Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 719.5 | ||
Entity Common Stock, Shares Outstanding | 42,327,181 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | New York, New York | ||
Entity Central Index Key | 0001326200 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 58,142 | $ 114,573 |
Restricted cash | 5,643 | 5,643 |
Due from charterers, net of a reserve of $2,141 and $1,403, respectively | 25,333 | 20,116 |
Prepaid expenses and other current assets | 8,399 | 9,935 |
Inventories | 21,601 | 24,563 |
Fair value of derivative instruments | 6,312 | |
Total current assets | 125,430 | 174,830 |
Noncurrent assets: | ||
Vessels, net of accumulated depreciation of $303,098 and $253,005, respectively | 1,002,810 | 981,141 |
Deposits on vessels | 18,543 | |
Deferred drydock, net of accumulated amortization of $15,456 and $12,879 respectively | 32,254 | 14,275 |
Fixed assets, net of accumulated depreciation and amortization of $6,254 and $3,984, respectively | 8,556 | 7,237 |
Operating lease right-of-use assets | 4,078 | 5,495 |
Restricted cash | 315 | 315 |
Fair value of derivative instruments | 423 | 1,166 |
Total noncurrent assets | 1,048,436 | 1,028,172 |
Total assets | 1,173,866 | 1,203,002 |
Current liabilities: | ||
Accounts payable and accrued expenses | 29,475 | 29,956 |
Deferred revenue | 4,958 | 10,081 |
Current operating lease liabilities | 2,107 | 1,858 |
Total current liabilities: | 36,540 | 41,895 |
Noncurrent liabilities: | ||
Long-term operating lease liabilities | 4,096 | 6,203 |
Long-term debt, net of deferred financing costs of $6,079 and $7,771, respectively | 164,921 | 238,229 |
Total noncurrent liabilities | 169,017 | 244,432 |
Total liabilities | 205,557 | 286,327 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Common stock, par value $0.01; 500,000,000 shares authorized; 42,327,181 and 41,924,597 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 423 | 419 |
Additional paid-in capital | 1,588,777 | 1,702,166 |
Accumulated other comprehensive income | 6,480 | 825 |
Accumulated deficit | (628,247) | (786,823) |
Total Genco Shipping & Trading Limited shareholders' equity | 967,433 | 916,587 |
Noncontrolling interest | 876 | 88 |
Total equity | 968,309 | 916,675 |
Total liabilities and equity | $ 1,173,866 | $ 1,203,002 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Due from charterers, reserve | $ 2,141 | $ 1,403 |
Noncurrent assets: | ||
Vessels, accumulated depreciation | 303,098 | 253,005 |
Deferred drydock, accumulated amortization | 15,456 | 12,879 |
Fixed assets, accumulated depreciation and amortization | 6,254 | 3,984 |
Deferred financing costs, noncurrent | $ 6,079 | $ 7,771 |
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) | 42,327,181 | 41,924,597 |
Common stock, shares outstanding (in shares) | 42,327,181 | 41,924,597 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Total revenues | $ 536,934 | $ 547,129 | $ 355,560 |
Operating expenses: | |||
Voyage expenses | 153,889 | 146,182 | 156,985 |
Vessel operating expenses | 99,469 | 82,089 | 87,420 |
Charter hire expenses | 27,130 | 36,370 | 10,307 |
General and administrative expenses (inclusive of nonvested stock amortization expense of $3,242, $2,267 and $2,026, respectively) | 25,708 | 24,454 | 21,266 |
Technical management fees | 3,310 | 5,612 | 6,961 |
Depreciation and amortization | 60,190 | 56,231 | 65,168 |
Impairment of vessel assets | 0 | 0 | 208,935 |
(Gain) loss on sale of vessels | (4,924) | 1,855 | |
Total operating expenses | 369,696 | 346,014 | 558,897 |
Operating income (loss) | 167,238 | 201,115 | (203,337) |
Other income (expense): | |||
Other income (expense) | 178 | 541 | (851) |
Interest income | 1,042 | 154 | 1,028 |
Interest expense | (9,094) | (15,357) | (22,413) |
Loss on debt extinguishment | (4,408) | ||
Other expense, net | (7,874) | (19,070) | (22,236) |
Net income (loss) | 159,364 | 182,045 | (225,573) |
Less: Net income attributable to noncontrolling interest | 788 | 38 | |
Net income (loss) attributable to Genco Shipping & Trading Limited | $ 158,576 | $ 182,007 | $ (225,573) |
Earnings (loss) per share-basic | $ 3.74 | $ 4.33 | $ (5.38) |
Earnings (loss) per share-diluted | $ 3.70 | $ 4.27 | $ (5.38) |
Weighted average common shares outstanding-basic | 42,412,722 | 42,060,996 | 41,907,597 |
Weighted average common shares outstanding-diluted | 42,915,496 | 42,588,871 | 41,907,597 |
Voyage | |||
Revenues: | |||
Total revenues | $ 536,934 | $ 547,129 | $ 355,560 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Operations | |||
Nonvested stock amortization expense | $ 3,242 | $ 2,267 | $ 2,026 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income (Loss) | |||
Net income (loss) | $ 159,364 | $ 182,045 | $ (225,573) |
Other comprehensive income | 5,655 | 825 | |
Comprehensive income (loss) | 165,019 | 182,870 | (225,573) |
Less: Comprehensive income attributable to noncontrolling interest | 788 | 38 | |
Comprehensive income (loss) attributable to Genco Shipping & Trading Limited | $ 164,231 | $ 182,832 | $ (225,573) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Genco Shipping & Trading Limited Shareholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interest | Total |
Balance at Dec. 31, 2019 | $ 978,428 | $ 417 | $ 1,721,268 | $ (743,257) | $ 978,428 | ||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | (225,573) | (225,573) | (225,573) | ||||
Issuance of shares due to vesting of RSUs | 1 | (1) | |||||
Cash dividends declared | (9,887) | (9,887) | (9,887) | ||||
Nonvested stock amortization | 2,026 | 2,026 | 2,026 | ||||
Balance at Dec. 31, 2020 | 744,994 | 418 | 1,713,406 | (968,830) | 744,994 | ||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 182,007 | 182,007 | $ 38 | 182,045 | |||
Other comprehensive income | 825 | $ 825 | 825 | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 1 | (1) | |||||
Cash dividends declared | (13,506) | (13,506) | (13,506) | ||||
Nonvested stock amortization | 2,267 | 2,267 | 2,267 | ||||
Non-controlling interest initial investment | 50 | 50 | |||||
Balance at Dec. 31, 2021 | 916,587 | 419 | 1,702,166 | 825 | (786,823) | 88 | 916,675 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 158,576 | 158,576 | 788 | 159,364 | |||
Other comprehensive income | 5,655 | 5,655 | 5,655 | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 4 | (4) | |||||
Cash dividends declared | (116,627) | (116,627) | (116,627) | ||||
Nonvested stock amortization | 3,242 | 3,242 | 3,242 | ||||
Balance at Dec. 31, 2022 | $ 967,433 | $ 423 | $ 1,588,777 | $ 6,480 | $ (628,247) | $ 876 | $ 968,309 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Equity | |||
Dividends declared per share | $ 2.74 | $ 0.32 | $ 0.235 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 159,364 | $ 182,045 | $ (225,573) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 60,190 | 56,231 | 65,168 |
Amortization of deferred financing costs | 1,694 | 3,536 | 3,903 |
Amortization of fair market value of time charters acquired | (4,263) | ||
Right-of-use asset amortization | 1,417 | 1,387 | 1,359 |
Amortization of nonvested stock compensation expense | 3,242 | 2,267 | 2,026 |
Impairment of vessel assets | 0 | 0 | 208,935 |
(Gain) loss on sale of vessels | (4,924) | 1,855 | |
Loss on debt extinguishment | 4,408 | ||
Amortization of premium on derivative | 86 | 197 | |
Interest rate cap premium payment | (240) | ||
Insurance proceeds for protection and indemnity claims | 829 | 988 | 569 |
Insurance proceeds for loss of hire claims | 78 | ||
Change in assets and liabilities: | |||
(Increase) decrease in due from charterers | (5,217) | (7,125) | 710 |
Increase in prepaid expenses and other current assets | (317) | (783) | (1,938) |
Decrease (increase) in inventories | 2,962 | (2,980) | 5,625 |
(Decrease) increase in accounts payable and accrued expenses | (2,134) | 5,405 | (17,355) |
(Decrease) increase in deferred revenue | (5,123) | 1,660 | 1,794 |
Decrease in operating lease liabilities | (1,858) | (1,765) | (1,677) |
Deferred drydock costs incurred | (25,812) | (4,925) | (8,583) |
Net cash provided by operating activities | 189,323 | 231,119 | 36,896 |
Cash flows from investing activities: | |||
Purchase of vessels and ballast water treatment systems, including deposits | (52,473) | (115,680) | (4,485) |
Purchase of scrubbers (capitalized in Vessels) | (199) | (10,973) | |
Purchase of other fixed assets | (3,566) | (1,585) | (4,580) |
Net proceeds from sale of vessels | 49,473 | 56,993 | |
Insurance proceeds for hull and machinery claims | 1,024 | 418 | 484 |
Net cash (used in) provided by investing activities | (55,015) | (67,573) | 37,439 |
Cash flows from financing activities: | |||
Investment by non-controlling interest | 50 | ||
Cash dividends paid | (115,728) | (13,463) | (9,847) |
Payment of deferred financing costs | (11) | (6,053) | (462) |
Net cash used in financing activities | (190,739) | (222,694) | (56,905) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (56,431) | (59,148) | 17,430 |
Cash, cash equivalents and restricted cash at beginning of period | 120,531 | 179,679 | 162,249 |
Cash, cash equivalents and restricted cash at end of period | 64,100 | 120,531 | 179,679 |
$450 Million Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from secured debt | 350,000 | ||
Repayment of secured debt | $ (75,000) | (104,000) | |
$133 Million Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from secured debt | 24,000 | ||
Repayment of secured debt | (114,940) | (9,160) | |
$495 Million Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from secured debt | 11,250 | ||
Repayment of secured debt | $ (334,288) | $ (72,686) |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
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 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, 2022, 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 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.” During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned 50% by the Company and 50% by Synergy as of December 31, 2022 and 2021, and was formed to provide ship management services to the Company’s vessels. As of December 31, 2022 and 2021, the cumulative investments GSSM received from the Company and Synergy totaled $50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM. Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM. 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. Over the course of the pandemic, 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 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. However, the extent to which the COVID-19 pandemic impacts our business going forward will depend on numerous evolving factors the Company cannot reliably predict, including the duration and scope of the pandemic; governmental, business, and individuals’ actions in response to the pandemic; and the impact on economic activity. This 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. Other General Information As of December 31, 2022, 2021 and 2020, the Company’s fleet consisted of 44, 42 and 47 vessels, respectively. Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2022: 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 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 Picardy Limited Genco Picardy 55,257 8/16/10 2005 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 Genco Vigilant Limited Genco Vigilant 63,498 1/28/21 2015 Genco Freedom Limited Genco Freedom 63,671 2/2/21 2015 Genco Enterprise Limited Genco Enterprise 63,473 8/23/21 2016 Genco Madeleine Limited Genco Madeleine 63,166 8/23/21 2014 Genco Mayflower Limited Genco Mayflower 63,304 8/24/21 2017 Genco Constellation Limited Genco Constellation 63,310 9/3/21 2017 Genco Laddey Limited Genco Laddey 61,303 1/6/22 2022 Genco Mary Limited Genco Mary 61,304 1/6/22 2022 Baltic Lion Limited Genco Lion 179,185 4/8/15 (1) 2012 Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) 2011 Baltic Bear Limited Baltic Bear 177,717 5/14/10 2010 Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 2010 Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 2014 Baltic Wasp Limited Baltic Wasp 63,389 1/2/2015 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, 2022 | |
