Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | GNK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,751,752 | |
Entity Central Index Key | 0001326200 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 48,364 | $ 46,542 |
Due from charterers, net of a reserve of $2,299 and $3,257, respectively | 21,888 | 17,815 |
Prepaid expenses and other current assets | 9,076 | 10,154 |
Inventories | 30,638 | 26,749 |
Vessels held for sale | 36,218 | 55,440 |
Total current assets | 146,184 | 157,272 |
Noncurrent assets: | ||
Vessels, net of accumulated depreciation of $308,626 and $296,452, respectively | 934,572 | 945,114 |
Deferred drydock, net of accumulated amortization of $27,480 and $23,047 respectively | 27,264 | 29,502 |
Fixed assets, net of accumulated depreciation and amortization of $8,134 and $8,063, respectively | 7,211 | 7,071 |
Operating lease right-of-use assets | 2,260 | 2,628 |
Restricted cash | 315 | 315 |
Total noncurrent assets | 971,622 | 984,630 |
Total assets | 1,117,806 | 1,141,902 |
Current liabilities: | ||
Accounts payable and accrued expenses | 31,296 | 24,245 |
Deferred revenue | 5,679 | 8,746 |
Current operating lease liabilities | 2,325 | 2,295 |
Total current liabilities: | 39,300 | 35,286 |
Noncurrent liabilities: | ||
Long-term operating lease liabilities | 1,208 | 1,801 |
Long-term debt, net of deferred financing costs of $9,332 and $9,831, respectively | 160,668 | 190,169 |
Total noncurrent liabilities | 161,876 | 191,970 |
Total liabilities | 201,176 | 227,256 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, par value $0.01; 500,000,000 shares authorized; 42,751,752 and 42,546,959 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 427 | 425 |
Additional paid-in capital | 1,536,987 | 1,553,421 |
Accumulated other comprehensive income | 527 | |
Accumulated deficit | (622,319) | (641,117) |
Total Genco Shipping & Trading Limited shareholders' equity | 915,095 | 913,256 |
Noncontrolling interest | 1,535 | 1,390 |
Total equity | 916,630 | 914,646 |
Total liabilities and equity | $ 1,117,806 | 1,141,902 |
Interest rate caps | ||
Current assets: | ||
Fair value of derivative instruments | $ 572 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Due from charterers, reserve | $ 2,299 | $ 3,257 |
Noncurrent assets: | ||
Vessels, accumulated depreciation | 308,626 | 296,452 |
Deferred drydock, accumulated amortization | 27,480 | 23,047 |
Fixed assets, accumulated depreciation and amortization | 8,134 | 8,063 |
Deferred financing costs, noncurrent | $ 9,332 | $ 9,831 |
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) | 42,751,752 | 42,546,959 |
Common stock, shares outstanding (in shares) | 42,751,752 | 42,546,959 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Total revenues | $ 117,435 | $ 94,391 |
Operating expenses: | ||
Voyage expenses | 37,200 | 37,435 |
Vessel operating expenses | 25,932 | 24,393 |
Charter hire expenses | 3,510 | 3,664 |
General and administrative expenses (inclusive of nonvested stock amortization expense of $1,382 and $1,559, respectively) | 7,664 | 7,750 |
Technical management expenses | 1,031 | 762 |
Depreciation and amortization | 17,223 | 15,944 |
Loss on sale of vessels | 978 | |
Other operating expense | 1,804 | |
Total operating expenses | 95,342 | 89,948 |
Operating income | 22,093 | 4,443 |
Other income (expense): | ||
Other income (expense) | 66 | (324) |
Interest income | 824 | 770 |
Interest expense | (4,040) | (2,029) |
Other expense, net | (3,150) | (1,583) |
Net income | 18,943 | 2,860 |
Less: Net income attributable to noncontrolling interest | 145 | 226 |
Net income attributable to Genco Shipping & Trading Limited | $ 18,798 | $ 2,634 |
Earnings per share-basic | $ 0.44 | $ 0.06 |
Earnings per share-diluted | $ 0.43 | $ 0.06 |
Weighted average common shares outstanding-basic | 42,918,248 | 42,632,059 |
Weighted average common shares outstanding-diluted | 43,606,580 | 43,097,362 |
Voyage revenues | ||
Revenues: | ||
Total revenues | $ 117,435 | $ 94,391 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Statements of Operations | ||
Nonvested stock amortization expense | $ 1,382 | $ 1,559 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Net income | $ 18,943 | $ 2,860 |
Other comprehensive loss | (527) | (1,628) |
Comprehensive income | 18,416 | 1,232 |
Less: Comprehensive income attributable to noncontrolling interest | 145 | 226 |
Comprehensive income attributable to Genco Shipping & Trading Limited | $ 18,271 | $ 1,006 |
Condensed Consolidated Statem_4
Condensed 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, 2022 | $ 967,433 | $ 423 | $ 1,588,777 | $ 6,480 | $ (628,247) | $ 876 | $ 968,309 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 2,634 | 2,634 | 226 | 2,860 | |||
Other comprehensive loss | (1,628) | (1,628) | (1,628) | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 2 | (2) | |||||
Cash dividends declared | (21,516) | (21,516) | (21,516) | ||||
Nonvested stock amortization | 1,559 | 1,559 | 1,559 | ||||
Balance at Mar. 31, 2023 | 948,482 | 425 | 1,568,818 | 4,852 | (625,613) | 1,102 | 949,584 |
Balance at Dec. 31, 2023 | 913,256 | 425 | 1,553,421 | 527 | (641,117) | 1,390 | 914,646 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 18,798 | 18,798 | 145 | 18,943 | |||
Other comprehensive loss | (527) | $ (527) | (527) | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 2 | (2) | |||||
Cash dividends declared | (17,814) | (17,814) | (17,814) | ||||
Nonvested stock amortization | 1,382 | 1,382 | 1,382 | ||||
Balance at Mar. 31, 2024 | $ 915,095 | $ 427 | $ 1,536,987 | $ (622,319) | $ 1,535 | $ 916,630 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Statements of Equity | ||
