vested (83,675) 9.07 (127,988) 12.10 (122,663) 10.92 Forfeited (1,490) 8.39 — — — — Outstanding as of December 31 298,834 $ 7.49 162,096 $ 9.26 149,170 $ 12.42 The total fair value of the RSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $550, $1,235 and $1,694 , respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2020: Unvested RSUs Vested RSUs December 31, 2020 December 31, 2020 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 298,834 $ 7.49 1.59 505,898 $ 11.07 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2020, unrecognized compensation cost of For the years ended December 31, 2020, 2019 and 2018, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ 1,239 $ 1,207 $ 1,489 Restricted Stock Under the 2015 Plan, grants of restricted common stock issued to executives ordinarily vest ratably on each of the three anniversaries of the determined vesting date. As of December 31, 2020, all restricted stock awards under the 2015 Plan were vested. The table below summarizes the Company’s nonvested stock awards for the year ended December 31, 2018 that were issued under the 2015 Plan: For the Year Ended December 31, 2018 Weighted Number of Average Grant Shares Date Price Outstanding as of January 1 6,802 $ 5.20 Granted — — Vested (6,802) 5.20 Forfeited — — Outstanding as of December 31 — $ — The total fair value of shares that vested under the 2015 Plan during the year ended December 31, 2018 was $60 . The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the years ended December 31, 2020, 2019 and 2018, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ — $ — $ 11 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2020 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | 17 - LEGAL PROCEEDINGS From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. |
UNAUDITED QUARTERLY RESULTS OF
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 18 - UNAUDITED QUARTERLY RESULTS OF OPERATIONS In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis. 2020 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, (3) (3) (3) Voyage Revenues $ 98,336 $ 74,206 $ 87,524 $ 95,495 Operating loss (113,415) (13,104) (15,666) (61,151) Net loss (120,350) (18,204) (21,098) (65,921) Net loss per share - basic (1) $ (2.87) $ (0.43) $ (0.50) $ (1.57) Net loss per share - diluted (1) $ (2.87) $ (0.43) $ (0.50) $ (1.57) Dividends declared per share $ 0.175 $ 0.02 $ 0.02 $ 0.02 Weighted average common shares outstanding - basic 41,866,357 41,900,901 41,928,682 41,933,926 Weighted average common shares outstanding - diluted 41,866,357 41,900,901 41,928,682 41,933,926 2019 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ 93,464 $ 83,550 $ 103,776 $ 108,705 Operating (loss) income (882) (27,309) (7,772) 7,560 Net (loss) income (7,801) (34,476) (14,591) 882 Net (loss) earnings per share - basic (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Net (loss) earnings per share - diluted (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Dividends declared per share $ — $ — $ — $ 0.50 Weighted average common shares outstanding - basic 41,726,106 41,742,301 41,749,200 41,832,942 Weighted average common shares outstanding - diluted 41,726,106 41,742,301 41,749,200 41,989,553 (1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period. (2) Amounts may not total to annual amounts for the years ended December 31, 2020 and 2019 as reported in the Consolidated Statements of Operations due to rounding. (3) During the quarters ended March 31, 2020, September 30, 2020 and December 31, 2020, the Company recorded $112,814 , $21,896 and $74,225 of Impairment of vessel assets, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19 - SUBSEQUENT EVENTS On February 24, 2021, the Company announced a regular quarterly dividend of $0.02 per share to be paid on or about March 17, 2021, to shareholders of record as of March 10, 2021. 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 February 23, 2021, the Company’s Board of Directors awarded grants of 103,599 RSUs and options to purchase 118,552 shares of the Company’s stock at an exercise price of $9.91 to certain individuals under the 2015 Plan. The awards generally vest ratably in one-third three On January 28, 2021 and February 20, 2021, the Company took delivery of the Genco Vigilant and the Genco Freedom, respectively, both 2015-built Ultramax vessels. On January 30, 2021 and February 2, 2021, the Company completed the exchange of the Baltic Cove and Baltic Fox, respectively, both 2010-built Handysize vessels. Additionally, on February 15, 2021, February 21, 2021 and February 24, 2021, the Company completed the exchange of the Genco Spirit, the Genco Avra and the Genco Mare, respectively, all 2011-built Handysize vessels. These vessels were exchanged pursuant to an agreement entered into by the Company on December 17, 2020 whereby the Company is to acquire Handysize vessels. Refer also to Note 4 — Vessel Acquisitions and Dispositions. On January 25, 2021, the Company entered into an agreement to sell the Baltic Leopard, a 2009-built Supramax vessel, to a third party for $8,000 less a 2.0% commission payable to a third party. The sale of the vessel is expected to be completed during the second quarter of 2021. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the year ended December 31, 2020. On January 22, 2021, the Company entered into an agreement to sell the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $7,950 less a 2.5% commission payable to a third party. The sale of the vessel is expected to be completed during the second quarter of 2021. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the year ended December 31, 2020. On January 4, 2021, the Company completed the sale of the Baltic Panther, a 2009-built Supramax vessel, to a third party for $7,510 less a 3.0% commission payable to a third party. Additionally, on January 15, 2021, the Company completed the sale of the Baltic Hare, a 2009-built Handysize vessel, to a third party for commission payable to a third party. Lastly, on February 24, 2021, the Company completed the sale of the Baltic Cougar, a 2009-built Supramax vessel, to a third party for commission payable to a third party. The vessel assets for the Baltic Panther, Baltic Hare and Baltic Cougar have been classified as held for sale in the Consolidated Balance as of December 31, 2020 at their estimated net realizable value. Refer also to Note 4 — Vessel Acquisitions and Dispositions. The Company expects to record additional losses on the sale of these vessels of approximately These vessels served as collateral under the $495 Million Credit Facility, therefore, $4,515, $4,806 and $4,515 of the net proceeds received from the sale of the Baltic Panther, the Baltic Hare and the Baltic Cougar, respectively, will remain classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such period, the Company will be required to use the proceeds as a loan prepayment. Additionally, on February 18, 2021, the Company made a |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Business geographics | Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. |
Vessel acquisitions | Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter. |
Segment reporting | Segment reporting The Company reports financial information and evaluates its operations by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in |
Revenue recognition | Revenue recognition Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Time charters A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). The Company records time charter revenues, including spot market-related time charters, over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 (as defined under “Recent accounting pronouncements” below) because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use. The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 (as defined under “Recent accounting pronouncements” below). Refer to Spot market voyage charters In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2020, 2019 and 2018 is not material. Revenue for spot market voyage charters is recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. |
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 12 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 |
Loss on debt extinguishment | Loss on debt extinguishment During the year ended December 31, 2018, the Company recorded $4,533 related to the loss on the extinguishment of debt in accordance with Accounting Standards Codification (“ASC”) 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $400 Million Credit Facility, the $98 Million Credit Facility and the 2014 Term Loan Facilities with the $495 Million Credit Facility on June 5, 2018 as described in Note 7 — Debt. |
Due from charterers, net | Due from charterers, net Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2020 and 2019, the Company had a reserve of primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available. |
Inventories | Inventories Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method. |
Vessel operating expenses | Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred. |
Charter hire expenses | Charter hire expenses During the second quarter of 2018, the Company began chartering-in third party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The Company recorded |
Vessels, net | Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the years ended December 31, 2020, 2019 and 2018 was $58,008, $66,351 and $64,012 , respectively. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the vessel noted in lwt. |
Vessels held for sale | Vessels held for sale 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 November 3, 2020, November 27, 2020 and November 30, 2020, the Company entered into agreements to sell the Baltic Panther, the Baltic Hare and the Baltic Cougar, respectively. The relevant vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The Baltic Panther, the Baltic Hare and the Baltic Cougar were sold on January 4, 2021, January 15, 2021 and February 24, 2021, respectively. 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 Consolidated Balance Sheet as of December 31, 2019. The vessel was sold on March 5, 2020. Refer to Note 4 |
Vessels held for exchange | Vessels held for exchange , after recognition of impairment. This includes the vessel assets for the Baltic Cove, the Baltic Fox, the Genco Avra, the Genco Mare and the Genco Spirit. These vessels were exchanged during the first quarter of 2021. |
Contract liability | Contract liability Ultramax vessels owned by the counterparty. As of December 31, 2020, the Company completed the exchange of Ultramax vessel, the Genco Magic. The contract liability represents the excess of fair value of the vessels received as of December 31, 2020 over the fair value of the vessel contributed to the counterparty. The exchange of the remainder of the vessels under the agreement were completed during the first quarter of 2021. |
Fixed assets, net | Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2 Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2020, 2019 and 2018 was $1,562, $989 and $335 , respectively. |
Deferred drydocking costs | Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2020, 2019 and 2018 was $5,598, $5,484 and $4,629 , respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred. |