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 and GSSM. All intercompany accounts and transactions have been eliminated in consolidation. 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, the fair value of time charters acquired, and the fair value of derivative instruments, if any. Actual results could differ from those estimates. 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. 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 reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. Cash, cash equivalents and restricted cash The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. 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, 2022 2021 Cash and cash equivalents $ 58,142 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 64,100 $ 120,531 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, 2022 and 2021, the Company had a reserve of 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. Bunker swap and forward fuel purchase agreements From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $1,631, $439 and ($156) of realized gains (losses) in other income (expense), respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $3, $34 and ($74) of unrealized gains (losses) in other income (expense), respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of December 31, 2022 and 2021 is $168 and $113 , respectively, and are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of December 31, 2022 and 2021 is 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. 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, 2022 and 2021 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 9 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt. 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. 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, 2022, 2021 and 2020 was $50,092, $49,417 and $58,008 , 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. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (“lwt”). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from 15-year average scrap value of steel. During the year ended December 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,647 . The decrease in depreciation expense resulted in a increase to the basic and diluted net earnings per share during the year ended December 31, 2022. The basic and diluted net earnings per share for the year ended December 31, 2022 would have been 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 drydock. Amortization expense for drydocking for the years ended December 31, 2022, 2021 and 2020 was $7,832, $5,055 and $5,598 , 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, with the exception of other capitalized costs incurred related to vessel assets and vessel equipment. Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2022, 2021 and 2020 was $2,266, $1,759 and $1,562, respectively. 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” below for a description of the Company’s revenue recognition policy. 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. 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. Dividends declared If the Company has an accumulated deficit, dividends declared will be recognized as a reduction of additional paid-in capital (“APIC”) in the Consolidated Statements of Equity until the APIC is reduced to zero. Once APIC is reduced to zero, dividends declared will be recognized as an increase in accumulated deficit. 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 Accounting Standards Codification (“ASC”) 606 Revenue from Contracts with Customers (“ASC 606”) 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 — Leases (Topic 842) (“ASC 842”). 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, 2022, 2021 and 2020 is not a material percentage of the Company’s revenues. 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 and spot market-related time charters, 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 and spot market-related time charters. Refer to Note 13 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 (gain) loss of Loss on debt extinguishment During the year ended December 31, 2021, the Company recorded $4,408 related to the loss on the extinguishment of debt in accordance with ASC 470-50 — “ Debt – Modifications and Extinguishments 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 The costs to charter-in third party vessels, which primarily include the daily charter hire rate net of commissions, are recorded as Charter hire expenses. The Company recorded $27,130, $36,370 and $10,307 of charter hire expenses during the years ended December 31, 2022, 2021 and 2020, respectively. Technical management fees Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies. Impairment of long-lived assets During the years ended December 31, 2022 and 2021, the Company did not incur any impairment of vessel assets in accordance with ASC 360 — “ Property, Plant and Equipment ” (“ASC 360”). During the year ended December 31, 2020, the Company recorded related to the impairment of vessel assets in accordance with 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 the Baltic Leopard as of December 31, 2020, the vessels values for the Genco Lorraine and the 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 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. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of certain aforementioned vessels. (Gain) loss on sale of vessels During the year ended December 31, 2022, the Company did not sell any vessels. During the years ended December 31, 2021 and 2020, the Company recorded net (gains) losses of 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 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, 2022, 2021 and 2020. 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, 2022, 2021 and 2020, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax. Income taxes To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate. 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 cur |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
CASH FLOW INFORMATION | |
CASH FLOW INFORMATION | 3 - CASH FLOW INFORMATION For the year ended December 31, 2022, 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 $2,394 for the Purchase of vessels and ballast water treatment systems, including deposits and $1,178 for the Purchase of other fixed assets. For the year ended December 31, 2022, 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 $1,056 for Cash dividends payable. For the year ended December 31, 2021, 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 $1,643 for the Purchase of vessels and ballast water treatment systems, including deposits, $6 for the Purchase of scrubbers, and $1,160 for the Purchase of other fixed assets. For the year ended December 31, 2021, 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 $157 for Cash dividends payable and $9 associated with the Payment of deferred financing costs. 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 payable. During the years ended December 31, 2022, 2021 and 2020, cash paid for interest, net of amounts capitalized, was $9,329, $11,749 and $18,420 , respectively. Refer to Note 7 During the years ended December 31, 2022, 2021 and 2020, any cash paid for income taxes was insignificant. During the year ended December 31, 2022, the Company reclassified $18,543 from Deposits on vessels to Vessels, net of accumulated depreciation upon the delivery of the Genco Mary and the Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions. 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. On December 23, 2022, the Company issued 270,097 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was On May 16, 2022, the Company issued 27,331 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was On February 23, 2022, the Company issued 201,934 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was On May 13, 2021, the Company issued 33,525 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was On May 4, 2021, the Company issued 18,428 restricted stock units to a member of the Board of Directors. The aggregate fair value of these restricted stock units was On February 23, 2021, the Company issued 103,599 restricted stock units and options to purchase 118,552 shares of the Company’s stock at an exercise price of $9.91 to certain individuals. The fair value of these restricted stock units and stock options were $1,027 and $513, respectively. 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 Refer to Note 17 — Stock-Based Compensation for further information regarding the aforementioned grants. |
VESSEL ACQUISITIONS AND DISPOSI
VESSEL ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2022 | |
VESSEL ACQUISITIONS AND DISPOSITIONS | |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 - VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Acquisitions On July 2, 2021, the Company entered into an agreement to purchase two 2017-built, 63,000 dwt Ultramax vessels for a purchase price of $24,563 each, that were renamed the Genco Mayflower and Genco Constellation, and one 2014-built, 63,000 dwt Ultramax vessel for a purchase price of $21,875 , that was renamed the Genco Madeleine. The Genco Mayflower, the Genco Constellation and the Genco Madeleine were delivered on August 24, 2021, September 3, 2021 and August 23, 2021, respectively. The Company used cash on hand to finance the purchase. These three vessels had existing below market time charters at the time of the acquisition during the third quarter of 2021; therefore, the Company recorded the fair market value of time charters acquired of $4,263 which was amortized as an increase to voyage revenues during the remaining term of each respective time charter. During the year ended December 31, 2021, was amortized into voyage revenues. There is On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29,170 each, to be renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The Company used cash on hand to finance the purchase. As of December 31, 2021, deposits on vessels were . The remaining purchase price of Capitalized interest expense associated with these newbuilding contracts for the year ended December 31, 2022 and 2021 was $5 and $292, respectively. On April 20, 2021, the Company entered into an agreement to purchase a 2016-built, 64,000 dwt Ultramax vessel for a purchase price of $20,200 , that was renamed the Genco Enterprise. The vessel was delivered to the Company on August 23, 2021, and the Company used cash on hand to finance the purchase. 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. Vessel Dispositions On July 16, 2021, the Company entered into an agreement to sell the Genco Provence, a 2004-built Supramax vessel, to a third party for $13,250 less a 2.5% commission payable to a third party. The sale was completed on November 2, 2021. 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 was completed on April 8, 2021. 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 was completed on July 6, 2021. 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, the Baltic Panther and the 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 the 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 the Genco Thunder on February 24, 2020 and March 5, 2020, respectively. As of December 31, 2022 and 2021, the Company recorded $5,643 of current restricted cash in the Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. following the sale date. That amount can be used towards the financing of replacement 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. On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend this period with regard to net proceeds from the sale of the Genco Provence until October 28, 2023. Refer also to Note 7 — Debt. Refer to the “Impairment of long-lived assets” and the “(Gain) loss on sale of vessels” sections in Note 2 — Summary of Significant Accounting Policies for discussion of impairment expense and the (gain) loss on sale of vessels recorded during the years ended December 31, 2022, 2021 and 2020. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
EARNINGS (LOSS) PER SHARE | |
EARNINGS (LOSS) PER SHARE | 5 –EARNINGS (LOSS) PER SHARE The computation of basic earnings (loss) per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted earnings (loss) per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 17 — 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. The Company’s diluted earnings (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 17 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants had a seven-year term that commenced on the day following the Effective Date and were exercisable for one All MIP Warrants during the years ended December 31, 2020 were excluded from the computation of diluted earnings (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 earnings (loss) per share during the years ended December 31, 2021 and 2020 because they were anti-dilutive. These equity warrants expired at 5:00 p.m. on July 9, 2021 without exercise. The components of the denominator for the calculation of basic and diluted earnings (loss) per share are as follows: For the Years Ended December 31, 2022 2021 2020 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,412,722 42,060,996 41,907,597 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,412,722 42,060,996 41,907,597 Dilutive effect of stock options 314,143 313,684 — Dilutive effect of restricted stock units 188,631 214,191 — Weighted-average common shares outstanding, diluted 42,915,496 42,588,871 41,907,597 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 6 - RELATED PARTY TRANSACTIONS During the years ended December 31, 2022, 2021 and 2020, the Company did no t have any related party transactions. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