Dividends declared per share | $ 0.41 | $ 0.50 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 18,943 | $ 2,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,223 | 15,944 |
Amortization of deferred financing costs | 499 | 418 |
Right-of-use asset amortization | 368 | 360 |
Amortization of nonvested stock compensation expense | 1,382 | 1,559 |
Loss on sale of vessels | 978 | |
Amortization of premium on derivatives | 45 | 59 |
Insurance proceeds for protection and indemnity claims | 117 | 34 |
Change in assets and liabilities: | ||
(Increase) decrease in due from charterers | (4,073) | 8,641 |
Decrease (increase) in prepaid expenses and other current assets | 651 | (2,263) |
Increase in inventories | (3,889) | (3,428) |
Increase (decrease) in accounts payable and accrued expenses | 5,831 | (97) |
(Decrease) increase in deferred revenue | (3,067) | 71 |
Decrease in operating lease liabilities | (563) | (480) |
Deferred drydock costs incurred | (2,194) | (4,112) |
Net cash provided by operating activities | 32,251 | 19,566 |
Cash flows from investing activities: | ||
Purchase of vessels and ballast water treatment systems, including deposits | (930) | (2,003) |
Purchase of other fixed assets | (240) | (1,085) |
Net proceeds from sale of vessels | 18,505 | |
Insurance proceeds for hull and machinery claims | 159 | 235 |
Net cash provided by (used in) investing activities | 17,494 | (2,853) |
Cash flows from financing activities: | ||
Cash dividends paid | (17,885) | (21,666) |
Payment of deferred financing costs | (38) | |
Net cash used in financing activities | (47,923) | (30,416) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,822 | (13,703) |
Cash, cash equivalents and restricted cash at beginning of period | 46,857 | 64,100 |
Cash, cash equivalents and restricted cash at end of period | 48,679 | 50,397 |
$500 Million Revolver | ||
Cash flows from financing activities: | ||
Repayments of secured debt | $ (30,000) | |
$450 Million Credit Facility | ||
Cash flows from financing activities: | ||
Repayments of secured debt | $ (8,750) |
GENERAL INFORMATION
GENERAL INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
GENERAL INFORMATION | |
GENERAL INFORMATION | 1 – GENERAL INFORMATION The accompanying Condensed Consolidated Financial Statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk vessels and operates in one business segment. As of March 31, 2024, the Company’s fleet consisted of 45 drybulk vessels, including 18 Capesize drybulk vessels, 15 Ultramax drybulk vessels and twelve Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,828,000 dwt and an average age of approximately 11.8 years. 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 by Synergy as of March 31, 2024 and December 31, 2023, which provides ship management services to the Company’s vessels. As of March 31, 2024 and December 31, 2023, the cumulative investments GSSM received from the Company and Synergy totaled 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024 (the “2023 10-K”). The accompanying Condensed Consolidated Financial Statements include 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. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024. Use of 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, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates. 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. Non-current restricted cash includes cash that is restricted pursuant to our lease agreement. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2024 2023 Cash and cash equivalents $ 48,364 $ 46,542 Restricted cash – current — — Restricted cash – noncurrent 315 315 Cash, cash equivalents and restricted cash $ 48,679 $ 46,857 Vessels held for sale On November 14, 2023 the Company entered into an agreement to sell the Genco Commodus and the sale of the vessel was completed on February 7, 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2023. Additionally, on December 21, 2023 the Company entered into agreements to sell the Genco Claudius and Genco Maximus. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. During the first quarter of 2024, the Company commenced arbitration with the buyers, seeking a declaration that it validly terminated the agreements due to the buyers’ breach, and to retain the deposits paid by the buyers in connection with the sales, totaling $3,650 . During the second quarter of 2024, t On March 1, 2024, the Company entered into new agreements to sell the Genco Claudius and Genco Maximus to a separate unaffiliated third-party. 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 Condensed Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the three months ended March 31, 2024 and 2023, the Company recorded $18 and $108 of realized gains in other income (expense), respectively. During the three months ended March 31, 2024 and 2023, the Company recorded $160 and ($42) 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 March 31, 2024 and December 31, 2023 is $161 and $1 , respectively, and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a 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. 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 during the three months ended March 31, 2024 and 2023, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Loss on sale of vessels During the three months ended March 31, 2024, the Company recorded a net loss of $978 related primarily to the sale of the Genco Commodus. During the three months ended March 31, 2023, the Company did not complete the sale of any vessels. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. Other operating expense Other operating expense of $1,804 recorded during the three months ended March 31, 2024 consists of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting to be held on May 23, 2024. |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