Impairment of long-lived assets | Impairment of long-lived assets During the years ended December 31, 2020, 2019 and 2018, the Company recorded $208,935, $27,393 and $56,586 , respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. When the Company performs its analysis of the anticipated undiscounted future net cash flows, the Company utilizes various assumptions based on historical trends. Specifically, the Company utilizes the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing. For periods of time during which the Company’s vessels are not fixed on time charters or spot market voyage charters, the Company utilizes an estimated daily time charter equivalent for the vessels’ unfixed days based on the most recent ten year historical one-year time charter average. In addition, the Company considers the current market rate environment and, if necessary, will adjust its estimates of future undiscounted cash flows to reflect the current rate environment. The projected undiscounted future net cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, On January 22, 2021, the Company entered into an agreement to sell the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $7,950 less a 2.5% commission payable to a third party. Additionally, on January 25, 2021, the Company entered into an agreement to sell the Baltic Leopard, a 2009-built Supramax vessel, to a third party for $8,000 less a 2.0% commission payable to a third party. As the undiscounted cash flows, including the net sales price, did not exceed the net book value of the Genco Lorraine and Baltic Leopard as of December 31, 2020, the vessels values for the Genco Lorraine and Baltic Leopard were adjusted to their net sales prices of as of December 31, 2020, respectively. This resulted in an impairment loss of As of December 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for nine of its Supramax vessels, the Genco Aquitaine, the Genco Ardennes, the Genco Auvergne, the Genco Bourgogne, the Genco Brittany, the Genco Hunter, the Genco Languedoc, the Genco Pyrenees and the Genco Rhone, did not exceed the net book value of these vessels. The Company adjusted the carrying value of these vessels to their respective fair market values as of December 31, 2020 which resulted in an impairment loss of $67,200 during the year ended December 31, 2020. On December 17, 2020, the Company entered into an agreement to acquire three Ultramax vessels in exchange for six of our Handysize vessels. The Handysize vessels include the Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, and the Genco Avra, the Genco Mare and the Genco Spirit, all 2011-built Handysize vessels. The values for these On November 30, 2020, the Company entered into an agreement to sell the Genco Cougar, a 2009-built Supramax vessel, to a third party for $7,600 less a 3.0% commission payable to a third party. Therefore, the vessel value for the Baltic Cougar was adjusted to its net sales price of $7,372 as of December 31, 2020. This resulted in an impairment loss of $790 during the year ended December 31, 2020. On November 27, 2020, the Company entered into an agreement to sell the Baltic Hare, a 2009-built Handysize vessel, to a third party for $7,750 less a 2.0% commission payable to a third party. Therefore, the vessel value for the Baltic Hare was adjusted to its net sales price of $7,595 as of December 31, 2020. This resulted in an impairment loss of $769 during the year ended December 31, 2020. On November 3, 2020, the Company entered into an agreement to sell the Baltic Panther, a 2009-built Supramax vessel, to a third party for $7,510 less a 3.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2020, the vessel value for the Baltic Panther was adjusted to its net sales price of $7,285 as of September 30, 2020. This resulted in an impairment loss of $3,713 during the year ended December 31, 2020. On October 16, 2020, the Company entered into an agreement to sell the Genco Loire, a 2009-built Supramax vessel, to a third party for $7,650 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2020, the vessel value for the Genco Loire was adjusted to its net sales price of $7,497 as of September 30, 2020. This resulted in an impairment loss of $3,408 during the year ended December 31, 2020. On September 30, 2020, the Company determined that the expected estimated future undiscounted cash flows for three of its Supramax vessels, the Genco Lorraine, the Baltic Cougar and the Baltic Leopard, did not exceed the net book value of these vessels as of September 30, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of September 30, 2020. This resulted in an impairment loss of $7,963 during the year ended December 31, 2020. On September 25, 2020, the Company entered into an agreement to sell the Baltic Jaguar, a 2009-built Supramax vessel, to a third party for $7,300 less a 3.0% commission payable to a third party. Therefore, the vessel value for the Baltic Jaguar was adjusted to its net sales price of $7,081 as of September 30, 2020. This resulted in an impairment loss of $4,140 during the year ended December 31, 2020. On September 17, 2020, the Company entered in an agreement to sell the Genco Normandy, a 2007-built Supramax vessel, to a third party for $5,850 less a 2.0% commission payable to a third party. Therefore, the vessel value for the Genco Normandy was adjusted to its net sales price of $5,733 as of September 30, 2020. This resulted in an impairment loss of $2,679 during the year ended December 31, 2020. 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 $27,055 during the year ended December 31, 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 three 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 $85,768 during the year ended December 31, 2020. On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of December 31, 2019, the vessel value for the Genco Charger was adjusted to its net sales price of $5,099 as of December 31, 2019. This resulted in an impairment loss of $1,314 during the year ended December 31, 2019. On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, to a third party for $10,200 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of September 30, 2019, the vessel value for the Genco Raptor was adjusted to its net sales price of $9,996 as of September 30, 2019. This resulted in an impairment loss of $5,812 during the year ended December 31, 2019. On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Thunder was adjusted to its net sales price of $10,192 as of September 30, 2019. This resulted in an impairment loss of $5,749 during the year ended December 31, 2019. On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. Therefore, the vessel value for the Genco Champion was adjusted to its net sales price of $6,402 as of September 30, 2019. This resulted in an impairment loss of $621 during the year ended December 31, 2019. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the year ended December 31, 2019. At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019. As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019. This resulted in an impairment loss of $9,496 during the year ended December 31, 2019. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the year ended December 31, 2018. On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we adjusted the values of these older vessels to their respective fair market values during the year ended December 31, 2018. This resulted in an impairment loss of $56,402 during the year ended December 31, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of the aforementioned vessels. |
Loss (gain) on sale of vessels | Loss (gain) on sale of vessels During the years ended December 31, 2020, 2019 and 2018, the Company recorded net (losses) gains of ($1,855), ($168) and $3,513 , respectively, related to the sale of vessels. The net gain recognized during the year ended December 31, 2018 related primarily to the sale of the Genco Progress, the Genco Cavalier, the Genco Explorer, the Genco Muse, the Genco Beauty and the Genco Knight. |
Deferred financing costs | Deferred financing costs Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statements of Operations. |
Cash and cash equivalents | Cash and cash equivalents The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Restricted cash | Restricted Cash Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: December 31, December 31, 2020 2019 Cash and cash equivalents $ 143,872 $ 155,889 Restricted cash - current 35,492 6,045 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 179,679 $ 162,249 |
United States Gross Transportation Tax | United States Gross Transportation Tax Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below. The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock. Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2020, 2019 and 2018. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the years ended December 31, 2020, 2019 and 2018, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax. |
Income taxes | Income taxes To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate effective 2018. In addition, the Company may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50% to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in “United States Gross Transportation Tax” above) and otherwise 0% to the United States. The Company’s U.S. source shipping income would be considered effectively connected income only if: ● the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and ● substantially all of the Company’s U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S. The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company’s expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income. The Company established Genco Shipping Pte. Ltd. (“GSPL”), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise (“MSI-AIS”) status under Section 13F of the Singapore Income Tax Act (“SITA”) by the Maritime and Port Authority of Singapore. The award is for an initial period of The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate income tax rate (currently ). During the years ended December 31, 2020, 2019 and 2018, there was During 2018, the Company established Genco Shipping A/S, which is a Danish-incorporated corporation which is based in Copenhagen and considered to be a resident for tax purposes in Denmark. Genco Shipping A/S was subject to corporate taxes in Denmark a rate of during 2018, 2019 and 2020. During the years ended December 31, 2020, 2019 and 2018, Genco Shipping A/S recorded |
Deferred revenue | Deferred revenue Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. Refer to “Revenue recognition” above for description of the Company’s revenue recognition policy. |
Nonvested stock awards | Nonvested stock awards The Company follows ASC Subtopic 718-10, “Compensation — Stock Compensation” (“ASC 718-10”), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital in the Consolidated Statements of Equity. |
Accounting estimates | Accounting estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels and the fair value of derivative instruments, if any. Actual results could differ from those estimates. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned all of its voyage revenues from customers during the years ended December 31, 2020, 2019 and 2018. For the years ended December 31, 2020, 2019 and 2018, there were no customers that individually accounted for more than 10% of voyage revenues. As of December 31, 2020 and 2019, the Company maintains all of its cash and cash equivalents with five and four financial institutions, respectively. |
Fair value of financial instruments | Fair value of financial instruments The estimated fair values of the Company’s financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2020 and 2019 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 8 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt. |
Recent accounting pronouncements | Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”),” which changes the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within that year. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. The Company has evaluated the impact of the adoption of ASU 2018-03 and has determined that there is no effect on its consolidated financial statements. In 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 consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which replaced the existing guidance in ASC 840 – Leases (“ASC 840”). This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU was effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors were required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” which provided clarifications and improvements to ASC 842, including allowing entities to elect an additional transition method with which to adopt ASC 842. The approved transition method enables entities to apply the transition requirements at the effective date of ASC 842 (rather than at the beginning of the earliest comparative period presented as currently required) with the effect of the initial application of ASC 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. As a result, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, including the disclosure requirements of ASC 840. The Company adopted ASC 842 on January 1, 2019 using this transition method. The new guidance provides a number of optional practical expedients in the transition. The Company had elected the package of practical expedients, which among other things, allows the carryforward of the historical lease classification. Further, upon implementation of the new guidance, the Company has elected the practical expedients to combine lease and non-lease components and to not recognize right-of-use assets and lease liabilities for short-term leases. in the Consolidated Balance Sheets. Refer to Note 13 — Leases for further information regarding our operating lease agreement and the effect of the adoption of ASC 842 from a lessor perspective. Pursuant to ASC 842, the Company has identified revenue from its time charter agreements as lease revenue. Refer to Note 12 — Voyage revenues for additional information regarding the adoption of ASC 842 from a lessor perspective. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09” or “ASC 606”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption (the “modified retrospective transition method”). The Company adopted ASC 606 during the first quarter of 2018 using the modified retrospective transition method applied to all contracts and determined that the only impact was to spot market voyage charter contracts that were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of accumulated deficit as of January 1, 2018. Prior periods were not retrospectively adjusted. The adoption of ASC 606 did not have a financial impact on the recognition of revenue generated from time charter agreements, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenues for further discussion of the financial impact on the Company’s consolidated financial statements. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