DEBT | |
DEBT | 7 - DEBT Long-term debt consists of the following: December 31, December 31, 2022 2021 Principal amount $ 171,000 $ 246,000 Less: Unamortized deferred financing costs (6,079) (7,771) Less: Current portion — — Long-term debt, net $ 164,921 $ 238,229 As of December 31, 2022 and 2021, $6,079 and $7,771 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, 2022, 2021 and 2020 was , respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations. On August 31, 2021, the $495 Million Credit Facility and the $133 Million Credit Facility were refinanced with the $450 Million Credit Facility as noted below. Effective August 31, 2021, the portion of the unamortized deferred financing costs for the $495 Million Credit Facility and the $133 Million Credit Facility that was accounted for as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $450 Million Credit Facility in accordance with ASC 470-50. $450 Million Credit Facility On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s $495 Million Credit Facility and its $133 Million Credit Facility. On August 31, 2021, proceeds of under the $450 Million Credit Facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $495 Million Credit Facility and the $133 Million Credit Facility, as described below) into one facility. was drawn down under the revolving credit facility. The key terms associated with the $450 Million Credit Facility are as follows: ● The final maturity date is August 3, 2026. ● Borrowings are subject to a limit of the ratio of the principal amount of debt outstanding to the collateral (“LTV”) of 55% . ● There is a non-committed accordion term loan facility whereby additional borrowings of up to $150,000 may be incurred if additional eligible collateral is provided; such additional borrowings are subject to an LTV ratio of 60% for collateral vessels less than five years old or 55% for collateral vessels at least five years old but not older than seven years. ● Borrowings bear interest at LIBOR plus a margin of 2.15% to 2.75% based on the Company’s quarterly total net leverage ratio (the ratio of total indebtedness to consolidated EBITDA), which may be increased or decreased by a margin of up to 0.05% based on the Company’s performance regarding emissions targets. Upon cessation of the LIBOR rate, borrowings will bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread adjustment, plus the applicable margin referred to above. ● Scheduled quarterly commitment reductions are $11,720 per quarter followed by a balloon payment of $215,600 . ● Collateral includes thirty-nine of our current vessels, leaving five vessels unencumbered. ● Commitment fees are 40% of the applicable margin for unutilized commitments. ● The Company can sell or dispose of collateral vessels without loan prepayment if a replacement vessel or vessels meeting certain requirements are included as collateral within 360 days . ● The Company is subject to customary financial covenants, including a collateral maintenance covenant requiring the aggregate appraised value of collateral vessels to be at least 140% of the principal amount of loans outstanding, a minimum liquidity covenant requiring our unrestricted cash and cash equivalents to be the greater of $500 per vessel or 5% of total indebtedness, a minimum working capital covenant requiring consolidated current assets (excluding restricted cash) minus current liabilities (excluding the current portion of debt) to be not less than zero, and a debt to capitalization covenant requiring the ratio of total net indebtedness to total capitalization to be not more than 70% . ● The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend. Other restrictions in the dividend covenants of the Company’s prior credit facilities were eliminated. On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend the 360-day period that the net proceeds received from the sale of the Genco Provence may be held as restricted cash to finance a qualifying replacement vessel until October 28, 2023. Refer also to Note 4 — Vessel Acquisitions and Dispositions. As of December 31, 2022, there was $212,930 of availability under the $450 Million Credit Facility. Total debt repayments of $75,000 and $104,000 were made during the years ended December 31, 2022 and 2021, respectively, under the $450 Million Credit Facility. As of December 31, 2022, the total outstanding net debt balance was $164,921. As of December 31, 2022, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $171,000 as of December 31, 2022 under the $450 Million Credit Facility: Year Ending December 31, Total 2026 $ 171,000 Total debt $ 171,000 $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. 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 On August 31, 2021, the $133 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. As of December 31, 2022 and 2021, the total outstanding net debt balance under this facility was In relation to the $108,000 tranche of the $133 Million Credit Facility, In relation to the $25,000 Revolver tranche of the $133 Million Credit Facility, Total debt repayments of $114,940 and $9,160 were made during the years ended December 31, 2021 and 2020, respectively, under the $133 Million Credit Facility. $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 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 provided 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 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 — Vessel Acquisitions and Dispositions. On August 31, 2021, the $495 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. As of December 31, 2022 and 2021, the total outstanding net debt balance under this facility was In relation to the $460,000 tranche of the $495 Million Credit Facility, borrowings bore 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. In relation to the $35,000 tranche of the $495 Million Credit Facility, Total debt repayments of $334,288 and $72,686 were made during the years ended December 31, 2021 and 2020, respectively, under the $495 Million Credit Facility. 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, 2022 2021 2020 Effective Interest Rate 4.63 % 3.22 % 3.71 % Range of Interest Rates (excluding unused commitment fees) 2.26 % to 6.54 % 2.24 % to 3.48 % 2.65 % to 3.50 % Letter of credit In conjunction with the Company entering into a long-term office space lease (See Note 14 — 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, 2022 and 2021, 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, 2022 and 2021. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | 8 – DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk on its floating rate debt. As of December 31, 2022, the Company had interest rate cap agreements outstanding to manage interest costs and the risk associated with variable interest rates. The interest rate cap agreements were initially designated and qualified as cash flow hedges. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in Accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings. During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated as a hedge. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of dedesignation will be recognized over the remaining original hedge period. During the year ended December 31, 2022, the Company recorded a gain of The following table summarizes the interest rate cap agreements in place as of December 31, 2022. Interest Rate Cap Detail Notional Amount Outstanding December 31, Trade date Cap Rate Start Date End Date 2022 March 25, 2021 0.75 % April 29, 2021 March 28, 2024 $ 50,000 July 29, 2020 0.75 % July 31, 2020 December 29, 2023 100,000 March 6, 2020 1.50 % March 10, 2020 March 10, 2023 50,000 $ 200,000 The Company records the fair value of the interest rate caps as Fair value of derivative instruments in the current and non-current asset section on its Consolidated Balance Sheets. The Company has elected to use the income approach to value the interest rate derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates, implied volatility, basis swap adjustments, and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for most fair value measurements. The Company recorded a $5,655 gain for the year ended December 31, 2022 in AOCI. The estimated income that is currently recorded in AOCI as of December 31, 2022 that is expected to be reclassified into earnings within the next twelve months is . The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations For the Year Ended December 31, 2022 2021 2020 Interest Expense Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 9,094 $ 15,357 $ 22,413 The effects of fair value and cash flow hedging Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: Interest contracts: Amount of gain or (loss) reclassified from AOCI to income $ (2,056) $ — $ — Premium excluded and recognized on an amortized basis 180 197 — Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring — — — The following table shows the interest rate cap assets as of December 31, 2022: December 31, December 31, Balance Sheet Location 2022 2021 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 6,112 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 381 $ 1,166 Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 200 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 42 $ — The components of AOCI included in the accompanying Consolidated Balance Sheet consists of net unrealized gains on cash flow hedges as of December 31, 2022. AOCI — January 1, 2022 $ 825 Amount recognized in OCI on derivative, intrinsic 6,297 Amount recognized in OCI on derivative, excluded (642) Amount reclassified from OCI into income — AOCI — December 31, 2022 $ 6,480 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying values of the Company’s financial instruments as of December 31, 2022 and 2021 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 58,142 $ 58,142 $ 114,573 $ 114,573 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 171,000 171,000 246,000 246,000 The carrying value of the borrowings under the $450 Million Credit Facility as of December 31, 2022 and 2021, which excludes the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as this credit facility represents a floating rate loan. Refer to Note 7 — Debt for further information regarding the Company’s credit facility. The carrying amounts of the Company’s other financial instruments as of December 31, 2022 and 2021 (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. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 8 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was Refer to “Impairment of long-lived assets” section in Note 2 — Summary of Significant Accounting Policies. The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. Nonrecurring fair value measurements may include impairment tests of the Company’s operating lease right-of use asset if there are indicators of impairment. During the years ended December 31, 2022, 2021 and 2020, there were The Company did not have any Level 3 financial assets or liabilities as of December 31, 2022 and 2021. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS. | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 10 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, December 31, 2022 2021 Vessel stores $ 142 $ 297 Capitalized contract costs (see Note 13) 2,474 1,983 Prepaid items 3,098 3,109 Insurance receivable 1,180 2,349 Advance to agents 463 827 Other 1,042 1,370 Total prepaid expenses and other current assets $ 8,399 $ 9,935 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
FIXED ASSETS | |
FIXED ASSETS | 11 - FIXED ASSETS Fixed assets consist of the following: December 31, December 31, 2022 2021 Fixed assets, at cost: Vessel equipment $ 11,670 $ 8,353 Furniture and fixtures 449 810 Leasehold improvements 1,584 1,386 Computer equipment 1,107 672 Total costs 14,810 11,221 Less: accumulated depreciation and amortization (6,254) (3,984) Total fixed assets, net $ 8,556 $ 7,237 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: December 31, December 31, 2022 2021 Accounts payable $ 16,162 $ 9,399 Accrued general and administrative expenses 6,171 4,719 Accrued vessel operating expenses 7,142 15,838 Total accounts payable and accrued expenses $ 29,475 $ 29,956 |
VOYAGE REVENUES
VOYAGE REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
VOYAGE REVENUES | |
VOYAGE REVENUES | 13 – VOYAGE REVENUES Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2022, 2021 and 2020, the Company earned $536,934, $547,129 and $355,560 of voyage revenues, respectively. Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage, which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606. 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 as capitalized contract costs 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 10 — 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, 2022 2021 2020 Lease revenue $ 229,787 $ 160,242 $ 78,402 Spot market voyage revenue 307,147 386,887 277,158 Total voyage revenues $ 536,934 $ 547,129 $ 355,560 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