CASH FLOW INFORMATION | |
CASH FLOW INFORMATION | 3 – CASH FLOW INFORMATION For the three months ended March 31, 2024, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $961 for the Purchase of vessels and ballast water treatment systems, including deposits, $678 for the Purchase of other fixed assets and $178 for the Net proceeds from sale of vessels. For the three months ended March 31, 2024, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of For the three months ended March 31, 2023, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $766 for the Purchase of vessels and ballast water treatment systems, including deposits, and $553 for the Purchase of other fixed assets. For the three months ended March 31, 2023, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of During the three months ended March 31, 2024 and 2023, cash paid for interest, net of amounts capitalized, was $4,001 and $3,331, respectively, which was offset by $588 and $1,827 received as result of the interest rate cap agreements, respectively. During the three months ended March 31, 2024 and 2023, any cash paid for income taxes was insignificant. All stock options exercised during the three months ended March 31, 2024 and 2023 were cashless. Refer to Note 13 — Stock-Based Compensation for further information. On February 21, 2024, the Company granted 168,411 restricted stock units and 99,065 performance-based restricted stock units to certain individuals. The aggregate fair value of these restricted stock units and performance-based restricted stock units was On March 10, 2023, the Company granted 2,948 restricted stock units to an individual. The aggregate fair value of these restricted stock units was On February 21, 2023, the Company granted 68,758 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was Refer to Note 13 — Stock-Based Compensation for further information regarding the aforementioned grants. Supplemental Condensed Consolidated Cash Flow information related to leases is as follows: For the Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 613 $ 557 |
VESSEL ACQUISITIONS AND DISPOSI
VESSEL ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2024 | |
VESSEL ACQUISITIONS AND DISPOSITIONS | |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 – VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Acquisitions On October 10, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Ranger for a purchase price of $43,100 . Additionally, on November 14, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Reliance for a purchase price of $43,000 . The Genco Ranger and Genco Reliance were delivered on November 27, 2023 and November 21, 2023, respectively. The Company utilized a combination of cash on hand as well as a $65,000 draw down on the $450 Million Credit Facility (as defined in Note 7 below) to finance the purchases. Vessel Dispositions On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. The sale was completed on February 7, 2024. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $18,500 less a 1.0% commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a third party for $18,000 less a 1.0% commission payable to a third party. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. On March 1, 2024, the Company entered into new agreements to sell the Genco Claudius and Genco Maximus to a separate unaffiliated third-party for $24,200 less a 2.0% commission payable to a third party and $22,800 less a 2.0% commission payable to a third party, respectively. The sales of the Genco Claudius and Genco Maximus were completed on April 22, 2024 and April 2, 2024, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 5 – EARNINGS PER SHARE The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 13 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. The components of the denominator for the calculation of basic and diluted earnings per share are as follows: For the Three Months Ended March 31, 2024 2023 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,918,248 42,632,059 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,918,248 42,632,059 Dilutive effect of stock options 200,531 214,611 Dilutive effect of performance-based restricted stock units 162,735 — Dilutive effect of restricted stock units 325,066 250,692 Weighted-average common shares outstanding, diluted 43,606,580 43,097,362 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 6 – RELATED PARTY TRANSACTIONS During the three months ended March 31, 2024 and 2023, the Company did no t have any related party transactions. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2024 | |
DEBT | |
DEBT | 7 – DEBT Long-term debt, net consists of the following: March 31, December 31, 2024 2023 Principal amount $ 170,000 $ 200,000 Less: Unamortized deferred financing costs (9,332) (9,831) Less: Current portion — — Long-term debt, net $ 160,668 $ 190,169 $500 Million Revolver On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing $450 Million Credit Facility (as defined below). The amended structure consists of a As of March 31, 2024, there was $298,894 availability under the $500 Million Revolver. Total debt repayments of As of March 31, 2024, the Company was in compliance with all of the financial covenants under the $500 Million Revolver. $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 was 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 two prior credit facilities. On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of the London Inter-Bank Offered Rate (“LIBOR”) to