GENERAL INFORMATION | |
Schedule of wholly owned ship-owning subsidiaries | Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2020: Wholly Owned Subsidiaries Vessel Acquired Dwt Delivery Date Year Built Genco Augustus Limited Genco Augustus 180,151 8/17/07 2007 Genco Tiberius Limited Genco Tiberius 175,874 8/28/07 2007 Genco London Limited Genco London 177,833 9/28/07 2007 Genco Titus Limited Genco Titus 177,729 11/15/07 2007 Genco Warrior Limited Genco Warrior 55,435 12/17/07 2005 Genco Predator Limited Genco Predator 55,407 12/20/07 2005 Genco Hunter Limited Genco Hunter 58,729 12/20/07 2007 Genco Constantine Limited Genco Constantine 180,183 2/21/08 2008 Genco Hadrian Limited Genco Hadrian 169,025 12/29/08 2008 Genco Commodus Limited Genco Commodus 169,098 7/22/09 2009 Genco Maximus Limited Genco Maximus 169,025 9/18/09 2009 Genco Claudius Limited Genco Claudius 169,001 12/30/09 2010 Genco Avra Limited Genco Avra 34,391 5/12/11 2011 Genco Mare Limited Genco Mare 34,428 7/20/11 2011 Genco Spirit Limited Genco Spirit 34,432 11/10/11 2011 Genco Aquitaine Limited Genco Aquitaine 57,981 8/18/10 2009 Genco Ardennes Limited Genco Ardennes 58,018 8/31/10 2009 Genco Auvergne Limited Genco Auvergne 58,020 8/16/10 2009 Genco Bourgogne Limited Genco Bourgogne 58,018 8/24/10 2010 Genco Brittany Limited Genco Brittany 58,018 9/23/10 2010 Genco Languedoc Limited Genco Languedoc 58,018 9/29/10 2010 Genco Lorraine Limited Genco Lorraine 53,417 7/29/10 2009 Genco Picardy Limited Genco Picardy 55,257 8/16/10 2005 Genco Provence Limited Genco Provence 55,317 8/23/10 2004 Genco Pyrenees Limited Genco Pyrenees 58,018 8/10/10 2010 Genco Rhone Limited Genco Rhone 58,018 3/29/11 2011 Genco Weatherly Limited Genco Weatherly 61,556 7/26/18 2014 Genco Columbia Limited Genco Columbia 60,294 9/10/18 2016 Genco Endeavour Limited Genco Endeavour 181,060 8/15/18 2015 Genco Resolute Limited Genco Resolute 181,060 8/14/18 2015 Genco Defender Limited Genco Defender 180,021 9/6/18 2016 Genco Liberty Limited Genco Liberty 180,032 9/11/18 2016 Genco Magic Limited Genco Magic 63,446 12/23/20 2014 Baltic Lion Limited Baltic Lion 179,185 4/8/15 (1) 2012 Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) 2011 Baltic Leopard Limited Baltic Leopard 53,446 4/8/10 2009 Baltic Panther Limited Baltic Panther 53,350 4/29/10 2009 Baltic Cougar Limited Baltic Cougar 53,432 5/28/10 2009 Baltic Bear Limited Baltic Bear 177,717 5/14/10 2010 Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 2010 Baltic Cove Limited Baltic Cove 34,403 8/23/10 2010 Baltic Fox Limited Baltic Fox 31,883 9/6/13 2010 Baltic Hare Limited Baltic Hare 31,887 9/5/13 2009 Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 2014 Baltic Wasp Limited Baltic Wasp 63,389 1/2/15 2015 Baltic Scorpion Limited Baltic Scorpion 63,462 8/6/15 2015 Baltic Mantis Limited Baltic Mantis 63,470 10/9/15 2015 (1) The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of restricted cash and cash equivalents | December 31, December 31, 2020 2019 Cash and cash equivalents $ 143,872 $ 155,889 Restricted cash - current 35,492 6,045 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 179,679 $ 162,249 |
Estimated Useful Lives of Fixed Assets | |
Summary of Significant Accounting Policies | |
Schedule of fixed assets, net | Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2 Computer equipment 3 years |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
NET LOSS PER SHARE | |
Components of denominator for calculation of basic and diluted net (loss) earnings per share | For the Years Ended December 31, 2020 2019 2018 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 41,907,597 41,762,893 38,382,599 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 41,907,597 41,762,893 38,382,599 Dilutive effect of warrants — — — Dilutive effect of stock options — — — Dilutive effect of restricted stock awards — — — Weighted-average common shares outstanding, diluted 41,907,597 41,762,893 38,382,599 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Line of Credit Facility | |
Schedule of components of Long-term debt | December 31, December 31, 2020 2019 Principal amount $ 449,228 $ 495,824 Less: Unamortized debt financing costs (9,653) (13,094) Less: Current portion (80,642) (69,747) Long-term debt, net $ 358,933 $ 412,983 |
Schedule of long-term debt | December 31, 2020 December 31, 2019 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $495 Million Credit Facility $ 334,288 $ 8,222 $ 395,724 $ 11,642 $133 Million Credit Facility 114,940 1,431 100,100 1,452 Total debt $ 449,228 $ 9,653 $ 495,824 $ 13,094 |
Schedule of effective interest rate and the range of interest rates on the debt | For the Years Ended December 31, 2020 2019 2018 Effective Interest Rate 3.71 % 5.31 % 5.71 % Range of Interest Rates (excluding unused commitment fees) 2.65 % to 3.50 % 4.05 % to 5.76 % 3.83 % to 8.43 % |
Secured Debt | $133 Million Credit Facility | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2021 $ 14,000 2022 14,000 2023 86,940 Total debt $ 114,940 |
Secured Debt | $495 Million Credit Facility | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2021 $ 66,642 2022 66,642 2023 201,004 Total debt $ 334,288 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair values and carrying values of the Company's financial instruments | December 31, 2020 December 31, 2019 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 143,872 $ 143,872 $ 155,889 $ 155,889 Restricted cash 35,807 35,807 6,360 6,360 Principal amount of floating rate debt 449,228 449,228 495,824 495,824 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
Schedule of prepaid expenses and other current assets | December 31, December 31, 2020 2019 Vessel stores $ 501 $ 638 Capitalized contract costs 1,669 1,952 Prepaid items 2,998 2,870 Insurance receivable 1,917 2,039 Advance to agents 1,466 1,162 Other 2,305 1,388 Total prepaid expenses and other current assets $ 10,856 $ 10,049 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Detail of Fixed Assets, Excluding Vessels | |
FIXED ASSETS | |
Schedule of fixed assets | December 31, December 31, 2020 2019 Fixed assets, at cost: Vessel equipment $ 6,188 $ 7,288 Furniture and fixtures 443 467 Leasehold improvements 1,369 100 Computer equipment 659 275 Total costs 8,659 8,130 Less: accumulated depreciation and amortization (2,266) (2,154) Total fixed assets, net $ 6,393 $ 5,976 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
Schedule of accounts payable and accrued expenses | December 31, December 31, 2020 2019 Accounts payable $ 11,864 $ 26,040 Accrued general and administrative expenses 3,258 4,105 Accrued vessel operating expenses 7,671 19,459 Total accounts payable and accrued expenses $ 22,793 $ 49,604 |
VOYAGE REVENUE (Tables)
VOYAGE REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
VOYAGE REVENUE | |
Schedule of voyage revenue | For the Years Ended December 31, 2020 2019 2018 Lease revenue $ 78,402 $ 108,096 $ 168,392 Spot market voyage revenue 277,158 281,400 199,130 Total voyage revenues $ 355,560 $ 389,496 $ 367,522 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
Schedule of balance sheet information related to operating leases | December 31, 2020 Operating Lease: Operating lease right-of-use asset $ 6,882 Current operating lease liabilities $ 1,765 Long-term operating lease liabilities 8,061 Total operating lease liabilities $ 9,826 Weighted average remaining lease term (years) 4.75 Weighted average discount rate 5.15 % |
Schedule of maturities of operating lease liabilities | December 31, 2020 2021 $ 2,230 2022 2,230 2023 2,378 2024 2,453 2025 1,839 Total lease payments 11,130 Less imputed interest (1,304) Present value of lease liabilities $ 9,826 |
Schedule of cash flow information related to operating leases | For the Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating lease $ 2,230 $ 2,230 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan | 12 Months Ended |
Dec. 31, 2020 | |
Stock Options | |
Stock Awards | |
Schedule of nonvested stock amortization expense | For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ 787 $ 850 $ 731 |
Schedule of stock option activity | For the Years Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Weighted Weighted Weighted Number Average Average Number Average Average Number Average Average of Exercise Fair of Exercise Fair of Exercise Fair Options Price Value Options Price Price Options Price Price Outstanding as of January 1 - Unvested 322,279 $ 9.41 4.72 166,942 $ 13.01 7.25 88,667 $ 11.13 6.41 Granted 344,568 7.06 2.01 240,540 8.33 3.76 122,608 13.69 7.55 Exercisable (119,923) 9.87 5.05 (85,203) 12.36 6.96 (44,333) 11.13 6.41 Exercised — — — — — — — — — Forfeited (3,378) 8.07 3.76 — — — — — — Outstanding as of December 31 - Unvested 543,546 $ 7.83 $ 2.94 322,279 $ 9.41 $ 4.72 166,942 $ 13.01 $ 7.25 The following table summarizes certain information about the options outstanding as of December 31, 2020: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2020 December 31, 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 4.72 293,792 $ 10.78 3.01 |
Restricted Stock Units | |
Stock Awards | |
Schedule of nonvested stock amortization expense | For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ 1,239 $ 1,207 $ 1,489 |
Summary of nonvested restricted stock units | 2020 2019 2018 Weighted Weighted Weighted Number of Average Grant Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price RSUs Date Price Outstanding as of January 1 162,096 $ 9.26 149,170 $ 12.42 220,129 $ 11.01 Granted 221,903 6.80 140,914 8.50 51,704 14.84 Vested (83,675) 9.07 (127,988) 12.10 (122,663) 10.92 Forfeited (1,490) 8.39 — — — — Outstanding as of December 31 298,834 $ 7.49 162,096 $ 9.26 149,170 $ 12.42 The total fair value of the RSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $550, $1,235 and $1,694 , respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2020: Unvested RSUs Vested RSUs December 31, 2020 December 31, 2020 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 298,834 $ 7.49 1.59 505,898 $ 11.07 |
Restricted Stock | |
Stock Awards | |
Schedule of nonvested stock amortization expense | For the Years Ended December 31, 2020 2019 2018 General and administrative expenses $ — $ — $ 11 |
Summary of nonvested stock awards | For the Year Ended December 31, 2018 Weighted Number of Average Grant Shares Date Price Outstanding as of January 1 6,802 $ 5.20 Granted — — Vested (6,802) 5.20 Forfeited — — Outstanding as of December 31 — $ — |
UNAUDITED QUARTERLY RESULTS O_2
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |
Schedule of unaudited quarterly results of operations | 2020 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, (3) (3) (3) Voyage Revenues $ 98,336 $ 74,206 $ 87,524 $ 95,495 Operating loss (113,415) (13,104) (15,666) (61,151) Net loss (120,350) (18,204) (21,098) (65,921) Net loss per share - basic (1) $ (2.87) $ (0.43) $ (0.50) $ (1.57) Net loss per share - diluted (1) $ (2.87) $ (0.43) $ (0.50) $ (1.57) Dividends declared per share $ 0.175 $ 0.02 $ 0.02 $ 0.02 Weighted average common shares outstanding - basic 41,866,357 41,900,901 41,928,682 41,933,926 Weighted average common shares outstanding - diluted 41,866,357 41,900,901 41,928,682 41,933,926 2019 Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ 93,464 $ 83,550 $ 103,776 $ 108,705 Operating (loss) income (882) (27,309) (7,772) 7,560 Net (loss) income (7,801) (34,476) (14,591) 882 Net (loss) earnings per share - basic (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Net (loss) earnings per share - diluted (1) $ (0.19) $ (0.83) $ (0.35) $ 0.02 Dividends declared per share $ — $ — $ — $ 0.50 Weighted average common shares outstanding - basic 41,726,106 41,742,301 41,749,200 41,832,942 Weighted average common shares outstanding - diluted 41,726,106 41,742,301 41,749,200 41,989,553 (1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period. (2) Amounts may not total to annual amounts for the years ended December 31, 2020 and 2019 as reported in the Consolidated Statements of Operations due to rounding. (3) During the quarters ended March 31, 2020, September 30, 2020 and December 31, 2020, the Company recorded $112,814 , $21,896 and $74,225 of Impairment of vessel assets, respectively. |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands | Jun. 19, 2018 | Dec. 31, 2018 |