LEASES | 14 – 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 which ended January 31, 2023. During June 2022, a lease was signed for a new office space in Copenhagen effective January 1, 2023 for a minimum period ending January 1, 2025. The Company adopted ASC 842 using the transition method on January 1, 2019 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 is per month until September 29, 2025. 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 each of the years ended December 31, 2022, 2021 and 2020, respectively. There was Supplemental Consolidated Balance Sheet information related to the Company’s operating leases as of December 31, 2022 is as follows: December 31, 2022 Operating Lease: Operating lease right-of-use asset $ 4,078 Current operating lease liabilities $ 2,107 Long-term operating lease liabilities 4,096 Total operating lease liabilities $ 6,203 Weighted average remaining lease term (years) 2.75 Weighted average discount rate 5.15 % Maturities of operating lease liabilities as of December 31, 2022 are as follows: December 31, 2022 2023 $ 2,378 2024 2,453 2025 1,839 Total lease payments 6,670 Less imputed interest (467) Present value of lease liabilities $ 6,203 Consolidated Cash Flow information related to leases are as follows: For the Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,230 $ 2,230 $ 2,230 The Company charters in third-party vessels, and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 for these charter-in agreements. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 15 - 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 has varied based on the size and specifications of each vessel and whether the systems are 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 $1.0 million for Capesize vessels and $0.6 million for Supramax vessels. These costs are 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 $25,763 and $18,992 in Vessel assets in the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, related to BWTS additions. Excluding any installation fees, the Company expects to pay $34 during the year ending December 31, 2023 for BWTS. |
SAVINGS PLAN
SAVINGS PLAN | 12 Months Ended |
Dec. 31, 2022 | |
SAVINGS PLAN | |
SAVINGS PLAN | 16 - 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. Any matching contribution the Company makes vests immediately. For the years ended December 31, 2022, 2021 and 2020, the Company’s matching contributions to this plan were , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 17 - 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. The warrants 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. 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. On March 19, 2021, the Board of Directors approved an amendment and restatement of the 2015 Equity Incentive Plan (the “Amended 2015 Plan”). This amendment and restatement increased the number of shares available for awards under the plan from 2,750,000 to 4,750,000 , subject to shareholder approval. The Company’s shareholders approved the increase in the number of shares at the Company’s 2021 Annual Meeting of Shareholders on May 13, 2021. As of December 31, 2022, the Company has awarded restricted stock units, restricted stock and stock options under the Amended 2015 Plan. Stock Options 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 $2.01 per share, or $693 in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of 53.91% (representing the Company’s historical volatility), a risk-free interest rate of 1.41%, a dividend yield of 7.13%, and expected life of 4 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). On February 23, 2021, the Company issued options to purchase 118,552 of the Company’s shares of common stock to certain individuals with an exercise price of $9.91 per share. One three anniversaries of February 23, 2021, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Cox-Ross-Rubinstein pricing formula, resulting in a value of in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data). For the years ended December 31, 2022, 2021 and 2020, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows: For the Years Ended December 31, 2022 2021 2020 General and administrative expenses $ 278 $ 635 $ 787 Amortization of the unamortized stock-based compensation balance of $89 as of December 31, 2022 is expected to be $81 and $8 during the years ended December 31, 2023 and 2024, respectively. The following table summarizes the stock option activity for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 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 Value Options Price Value Outstanding as of January 1 916,287 $ 9.02 $ 4.08 837,338 $ 8.86 $ 4.02 496,148 $ 10.11 $ 5.41 Granted — — — 118,552 9.91 4.33 344,568 7.06 2.01 Exercised (501,060) 9.94 5.16 (39,603) 8.37 3.46 — — — Forfeited — — — — — — (3,378) 8.07 3.76 Outstanding as of December 31 415,227 $ 7.91 $ 2.78 916,287 $ 9.02 $ 4.08 837,338 $ 8.86 $ 4.02 Exercisable as of December 31 221,336 $ 7.63 $ 2.63 488,969 $ 9.88 $ 5.04 293,792 $ 10.78 $ 6.01 The following table summarizes certain information about the options outstanding as of December 31, 2022: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2022 December 31, 2022 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 $ 7.91 193,891 $ 8.22 3.56 221,336 $ 7.63 2.63 As of December 31, 2022 and 2021, a total of 415,227 and 916,287 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, 2022 and 2021, shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. 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, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 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 1 306,887 $ 9.65 298,834 $ 7.49 162,096 $ 9.26 Granted 533,969 17.55 159,492 11.93 221,903 6.80 Vested (198,884) 11.23 (151,439) 7.79 (83,675) 9.07 Forfeited — — — — (1,490) 8.39 Outstanding as of December 31 641,972 $ 15.74 306,887 $ 9.65 298,834 $ 7.49 The total fair value of the RSUs that vested during the years ended December 31, 2022, 2021 and 2020 was $4,006, $1,838 and $550 , 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, 2022: Unvested RSUs Vested RSUs December 31, 2022 December 31, 2022 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 641,972 $ 15.74 3.33 243,920 $ 11.03 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2022, unrecognized compensation cost of For the years ended December 31, 2022, 2021 and 2020, 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, 2022 2021 2020 General and administrative expenses $ 2,964 $ 1,632 $ 1,239 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2022 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | 18 - LEGAL PROCEEDINGS On December 14, 2022, a sub-charterer of the Genco Constellation asserted a claim for monetary losses in connection with alleged delays of the loading of their cargo, short loading, or both at the port of Longkou, China. Hizone Group Co. Ltd (“Hizone”) had sub-chartered the vessel from SCM Cooperation Limited, which in turn had subchartered the vessel from BG Shipping Co. Limited, who had chartered the vessel from us. A dispute arose due to the need to restow the cargo to ensure the safety of the crew and the vessel. Following the vessel’s arrival at Tema Harbour in Ghana, Hizone petitioned the Superior Court of Judicature to have the vessel arrested in connection with a claim alleging damages. Such petition was granted on December 14, 2022 and although Genco offered security to release the vessel shortly thereafter, the vessel has still not been released. Moreover, Hizone petitioned the Superior Court of Judicature to have the vessel arrested again on February 2, 2023 on an allegedly different claim. The vessel has not been generating revenue while it has been subject to arrest and will not generate revenue unless and until it is released. The Company believes that these claims are without merit, has valid defenses against them and is vigorously defending them while continuing to seek the release of the Genco Constellation and any damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees as well as taking actions to secure counter security from BG Shipping Co. Limited. From time to time, the Company may be subject to other 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 such legal proceedings or claims that it believes will have, i |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19 - SUBSEQUENT EVENTS On February 21, 2023, the Company’s Board of Directors awarded grants of 68,758 RSUs to certain individuals under the 2015 Plan. The awards generally vest ratably on each of the three year On February 22, 2023, the Company announced a regular quarterly dividend of $0.50 per share to be paid on or about March 14, 2023, to shareholders of record as of March 7, 2023. The aggregate amount of the dividend is expected to be approximately $21.5 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 and GSSM. All intercompany accounts and transactions have been eliminated in consolidation. |
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, the fair value of time charters acquired, and the fair value of derivative instruments, if any. Actual results could differ from those estimates. |
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. |
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 reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. 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, 2022 2021 Cash and cash equivalents $ 58,142 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 64,100 $ 120,531 |
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, 2022 and 2021, the Company had a reserve of 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. |
Bunker swaps and forward fuel purchase agreements | Bunker swap and forward fuel purchase agreements From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $1,631, $439 and ($156) of realized gains (losses) in other income (expense), respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $3, $34 and ($74) of unrealized gains (losses) in other income (expense), respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of December 31, 2022 and 2021 is $168 and $113 , respectively, and are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of December 31, 2022 and 2021 is |
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. |
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, 2022 and 2021 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 9 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt. |
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. |
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, 2022, 2021 and 2020 was $50,092, $49,417 and $58,008 , 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. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (“lwt”). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from 15-year average scrap value of steel. During the year ended December 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,647 . The decrease in depreciation expense resulted in a increase to the basic and diluted net earnings per share during the year ended December 31, 2022. The basic and diluted net earnings per share for the year ended December 31, 2022 would have been |
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 drydock. Amortization expense for drydocking for the years ended December 31, 2022, 2021 and 2020 was $7,832, $5,055 and $5,598 , 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, with the exception of other capitalized costs incurred related to vessel assets and vessel equipment. |
Fixed assets, net | Fixed assets, net Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2022, 2021 and 2020 was $2,266, $1,759 and $1,562, respectively. |
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” below for a description of the Company’s revenue recognition policy. |
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. |
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. |
Dividends declared | Dividends declared If the Company has an accumulated deficit, dividends declared will be recognized as a reduction of additional paid-in capital (“APIC”) in the Consolidated Statements of Equity until the APIC is reduced to zero. Once APIC is reduced to zero, dividends declared will be recognized as an increase in accumulated deficit. |
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 Accounting Standards Codification (“ASC”) 606 Revenue from Contracts with Customers (“ASC 606”) 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 — Leases (Topic 842) (“ASC 842”). 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, 2022, 2021 and 2020 is not a material percentage of the Company’s revenues. 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 and spot market-related time charters, 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 and spot market-related time charters. Refer to Note 13 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 (gain) loss of |