calculate interest to the Secured Overnight Financing Rate (“SOFR”) effective June 30, 2023. Borrowings began bearing interest at SOFR plus the applicable margin effective June 30, 2023. Total debt repayments of $8,750 were made during the three months ended March 31, 2023 under the $450 Million Credit Facility. On November, 29, 2023, the Company entered into a fourth amendment to the $450 Million Credit Facility; refer to the “$500 Million Revolver” section above. Interest rates The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: For the Three Months Ended March 31, 2024 2023 Effective Interest Rate 8.35 % 7.76 % Range of Interest Rates (excluding unused commitment fees) 7.18% to 7.21 % 6.43 % to 7.00 % |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | 8 – DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk on its floating rate debt. As of December 31, 2023, the Company had interest rate cap agreement outstanding to manage interest costs and the risk associated with variable interest rates. This longer has any interest rate cap agreements. The interest rate cap agreement was initially designated and qualified as a cash flow hedge. The premium paid was recognized in income on a rational basis, and all changes in the fair value of the caps were deferred in Accumulated other comprehensive income (“AOCI”) and were subsequently reclassified into Interest expense in the period when the hedged interest affected earnings. unrealized loss for the three months ended March 31, 2024 in AOCI. There is no remaining AOCI as of March 31, 2024. The Effect of Cash Flow Hedge Accounting on the Statements of Operations For the Three Months Ended March 31, 2024 2023 Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 4,040 $ 2,029 The effects of 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 $ (568) $ (1,724) Premium excluded and recognized on an amortized basis 18 39 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 March 31, 2024 and December 31, 2023: March 31, December 31, Balance Sheet Location 2024 2023 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ — $ 515 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ — Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ — $ 57 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ — The components of AOCI included in the accompanying Condensed Consolidated Balance Sheet consists of net unrealized losses on cash flow hedges as of March 31, 2024. AOCI — January 1, 2024 $ 527 Amount recognized in OCI on derivative, intrinsic (533) Amount recognized in OCI on derivative, excluded 6 Amount reclassified from OCI into income — AOCI — March 31, 2024 $ — |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. March 31, 2024 December 31, 2023 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 48,364 $ 48,364 $ 46,542 $ 46,542 Restricted cash 315 315 315 315 Principal amount of floating rate debt 170,000 170,000 200,000 200,000 The carrying value of the borrowings under the $500 Million Revolver as of March 31, 2024 and December 31, 2023, 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. The carrying amounts of the Company’s other financial instruments as of March 31, 2024 and December 31, 2023 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments. ASC Subtopic 820-10, “ Fair Value Measurements & Disclosures ” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows: ● Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. ● Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. ● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Cash and cash equivalents and restricted cash are considered Level 1 items, as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. 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 vessel impairment recorded during the three months ended March 31, 2024 and 2023. 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 assets if there are indicators of impairments. indicators of impairment of the operating lease right-of-use assets. The Company did not have any Level 3 financial assets or liabilities as of March 31, 2024 and December 31, 2023. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2024 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 10 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: March 31, December 31, 2024 2023 Accounts payable $ 14,498 $ 10,650 Accrued general and administrative expenses 3,730 5,700 Accrued vessel operating expenses 13,068 7,895 Total accounts payable and accrued expenses $ 31,296 $ 24,245 |
VOYAGE REVENUES
VOYAGE REVENUES | 3 Months Ended |
Mar. 31, 2024 | |
VOYAGE REVENUES | |
VOYAGE REVENUES | 1 1 – VOYAGE REVENUES Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended March 31, 2024 and 2023, the Company earned For the Three Months Ended March 31, 2024 2023 Lease revenue $ 43,182 $ 36,967 Spot market voyage revenue 74,253 57,424 Total voyage revenues $ 117,435 $ 94,391 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
LEASES | |