Summary of Significant Accounting Policies | ||
Issuance of stock (in shares) | 7,015,000 | 7,015,000 |
Share price (in dollars per share) | $ 16.50 | |
Net proceeds proceeds from issuance of common stock | $ 109,648 |
GENERAL INFORMATION - Vessel De
GENERAL INFORMATION - Vessel Details (Details) - item | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Vessels | |||
Number of vessels in fleet | 47 | 55 | 59 |
Genco Augustus Limited | Genco Augustus | |||
Vessels | |||
Capacity of vessels | 180,151 | ||
Genco Tiberius Limited | Genco Tiberius | |||
Vessels | |||
Capacity of vessels | 175,874 | ||
Genco London Limited | Genco London | |||
Vessels | |||
Capacity of vessels | 177,833 | ||
Genco Titus Limited | Genco Titus | |||
Vessels | |||
Capacity of vessels | 177,729 | ||
Genco Warrior Limited | Genco Warrior | |||
Vessels | |||
Capacity of vessels | 55,435 | ||
Genco Predator Limited | Genco Predator | |||
Vessels | |||
Capacity of vessels | 55,407 | ||
Genco Hunter Limited | Genco Hunter | |||
Vessels | |||
Capacity of vessels | 58,729 | ||
Genco Constantine Limited | Genco Constantine | |||
Vessels | |||
Capacity of vessels | 180,183 | ||
Genco Hadrian Limited | Genco Hadrian | |||
Vessels | |||
Capacity of vessels | 169,025 | ||
Genco Commodus Limited | Genco Commodus | |||
Vessels | |||
Capacity of vessels | 169,098 | ||
Genco Maximus Limited | Genco Maximus | |||
Vessels | |||
Capacity of vessels | 169,025 | ||
Genco Claudius Limited | Genco Claudius | |||
Vessels | |||
Capacity of vessels | 169,001 | ||
Genco Avra Limited | Genco Avra | |||
Vessels | |||
Capacity of vessels | 34,391 | ||
Genco Mare Limited | Genco Mare | |||
Vessels | |||
Capacity of vessels | 34,428 | ||
Genco Spirit Limited | Genco Spirit | |||
Vessels | |||
Capacity of vessels | 34,432 | ||
Genco Aquitaine Limited | Genco Aquitaine | |||
Vessels | |||
Capacity of vessels | 57,981 | ||
Genco Ardennes Limited | Genco Ardennes | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Auvergne Limited | Genco Auvergne | |||
Vessels | |||
Capacity of vessels | 58,020 | ||
Genco Bourgogne Limited | Genco Bourgogne | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Brittany Limited | Genco Brittany | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Languedoc Limited | Genco Languedoc | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Lorraine Limited | Genco Lorraine | |||
Vessels | |||
Capacity of vessels | 53,417 | ||
Genco Picardy Limited | Genco Picardy | |||
Vessels | |||
Capacity of vessels | 55,257 | ||
Genco Provence Limited | Genco Provence | |||
Vessels | |||
Capacity of vessels | 55,317 | ||
Genco Pyrenees Limited | Genco Pyrenees | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Rhone Limited | Genco Rhone | |||
Vessels | |||
Capacity of vessels | 58,018 | ||
Genco Weatherly Limited | Genco Weatherly | |||
Vessels | |||
Capacity of vessels | 61,556 | ||
Genco Columbia Limited | Genco Columbia | |||
Vessels | |||
Capacity of vessels | 60,294 | ||
Genco Endeavour Limited | Genco Endeavour | |||
Vessels | |||
Capacity of vessels | 181,060 | ||
Genco Resolute Limited | Genco Resolute | |||
Vessels | |||
Capacity of vessels | 181,060 | ||
Genco Defender Limited | Genco Defender | |||
Vessels | |||
Capacity of vessels | 180,021 | ||
Genco Liberty Limited | Genco Liberty | |||
Vessels | |||
Capacity of vessels | 180,032 | ||
Genco Magic | Genco Magic | |||
Vessels | |||
Capacity of vessels | 63,446 | ||
Baltic Lion Limited | Baltic Lion | |||
Vessels | |||
Capacity of vessels | 179,185 | ||
Baltic Tiger Limited | Genco Tiger | |||
Vessels | |||
Capacity of vessels | 179,185 | ||
Baltic Leopard Limited | Baltic Leopard | |||
Vessels | |||
Capacity of vessels | 53,446 | ||
Baltic Panther Limited | Baltic Panther | |||
Vessels | |||
Capacity of vessels | 53,350 | ||
Baltic Cougar Limited | Baltic Cougar | |||
Vessels | |||
Capacity of vessels | 53,432 | ||
Baltic Bear Limited | Baltic Bear | |||
Vessels | |||
Capacity of vessels | 177,717 | ||
Baltic Wolf Limited | Baltic Wolf | |||
Vessels | |||
Capacity of vessels | 177,752 | ||
Baltic Cove Limited | Baltic Cove | |||
Vessels | |||
Capacity of vessels | 34,403 | ||
Baltic Fox Limited | Baltic Fox | |||
Vessels | |||
Capacity of vessels | 31,883 | ||
Baltic Hare Limited | Baltic Hare | |||
Vessels | |||
Capacity of vessels | 31,887 | ||
Baltic Hornet Limited | Baltic Hornet | |||
Vessels | |||
Capacity of vessels | 63,574 | ||
Baltic Wasp Limited | Baltic Wasp | |||
Vessels | |||
Capacity of vessels | 63,389 | ||
Baltic Scorpion Limited | Baltic Scorpion | |||
Vessels | |||
Capacity of vessels | 63,462 | ||
Baltic Mantis Limited | Baltic Mantis | |||
Vessels | |||
Capacity of vessels | 63,470 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment reporting | |
Number of reportable segments | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage Expense Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage expense recognition | |||
Net (loss) gain on purchase and sale of bunker fuel and net realizable value adjustments | $ (697) | $ (829) | $ 3,000 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on Debt Extinguishment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Loss on debt extinguishment | $ 4,533 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net and Deferred revenue (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)item$ / item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 17, 2020item | |
Summary of Significant Accounting Policies | ||||
Due from charterers, reserve | $ 669 | $ 1,064 | ||
Accrual related to estimated customer claims | 358 | 577 | ||
Charter hire expenses | $ 10,307 | 16,179 | $ 1,534 | |
Vessels, net | ||||
Estimated useful life | 25 years | |||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 310 | |||
Depreciation and amortization | $ 65,168 | 72,824 | 68,976 | |
Number of vessels held for exchange | item | 5 | |||
Vessels held for exchange | $ 38,214 | |||
Contract Liability | 7,200 | |||
Deferred drydocking costs | ||||
Amortization expense for drydocking | $ 5,598 | 5,484 | 4,629 | |
Agreement To Exchange Vessels | Handysize Vessels | ||||
Vessels, net | ||||
Number of vessels to be exchanged | item | 6 | |||
Number of vessels exchanged | item | 1 | |||
Agreement To Exchange Vessels | Ultramax Vessels | ||||
Vessels, net | ||||
Contract Liability | $ 7,200 | |||
Number of vessels to be exchanged | item | 3 | |||
Number of vessels exchanged | item | 1 | |||
Minimum | ||||
Deferred drydocking costs | ||||
Period for which vessels are required to be drydocked for major repairs and maintenance | 30 months | |||
Maximum | ||||
Deferred drydocking costs | ||||
Period for which vessels are required to be drydocked for major repairs and maintenance | 60 months | |||
Vessels | ||||
Vessels, net | ||||
Depreciation and amortization | $ 58,008 | 66,351 | 64,012 | |
Furniture and fixtures | ||||
Fixed assets, net | ||||
Useful lives | 5 years | |||
Vessel equipment | Minimum | ||||
Fixed assets, net | ||||
Useful lives | 2 years | |||
Vessel equipment | Maximum | ||||
Fixed assets, net | ||||
Useful lives | 15 years | |||
Computer equipment | ||||
Fixed assets, net | ||||
Useful lives | 3 years | |||
Detail of Fixed Assets, Excluding Vessels | ||||
Vessels, net | ||||
Depreciation and amortization | $ 1,562 | $ 989 | $ 335 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of long-lived Assets (Details) $ in Thousands | Feb. 24, 2021USD ($) | Jan. 25, 2021USD ($) | Jan. 22, 2021USD ($) | Jan. 15, 2021USD ($) | Jan. 04, 2021USD ($) | Dec. 17, 2020USD ($)item | Nov. 30, 2020USD ($) | Nov. 27, 2020USD ($) | Nov. 03, 2020USD ($) | Oct. 16, 2020USD ($) | Sep. 25, 2020USD ($) | Sep. 17, 2020USD ($) | Feb. 03, 2020USD ($) | Nov. 04, 2019USD ($) | Sep. 25, 2019USD ($) | Sep. 20, 2019USD ($) | Aug. 02, 2019USD ($) | Aug. 07, 2018USD ($) | Jul. 24, 2018USD ($) | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($)item | Mar. 31, 2020USD ($)item | Dec. 31, 2020USD ($)item$ / item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 24, 2020item | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Feb. 27, 2018item |
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Historical one-year time charter average period | 10 years | |||||||||||||||||||||||||||||
Time charter average period | 1 year | |||||||||||||||||||||||||||||
Estimated useful life | 25 years | |||||||||||||||||||||||||||||
Fleet utilization (as a percent) | 98.00% | |||||||||||||||||||||||||||||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 310 | |||||||||||||||||||||||||||||
Impairment of vessel assets | $ 74,225 | $ 21,896 | $ 112,814 | $ 208,935 | $ 27,393 | $ 56,586 | ||||||||||||||||||||||||
Genco Lorraine | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 7,751 | 7,751 | ||||||||||||||||||||||||||||
Impairment of vessel assets | 404 | |||||||||||||||||||||||||||||
Baltic Leopard | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 7,840 | 7,840 | ||||||||||||||||||||||||||||
Impairment of vessel assets | 399 | |||||||||||||||||||||||||||||
Genco Cougar | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,600 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||||
Baltic Cougar | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 7,372 | 7,372 | ||||||||||||||||||||||||||||
Impairment of vessel assets | 790 | |||||||||||||||||||||||||||||
Baltic Hare | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,750 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 7,595 | 7,595 | ||||||||||||||||||||||||||||
Impairment of vessel assets | $ 769 | |||||||||||||||||||||||||||||
Supramax Vessels | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number impaired vessel assets | item | 9 | 9 | ||||||||||||||||||||||||||||
Impairment of vessel assets | $ 67,200 | |||||||||||||||||||||||||||||
Ultramax Vessels | Agreement To Exchange Vessels | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number of vessels to be exchanged | item | 3 | |||||||||||||||||||||||||||||
Handysize Vessels | Agreement To Exchange Vessels | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number of vessels to be exchanged | item | 6 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 1.00% | |||||||||||||||||||||||||||||
Adjusted total fair market value of vessels | $ 46,000 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 4,647 | |||||||||||||||||||||||||||||
Baltic Panther | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,510 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 7,285 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 3,713 | |||||||||||||||||||||||||||||
Genco Loire | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,650 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 7,497 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 3,408 | |||||||||||||||||||||||||||||
Genco Lorraine, Baltic Cougar and Baltic Leopard | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number impaired vessel assets | item | 3 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 7,963 | |||||||||||||||||||||||||||||
Baltic Jaguar | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,300 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 7,081 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 4,140 | |||||||||||||||||||||||||||||
Genco Normandy | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 5,850 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 5,733 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 2,679 | |||||||||||||||||||||||||||||
Genco Picardy, Genco Predator, Genco Provence and Genco Warrior | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number impaired vessel assets | item | 4 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 27,055 | |||||||||||||||||||||||||||||
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 Charger | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 5,150 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 1.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 5,099 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 1,314 | |||||||||||||||||||||||||||||