Loss on debt extinguishment | Loss on debt extinguishment During the year ended December 31, 2021, the Company recorded $4,408 related to the loss on the extinguishment of debt in accordance with ASC 470-50 — “ Debt – Modifications and Extinguishments |
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 The costs to charter-in third party vessels, which primarily include the daily charter hire rate net of commissions, are recorded as Charter hire expenses. The Company recorded $27,130, $36,370 and $10,307 of charter hire expenses during the years ended December 31, 2022, 2021 and 2020, respectively. |
Technical management fees | Technical management fees Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies. |
Impairment of long-lived assets | Impairment of long-lived assets During the years ended December 31, 2022 and 2021, the Company did not incur any impairment of vessel assets in accordance with ASC 360 — “ Property, Plant and Equipment ” (“ASC 360”). During the year ended December 31, 2020, the Company recorded related to the impairment of vessel assets in accordance with 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 the Baltic Leopard as of December 31, 2020, the vessels values for the Genco Lorraine and the 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 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. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of certain aforementioned vessels. |
(Gain) loss on sale of vessels | (Gain) loss on sale of vessels During the year ended December 31, 2022, the Company did not sell any vessels. During the years ended December 31, 2021 and 2020, the Company recorded net (gains) losses of |
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 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, 2022, 2021 and 2020. 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, 2022, 2021 and 2020, 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. 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 year ended December 31, 2022, GSPL recorded of income tax in Other income (expense) in the Consolidated Statement of Operations. During the years ended December 31, 2021 and 2020, 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 2022, 2021 and 2020. During the years ended December 31, 2022, 2021 and 2020, Genco Shipping A/S recorded GSSM was subject to corporate taxes in Singapore during 2022 and 2021 at a rate of 17% . During the years ended December 31, 2022 and 2021, the Company recorded |
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, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021 and 2020, there were no customers that individually accounted for more than 10% of voyage revenues. As of December 31, 2022 and 2021, the Company maintains all of its cash and cash equivalents with six and four financial institutions, respectively. |
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”)” which 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. In January 2021, the FASB issued ASU 2021-01, “ Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modification made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modification made on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which defers the sunset date of Topic 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The Company has evaluated the impact of the adoption of ASU 2020-04, ASU 2021-01 and ASU 2022-06 and has determined that there is no effect on its Consolidated Financial Statements and related disclosures. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: 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 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 Picardy Limited Genco Picardy 55,257 8/16/10 2005 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 Genco Vigilant Limited Genco Vigilant 63,498 1/28/21 2015 Genco Freedom Limited Genco Freedom 63,671 2/2/21 2015 Genco Enterprise Limited Genco Enterprise 63,473 8/23/21 2016 Genco Madeleine Limited Genco Madeleine 63,166 8/23/21 2014 Genco Mayflower Limited Genco Mayflower 63,304 8/24/21 2017 Genco Constellation Limited Genco Constellation 63,310 9/3/21 2017 Genco Laddey Limited Genco Laddey 61,303 1/6/22 2022 Genco Mary Limited Genco Mary 61,304 1/6/22 2022 Baltic Lion Limited Genco Lion 179,185 4/8/15 (1) 2012 Baltic Tiger Limited Genco Tiger 179,185 4/8/15 (1) 2011 Baltic Bear Limited Baltic Bear 177,717 5/14/10 2010 Baltic Wolf Limited Baltic Wolf 177,752 10/14/10 2010 Baltic Hornet Limited Baltic Hornet 63,574 10/29/14 2014 Baltic Wasp Limited Baltic Wasp 63,389 1/2/2015 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, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of restricted cash and cash equivalents | December 31, December 31, 2022 2021 Cash and cash equivalents $ 58,142 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 64,100 $ 120,531 |
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 2-15 years Computer equipment 3 years |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EARNINGS (LOSS) PER SHARE | |
Components of denominator for the calculation of basic and diluted earnings (loss) per share | For the Years Ended December 31, 2022 2021 2020 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,412,722 42,060,996 41,907,597 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,412,722 42,060,996 41,907,597 Dilutive effect of stock options 314,143 313,684 — Dilutive effect of restricted stock units 188,631 214,191 — Weighted-average common shares outstanding, diluted 42,915,496 42,588,871 41,907,597 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility | |
Schedule of components of Long-term debt | December 31, December 31, 2022 2021 Principal amount $ 171,000 $ 246,000 Less: Unamortized deferred financing costs (6,079) (7,771) Less: Current portion — — Long-term debt, net $ 164,921 $ 238,229 |
Schedule of effective interest rate and the range of interest rates on the debt | For the Years Ended December 31, 2022 2021 2020 Effective Interest Rate 4.63 % 3.22 % 3.71 % Range of Interest Rates (excluding unused commitment fees) 2.26 % to 6.54 % 2.24 % to 3.48 % 2.65 % to 3.50 % |
Secured Debt | $450 Million Credit Facility | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2026 $ 171,000 Total debt $ 171,000 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE INSTRUMENTS | |
Schedule of interest cap agreements | Interest Rate Cap Detail Notional Amount Outstanding December 31, Trade date Cap Rate Start Date End Date 2022 March 25, 2021 0.75 % April 29, 2021 March 28, 2024 $ 50,000 July 29, 2020 0.75 % July 31, 2020 December 29, 2023 100,000 March 6, 2020 1.50 % March 10, 2020 March 10, 2023 50,000 $ 200,000 |
Schedule of the effect of fair value and cash flow hedge accounting on the statement of operations | The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations For the Year Ended December 31, 2022 2021 2020 Interest Expense Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 9,094 $ 15,357 $ 22,413 The effects of fair value and cash flow hedging Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: Interest contracts: Amount of gain or (loss) reclassified from AOCI to income $ (2,056) $ — $ — Premium excluded and recognized on an amortized basis 180 197 — Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring — — — |
Schedule of interest rate cap assets | December 31, December 31, Balance Sheet Location 2022 2021 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 6,112 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 381 $ 1,166 Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 200 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 42 $ — |
Components of AOCI included in the accompanying condensed consolidated balance sheet | AOCI — January 1, 2022 $ 825 Amount recognized in OCI on derivative, intrinsic 6,297 Amount recognized in OCI on derivative, excluded (642) Amount reclassified from OCI into income — AOCI — December 31, 2022 $ 6,480 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair values and carrying values of the Company's financial instruments | December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 58,142 $ 58,142 $ 114,573 $ 114,573 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 171,000 171,000 246,000 246,000 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS. | |
Schedule of prepaid expenses and other current assets | December 31, December 31, 2022 2021 Vessel stores $ 142 $ 297 Capitalized contract costs (see Note 13) 2,474 1,983 Prepaid items 3,098 3,109 Insurance receivable 1,180 2,349 Advance to agents 463 827 Other 1,042 1,370 Total prepaid expenses and other current assets $ 8,399 $ 9,935 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Detail of Fixed Assets, Excluding Vessels | |
FIXED ASSETS | |
Schedule of fixed assets | December 31, December 31, 2022 2021 Fixed assets, at cost: Vessel equipment $ 11,670 $ 8,353 Furniture and fixtures 449 810 Leasehold improvements 1,584 1,386 Computer equipment 1,107 672 Total costs 14,810 11,221 Less: accumulated depreciation and amortization (6,254) (3,984) Total fixed assets, net $ 8,556 $ 7,237 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
Schedule of accounts payable and accrued expenses | December 31, December 31, 2022 2021 Accounts payable $ 16,162 $ 9,399 Accrued general and administrative expenses 6,171 4,719 Accrued vessel operating expenses 7,142 15,838 Total accounts payable and accrued expenses $ 29,475 $ 29,956 |
VOYAGE REVENUES (Tables)
VOYAGE REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
VOYAGE REVENUES | |
Schedule of voyage revenue | For the Years Ended December 31, 2022 2021 2020 Lease revenue $ 229,787 $ 160,242 $ 78,402 Spot market voyage revenue 307,147 386,887 277,158 Total voyage revenues $ 536,934 $ 547,129 $ 355,560 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
Schedule of balance sheet information related to operating leases | December 31, 2022 Operating Lease: Operating lease right-of-use asset $ 4,078 Current operating lease liabilities $ 2,107 Long-term operating lease liabilities 4,096 Total operating lease liabilities $ 6,203 Weighted average remaining lease term (years) 2.75 Weighted average discount rate 5.15 % |
Schedule of maturities of operating lease liabilities | December 31, 2022 2023 $ 2,378 2024 2,453 2025 1,839 Total lease payments 6,670 Less imputed interest (467) Present value of lease liabilities $ 6,203 |
Schedule of cash flow information related to operating leases | For the Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,230 $ 2,230 $ 2,230 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan | 12 Months Ended |
Dec. 31, 2022 | |
Stock Options | |
Stock Awards | |
Schedule of nonvested stock amortization expense | For the Years Ended December 31, 2022 2021 2020 General and administrative expenses $ 278 $ 635 $ 787 |
Schedule of stock option activity | For the Years Ended December 31, 2022 2021 2020 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 Value Options Price Value Outstanding as of January 1 916,287 $ 9.02 $ 4.08 837,338 $ 8.86 $ 4.02 496,148 $ 10.11 $ 5.41 Granted — — — 118,552 9.91 4.33 344,568 7.06 2.01 Exercised (501,060) 9.94 5.16 (39,603) 8.37 3.46 — — — Forfeited — — — — — — (3,378) 8.07 3.76 Outstanding as of December 31 415,227 $ 7.91 $ 2.78 916,287 $ 9.02 $ 4.08 837,338 $ 8.86 $ 4.02 Exercisable as of December 31 221,336 $ 7.63 $ 2.63 488,969 $ 9.88 $ 5.04 293,792 $ 10.78 $ 6.01 The following table summarizes certain information about the options outstanding as of December 31, 2022: Options Outstanding and Unvested, Options Outstanding and Exercisable, December 31, 2022 December 31, 2022 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 $ 7.91 193,891 $ 8.22 3.56 221,336 $ 7.63 2.63 |
Restricted Stock Units | |
Stock Awards | |
Schedule of nonvested stock amortization expense | For the Years Ended December 31, 2022 2021 2020 General and administrative expenses $ 2,964 $ 1,632 $ 1,239 |
Summary of nonvested restricted stock units | For the Years Ended December 31, 2022 2021 2020 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 1 306,887 $ 9.65 298,834 $ 7.49 162,096 $ 9.26 Granted 533,969 17.55 159,492 11.93 221,903 6.80 Vested (198,884) 11.23 (151,439) 7.79 (83,675) 9.07 Forfeited — — — — (1,490) 8.39 Outstanding as of December 31 641,972 $ 15.74 306,887 $ 9.65 298,834 $ 7.49 The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2022: Unvested RSUs Vested RSUs December 31, 2022 December 31, 2022 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 641,972 $ 15.74 3.33 243,920 $ 11.03 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 item | |
Vessels | |||
Number of vessels in fleet | item | 44 | 42 | 47 |
GSSM | Variable Interest Entity | |||
Vessels | |||
Ownership percentage | 50% | 50% | |
Investments used directly for operations | $ 50 | $ 50 | |