LEASES | 12 – LEASES On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was of sublease income recorded during the three months ended March 31, 2024 and 2023. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operations. The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the three months ended March 31, 2024 and 2023, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 13 – STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2024: Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2024 368,190 $ 7.93 $ 2.82 Granted — — — Exercised (65,245) 8.03 3.09 Forfeited — — — Outstanding as of March 31, 2024 302,945 $ 7.91 $ 2.76 Exercisable as of March 31, 2024 302,945 $ 7.91 $ 2.76 The following table summarizes certain information about the options outstanding as of March 31, 2024: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2024 March 31, 2024 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 — $ — — 302,945 $ 7.91 2.13 As of March 31, 2024 and December 31, 2023, a total of 302,945 and 368,190 stock options were outstanding, respectively. There was no remaining unamortized stock-based compensation as of March 31, 2024. F or the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 2023 General and administrative expenses $ 6 $ 42 Restricted Stock Units The Company has granted restricted stock units (“RSUs”) under the Company’s 2015 Equity Incentive Plan, as amended (the “2015 Plan”), to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of March 31, 2024 and December 31, 2023, 974,823 and 808,880 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares will only be issued in respect to 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 2015 Plan. The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. three The table below summarizes the Company’s unvested RSUs for the three months ended March 31, 2024: Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2024 563,705 $ 16.47 Granted 174,692 18.27 Vested (171,336) 16.34 Forfeited — — Outstanding as of March 31, 2024 567,061 $ 17.06 The total fair value of the RSUs that vested during the three months ended March 31, 2024 and 2023 was $3,410 and $3,369 , 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 March 31, 2024: Unvested RSUs Vested RSUs March 31, 2024 March 31, 2024 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 567,061 $ 17.06 1.93 296,175 $ 12.53 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2024, unrecognized compensation cost of For the three months ended March 31, 2024 and 2023, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 1,154 $ 1,517 Performance-Based Restricted Stock Units The Company has granted performance-based restricted stock units (“PRSUs”) under the 2015 Plan to certain employees of the Company, some of which are contingent upon the Company’s relative total shareholder return (“TSR”) and some of which are contingent upon the Company’s return on invested capital (”ROIC”) for a three-year performance period ending December 31, 2025 and December 31, 2026. The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 20 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards, which are subject to market conditions, is being amortized over the service period. The grant date fair value of the ROIC awards was estimated using the closing share price of the Company’s stock on the date of grant. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual ROIC performance during the performance period. As such ROIC awards are subject to performance conditions and compensation cost is recognized over the service period based on the amount of awards that the Company believes is probable that will vest. To the extent the Company’s estimate changes, the Company will recognize a cumulative catch up in subsequent reporting periods. The table below summarizes the Company’s unvested PRSUs for the three months ended March 31, 2024: Number of PRSUs Outstanding as of January 1, 2024 79,838 Granted 99,065 Vested — Forfeited — Outstanding as of March 31, 2024 178,903 The PRSUs, if earned, will ordinarily vest during the first quarter after the three-year performance period and the recipient will receive a share of common stock for each earned PRSU. If of the target amount of the PRSUs originally granted. However, based on actual performance, the number of PRSUs earned will change based on the ranges described above. As of March 31, 2024, unrecognized compensation cost of Significant inputs used in the estimation of the fair value of these awards outstanding as of March 31, 2024 and December 31, 2023 are as follows: Significant Input March 31, 2024 December 31, 2023 Closing share price of our common stock $14.36 to $18.17 $14.36 to $16.30 Risk-free rate of return 3.81% to 4.38% 3.81% to 4.38% Expected volatility of our common stock 48.34% to 54.53% 53.38% to 54.53% Holding period discount 0% 0% Simulation term (in years) 2.54 to 2.86 2.54 to 2.72 Range of target 0% to 200% 0% to 200% For the three months ended March 31, 2024 and 2023, the Company recognized nonvested stock amortization expense for the PRSUs, which is included in General and administrative expenses as follows: For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 222 $ — |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Mar. 31, 2024 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | 14 – 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 Corporation Limited, which had subchartered the vessel from BG Shipping Co. Limited, which in turn had chartered the vessel from the Company. 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. The petition was granted on December 14, 2022 and although the Company offered security to release the vessel shortly thereafter, the vessel was only released at the end of February 2023. 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 was not generating revenue while it was subject to arrest. The Company vigorously defended them while continuing to seek reimbursement of damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees. The Company obtained security from BG Shipping Co. Limited and proceeded with arbitration. During the first quarter of 2024, the Company settled all disputes and claims pertaining to this matter by entering into settlement agreements with the opposing parties. Under the settlement terms, the Company was reimbursed for damages the Company sustained because of the arrest of the Genco Constellation (including contractual revenue and affiliated expenses) as well as for the ensuing legal and security fees and costs the Company has incurred in order to defend against the claims brought by the other parties. 