Genco Raptor | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 10,200 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 9,996 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 5,812 | |||||||||||||||||||||||||||||
Genco Thunder | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 10,400 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | 10,192 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 5,749 | |||||||||||||||||||||||||||||
Genco Champion | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 6,600 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 6,402 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 621 | |||||||||||||||||||||||||||||
Genco Challenger | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 5,250 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 5,145 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 4,401 | |||||||||||||||||||||||||||||
Genco Champion and Genco Charger | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Impairment of vessel assets | $ 9,496 | |||||||||||||||||||||||||||||
Genco Surprise | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 5,300 | $ 5,300 | ||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | 3.00% | ||||||||||||||||||||||||||||
Adjusted net sales price of vessel | $ 5,141 | |||||||||||||||||||||||||||||
Impairment of vessel assets | 184 | |||||||||||||||||||||||||||||
Genco Cavalier, Genco Loire, Genco Lorraine, Genco Muse, Genco Normandy, Baltic Cougar, Baltic Jaguar, Baltic Leopard and Baltic Panther | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Number impaired vessel assets | item | 9 | |||||||||||||||||||||||||||||
Impairment of vessel assets | $ 56,402 | |||||||||||||||||||||||||||||
Subsequent Event | Genco Lorraine | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,950 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.50% | |||||||||||||||||||||||||||||
Subsequent Event | Baltic Leopard | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 8,000 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Subsequent Event | Baltic Cougar | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,600 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||||
Subsequent Event | Baltic Hare | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,750 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||||
Subsequent Event | Baltic Panther | ||||||||||||||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||||||||||||
Sale of assets | $ 7,510 | |||||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain on sale of vessels | |||
(Loss) gain on sale of vessels | $ (1,855) | $ (168) | $ 3,513 |
Genco Charger, Genco Thunder, Baltic Wind, Baltic Breeze, Genco Bay, Baltic Jaguar, Genco Loire, Genco Normandy and Genco Ocean [Member] | |||
Gain on sale of vessels | |||
(Loss) gain on sale of vessels | $ (1,855) | ||
Genco Challenger, Genco Champion and Genco Raptor | |||
Gain on sale of vessels | |||
(Loss) gain on sale of vessels | $ (168) | ||
Genco Progress, Genco Cavalier, Genco Explorer, Genco Muse, Genco Beauty and Genco Knight | |||
Gain on sale of vessels | |||
(Loss) gain on sale of vessels | $ 3,513 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash | ||||
Cash and cash equivalents | $ 143,872 | $ 155,889 | ||
Restricted cash - current | 35,492 | 6,045 | ||
Restricted cash - noncurrent | 315 | 315 | ||
Cash, cash equivalents and restricted cash | $ 179,679 | $ 162,249 | $ 202,761 | $ 204,946 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - United States Gross Transportation Tax (Details) - USD ($) $ in Thousands | Aug. 15, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes | ||||
Gross transportation tax | $ 0 | $ 0 | $ 0 | |
Ownership percentage held by each shareholder (as a percent) | 5.00% | 5.00% | 5.00% | |
Federal tax rate (as a percent) | 21.00% | |||
Tax rate on 50% of shipping income if not qualified for Section 883 | 4.00% | |||
Tax on branch profits | 30.00% | |||
Percentage of shipping income sourced to United States if attributable to transportation exclusively between United States ports | 100.00% | |||
Percentage of shipping income attributable to transportation that begins or ends in the United States included in United States source shipping income | 50.00% | |||
Percentage of shipping income sourced to United States if no transportation is attributable to United States | 0.00% | |||
Minimum | ||||
Income Taxes | ||||
Combined ownership held by 5% shareholders (as a percent) | 50.00% | |||
Percentage of value of outstanding shares owned by the qualified shareholders of a foreign corporation | 50.00% | |||
Maximum | ||||
Income Taxes | ||||
Combined ownership of shareholders for more than half the days of year (as a percent) | 50.00% | 50.00% | 50.00% | |
Singapore | Genco Shipping Pte. Ltd. (GSPL) | ||||
Income Taxes | ||||
Federal tax rate (as a percent) | 17.00% | |||
Initial period of the Maritime Sector Incentive award | 10 years | |||
Initial performance review period of the Maritime Sector Incentive award | 5 years | |||
Income tax expense | $ 0 | $ 0 | $ 0 | |
Denmark | Genco Shipping A/S | ||||
Income Taxes | ||||
Federal tax rate (as a percent) | 22.00% | 22.00% | 22.00% | |
Denmark | Genco Shipping A/S | Other income (expense) | ||||
Income Taxes | ||||
Income tax expense | $ 407 | $ 241 | $ 79 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)itemcustomer | Dec. 31, 2019customeritem | Dec. 31, 2018customer | |
Concentration Risk | |||
Number of financial institutions with which the entity maintains its cash and cash equivalents | item | 5 | 4 | |
Cash insured by financial institutions | $ | $ 0 | ||
Voyage Revenues | Customer Concentration Risk | |||
Concentration Risk | |||
Number of customers | 166 | 170 | 182 |
Major Customers | 0 | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Summary of Significant Accounting Policies | |||
Operating Lease, Right-of-use asset | $ 6,882 | $ 8,241 | |
Operating Lease, Liability | $ 9,826 | ||
Adjustment | ASU 2016-02 | |||
Summary of Significant Accounting Policies | |||
Operating Lease, Right-of-use asset | $ 9,710 | ||
Operating Lease, Liability | $ 13,095 |
CASH FLOW INFORMATION - Non-cas
CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash investing and financing activities | |||
Reclassification from vessels to vessels held for sale | $ 22,408 | $ 10,303 | $ 5,702 |
Reclassification from vessels to vessels held for exchange | 38,214 | ||
Cash dividends paid | 9,847 | 20,877 | |
Cash paid for interest | 18,420 | 28,376 | 30,167 |
Cash paid for estimated income taxes | 0 | 0 | 0 |
Accounts payable and accrued expenses | |||
Non-cash investing and financing activities | |||
Purchases of vessels and ballast water treatment systems | 857 | 548 | 2,228 |
Purchase of scrubbers | 5 | 9,520 | 428 |
Purchase of other fixed assets | 142 | 413 | 360 |
Net proceeds from sale of vessels | 99 | 118 | 262 |
Non-cash financing activities common stock issuance costs | 105 | ||
Non-cash financing activities for deferred financing costs | $ 1 | ||
Cash dividends paid | $ 114 | $ 74 |
CASH FLOW INFORMATION - Stock-B
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2020 | Feb. 25, 2020 | May 15, 2019 | Mar. 04, 2019 | May 15, 2018 | Feb. 27, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Stock Units | |||||||||
Non-cash investing and financing activities | |||||||||
Granted (in shares) | 42,642 | 173,749 | 29,580 | 106,079 | 14,268 | 37,436 | 221,903 | 140,914 | 51,704 |
Aggregate fair value | $ 255 | $ 1,227 | $ 255 | $ 890 | $ 255 | $ 512 | |||
Vested (in shares) | 29,580 | 14,268 | 83,675 | 127,988 | 122,663 | ||||
Stock Options | |||||||||
Non-cash investing and financing activities | |||||||||
Options to purchase (in shares) | 344,568 | 240,540 | 122,608 | 344,568 | 240,540 | 122,608 | |||
Exercise price | $ 7.06 | $ 8.065 | $ 13.365 | $ 7.06 | $ 8.33 | $ 13.69 | |||
Aggregate fair value | $ 693 | $ 904 | $ 926 |
VESSEL ACQUISITIONS AND DISPO_2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | Dec. 17, 2020USD ($)item | Dec. 07, 2020USD ($) | Dec. 10, 2019 | Nov. 15, 2019USD ($) | Nov. 04, 2019USD ($) | Sep. 20, 2019USD ($) | Aug. 02, 2019USD ($) | Apr. 15, 2019USD ($) | Jan. 28, 2019USD ($) | Dec. 26, 2018USD ($) | Dec. 17, 2018USD ($) | Dec. 05, 2018USD ($) | Nov. 13, 2018USD ($) | Oct. 16, 2018USD ($) | Sep. 13, 2018USD ($) | Aug. 07, 2018USD ($) | Jul. 24, 2018USD ($) | May 31, 2018 | Dec. 31, 2019USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2018item | Jul. 12, 2018USD ($)item | Jun. 06, 2018USD ($)item |
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Restricted cash, current | $ 6,045 | $ 35,492 | |||||||||||||||||||||
Number of vessels sold which did not serve as collateral under credit facilities | item | 6 | ||||||||||||||||||||||
Secured Debt | $495 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Maximum borrowing capacity | 495,000 | ||||||||||||||||||||||
Collateral vessel replacement period | 120 days | ||||||||||||||||||||||
Secured Debt | $133 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Maximum borrowing capacity | 133,000 | ||||||||||||||||||||||
Agreement To Purchase Ultramax And Capesize Vessels | $133 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of Vessels Committed to be Acquired Under Purchase Agreement | item | 4 | ||||||||||||||||||||||
Aggregate purchase price for vessels | $ 141,000 | ||||||||||||||||||||||
Agreement to Purchase Capesize Drybulk Vessels | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of Vessels Committed to be Acquired Under Purchase Agreement | item | 2 | ||||||||||||||||||||||
Agreement to Purchase Capesize Drybulk Vessels | $133 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of Vessels Committed to be Acquired Under Purchase Agreement | item | 2 | ||||||||||||||||||||||
Aggregate purchase price for vessels | $ 98,000 | ||||||||||||||||||||||
Agreement To Purchase Ultramax Drybulk Vessels | $133 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of Vessels Committed to be Acquired Under Purchase Agreement | item | 2 | ||||||||||||||||||||||
Ultramax Vessels | Agreement To Exchange Vessels | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of vessels to be exchanged | item | 3 | ||||||||||||||||||||||
Handysize Vessels | Agreement To Exchange Vessels | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Number of vessels to be exchanged | item | 6 | ||||||||||||||||||||||
Adjusted total fair market value of vessels | $ 46,000 | ||||||||||||||||||||||
Broker commission (as a percent) | 1.00% | ||||||||||||||||||||||
Genco Normandy, Genco Loire, Baltic Jaguar, Genco Bay, Baltic Breeze, Baltic Wind, Genco Thunder and Genco Charger | Secured Debt | $495 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Restricted cash, current | $ 35,492 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Broker commission (as a percent) | 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 | $ 6,880 | |||||||||||||||||||||
Collateral vessel replacement period | 180 days | ||||||||||||||||||||||
Genco Vigour | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 6,550 | ||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | ||||||||||||||||||||||
Genco Knight | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 6,200 | ||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | ||||||||||||||||||||||
Genco Beauty | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 6,560 | ||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | ||||||||||||||||||||||
Genco Muse | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 6,660 | ||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | ||||||||||||||||||||||
Genco Cavalier | Secured Debt | $495 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 10,000 | ||||||||||||||||||||||
Broker commission (as a percent) | 2.50% | ||||||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 4,947 | ||||||||||||||||||||||
Genco Surprise | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 5,300 | $ 5,300 | |||||||||||||||||||||
Broker commission (as a percent) | 3.00% | 3.00% | |||||||||||||||||||||
Genco Progress | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 5,600 | ||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | ||||||||||||||||||||||
Genco Explorer | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 5,600 | ||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | ||||||||||||||||||||||
Genco Raptor | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Sale of assets | $ 10,200 | ||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | ||||||||||||||||||||||
Genco Raptor | Secured Debt | $495 Million Credit Facility | |||||||||||||||||||||||