GSSM | Synergy | |||
Vessels | |||
Ownership by synergy | 50% | 50% | |
Investments used directly for operations | $ 50 | $ 50 |
GENERAL INFORMATION - Vessel De
GENERAL INFORMATION - Vessel Details (Details) | Dec. 31, 2022 item |
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 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 Picardy Limited | Genco Picardy | |
Vessels | |
Capacity of vessels | 55,257 |
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 |
Genco Vigilant Limited | Genco Vigilant | |
Vessels | |
Capacity of vessels | 63,498 |
Genco Freedom Limited | Genco Freedom | |
Vessels | |
Capacity of vessels | 63,671 |
Genco Enterprise Limited | Genco Enterprise | |
Vessels | |
Capacity of vessels | 63,473 |
Genco Madeleine Limited | Genco Madeleine | |
Vessels | |
Capacity of vessels | 63,166 |
Genco Mayflower Limited | Genco Mayflower | |
Vessels | |
Capacity of vessels | 63,304 |
Genco Constellation Limited | Genco Constellation | |
Vessels | |
Capacity of vessels | 63,310 |
Genco Laddey Limited | Genco Laddey | |
Vessels | |
Capacity of vessels | 61,303 |
Genco Mary Limited | Genco Mary | |
Vessels | |
Capacity of vessels | 61,304 |
Baltic Lion Limited | Genco Lion | |
Vessels | |
Capacity of vessels | 179,185 |
Baltic Tiger Limited | Genco Tiger | |
Vessels | |
Capacity of vessels | 179,185 |
Baltic Bear Limited | Baltic Bear | |
Vessels | |
Capacity of vessels | 177,717 |
Baltic Wolf Limited | Baltic Wolf | |
Vessels | |
Capacity of vessels | 177,752 |
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, 2022 segment | |
Segment reporting | |
Number of reportable segments | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash | ||||
Cash and cash equivalents | $ 58,142 | $ 114,573 | ||
Restricted cash - current | 5,643 | 5,643 | ||
Restricted cash - noncurrent | 315 | 315 | ||
Cash, cash equivalents and restricted cash | $ 64,100 | $ 120,531 | $ 179,679 | $ 162,249 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Due from Charters, net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Due from charterers, reserve | $ 2,141 | $ 1,403 |
Accrual Related to Estimated Customer Claims | $ 592 | $ 364 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bunker swaps and Forward Purchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |||
Fair value of derivative instruments | $ 6,312 | ||
Prepaid expenses and other current assets | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Fair value of derivative instruments | 168 | $ 113 | |
Accounts payable and accrued expenses | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Fair value of liability position | 71 | 20 | |
Other income (expense) | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Realized gains (losses) | 1,631 | 439 | $ (156) |
Unrealized gains (losses) | $ 3 | $ 34 | $ (74) |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022 $ / item | Dec. 31, 2022 USD ($) $ / shares $ / item | Dec. 31, 2021 USD ($) $ / item | Dec. 31, 2020 USD ($) | |
Vessels, net | ||||
Estimated useful life | 25 years | |||
Depreciation and amortization | $ | $ 60,190 | $ 56,231 | $ 65,168 | |
Estimated scrap value (in dollars per lightweight ton) | $ / item | 400 | 400 | 310 | |
Estimated life of average scrap value of steel | 15 years | |||
Decrease in depreciation expense | $ | $ 4,647 | |||
Increase in basic net earnings per share | $ / shares | $ 0.11 | |||
Basic net earnings per share if no change to estimated scrap value | $ / shares | 3.63 | |||
Diluted net earnings per share if no change to estimated scrap value | $ / shares | $ 3.59 | |||
Vessels | ||||
Vessels, net | ||||
Depreciation and amortization | $ | $ 50,092 | $ 49,417 | $ 58,008 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Drydocking and Fixed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred drydocking costs | |||
Amortization expense for drydocking | $ 7,832 | $ 5,055 | $ 5,598 |
Fixed assets, net | |||
Depreciation and amortization | $ 60,190 | 56,231 | 65,168 |
Minimum | |||
Deferred drydocking costs | |||
Period for which vessels are required to be drydocked for major repairs and maintenance | 30 months | ||
Maximum | |||
Deferred drydocking costs | |||
Period for which vessels are required to be drydocked for major repairs and maintenance | 60 months | ||
Furniture and fixtures | |||
Fixed assets, net | |||
Useful lives | 5 years | ||
Vessel equipment | Minimum | |||
Fixed assets, net | |||
Useful lives | 2 years | ||
Vessel equipment | Maximum | |||
Fixed assets, net | |||
Useful lives | 15 years | ||
Computer equipment | |||
Fixed assets, net | |||
Useful lives | 3 years | ||
Detail of Fixed Assets, Excluding Vessels | |||
Fixed assets, net | |||
Depreciation and amortization | $ 2,266 | $ 1,759 | $ 1,562 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Voyage expense recognition | |||
Net (gain) loss on purchase and sale of bunker fuel and net realizable value adjustments | $ (2,931) | $ (1,889) | $ 697 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on Debt Extinguishment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Loss on debt extinguishment | $ 4,408 | ||
Charter hire expenses | $ 27,130 | $ 36,370 | $ 10,307 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of long-lived Assets (Details) $ in Thousands | 12 Months Ended | |||||||||||||||||
Jan. 01, 2022 $ / item | Jul. 06, 2021 USD ($) | Apr. 08, 2021 USD ($) | Jan. 25, 2021 USD ($) | Jan. 22, 2021 USD ($) | Dec. 17, 2020 USD ($) item | Nov. 30, 2020 USD ($) | Nov. 27, 2020 USD ($) | Nov. 03, 2020 USD ($) | Oct. 16, 2020 USD ($) | Sep. 25, 2020 USD ($) | Sep. 17, 2020 USD ($) | Dec. 31, 2022 USD ($) $ / item | Dec. 31, 2021 USD ($) $ / item | Dec. 31, 2020 USD ($) item | Sep. 30, 2020 USD ($) item | Mar. 31, 2020 item | Feb. 24, 2020 item | |
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% | |||||||||||||||||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 400 | 400 | 310 | |||||||||||||||
Impairment of vessel assets | $ 0 | $ 0 | $ 208,935 | |||||||||||||||
Genco Cougar | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Sale of assets | $ 7,600 | |||||||||||||||||
Broker commission (as a percent) | 3% | |||||||||||||||||
Genco Lorraine | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | 7,751 | |||||||||||||||||
Impairment of vessel assets | 404 | |||||||||||||||||
Sale of assets | $ 7,950 | $ 7,950 | ||||||||||||||||
Broker commission (as a percent) | 2.50% | 2.50% | ||||||||||||||||
Baltic Cougar | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | 7,372 | |||||||||||||||||
Impairment of vessel assets | 790 | |||||||||||||||||
Baltic Leopard | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | 7,840 | |||||||||||||||||
Impairment of vessel assets | 399 | |||||||||||||||||
Sale of assets | $ 8,000 | $ 8,000 | ||||||||||||||||
Broker commission (as a percent) | 2% | 2% | ||||||||||||||||
Baltic Hare | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | 7,595 | |||||||||||||||||
Impairment of vessel assets | $ 769 | |||||||||||||||||
Sale of assets | $ 7,750 | |||||||||||||||||
Broker commission (as a percent) | 2% | |||||||||||||||||
Supramax Vessels | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Number impaired vessel assets | item | 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 | ||||||||||||||||||
Impairment of vessel assets | 4,647 | |||||||||||||||||
Number of vessels to be exchanged | item | 6 | |||||||||||||||||
Adjusted total fair market value of vessels | $ 46,000 | |||||||||||||||||
Broker commission (as a percent) | 1% | |||||||||||||||||
Baltic Panther | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | $ 7,285 | |||||||||||||||||
Impairment of vessel assets | 3,713 | |||||||||||||||||
Sale of assets | $ 7,510 | |||||||||||||||||
Broker commission (as a percent) | 3% | |||||||||||||||||
Genco Loire | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | $ 7,497 | |||||||||||||||||
Impairment of vessel assets | 3,408 | |||||||||||||||||
Sale of assets | $ 7,650 | |||||||||||||||||
Broker commission (as a percent) | 2% | |||||||||||||||||
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 | ||||||||||||||||||
Adjusted net sales price of vessel | $ 7,081 | |||||||||||||||||
Impairment of vessel assets | 4,140 | |||||||||||||||||
Sale of assets | $ 7,300 | |||||||||||||||||
Broker commission (as a percent) | 3% | |||||||||||||||||
Genco Normandy | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||
Adjusted net sales price of vessel | $ 5,733 | |||||||||||||||||
Impairment of vessel assets | 2,679 | |||||||||||||||||
Sale of assets | $ 5,850 | |||||||||||||||||
Broker commission (as a percent) | 2% | |||||||||||||||||
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 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Gain) loss on sale of vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain on sale of vessels | ||
(Gain) loss on sale of vessels | $ (4,924) | $ 1,855 |
Genco Provence Sales Partially Offset By Losses And Exchange Of Other Vessels | ||
Gain on sale of vessels | ||
(Gain) loss on sale of vessels | $ (4,924) | |
Genco Charger, Genco Thunder, Baltic Wind, Baltic Breeze, Genco Bay, Baltic Jaguar, Genco Loire, Genco Normandy and Genco Ocean | ||
Gain on sale of vessels | ||
(Gain) loss on sale of vessels | $ 1,855 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Aug. 15, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Income Taxes | |||||
Gross transportation tax | $ 0 | $ 0 | $ 0 | ||
Ownership percentage held by each shareholder (as a percent) | 5% | 5% | 5% | ||
Federal tax rate (as a percent) | 21% | ||||
Tax rate on 50% of shipping income if not qualified for Section 883 | 4% | ||||
Tax on branch profits | 30% | ||||
Percentage of shipping income sourced to United States if attributable to transportation exclusively between United States ports | 100% | ||||
Percentage of shipping income attributable to transportation that begins or ends in the United States included in United States source shipping income | 50% | ||||
Percentage of shipping income sourced to United States if no transportation is attributable to United States | 0% | ||||
Minimum | |||||
Income Taxes | |||||
Combined ownership held by 5% shareholders (as a percent) | 50% | ||||
Percentage of value of outstanding shares owned by the qualified shareholders of a foreign corporation | 50% | ||||
Maximum | |||||
Income Taxes | |||||
Combined ownership of shareholders for more than half the days of year (as a percent) | 50% | 50% | 50% | ||
Singapore | Genco Shipping Pte. Ltd. (GSPL) | |||||
Income Taxes | |||||
Federal tax rate (as a percent) | 17% | ||||
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 | |||
Singapore | Genco Shipping Pte. Ltd. (GSPL) | Other income (expense) | |||||
Income Taxes | |||||
Income tax expense | $ 64 | ||||
Singapore | GSSM | |||||
Income Taxes | |||||
Federal tax rate (as a percent) | 17% | ||||
Income tax expense | $ 350 | $ 26 | |||
Denmark | Genco Shipping A/S | |||||
Income Taxes | |||||
Federal tax rate (as a percent) | 22% | 22% | 22% | ||
Denmark | Genco Shipping A/S | Other income (expense) | |||||
Income Taxes | |||||
Income tax expense | $ 1,209 | $ 2 | $ 407 |
SUMMARY OF SIGNIFICANT ACCOU_15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Institution customer | Dec. 31, 2021 USD ($) Institution customer | Dec. 31, 2020 customer | |
Concentration Risk | |||
Number of financial institutions with which the entity maintains its cash and cash equivalents | Institution | 6 | 4 | |
Cash insured by financial institutions | $ | $ 0 | $ 0 | |
Voyage Revenues | Customer Concentration Risk | |||
Concentration Risk | |||
Number of customers | 123 | 139 | 166 |
Major Customers | 0 | 0 | 0 |
CASH FLOW INFORMATION - Non-cas
CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-cash investing and financing activities | |||
Reclassification from vessels to vessels held for exchange | $ 38,214 | ||
Reclassification from deposits on vessels to vessels, net of accumulated depreciation | $ 18,543 | ||
Reclassification from vessels to vessels held for sale | 22,408 | ||
Cash paid for interest | 9,329 | $ 11,749 | 18,420 |
Accounts payable and accrued expenses | |||
Non-cash investing and financing activities | |||
Purchases of vessels and ballast water treatment systems | 2,394 | 1,643 | 857 |
Purchase of scrubbers | 6 | 5 | |
Purchase of other fixed assets | 1,178 | 1,160 | 142 |
Net proceeds from sale of vessels | 99 | ||
Non-cash financing activities cash dividends payable | $ 1,056 | 157 | $ 114 |
Non-cash financing activities for financing costs | $ 9 |
CASH FLOW INFORMATION - Stock-B
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||
Dec. 23, 2022 | May 16, 2022 | Feb. 23, 2022 | May 13, 2021 | May 04, 2021 | Feb. 23, 2021 | Jul. 15, 2020 | Feb. 25, 2020 | Mar. 04, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units | ||||||||||||
Non-cash investing and financing activities | ||||||||||||