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, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 15 – SUBSEQUENT EVENTS On April 2, 2024, the Company completed the sale of the Genco Maximus, a 2009-built Capesize vessel, to a third party for $22,800 less 2.0% commission payable to a third party. The vessel asset for the Genco Maximus has been classified as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2024 at its estimated net realizable value pursuant to the original sales agreement that was cancelled on February 24, 2024. This vessel served as collateral under the $500 Million Revolver. On April 22, 2024, the Company completed the sale of the Genco Claudius, a 2010-built Capesize vessel, to a third party for $24,200 less 2.0% commission payable to a third party. The vessel asset for the Genco Claudius has been classified as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2024 at its estimated net realizable value pursuant to the original sales agreement that was cancelled on February 24, 2024. This vessel served as collateral under the $500 Million Revolver. The Company expects to record a gain on the sale of the Genco Maximus and Genco Claudius of approximately $9 to $10 million during the second quarter of 2024. On April 9, 2024 and April 30, 2024, the Company made voluntary debt prepayments of $25,000 and $30,000, respectively, under the $500 Million Revolver. On May 8, 2024, the Company announced a regular quarterly dividend of $0.42 per share to be paid on or about May 30, 2024 to shareholders of record as of May 22, 2024. The aggregate amount of the dividend is expected to be approximately |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | Basis of presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024 (the “2023 10-K”). The accompanying Condensed Consolidated Financial Statements include 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. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024. |
Use of estimates | Use of 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, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates. |
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. Non-current restricted cash includes cash that is restricted pursuant to our lease agreement. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2024 2023 Cash and cash equivalents $ 48,364 $ 46,542 Restricted cash – current — — Restricted cash – noncurrent 315 315 Cash, cash equivalents and restricted cash $ 48,679 $ 46,857 |
Vessels held for sale | Vessels held for sale On November 14, 2023 the Company entered into an agreement to sell the Genco Commodus and the sale of the vessel was completed on February 7, 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2023. Additionally, on December 21, 2023 the Company entered into agreements to sell the Genco Claudius and Genco Maximus. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. During the first quarter of 2024, the Company commenced arbitration with the buyers, seeking a declaration that it validly terminated the agreements due to the buyers’ breach, and to retain the deposits paid by the buyers in connection with the sales, totaling $3,650 . During the second quarter of 2024, t On March 1, 2024, the Company entered into new agreements to sell the Genco Claudius and Genco Maximus to a separate unaffiliated third-party. |
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 Condensed Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the three months ended March 31, 2024 and 2023, the Company recorded $18 and $108 of realized gains in other income (expense), respectively. During the three months ended March 31, 2024 and 2023, the Company recorded $160 and ($42) 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 March 31, 2024 and December 31, 2023 is $161 and $1 , respectively, and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a |
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. 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 during the three months ended March 31, 2024 and 2023, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. |
Loss on sale of vessels | Loss on sale of vessels During the three months ended March 31, 2024, the Company recorded a net loss of $978 related primarily to the sale of the Genco Commodus. During the three months ended March 31, 2023, the Company did not complete the sale of any vessels. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. |
Other operating expense | Other operating expense Other operating expense of $1,804 recorded during the three months ended March 31, 2024 consists of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting to be held on May 23, 2024. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of restricted cash and cash equivalents | March 31, December 31, 2024 2023 Cash and cash equivalents $ 48,364 $ 46,542 Restricted cash – current — — Restricted cash – noncurrent 315 315 Cash, cash equivalents and restricted cash $ 48,679 $ 46,857 |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
CASH FLOW INFORMATION | |
Schedule of cash flow information related to operating leases | For the Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 613 $ 557 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