VESSEL ACQUISITIONS | |||||||||||||||||||||||
Restricted cash, current | $ 6,045 | ||||||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 6,045 | ||||||||||||||||||||||
Collateral vessel replacement period | 360 days |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - shares | Jul. 10, 2014 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Common shares outstanding, basic: | ||||||||||||
Weighted average common shares outstanding-basic | 41,933,926 | 41,928,682 | 41,900,901 | 41,866,357 | 41,832,942 | 41,749,200 | 41,742,301 | 41,726,106 | 41,907,597 | 41,762,893 | 38,382,599 | |
Common shares outstanding, diluted: | ||||||||||||
Weighted average common shares outstanding-basic | 41,933,926 | 41,928,682 | 41,900,901 | 41,866,357 | 41,832,942 | 41,749,200 | 41,742,301 | 41,726,106 | 41,907,597 | 41,762,893 | 38,382,599 | |
Weighted-average common shares outstanding, diluted (in shares) | 41,933,926 | 41,928,682 | 41,900,901 | 41,866,357 | 41,989,553 | 41,749,200 | 41,742,301 | 41,726,106 | 41,907,597 | 41,762,893 | 38,382,599 | |
Restricted Stock and Restricted Stock Units | ||||||||||||
Anti-dilutive shares (in shares) | 298,834 | 162,096 | 149,170 | |||||||||
Stock Options | ||||||||||||
Anti-dilutive shares (in shares) | 837,338 | 496,148 | 255,608 | |||||||||
Equity Warrants | ||||||||||||
Anti-dilutive shares (in shares) | 3,936,761 | 3,936,761 | 3,936,761 | |||||||||
Equity Warrants | ||||||||||||
Equity warrant term | 7 years | |||||||||||
Number of shares of new stock in which each warrant or right can be converted | 0.10 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RELATED PARTY TRANSACTIONS | |||
Related party transactions | $ 0 | $ 0 | $ 0 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility | ||
Principal amount | $ 449,228 | $ 495,824 |
Less: Unamortized debt financing costs | (9,653) | (13,094) |
Less: Current portion | (80,642) | (69,747) |
Long-term debt, net | 358,933 | 412,983 |
Secured Debt | $495 Million Credit Facility | ||
Line of Credit Facility | ||
Principal amount | 334,288 | 395,724 |
Less: Unamortized debt financing costs | (8,222) | (11,642) |
Secured Debt | $133 Million Credit Facility | ||
Line of Credit Facility | ||
Principal amount | 114,940 | 100,100 |
Less: Unamortized debt financing costs | $ (1,431) | $ (1,452) |
DEBT - Expenses (Details)
DEBT - Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility | |||
Deferred financing costs, noncurrent | $ 9,653 | $ 13,094 | |
Amortization of Financing Costs | 3,903 | 3,788 | $ 3,035 |
Payment of debt extinguishment costs | 2,962 | ||
$400 Credit Facility, the $98 Million Credit Facility, and the 2014 Term Loan Facilities | |||
Line of Credit Facility | |||
Payment of debt extinguishment costs | 2,962 | ||
Interest Expense | |||
Line of Credit Facility | |||
Amortization of Financing Costs | $ 3,903 | $ 3,788 | $ 3,035 |
DEBT - Amended Facilities (Deta
DEBT - Amended Facilities (Details) - Secured Debt $ in Thousands | Nov. 05, 2019USD ($)facility | Nov. 15, 2019USD ($) | Feb. 28, 2019USD ($) |
Amended $495 and $133 Credit Facilities | |||
Line of Credit Facility | |||
Number of amended credit facilities | facility | 2 | ||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent) | 18.75% | ||
Percentage limit of consolidated net income for which dividends can be paid | 50.00% | ||
Amended $495 and $133 Credit Facilities | Minimum | |||
Line of Credit Facility | |||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents | $ 100,000 | ||
Amended $495 and $133 Credit Facilities | Maximum | |||
Line of Credit Facility | |||
Collateral security maintenance test (as a percent) | 200.00% | ||
$35,000 Scrubber Tranche | |||
Line of Credit Facility | |||
Maximum borrowing capacity | $ 35,000 | $ 34,025 | $ 35,000 |
DEBT - $133 Million Credit Faci
DEBT - $133 Million Credit Facility (Details) $ in Thousands | Jun. 15, 2020USD ($) | Jun. 11, 2020USD ($) | Nov. 05, 2019USD ($) | Aug. 14, 2018USD ($)item | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 12, 2018item | Jun. 06, 2018item |
Repayment of the outstanding debt | ||||||||||
Total debt | $ 449,228 | $ 495,824 | ||||||||
Agreement to Purchase Capesize Drybulk Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 2 | |||||||||
$133 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 | 4 | |||||||||
$133 Million Credit Facility | Agreement to Purchase Capesize Drybulk Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 2 | |||||||||
$133 Million Credit Facility | Agreement To Purchase Ultramax Drybulk Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 2 | |||||||||
Secured Debt | $133 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | 133,000 | |||||||||
Term of facilities | 5 years | |||||||||
Drawdowns during the period | 24,000 | $ 108,000 | ||||||||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent) | 18.75% | |||||||||
Percentage limit of consolidated net income for which dividends can be paid | 50.00% | |||||||||
Key covenant - Unrestricted cash and cash equivalents minimum | $ 30,000 | |||||||||
Key covenant - Percentage of unrestricted cash to total indebtedness | 7.50% | |||||||||
Minimum working capital required | $ 0 | |||||||||
Maximum total indebtedness to total capitalization (as a ratio) | 0.70 | |||||||||
Remaining borrowing capacity | 0 | |||||||||
Repayment of secured debt | 9,160 | 6,320 | $ 1,580 | |||||||
Long-term debt | 113,509 | 98,648 | ||||||||
Repayment of the outstanding debt | ||||||||||
2021 | 14,000 | |||||||||
2022 | 14,000 | |||||||||
2023 | 86,940 | |||||||||
Total debt | 114,940 | $ 100,100 | ||||||||
Secured Debt | $108 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 108,000 | |||||||||
Number of vessels to serve as collateral under debt agreement | item | 6 | |||||||||
Drawdowns during the period | $ 108,000 | |||||||||
Maximum facility amount of fair market value of aggregate vessels at delivery (as a percent) | 45.00% | |||||||||
Repaid value of loan when certain debt terms are met | $ 0 | |||||||||
Average age of collateral vessels for repayment of loan | 20 years | |||||||||
Amount of periodic payment | $ 1,580 | |||||||||
Repayment of the outstanding debt | ||||||||||
Total debt | $ 114,940 | |||||||||
Secured Debt | $108 Million Credit Facility | LIBOR | ||||||||||
Line of Credit Facility | ||||||||||
Reference rate | LIBOR | |||||||||
Secured Debt | $108 Million Credit Facility | LIBOR | Through September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate for interest payable | 2.50% | |||||||||
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax And Capesize Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 6 | |||||||||
Secured Debt | $108 Million Credit Facility | Agreement to Purchase Capesize Drybulk Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 4 | |||||||||
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax Drybulk Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 2 | |||||||||
Secured Debt | Revolver | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 25,000 | |||||||||
Drawdowns during the period | $ 24,000 | |||||||||
Minimum amounts of borrowings | 1,000 | |||||||||
Consecutive quarterly commitment reductions | $ 1,900 | |||||||||
Threshold percentage of ratio of outstanding loan to aggregate appraised value of collateral vessels. | 60.00% | |||||||||
Secured Debt | Revolver | LIBOR | ||||||||||
Line of Credit Facility | ||||||||||
Reference rate | LIBOR | |||||||||
Applicable margin over reference rate for interest payable | 3.00% | |||||||||
Secured Debt | Minimum | $133 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents | $ 100,000 | |||||||||
Collateral security maintenance test (as a percent) | 135.00% | |||||||||
Secured Debt | Minimum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate for interest payable | 2.25% | |||||||||
Secured Debt | Maximum | $133 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Collateral security maintenance test (as a percent) | 200.00% | |||||||||
Secured Debt | Maximum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate for interest payable | 2.75% |
DEBT - $495 Million Credit Faci
DEBT - $495 Million Credit Facility (Details) $ in Thousands | Dec. 07, 2020USD ($) | Jun. 05, 2020 | Mar. 12, 2020USD ($) | Dec. 10, 2019 | Nov. 15, 2019USD ($) | Nov. 05, 2019USD ($) | Sep. 23, 2019USD ($) | Aug. 28, 2019USD ($) | Apr. 15, 2019USD ($) | Feb. 28, 2019USD ($)item | Feb. 13, 2019 | Jun. 05, 2018USD ($) | May 31, 2018USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 17, 2020item |
Repayment of the outstanding debt | |||||||||||||||||||
Total debt | $ 495,824 | $ 449,228 | $ 495,824 | $ 449,228 | |||||||||||||||
Secured Debt | $495 Million Credit Facility | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Maximum borrowing capacity | 495,000 | 495,000 | |||||||||||||||||
Drawdowns during the period | 11,250 | 21,500 | $ 460,000 | 32,750 | |||||||||||||||
Number of oldest vessels identified for sale for which debt will be paid down | item | 7 | ||||||||||||||||||
Collateral vessel replacement period | 120 days | ||||||||||||||||||
Remaining borrowing capacity | 0 | 0 | |||||||||||||||||
Repayment of secured debt | 72,686 | 70,776 | $ 15,000 | ||||||||||||||||
Long-term debt | 384,082 | 326,066 | 384,082 | 326,066 | |||||||||||||||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent) | 18.75% | ||||||||||||||||||
Percentage limit of consolidated net income for which dividends can be paid | 50.00% | ||||||||||||||||||
Collateral vessel replacement extension period | 360 days | 180 days | |||||||||||||||||
Key covenant - Unrestricted cash and cash equivalents minimum | $ 30,000 | ||||||||||||||||||
Key covenant - Percentage of unrestricted cash to total indebtedness | 7.50% | ||||||||||||||||||
Minimum restricted cash required | $ 0 | ||||||||||||||||||
Minimum working capital required | $ 0 | ||||||||||||||||||
Maximum total indebtedness to total capitalization (as a ratio) | 0.70 | ||||||||||||||||||
Key covenant - Minimum time charters period | 24 months | ||||||||||||||||||
Repayment of the outstanding debt | |||||||||||||||||||
2021 | 66,642 | 66,642 | |||||||||||||||||
2022 | 66,642 | 66,642 | |||||||||||||||||
2023 | 201,004 | 201,004 | |||||||||||||||||
Total debt | 395,724 | $ 334,288 | $ 395,724 | $ 334,288 | |||||||||||||||
Secured Debt | $495 Million Credit Facility | Genco Raptor | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 6,045 | ||||||||||||||||||
Collateral vessel replacement period | 360 days | ||||||||||||||||||
Secured Debt | $495 Million Credit Facility | Genco Champion and Genco Challenger | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 6,880 | $ 6,880 | |||||||||||||||||
Collateral vessel replacement period | 180 days | ||||||||||||||||||
Secured Debt | $495 Million Credit Facility | Genco Cavalier | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 4,947 | ||||||||||||||||||
Secured Debt | $460 Million Credit Facility | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Maximum borrowing capacity | $ 460,000 | ||||||||||||||||||
Term of facilities | 5 years | ||||||||||||||||||
Drawdowns during the period | $ 460,000 | ||||||||||||||||||
Number of oldest vessels identified for sale for which debt will be paid down | item | 7 | ||||||||||||||||||
Repaid value of loan when certain debt terms are met | $ 0 | ||||||||||||||||||
Average age of collateral vessels for repayment of loan | 17 years | ||||||||||||||||||
Secured Debt | $460 Million Credit Facility | Period after December 31, 2018 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Amortization payments per quarter | $ 15,000 | ||||||||||||||||||
Secured Debt | $460 Million Credit Facility | Period upon final maturity on May 31, 2023 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Amortization payments per quarter | $ 190,000 | ||||||||||||||||||
Final payment amount | 182,440 | ||||||||||||||||||
Secured Debt | $460 Million Credit Facility | Period After December 30, 2019 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Amount of periodic payment | 14,321 | ||||||||||||||||||
Secured Debt | $460 Million Credit Facility | LIBOR | Through December 31, 2018 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.25% | ||||||||||||||||||
Secured Debt | $35,000 Scrubber Tranche | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Maximum borrowing capacity | 34,025 | $ 35,000 | $ 35,000 | ||||||||||||||||
Term of facilities | 4 years | ||||||||||||||||||
Drawdowns during the period | $ 11,250 | $ 12,200 | $ 9,300 | ||||||||||||||||
Number of Capesize vessels for which the scrubber installation will be financed | item | 17 | ||||||||||||||||||
Reference rate | LIBOR | ||||||||||||||||||