Granted (in shares) | 270,097 | 27,331 | 201,934 | 33,525 | 18,428 | 103,599 | 42,642 | 173,749 | 533,969 | 159,492 | 221,903 | |
Aggregate fair value | $ 4,200 | $ 600 | $ 3,950 | $ 515 | $ 300 | $ 1,027 | $ 255 | $ 1,227 | ||||
Stock Options | ||||||||||||
Non-cash investing and financing activities | ||||||||||||
Options to purchase (in shares) | 118,552 | 344,568 | 240,540 | 118,552 | 344,568 | |||||||
Exercise price | $ 9.91 | $ 7.06 | $ 9.91 | $ 7.06 | ||||||||
Aggregate fair value | $ 513 | $ 693 | $ 904 |
VESSEL ACQUISITIONS AND DISPO_2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Nov. 02, 2021 USD ($) | Aug. 03, 2021 | Jul. 06, 2021 USD ($) | Apr. 08, 2021 USD ($) | Jan. 25, 2021 USD ($) | Jan. 22, 2021 USD ($) | Dec. 17, 2020 USD ($) item | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 02, 2021 USD ($) item | May 18, 2021 USD ($) item | Apr. 20, 2021 USD ($) item | |
VESSEL ACQUISITIONS | ||||||||||||||
Deposits on vessels | $ 18,543 | |||||||||||||
Restricted cash, current | $ 5,643 | 5,643 | ||||||||||||
Amortization of Fair Market Value of Time Charters Acquired | 4,263 | |||||||||||||
Secured Debt | $450 Million Credit Facility | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Collateral vessel replacement period | 360 days | |||||||||||||
Genco Mayflower, Genco Constellation and Genco Madeleine | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Number of vessels with below market time charters | item | 3 | |||||||||||||
Time charters acquired | $ 4,263 | |||||||||||||
Amortization of Fair Market Value of Time Charters Acquired | 4,263 | |||||||||||||
Unamortized fair market value of time charters acquired | 0 | 0 | ||||||||||||
Agreement To Purchase Ultramax Newbuild Vessels | Genco Mary and Genco Laddey | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Number of vessels purchased under option to be acquired per purchase agreement | item | 2 | |||||||||||||
Capacity of vessels | item | 61,000 | |||||||||||||
Purchase price per vessel | $ 29,170 | |||||||||||||
Deposits on vessels | 18,543 | |||||||||||||
Remaining purchase price of vessels paid | $ 40,838 | |||||||||||||
Capitalized interest associated with new building contracts | 5 | 292 | ||||||||||||
Agreement To Purchase Ultramax Vessels | Genco Mayflower and Genco Constellation | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Number of vessels purchased under option to be acquired per purchase agreement | item | 2 | |||||||||||||
Capacity of vessels | item | 63,000 | |||||||||||||
Purchase price per vessel | $ 24,563 | |||||||||||||
Agreement To Purchase Ultramax Vessels | Genco Madeleine | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Number of vessels purchased under option to be acquired per purchase agreement | item | 1 | |||||||||||||
Capacity of vessels | item | 63,000 | |||||||||||||
Purchase price per vessel | $ 21,875 | |||||||||||||
Agreement To Purchase Ultramax Vessels | Genco Enterprise | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Capacity of vessels | item | 64,000 | |||||||||||||
Purchase price per vessel | $ 20,200 | |||||||||||||
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% | |||||||||||||
Baltic Leopard | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Sale of assets | $ 8,000 | $ 8,000 | ||||||||||||
Broker commission (as a percent) | 2% | 2% | ||||||||||||
Genco Lorraine | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Sale of assets | $ 7,950 | $ 7,950 | ||||||||||||
Broker commission (as a percent) | 2.50% | 2.50% | ||||||||||||
Genco Provence | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Sale of assets | $ 13,250 | |||||||||||||
Broker commission (as a percent) | 2.50% | |||||||||||||
Genco Provence | Secured Debt | $450 Million Credit Facility | ||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||
Restricted Cash, Current | $ 5,643 | $ 5,643 | ||||||||||||
Period for which sales proceeds from vessels will remain as restricted cash | 360 days | |||||||||||||
Collateral vessel replacement period | 360 days |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - shares | 12 Months Ended | |||
Jul. 10, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common shares outstanding, basic: | ||||
Weighted average common shares outstanding, basic | 42,412,722 | 42,060,996 | 41,907,597 | |
Common shares outstanding, diluted: | ||||
Weighted average common shares outstanding, basic | 42,412,722 | 42,060,996 | 41,907,597 | |
Weighted-average common shares outstanding, diluted | 42,915,496 | 42,588,871 | 41,907,597 | |
New Genco Equity Warrants | ||||
Anti-dilutive shares (in shares) | 3,936,761 | 3,936,761 | ||
New Genco Equity Warrants | ||||
Equity warrant term | 7 years | |||
Number of shares of new stock in which each warrant or right can be converted | 0.10 | |||
Stock Options | ||||
Common shares outstanding, diluted: | ||||
Dilutive effect of share based arrangements | 314,143 | 313,684 | ||
Restricted Stock Units | ||||
Common shares outstanding, diluted: | ||||
Dilutive effect of share based arrangements | 188,631 | 214,191 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2022 | Dec. 31, 2021 |
Line of Credit Facility | ||
Principal amount | $ 171,000 | $ 246,000 |
Less: Unamortized deferred financing costs | (6,079) | (7,771) |
Long-term debt, net | $ 164,921 | $ 238,229 |
DEBT - Expenses (Details)
DEBT - Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Deferred financing costs, noncurrent | $ 6,079 | $ 7,771 | |
Amortization of Financing Costs | 1,694 | 3,536 | $ 3,903 |
Interest Expense | |||
Line of Credit Facility [Line Items] | |||
Amortization of Financing Costs | $ 1,694 | $ 3,536 | $ 3,903 |
DEBT - 450 Million Credit Facil
DEBT - 450 Million Credit Facility (Details) $ in Thousands | 12 Months Ended | ||||
Nov. 08, 2022 | Aug. 31, 2021 USD ($) | Aug. 03, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Repayment of the outstanding debt | |||||
Total debt | $ 171,000 | $ 246,000 | |||
$450 Million Credit Facility | |||||
Debt | |||||
Drawdowns during the period | 350,000 | ||||
Repayment of secured debt | 75,000 | 104,000 | |||
$450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Maximum borrowing capacity | $ 450,000 | ||||
Term of facilities | 5 years | ||||
Consecutive quarterly commitment reductions | $ 11,720 | ||||
Balloon payment | 215,600 | ||||
Additional borrowing capacity | $ 150,000 | ||||
Drawdowns during the period | $ 350,000 | ||||
Loan to value ratio | 55% | ||||
Remaining borrowing capacity | 212,930 | ||||
Maximum total indebtedness to total capitalization (as a ratio) | 0.70 | ||||
Number of vessels to serve as collateral under debt agreement | item | 39 | ||||
Key covenant - Percentage of unrestricted cash to total indebtedness | 5% | ||||
Key covenant - Unrestricted cash and cash equivalents minimum per vessel | $ 500 | ||||
Repayment of secured debt | 75,000 | $ 104,000 | |||
Long-term debt | 164,921 | ||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 40% | ||||
Number of vessels expected to be delivered unencumbered | item | 5 | ||||
Repayment of the outstanding debt | |||||
2026 | 171,000 | ||||
Total debt | $ 171,000 | ||||
$450 Million Credit Facility | Secured Debt | Genco Provence | |||||
Debt | |||||
Collateral vessel replacement extension period | 360 days | ||||
Revolving credit facility | Secured Debt | |||||
Debt | |||||
Maximum borrowing capacity | $ 300,000 | ||||
Drawdowns during the period | 200,000 | ||||
Term loan facility | Secured Debt | |||||
Debt | |||||
Maximum borrowing capacity | $ 150,000 | ||||
Drawdowns during the period | $ 150,000 | ||||
Collateral Vessels Less Than Five Years Old | $450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Loan to value ratio | 60% | ||||
Collateral Vessels At Least Five Years Old But Not Older Than Seven Years | $450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Loan to value ratio | 55% | ||||
LIBOR | $450 Million Credit Facility | |||||
Debt | |||||
Margin increase or decrease based on performance of emissions targets | 0.05% | ||||
Minimum | $450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Collateral security maintenance test (as a percent) | 140% | ||||
Minimum | LIBOR | $450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Applicable margin over reference rate | 2.15% | ||||
Maximum | LIBOR | $450 Million Credit Facility | Secured Debt | |||||
Debt | |||||
Applicable margin over reference rate | 2.75% |
DEBT - 133 Million Credit Facil
DEBT - 133 Million Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 15, 2020 | Jun. 11, 2020 | Aug. 14, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
$133 Million Credit Facility | ||||||
Line of Credit Facility | ||||||
Drawdowns during the period | $ 24,000 | |||||
Repayment of secured debt | $ 114,940 | 9,160 | ||||
Secured Debt | $133 Million Credit Facility | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 133,000 | |||||
Term of facilities | 5 years | |||||
Repayment of secured debt | 114,940 | $ 9,160 | ||||
Long-term debt | $ 0 | $ 0 | ||||
Secured Debt | $108 Million Credit Facility | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 108,000 | |||||
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 | 2.50% | |||||
Secured Debt | Revolver | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 25,000 | |||||
Drawdowns during the period | $ 24,000 | |||||
Secured Debt | Revolver | LIBOR | ||||||
Line of Credit Facility | ||||||
Reference rate | LIBOR | |||||
Applicable margin over reference rate | 3% | |||||
Secured Debt | Minimum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 | ||||||
Line of Credit Facility | ||||||
Applicable margin over reference rate | 2.25% | |||||
Secured Debt | Maximum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 | ||||||
Line of Credit Facility | ||||||
Applicable margin over reference rate | 2.75% |
DEBT - 495 Million Credit Facil
DEBT - 495 Million Credit Facility (Details) $ in Thousands | 12 Months Ended | |||||||||
Mar. 12, 2020 USD ($) | Sep. 23, 2019 USD ($) | Aug. 28, 2019 USD ($) | Feb. 28, 2019 USD ($) item | Jun. 05, 2018 | May 31, 2018 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 17, 2020 item | |
$495 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Drawdowns during the period | $ 11,250 | |||||||||
Repayment of secured debt | $ 334,288 | 72,686 | ||||||||
Secured Debt | $495 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 495,000 | |||||||||
Repayment of secured debt | 334,288 | 72,686 | ||||||||
Long-term debt | $ 0 | $ 0 | ||||||||
Repayment of secured debt. | $ 72,686 | |||||||||
Secured Debt | $460 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 460,000 | |||||||||
Term of facilities | 5 years | |||||||||
Secured Debt | $460 Million Credit Facility | LIBOR | Through December 31, 2018 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 3.25% | |||||||||
Secured Debt | $35,000 Scrubber Tranche | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 35,000 | |||||||||
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 | |||||||||
Secured Debt | $35,000 Scrubber Tranche | LIBOR | Through September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 2.50% | |||||||||
Secured Debt | Minimum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 3% | |||||||||
Secured Debt | Minimum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 2.25% | |||||||||
Secured Debt | Maximum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 3.50% | |||||||||
Secured Debt | Maximum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019 | ||||||||||
Line of Credit Facility | ||||||||||
Applicable margin over reference rate | 2.75% | |||||||||
Agreement To Exchange Vessels | Ultramax Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels to be exchanged | item | 3 | |||||||||
Agreement To Exchange Vessels | Handysize Vessels | ||||||||||
Line of Credit Facility | ||||||||||
Number of vessels to be exchanged | item | 6 |
DEBT - Interest Rates (Details)
DEBT - Interest Rates (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 21, 2005 | Sep. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rates on debt | |||||
Effective Interest Rate (as a percent) | 4.63% | 3.22% | 3.71% | ||
Letter of credit | |||||
Restricted cash - noncurrent | $ 315 | $ 315 | |||
Minimum | |||||
Interest rates on debt | |||||
Range of interest rates (excluding unused commitment fees) | 2.26% | 2.24% | 2.65% | ||
Maximum | |||||
Interest rates on debt | |||||
Range of interest rates (excluding unused commitment fees) | 6.54% | 3.48% | 3.50% | ||
Letter of credit | |||||
Letter of credit | |||||
Fee on letter of credit (as a percent) | 1% | 1.375% | 1.375% | 1.375% | |
Amount of letters outstanding | $ 300 | $ 300 | |||
Restricted cash - noncurrent | $ 315 | $ 315 | |||
Letter of credit | Minimum | |||||
Letter of credit | |||||
Notice period for cancellation of line of credit | 30 days |
DERIVATIVE INSTRUMENTS - Agreem
DERIVATIVE INSTRUMENTS - Agreements (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) derivative | Dec. 31, 2021 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount Outstanding | $ 200,000 | |