Components of denominator for the calculation of basic and diluted earnings (loss) per share | For the Three Months Ended March 31, 2024 2023 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,918,248 42,632,059 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,918,248 42,632,059 Dilutive effect of stock options 200,531 214,611 Dilutive effect of performance-based restricted stock units 162,735 — Dilutive effect of restricted stock units 325,066 250,692 Weighted-average common shares outstanding, diluted 43,606,580 43,097,362 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
DEBT | |
Schedule of components of Long-term debt | March 31, December 31, 2024 2023 Principal amount $ 170,000 $ 200,000 Less: Unamortized deferred financing costs (9,332) (9,831) Less: Current portion — — Long-term debt, net $ 160,668 $ 190,169 |
Schedule of effective interest rate and the range of interest rates on the debt | For the Three Months Ended March 31, 2024 2023 Effective Interest Rate 8.35 % 7.76 % Range of Interest Rates (excluding unused commitment fees) 7.18% to 7.21 % 6.43 % to 7.00 % |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVE INSTRUMENTS | |
Schedule of the effect of fair value and cash flow hedge accounting on the statement of operations | The Effect of Cash Flow Hedge Accounting on the Statements of Operations For the Three Months Ended March 31, 2024 2023 Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 4,040 $ 2,029 The effects of 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 $ (568) $ (1,724) Premium excluded and recognized on an amortized basis 18 39 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 | March 31, December 31, Balance Sheet Location 2024 2023 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ — $ 515 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ — Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ — $ 57 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ — |
Components of AOCI | AOCI — January 1, 2024 $ 527 Amount recognized in OCI on derivative, intrinsic (533) Amount recognized in OCI on derivative, excluded 6 Amount reclassified from OCI into income — AOCI — March 31, 2024 $ — |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair values and carrying values of the Company's financial instruments | March 31, 2024 December 31, 2023 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 48,364 $ 48,364 $ 46,542 $ 46,542 Restricted cash 315 315 315 315 Principal amount of floating rate debt 170,000 170,000 200,000 200,000 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
Schedule of accounts payable and accrued expenses | March 31, December 31, 2024 2023 Accounts payable $ 14,498 $ 10,650 Accrued general and administrative expenses 3,730 5,700 Accrued vessel operating expenses 13,068 7,895 Total accounts payable and accrued expenses $ 31,296 $ 24,245 |
VOYAGE REVENUES (Tables)
VOYAGE REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
VOYAGE REVENUES | |
Schedule of voyage revenue | For the Three Months Ended March 31, 2024 2023 Lease revenue $ 43,182 $ 36,967 Spot market voyage revenue 74,253 57,424 Total voyage revenues $ 117,435 $ 94,391 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan | 3 Months Ended |
Mar. 31, 2024 | |
Employee Stock Option [Member] | |
STOCK-BASED COMPENSATION | |
Schedule of nonvested stock amortization expense | For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 6 $ 42 |
Schedule of stock option activity | Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2024 368,190 $ 7.93 $ 2.82 Granted — — — Exercised (65,245) 8.03 3.09 Forfeited — — — Outstanding as of March 31, 2024 302,945 $ 7.91 $ 2.76 Exercisable as of March 31, 2024 302,945 $ 7.91 $ 2.76 The following table summarizes certain information about the options outstanding as of March 31, 2024: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2024 March 31, 2024 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 — $ — — 302,945 $ 7.91 2.13 |
Restricted Stock Units | |
STOCK-BASED COMPENSATION | |
Schedule of nonvested stock amortization expense | For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 1,154 $ 1,517 |
Performance based restricted stock units | |
STOCK-BASED COMPENSATION | |
Schedule of nonvested stock amortization expense | For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 222 $ — |
Schedule of unvested PRSUs activity | Number of PRSUs Outstanding as of January 1, 2024 79,838 Granted 99,065 Vested — Forfeited — Outstanding as of March 31, 2024 178,903 |
Schedule of significant inputs used in the estimation of the fair value of awards granted | Significant Input March 31, 2024 December 31, 2023 Closing share price of our common stock $14.36 to $18.17 $14.36 to $16.30 Risk-free rate of return 3.81% to 4.38% 3.81% to 4.38% Expected volatility of our common stock 48.34% to 54.53% 53.38% to 54.53% Holding period discount 0% 0% Simulation term (in years) 2.54 to 2.86 2.54 to 2.72 Range of target 0% to 200% 0% to 200% |
Restricted Stock | |
STOCK-BASED COMPENSATION | |
Summary of nonvested restricted stock units | Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2024 563,705 $ 16.47 Granted 174,692 18.27 Vested (171,336) 16.34 Forfeited — — Outstanding as of March 31, 2024 567,061 $ 17.06 The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2024: Unvested RSUs Vested RSUs March 31, 2024 March 31, 2024 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 567,061 $ 17.06 1.93 296,175 $ 12.53 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) item segment t | Dec. 31, 2023 USD ($) | |
Vessels | ||
Number of reportable segments | segment | 1 | |
Drybulk Vessels | ||
Vessels | ||
Number of vessels in fleet | 45 | |
Capacity of vessels | t | 4,828,000 | |
Average age of vessels | 11 years 9 months 18 days | |
Capesize Drybulk Vessels | ||
Vessels | ||
Number of vessels in fleet | 18 | |
Ultramax Vessels | ||
Vessels | ||
Number of vessels in fleet | 15 | |