Amount of periodic payment | $ 2,500 | ||||||||||||||||||
Final payment amount | 1,904 | ||||||||||||||||||
Minimum amount required per borrowing | $ 5,000 | ||||||||||||||||||
Secured Debt | $35,000 Scrubber Tranche | Period After March 31, 2020 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Amount of periodic payment | $ 2,339 | ||||||||||||||||||
Secured Debt | $35,000 Scrubber Tranche | LIBOR | Through September 30, 2019 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 2.50% | ||||||||||||||||||
Secured Debt | Minimum | $495 Million Credit Facility | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents | $ 100,000 | ||||||||||||||||||
Collateral security maintenance test (as a percent) | 135.00% | ||||||||||||||||||
Secured Debt | Minimum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.00% | ||||||||||||||||||
Secured Debt | Minimum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 2.25% | ||||||||||||||||||
Secured Debt | Maximum | $495 Million Credit Facility | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Collateral security maintenance test (as a percent) | 200.00% | ||||||||||||||||||
Secured Debt | Maximum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.50% | ||||||||||||||||||
Secured Debt | Maximum | $35,000 Scrubber Tranche | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Percentage of scrubber costs to be financed | 90.00% | ||||||||||||||||||
Secured Debt | Maximum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019 | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 2.75% | ||||||||||||||||||
Agreement To Exchange Vessels | Ultramax Vessels | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Number of vessels to be exchanged | item | 3 | ||||||||||||||||||
Agreement To Exchange Vessels | Handysize Vessels | |||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||
Number of vessels to be exchanged | item | 6 |
DEBT - Prior Facilities (Detail
DEBT - Prior Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility | |||
Payment of PIK interest | $ 5,341 | ||
Secured Debt | $400 Million Credit Facility | |||
Line of Credit Facility | |||
Repayment of secured debt | 399,600 | ||
Repayments of debt, including PIK | 404,941 | ||
Payment of PIK interest | 5,341 | ||
Secured Debt | $98 Million Credit Facility | |||
Line of Credit Facility | |||
Repayment of secured debt | 93,939 | ||
Secured Debt | 2014 Term Loan Facilities | |||
Line of Credit Facility | |||
Repayment of secured debt | $ 25,544 | ||
Secured Debt | $400 Credit Facility, the $98 Million Credit Facility, and the 2014 Term Loan Facilities | |||
Line of Credit Facility | |||
Long-term debt | $ 0 | $ 0 |
DEBT - Interest Rates (Details)
DEBT - Interest Rates (Details) - USD ($) $ in Thousands | Sep. 21, 2005 | Sep. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Interest rates on debt | |||||
Effective Interest Rate (as a percent) | 3.71% | 5.31% | 5.71% | ||
Letter of credit | |||||
Restricted cash, non-current | $ 315 | $ 315 | |||
Minimum | |||||
Interest rates on debt | |||||
Range of interest rates (excluding unused commitment fees) | 2.65% | 4.05% | 3.83% | ||
Maximum | |||||
Interest rates on debt | |||||
Range of interest rates (excluding unused commitment fees) | 3.50% | 5.76% | 8.43% | ||
Letter of credit | |||||
Letter of credit | |||||
Fee on letter of credit (as a percent) | 1.00% | 1.375% | 1.375% | 1.375% | |
Amount of letters outstanding | $ 300 | $ 300 | |||
Restricted cash, non-current | $ 315 | $ 315 | |||
Letter of credit | Minimum | |||||
Letter of credit | |||||
Notice period for cancellation of line of credit | 30 days |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of financial instruments | ||
Principal amount of floating rate debt | $ 449,228 | $ 495,824 |
Carrying Value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 143,872 | 155,889 |
Restricted cash | 35,807 | 6,360 |
Principal amount of floating rate debt | 449,228 | 495,824 |
Fair value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 143,872 | 155,889 |
Restricted cash | 35,807 | 6,360 |
Principal amount of floating rate debt | $ 449,228 | $ 495,824 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2018item | |
Fair value of financial instruments | |||
Impairment of operating lease right of use asset | $ 223 | ||
Fair Value, Measurements, Nonrecurring | |||
Fair value of financial instruments | |||
Number of vessels written down as part of impairment | item | 30 | 5 | 10 |
Impairment of operating lease right of use asset | $ 0 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value of financial instruments | |||
Financial assets | 0 | $ 0 | |
Financial liabilities | $ 0 | $ 0 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||
Vessel stores | $ 501 | $ 638 |
Capitalized contract costs | 1,669 | 1,952 |
Prepaid items | 2,998 | 2,870 |
Insurance receivable | 1,917 | 2,039 |
Advance to agents | 1,466 | 1,162 |
Other | 2,305 | 1,388 |
Total prepaid expenses and other current assets | $ 10,856 | $ 10,049 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FIXED ASSETS | ||
Total costs | $ 8,659 | $ 8,130 |
Less: accumulated depreciation and amortization | (2,266) | (2,154) |
Total fixed assets, net | 6,393 | 5,976 |
Vessel equipment | ||
FIXED ASSETS | ||
Total costs | 6,188 | 7,288 |
Furniture and fixtures | ||
FIXED ASSETS | ||
Total costs | 443 | 467 |
Leasehold improvements | ||
FIXED ASSETS | ||
Total costs | 1,369 | 100 |
Computer equipment | ||
FIXED ASSETS | ||
Total costs | $ 659 | $ 275 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | ||
Accounts payable | $ 11,864 | $ 26,040 |
Accrued general and administrative expenses | 3,258 | 4,105 |
Accrued vessel operating expenses | 7,671 | 19,459 |
Total accounts payable and accrued expenses | $ 22,793 | $ 49,604 |
VOYAGE REVENUE (Details)
VOYAGE REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue from Time Charters | ||||||||||||
Retained deficit | $ 968,830 | $ 743,257 | $ 968,830 | $ 743,257 | ||||||||
Income statement | ||||||||||||
Lease revenue | 78,402 | 108,096 | $ 168,392 | |||||||||
Spot market voyage revenue | 277,158 | 281,400 | 199,130 | |||||||||
Revenues | 355,560 | 389,496 | 367,522 | |||||||||
Voyage | ||||||||||||
Income statement | ||||||||||||
Revenues | $ 95,495 | $ 87,524 | $ 74,206 | $ 98,336 | $ 108,705 | $ 103,776 | $ 83,550 | $ 93,464 | $ 355,560 | $ 389,496 | $ 367,522 | |
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||||||||
Revenue from Time Charters | ||||||||||||
Retained deficit | $ 659 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | Jun. 14, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 17, 2019 | Apr. 04, 2011 |
Leases | |||||||
Impairment of operating lease right of use asset | $ 223 | ||||||
Total lease cost | $ 1,912 | 1,884 | |||||
New York | |||||||
Leases | |||||||
Lease term | 7 years | ||||||
Impairment of operating lease right of use asset | $ 223 | ||||||
Sublease income | $ 1,223 | $ 72 | $ 0 | ||||
Singapore | |||||||
Leases | |||||||
Lease term | 3 years | ||||||
Period from July 26, 2019 to September 29, 2025 | New York | |||||||
Leases | |||||||
Free base rental period of the sublease | 4 months 15 days | ||||||
Period from December 10, 2019 to September 29, 2025 | New York | |||||||
Leases | |||||||
Monthly base sublease income | $ 102 |
LEASES - Balance Sheet Informat
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease | ||
Operating lease right-of-use assets | $ 6,882 | $ 8,241 |
Current operating lease liabilities | 1,765 | 1,677 |
Long-term operating lease liabilities | 8,061 | $ 9,826 |
Present value of lease liabilities | $ 9,826 | |
Weighted average remaining lease term (years) | 4 years 9 months | |
Weighted average discount rate | 5.15% |
LEASES - Operating Lease Liabil
LEASES - Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease Liabilities - ASC 842 | |||
2021 | $ 2,230 | ||
2022 | 2,230 | ||
2023 | 2,378 | ||
2024 | 2,453 | ||
2025 | 1,839 | ||
Total lease payments | 11,130 | ||
Less: Imputed interest | (1,304) | ||
Present value of lease liabilities | 9,826 | ||
Operating cash flow payments | $ 2,230 | $ 2,230 | |
Rent expense | $ 1,808 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Jan. 17, 2020item | Dec. 21, 2018item | Dec. 31, 2018USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) |
Purchase commitment | |||||
Vessel assets | $ 919,114 | $ 1,273,861 | |||
Purchase Agreements for BWTS | |||||
Purchase commitment | |||||
Number of vessels to receive ballast water treatments systems | item | 36 | ||||
Vessel assets | $ 17,009 | 12,783 | |||
Purchase Agreement of BWTS for Capesize Vessels | |||||
Purchase commitment | |||||
BWTS purchase price | $ 900 | ||||
Purchase Agreement of BWTS for Supramax Vessels | |||||
Purchase commitment | |||||
BWTS purchase price | 600 | ||||
Purchase Agreement of BWTS for Handysize Vessels | |||||
Purchase commitment | |||||
BWTS purchase price | $ 500 | ||||
Scrubber Installation Agreements | |||||
Purchase commitment | |||||
Number of Capesize vessels to receive scrubber installations | item | 17 | ||||
Number of completed scrubber installations | item | 1 | 16 | |||
Vessel assets | $ 42,728 | $ 41,270 |
SAVINGS PLAN (Details)
SAVINGS PLAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SAVINGS PLAN | |||
Employer's dollar matching contribution for each employee up to 6% to the 401(k) plan | $ 1.17 | ||
Employer's matching contribution (as a percent) | 6.00% | ||
Employer's matching contribution | $ 473,000 | $ 399,000 | $ 380,000 |
STOCK-BASED COMPENSATION - 2014
STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan $ / shares in Units, $ in Thousands | Aug. 07, 2014USD ($)tranche$ / sharesshares | Jul. 09, 2014itemshares | Feb. 25, 2020$ / shares |
Stock Awards | |||
Aggregate number of shares of common stock available for awards | shares | 966,806 | ||
Warrants | |||
Stock Awards | |||
Number of tiers of MIP Warrants | item | 3 | ||
Number of tranches | tranche | 3 | ||
Aggregate fair value of awards upon issuance | $ | $ 54,436 | ||
Warrants | $240.89 Warrants | |||
Stock Awards | |||
Aggregate number of shares of common stock available for awards | shares | 238,066 | ||
Fair value of warrant (in dollars per share) | $ 7.22 | ||
Exercise price per share, as adjusted by dividends | $ 240.89221 | ||
Warrants | $267.11 Warrants | |||
Stock Awards | |||
Aggregate number of shares of common stock available for awards | shares | 246,701 | ||
Fair value of warrant (in dollars per share) | $ 6.63 | ||
Exercise price per share, as adjusted by dividends | 267.11051 | ||
Warrants | $317.87 Warrants | |||
Stock Awards | |||
Aggregate number of shares of common stock available for awards | shares | 370,979 | ||
Fair value of warrant (in dollars per share) | $ 5.63 | ||
Exercise price per share, as adjusted by dividends | $ 317.87359 |
STOCK-BASED COMPENSATION - 2015
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands | Feb. 25, 2020 | Nov. 05, 2019 | Mar. 04, 2019 | Feb. 27, 2018 | Mar. 23, 2017 | Oct. 15, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 22, 2017 | Jun. 26, 2015 |
Stock options | |||||||||||
Aggregate number of shares of common stock available for awards | 2,750,000 | 400,000 | 400,000 | ||||||||
Nonemployee Directors | |||||||||||
Additional disclosures | |||||||||||
Maximum annual limit for grants (in shares) | 500,000 | ||||||||||
Other Individuals | |||||||||||
Additional disclosures | |||||||||||
Maximum annual limit for grants (in shares) | 1,000,000 | ||||||||||
Stock Options | |||||||||||
Stock options | |||||||||||
Vesting percentage of awards | 33.33% | 33.33% | 33.33% | ||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||||
Unrecognized compensation cost | |||||||||||
Unamortized compensation cost | $ 490 | ||||||||||
Future amortization of stock based compensation | |||||||||||
2021 | 367 | ||||||||||
2022 | 111 | ||||||||||
2023 | $ 12 | ||||||||||
Number of Options | |||||||||||
Outstanding at beginning of period (in shares) | 322,279 | 166,942 | 88,667 | ||||||||
Granted (in shares) | 344,568 | 240,540 | 122,608 | 344,568 | 240,540 | 122,608 | |||||
Exercisable (in shares) | (119,923) | (85,203) | (44,333) | ||||||||
Forfeited (in shares) | (3,378) | ||||||||||
Outstanding at end of period (in shares) | 543,546 | 322,279 | 166,942 | ||||||||
Weighted Average Exercise Price | |||||||||||
Outstanding at beginning of period (in dollars per share) | $ 9.41 | $ 13.01 | $ 11.13 | ||||||||
Granted (in dollars per share) | $ 7.06 | $ 8.065 | $ 13.365 | 7.06 | 8.33 | 13.69 | |||||
Exercisable (in dollars per share) | 9.87 | 12.36 | 11.13 | ||||||||
Forfeited (in dollars per share) | 8.07 | ||||||||||
Outstanding at end of period (in dollars per share) | 7.83 | 9.41 | 13.01 | ||||||||