Gain recorded | $ 5,655 | $ 825 |
Interest Rate Cap | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of interest rate caps | derivative | 3 | |
Gain recorded | $ 5,655 | |
Amount of AOCI expected to be reclassified into earnings over the next 12 months | 6,096 | |
Interest Rate Cap | Derivatives not designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain on derivatives | $ 94 | |
Interest Rate Cap - March 28, 2024 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 0.75% | |
Notional Amount Outstanding | $ 50,000 | |
Interest Rate Cap - December 29, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 0.75% | |
Notional Amount Outstanding | $ 100,000 | |
Interest Rate Cap - March 10, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 1.50% | |
Notional Amount Outstanding | $ 50,000 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
DERIVATIVE INSTRUMENTS | |||
Total amounts of income and expense line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded | $ 9,094 | $ 15,357 | $ 22,413 |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | |||
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income | (2,056) | ||
Interest contracts: Premium excluded and recognized on an amortized basis | $ 180 | $ 197 |
DERIVATIVE INSTRUMENTS - Intere
DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative instruments - current | $ 6,312 | |
Fair value of derivative instruments - noncurrent | 423 | $ 1,166 |
Interest Rate Cap | Derivatives designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative instruments - current | 6,112 | |
Fair value of derivative instruments - noncurrent | 381 | $ 1,166 |
Interest Rate Cap | Derivatives not designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative instruments - current | 200 | |
Fair value of derivative instruments - noncurrent | $ 42 |
DERIVATIVE INSTRUMENTS - AOCI (
DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
DERIVATIVE INSTRUMENTS | |
Balance at the beginning of the period | $ 825 |
Amount recognized in OCI on derivative, intrinsic | 6,297 |
Amount recognized in OCI on derivative, excluded | (642) |
Balance at the end of the period | $ 6,480 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of financial instruments | ||
Principal amount of floating rate debt | $ 171,000 | $ 246,000 |
Carrying Value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 58,142 | 114,573 |
Restricted cash | 5,958 | 5,958 |
Principal amount of floating rate debt | 171,000 | 246,000 |
Fair value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 58,142 | 114,573 |
Restricted cash | 5,958 | 5,958 |
Principal amount of floating rate debt | $ 171,000 | $ 246,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
Fair value of financial instruments | |||
Number of vessels written down as part of impairment | item | 0 | 0 | 30 |
Impairment of operating lease right of use asset | $ 0 | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS. | ||
Vessel stores | $ 142 | $ 297 |
Capitalized contract costs | 2,474 | 1,983 |
Prepaid items | 3,098 | 3,109 |
Insurance receivable | 1,180 | 2,349 |
Advance to agents | 463 | 827 |
Other | 1,042 | 1,370 |
Total prepaid expenses and other current assets | $ 8,399 | $ 9,935 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FIXED ASSETS | ||
Total costs | $ 14,810 | $ 11,221 |
Less: accumulated depreciation and amortization | (6,254) | (3,984) |
Total fixed assets, net | 8,556 | 7,237 |
Vessel equipment | ||
FIXED ASSETS | ||
Total costs | 11,670 | 8,353 |
Furniture and fixtures | ||
FIXED ASSETS | ||
Total costs | 449 | 810 |
Leasehold improvements | ||
FIXED ASSETS | ||
Total costs | 1,584 | 1,386 |
Computer equipment | ||
FIXED ASSETS | ||
Total costs | $ 1,107 | $ 672 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | ||
Accounts payable | $ 16,162 | $ 9,399 |
Accrued general and administrative expenses | 6,171 | 4,719 |
Accrued vessel operating expenses | 7,142 | 15,838 |
Total accounts payable and accrued expenses | $ 29,475 | $ 29,956 |
VOYAGE REVENUES (Details)
VOYAGE REVENUES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income statement | |||
Lease, Practical Expedient, Lessor Single Lease Component | true | ||
Lease revenue | $ 229,787 | $ 160,242 | $ 78,402 |
Spot market voyage revenue | 307,147 | 386,887 | 277,158 |
Total revenues | 536,934 | 547,129 | 355,560 |
Voyage | |||
Income statement | |||
Total revenues | $ 536,934 | $ 547,129 | $ 355,560 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jan. 17, 2022 | Jun. 14, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 17, 2019 | Apr. 04, 2011 | |
Leases | |||||||
Total lease cost | $ 1,789 | $ 1,852 | $ 1,912 | ||||
New York | |||||||
Leases | |||||||
Lease term | 7 years | ||||||
Sublease income | $ 1,223 | $ 1,223 | $ 1,223 | ||||
Singapore | |||||||
Leases | |||||||
Lease term | 3 years | ||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||
Renewal term | 2 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, 2022 | Dec. 31, 2021 |
Operating lease | ||
Operating lease right-of-use asset | $ 4,078 | $ 5,495 |
Current operating lease liabilities | 2,107 | 1,858 |
Long-term operating lease liabilities | 4,096 | $ 6,203 |
Present value of lease liabilities | $ 6,203 | |
Weighted average remaining lease term (years) | 2 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease Liabilities - ASC 842 | |||
2023 | $ 2,378 | ||
2024 | 2,453 | ||
2025 | 1,839 | ||
Total lease payments | 6,670 | ||
Less: imputed interest | (467) | ||
Present value of lease liabilities | 6,203 | ||
Operating cash flows from operating leases | $ 2,230 | $ 2,230 | $ 2,230 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2018 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Purchase commitment | |||
Vessel assets | $ 1,002,810 | $ 981,141 | |
Purchase Agreements for BWTS | |||
Purchase commitment | |||
Number of vessels to receive ballast water treatments systems | item | 36 | ||
Vessel assets | 25,763 | $ 18,992 | |
2023 purchase obligation | $ 34 | ||
Purchase Agreement of BWTS for Capesize Vessels | |||
Purchase commitment | |||
BWTS purchase price | $ 1,000 | ||
Purchase Agreement of BWTS for Supramax Vessels | |||
Purchase commitment | |||
BWTS purchase price | $ 600 |
SAVINGS PLAN (Details)
SAVINGS PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SAVINGS PLAN | |||
Employer's matching contribution | $ 482 | $ 440 | $ 473 |
STOCK-BASED COMPENSATION - 2014
STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan $ / shares in Units, $ in Thousands | Aug. 07, 2014 USD ($) tranche $ / shares shares | Jul. 09, 2014 tier shares | 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 | tier | 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 | 12 Months Ended | |||||||||||
Feb. 23, 2021 | Feb. 25, 2020 | Nov. 05, 2019 | Mar. 04, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 19, 2021 | Mar. 18, 2021 | Mar. 23, 2017 | Mar. 22, 2017 | Jun. 26, 2015 | |
Stock options | ||||||||||||
Aggregate number of shares of common stock available for awards | 4,750,000 | 2,750,000 | 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 | $ 89 | |||||||||||
Future amortization of stock based compensation | ||||||||||||
2023 | 81 | |||||||||||
2024 | $ 8 | |||||||||||
Number of Options | ||||||||||||
Outstanding at beginning of period (in shares) | 916,287 | 837,338 | 496,148 | |||||||||
Granted (in shares) | 118,552 | 344,568 | 240,540 | 118,552 | 344,568 | |||||||
Exercised (in shares) | (501,060) | (39,603) | ||||||||||
Forfeited (in shares) | (3,378) | |||||||||||
Outstanding at end of period (in shares) | 415,227 | 916,287 | 837,338 | |||||||||
Weighted Average Exercise Price | ||||||||||||
Outstanding at beginning of period (in dollars per share) | $ 9.02 | $ 8.86 | $ 10.11 | |||||||||
Granted (in dollars per share) | $ 9.91 | $ 7.06 | 9.91 | 7.06 | ||||||||
Exercised (in dollars per share) | 9.94 | 8.37 | ||||||||||
Forfeited (in dollars per share) | 8.07 | |||||||||||
Outstanding at end of period (in dollars per share) | 7.91 | 9.02 | 8.86 | |||||||||
Weighted Average Fair Value | ||||||||||||
Outstanding at beginning of period (in dollars per share) | 4.08 | 4.02 | 5.41 | |||||||||
Granted (in dollars per share) | $ 4.33 | $ 2.01 | $ 3.76 | 4.33 | 2.01 | |||||||
Exercised (in dollars per share) | 5.16 | 3.46 | ||||||||||
Forfeited (in dollars per share) | 3.76 | |||||||||||
Outstanding at end of period (in dollars per share) | $ 2.78 | $ 4.08 | $ 4.02 | |||||||||
Options outstanding and unvested | 193,891 | |||||||||||
Weighted Average Exercise Price Of Outstanding and Unvested Options | $ 8.22 | |||||||||||
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life | 3 years 6 months 21 days | |||||||||||
Options Exercisable, Number of options | 221,336 | 488,969 | 293,792 | |||||||||
Options Exercisable, Weighted Average Exercise Price | $ 7.63 | $ 9.88 | $ 10.78 | |||||||||
Options Exercisable, Weighted Average Fair Value (in dollars per share) | $ 2.63 | $ 5.04 | $ 6.01 | |||||||||
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 7 months 17 days | |||||||||||
Stock options outstanding | 415,227 | 916,287 | 837,338 | |||||||||
Aggregate fair value | $ 513 | $ 693 | $ 904 | |||||||||
Assumptions and Methodology | ||||||||||||
Weighted average volatility rate (as a percent) | 60.91% | 53.91% | 55.23% | |||||||||
Risk-free interest rate ( as a percent) | 0.41% | 1.41% | 2.49% | |||||||||
Dividend rate ( as a percent) | 0.98% | 7.13% | 0% | |||||||||
Expected life (in years) | 4 years | 4 years | 4 years | |||||||||
Stock Options | General and Administrative Expense | ||||||||||||
Stock options | ||||||||||||
Amortization expense | $ 278 | $ 635 | $ 787 | |||||||||
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 | Exercise Price - $9.91 | ||||||||||||
Weighted Average Exercise Price | ||||||||||||
Granted (in dollars per share) | $ 9.91 |
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 | 12 Months Ended | ||||||||||
Dec. 23, 2022 | May 16, 2022 | Feb. 23, 2022 | May 13, 2021 | May 04, 2021 | Feb. 23, 2021 | Jul. 15, 2020 | Feb. 25, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Awards | |||||||||||
Number of common shares outstanding in respect of RSUs | 612,300 | 478,848 | |||||||||
Number of Shares | |||||||||||
Balance at the beginning of the period (in shares) | 306,887 | 298,834 | 162,096 | ||||||||
Granted (in shares) | 270,097 | 27,331 | 201,934 | 33,525 | 18,428 | 103,599 | 42,642 | 173,749 | 533,969 | 159,492 | 221,903 |
Vested (in shares) | (198,884) | (151,439) | (83,675) | ||||||||
Forfeited (in shares) | (1,490) | ||||||||||
Balance at the end of the period (in shares) | 641,972 | 306,887 | 298,834 | ||||||||
Number of shares vested | 243,920 | ||||||||||
Weighted Average Grant Date Price, Vested | $ 11.03 | ||||||||||
Weighted Average Fair Value | |||||||||||
Balance at the beginning of the period (in dollars per share) | 9.65 | $ 7.49 | $ 9.26 | ||||||||
Granted (in dollars per share) | 17.55 | 11.93 | 6.80 | ||||||||
Vested (in dollars per share) | 11.23 | 7.79 | 9.07 | ||||||||
Forfeited (in dollars per share) | 8.39 | ||||||||||
Balance at the end of the period (in dollars per share) | $ 15.74 | $ 9.65 | $ 7.49 | ||||||||
Weighted-average remaining contractual life | 3 years 3 months 29 days | ||||||||||
Additional disclosures | |||||||||||
Total fair value of shares vested | $ 4,006 | $ 1,838 | $ 550 | ||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||
Unrecognized compensation cost | $ 6,845 | ||||||||||
Weighted-average period for recognition of unrecognized compensation cost | 3 years 3 months 29 days | ||||||||||
General and Administrative Expense | |||||||||||
Additional disclosures | |||||||||||
Recognized nonvested stock amortization expense | $ 2,964 | $ 1,632 | $ 1,239 | ||||||||
Other Individuals. | Minimum | |||||||||||
Stock Awards | |||||||||||
Vesting period of awards | 3 years | ||||||||||
Other Individuals. | Maximum | |||||||||||
Stock Awards | |||||||||||
Vesting period of awards | 5 years |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||
Feb. 22, 2023 | Feb. 21, 2023 | Dec. 23, 2022 | May 16, 2022 | Feb. 23, 2022 | May 13, 2021 | May 04, 2021 | Feb. 23, 2021 | Jul. 15, 2020 | Feb. 25, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per share of common stock | $ 2.74 | $ 0.32 | $ 0.235 | ||||||||||
Restricted Stock Units | 2015 EIP Plan | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Granted (in shares) | 270,097 | 27,331 | 201,934 | 33,525 | 18,428 | 103,599 | 42,642 | 173,749 | 533,969 | 159,492 | 221,903 | ||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per share of common stock | $ 0.50 | ||||||||||||
Aggregate amount of dividend | $ 21.5 | ||||||||||||
Subsequent Event | Restricted Stock Units | 2015 EIP Plan | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Granted (in shares) | 68,758 | ||||||||||||
Vesting period | 3 years |