Weighted Average Fair Value | |||||||||||
Outstanding at beginning of period (in dollars per share) | 4.72 | 7.25 | 6.41 | ||||||||
Granted (in dollars per share) | $ 2.01 | $ 3.76 | $ 7.55 | 2.01 | 3.76 | 7.55 | |||||
Exercisable (in dollars per share) | 5.05 | 6.96 | 6.41 | ||||||||
Forfeited (in dollars per share) | 3.76 | ||||||||||
Outstanding at end of period (in dollars per share) | 2.94 | $ 4.72 | $ 7.25 | ||||||||
Weighted Average Exercise Price Of Outstanding Options | $ 8.86 | ||||||||||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 8 months 19 days | ||||||||||
Options Exercisable, Number of options | 293,792 | ||||||||||
Options Exercisable, Weighted Average Exercise Price | $ 10.78 | ||||||||||
Options Exercisable, Weighted Average Remaining Contractual Life | 3 years 3 days | ||||||||||
Aggregate fair value | $ 693 | $ 904 | $ 926 | ||||||||
Stock options outstanding - nonvested and exercisable | 837,338 | 496,148 | |||||||||
Assumptions and Methodology | |||||||||||
Weighted average volatility rate (as a percent) | 53.91% | 55.23% | 71.94% | ||||||||
Risk-free interest rate ( as a percent) | 1.41% | 2.49% | 2.53% | ||||||||
Dividend rate ( as a percent) | 7.13% | 0.00% | 0.00% | ||||||||
Expected life (in years) | 4 years | 4 years | 4 years | ||||||||
Stock Options | General and Administrative Expense | |||||||||||
Stock options | |||||||||||
Amortization expense | $ 787 | $ 850 | $ 731 | ||||||||
Stock Options | Exercise Price - $13.365 | |||||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ 13.365 | ||||||||||
Stock Options | Exercise Price - $8.065 | |||||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | 8.065 | ||||||||||
Stock Options | Exercise Price - $7.06 | |||||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ 7.06 | ||||||||||
Stock Options | John C. Wobensmith | |||||||||||
Stock options | |||||||||||
Vesting percentage of awards | 33.33% | ||||||||||
Vesting period | 3 years | ||||||||||
Number of Options | |||||||||||
Granted (in shares) | 133,000 | ||||||||||
Weighted Average Exercise Price | |||||||||||
Granted (in dollars per share) | $ 10.805 | ||||||||||
Weighted Average Fair Value | |||||||||||
Granted (in dollars per share) | $ 6.41 | ||||||||||
Aggregate fair value | $ 853 | ||||||||||
Assumptions and Methodology | |||||||||||
Weighted average volatility rate (as a percent) | 79.80% | ||||||||||
Risk-free interest rate ( as a percent) | 1.68% | ||||||||||
Dividend rate ( as a percent) | 0.00% | ||||||||||
Expected life (in years) | 3 years 9 months 10 days |
STOCK-BASED COMPENSATION - 20_2
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2020 | Feb. 25, 2020 | May 15, 2019 | Mar. 04, 2019 | May 15, 2018 | Feb. 27, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock Awards | |||||||||
Number of common shares outstanding in respect of RSUs | 373,588 | 326,247 | |||||||
Vesting period of awards | 3 years | ||||||||
Number of Shares | |||||||||
Balance at the beginning of the period (in shares) | 162,096 | 149,170 | 220,129 | ||||||
Granted (in shares) | 42,642 | 173,749 | 29,580 | 106,079 | 14,268 | 37,436 | 221,903 | 140,914 | 51,704 |
Vested (in shares) | (29,580) | (14,268) | (83,675) | (127,988) | (122,663) | ||||
Forfeited (in shares) | (1,490) | ||||||||
Balance at the end of the period (in shares) | 298,834 | 162,096 | 149,170 | ||||||
Weighted Average Fair Value | |||||||||
Balance at the beginning of the period (in dollars per share) | $ 9.26 | $ 12.42 | $ 11.01 | ||||||
Granted (in dollars per share) | 6.80 | 8.50 | 14.84 | ||||||
Vested (in dollars per share) | 9.07 | 12.10 | 10.92 | ||||||
Forfeited (in dollars per share) | 8.39 | ||||||||
Balance at the end of the period (in dollars per share) | $ 7.49 | $ 9.26 | $ 12.42 | ||||||
Weighted-average remaining contractual life | 1 year 7 months 2 days | ||||||||
Additional disclosures | |||||||||
Total fair value of shares vested | $ 550 | $ 1,235 | $ 1,694 | ||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||
Unrecognized compensation cost | $ 849 | ||||||||
Weighted-average period for recognition of unrecognized compensation cost | 1 year 7 months 2 days | ||||||||
General and Administrative Expense | |||||||||
Additional disclosures | |||||||||
Recognized nonvested stock amortization expense | $ 1,239 | $ 1,207 | $ 1,489 | ||||||
Vested RSUs | |||||||||
Number of Shares | |||||||||
Number of shares vested | 505,898 | ||||||||
Weighted Average Grant Date Price, Vested | $ 11.07 |
STOCK-BASED COMPENSATION - 20_3
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock (Details) - 2015 EIP Plan - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Stock Awards | ||
Vesting period of awards | 3 years | |
Number of Shares | ||
Balance at the beginning of the period (in shares) | 6,802 | |
Vested (in shares) | (6,802) | |
Weighted Average Fair Value | ||
Balance at the beginning of the period (in dollars per share) | $ 5.20 | |
Vested (in dollars per share) | $ 5.20 | |
Additional disclosures | ||
Total fair value of shares vested | $ 60 | |
General and Administrative Expense | ||
Additional disclosures | ||
Recognized nonvested stock amortization expense | $ 11 |
UNAUDITED QUARTERLY RESULTS O_3
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |||||||||||
Voyage Revenues | $ 355,560 | $ 389,496 | $ 367,522 | ||||||||
Operating (loss) income | $ (61,151) | $ (15,666) | $ (13,104) | $ (113,415) | $ 7,560 | $ (7,772) | $ (27,309) | $ (882) | (203,337) | (28,403) | 516 |
Net (loss) income | $ (65,921) | $ (21,098) | $ (18,204) | $ (120,350) | $ 882 | $ (14,591) | $ (34,476) | $ (7,801) | $ (225,573) | $ (55,985) | $ (32,940) |
Net (loss) earnings per share - basic (1) | $ (1.57) | $ (0.50) | $ (0.43) | $ (2.87) | $ 0.02 | $ (0.35) | $ (0.83) | $ (0.19) | $ (5.38) | $ (1.34) | $ (0.86) |
Net (loss) earnings per share - diluted (1) | (1.57) | (0.50) | (0.43) | (2.87) | 0.02 | $ (0.35) | $ (0.83) | $ (0.19) | (5.38) | (1.34) | $ (0.86) |
Dividends declared per share | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.175 | $ 500 | $ 0.235 | $ 0.50 | ||||
Weighted average common shares outstanding-basic | 41,933,926 | 41,928,682 | 41,900,901 | 41,866,357 | 41,832,942 | 41,749,200 | 41,742,301 | 41,726,106 | 41,907,597 | 41,762,893 | 38,382,599 |
Weighted average common shares outstanding-diluted | 41,933,926 | 41,928,682 | 41,900,901 | 41,866,357 | 41,989,553 | 41,749,200 | 41,742,301 | 41,726,106 | 41,907,597 | 41,762,893 | 38,382,599 |
Impairment of vessel assets | $ 74,225 | $ 21,896 | $ 112,814 | $ 208,935 | $ 27,393 | $ 56,586 | |||||
Voyage | |||||||||||
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |||||||||||
Voyage Revenues | $ 95,495 | $ 87,524 | $ 74,206 | $ 98,336 | $ 108,705 | $ 103,776 | $ 83,550 | $ 93,464 | $ 355,560 | $ 389,496 | $ 367,522 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | Feb. 24, 2021USD ($)$ / shares | Feb. 23, 2021$ / sharesshares | Feb. 18, 2021USD ($) | Jan. 25, 2021USD ($) | Jan. 22, 2021USD ($) | Jan. 15, 2021USD ($) | Jan. 04, 2021USD ($) | Dec. 17, 2020item | Nov. 27, 2020USD ($) | Nov. 03, 2020USD ($) | Jul. 15, 2020shares | Feb. 25, 2020$ / sharesshares | Feb. 03, 2020USD ($) | May 15, 2019shares | Mar. 04, 2019$ / sharesshares | May 31, 2018 | May 15, 2018shares | Feb. 27, 2018$ / sharesshares | Feb. 24, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Subsequent Events | ||||||||||||||||||||||||||||
Dividends declared per share of common stock | $ / shares | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.175 | $ 500 | $ 0.235 | $ 0.50 | |||||||||||||||||||||
Loss on disposal of vessels | $ 1,855 | $ 168 | $ (3,513) | |||||||||||||||||||||||||
Restricted cash, current | $ 35,492 | $ 6,045 | $ 35,492 | $ 6,045 | ||||||||||||||||||||||||
Baltic Panther | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,510 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||
Baltic Hare | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,750 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||
Genco Charger | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 5,150 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 1.00% | |||||||||||||||||||||||||||
Secured Debt | $495 Million Credit Facility | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Collateral vessel replacement period | 120 days | |||||||||||||||||||||||||||
2015 EIP Plan | Restricted Stock Units | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Granted (in shares) | shares | 42,642 | 173,749 | 29,580 | 106,079 | 14,268 | 37,436 | 221,903 | 140,914 | 51,704 | |||||||||||||||||||
Vesting period of awards | 3 years | |||||||||||||||||||||||||||
2015 EIP Plan | Stock Options | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Options to purchase (in shares) | shares | 344,568 | 240,540 | 122,608 | 344,568 | 240,540 | 122,608 | ||||||||||||||||||||||
Exercise price | $ / shares | $ 7.06 | $ 8.065 | $ 13.365 | $ 7.06 | $ 8.33 | $ 13.69 | ||||||||||||||||||||||
Vesting percentage of awards | 33.33% | 33.33% | 33.33% | |||||||||||||||||||||||||
Vesting period of awards | 3 years | 3 years | 3 years | |||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Dividends declared per share of common stock | $ / shares | $ 0.02 | |||||||||||||||||||||||||||
Aggregate amount of dividend | $ 800 | $ 800 | ||||||||||||||||||||||||||
Subsequent Event | Baltic Leopard | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 8,000 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||
Subsequent Event | Genco Lorraine | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,950 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 2.50% | |||||||||||||||||||||||||||
Subsequent Event | Baltic Panther | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,510 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||
Subsequent Event | Baltic Hare | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,750 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||||||||||||||
Subsequent Event | Baltic Cougar | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Sale of assets | $ 7,600 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||||||||||||||
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Panther | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Restricted cash, current | $ 4,515 | |||||||||||||||||||||||||||
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Hare | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Restricted cash, current | $ 4,806 | |||||||||||||||||||||||||||
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Cougar | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Restricted cash, current | $ 4,515 | $ 4,515 | ||||||||||||||||||||||||||
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Panther Baltic Hare and Baltic Cougar | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Period for which sales proceeds from vessels will remain as restricted cash | 360 days | |||||||||||||||||||||||||||
Collateral vessel replacement period | 360 days | |||||||||||||||||||||||||||
Subsequent Event | Secured Debt | $495 Million Credit Facility | Genco Charger | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 3,471 | |||||||||||||||||||||||||||
Subsequent Event | 2015 EIP Plan | Restricted Stock Units | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Granted (in shares) | shares | 103,599 | |||||||||||||||||||||||||||
Subsequent Event | 2015 EIP Plan | Stock Options | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Options to purchase (in shares) | shares | 118,552 | |||||||||||||||||||||||||||
Exercise price | $ / shares | $ 9.91 | |||||||||||||||||||||||||||
Subsequent Event | 2015 EIP Plan | RSUs and Stock Options | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Vesting percentage of awards | 33.33% | |||||||||||||||||||||||||||
Vesting period of awards | 3 years | |||||||||||||||||||||||||||
Subsequent Event | Forecast | Baltic Panther Baltic Hare and Baltic Cougar | Minimum | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Loss on disposal of vessels | $ 500 | |||||||||||||||||||||||||||
Subsequent Event | Forecast | Baltic Panther Baltic Hare and Baltic Cougar | Maximum | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Loss on disposal of vessels | $ 700 | |||||||||||||||||||||||||||
Agreement To Exchange Vessels | Ultramax Vessels | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Number of vessels to be exchanged | item | 3 | |||||||||||||||||||||||||||
Agreement To Exchange Vessels | Handysize Vessels | ||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||
Number of vessels to be exchanged | item | 6 | |||||||||||||||||||||||||||
Broker commission (as a percent) | 1.00% |