Supramax Vessels | ||
Vessels | ||
Number of vessels in fleet | 12 | |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Restricted Cash | ||||
Cash and cash equivalents | $ 48,364 | $ 46,542 | ||
Restricted cash - noncurrent | 315 | 315 | ||
Cash, cash equivalents and restricted cash | $ 48,679 | $ 46,857 | $ 50,397 | $ 64,100 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels held for sale (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Genco Claudius And Genco Maximus | Forecast | |
Vessels, net | |
Vessel deposits retained due to termination of agreement | $ 3,650 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bunker swaps and Forward Purchase Agreements (Details) - Bunker Swap and Forward Fuel Purchase Agreements - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |||
Derivative Asset, Current | $ 161 | $ 1 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | |
Fair value of liability position | $ 1 | $ 0 | |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | |
Other income (expense) | |||
Summary of Significant Accounting Policies | |||
Realized (losses) gains | $ 18 | $ 108 | |
Unrealized (losses) gains | $ 160 | $ (42) |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Voyage expense recognition | ||
Net gain (loss) on purchase and sale of bunker fuel and net realizable value adjustments | $ 80 | $ (371) |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on sale of vessels (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Gain on sale of vessels | |
Loss on sale of vessels | $ 978 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Other operating expense | $ 1,804 |
CASH FLOW INFORMATION - Non-cas
CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-cash investing and financing activities | ||
Cash paid for interest | $ 4,001 | $ 3,331 |
Cash received from settlement of interest cap agreements | 588 | 1,827 |
Accounts payable and accrued expenses | ||
Non-cash investing and financing activities | ||
Purchases of vessels and ballast water treatment systems, including deposits | 961 | 766 |
Purchase of other fixed assets | 678 | 553 |
Net proceeds from sale of vessels | 178 | |
Non-cash financing activities cash dividends payable | $ 959 | $ 906 |
CASH FLOW INFORMATION - Stock-B
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 21, 2024 | Mar. 10, 2023 | Feb. 21, 2023 | Mar. 31, 2024 | |
Restricted Stock Units | ||||
Non-cash investing and financing activities | ||||
Granted (in shares) | 168,411 | 2,948 | 68,758 | 174,692 |
Aggregate fair value | $ 3,060 | $ 50 | $ 1,250 | |
Performance based restricted stock units | ||||
Non-cash investing and financing activities | ||||
Granted (in shares) | 99,065 | 99,065 | ||
Aggregate fair value | $ 2,143 |
CASH FLOW INFORMATION - Lease p
CASH FLOW INFORMATION - Lease payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 613 | $ 557 |
VESSEL ACQUISITIONS AND DISPO_2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | Apr. 22, 2024 USD ($) | Apr. 02, 2024 USD ($) | Feb. 24, 2024 USD ($) | Feb. 07, 2024 USD ($) | Nov. 14, 2023 USD ($) item | Oct. 10, 2023 USD ($) item |
Secured Debt | $450 Million Credit Facility | ||||||
VESSEL ACQUISITIONS | ||||||
Proceeds from secured debt | $ 65,000 | |||||
Agreement to Purchase Capesize Vessels | Genco Ranger | ||||||
VESSEL ACQUISITIONS | ||||||
Capacity of vessels | item | 181,000 | |||||
Purchase price per vessel | $ 43,100 | |||||
Agreement to Purchase Capesize Vessels | Genco Reliance | ||||||
VESSEL ACQUISITIONS | ||||||
Capacity of vessels | item | 181,000 | |||||
Purchase price per vessel | $ 43,000 | |||||
Genco Commodus | ||||||
Vessel Dispositions | ||||||
Sale of assets | $ 19,500 | |||||
Broker commission (as a percent) | 1% | |||||
Genco Claudius | Subsequent Event | ||||||
Vessel Dispositions | ||||||
Sale of assets | $ 24,200 | |||||
Broker commission (as a percent) | 2% | |||||
Genco Claudius | Terminated Agreement to Purchase Vessel | ||||||
Vessel Dispositions | ||||||
Sale of assets | $ 18,500 | |||||
Broker commission (as a percent) | 1% | |||||
Genco Maximus | Subsequent Event | ||||||
Vessel Dispositions | ||||||
Sale of assets | $ 22,800 | |||||
Broker commission (as a percent) | 2% | |||||
Genco Maximus | Terminated Agreement to Purchase Vessel | ||||||
Vessel Dispositions | ||||||
Sale of assets | $ 18,000 | |||||
Broker commission (as a percent) | 1% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common shares outstanding, basic: | ||
Weighted-average common shares outstanding, basic | 42,918,248 | 42,632,059 |
Common shares outstanding, diluted: | ||
Weighted-average common shares outstanding, basic | 42,918,248 | 42,632,059 |
Weighted-average common shares outstanding, diluted | 43,606,580 | 43,097,362 |
Employee Stock Option | ||
Common shares outstanding, diluted: | ||
Dilutive effect of share based arrangements | 200,531 | 214,611 |
Performance based restricted stock units | ||
Common shares outstanding, diluted: | ||
Dilutive effect of share based arrangements | 162,735 | |
Restricted Stock Units | ||
Common shares outstanding, diluted: | ||
Dilutive effect of share based arrangements | 325,066 | 250,692 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | ||
Related party transactions | $ 0 | $ 0 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
DEBT | ||
Principal amount | $ 170,000 | $ 200,000 |
Less: Unamortized deferred financing costs | (9,332) | (9,831) |
Long-term debt, net | $ 160,668 | $ 190,169 |
DEBT - 500 Million Revolver (De
DEBT - 500 Million Revolver (Details) - $500 Million Revolver - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Nov. 29, 2023 | |
Debt | ||
Repayment of secured debt | $ 30,000 | |
Secured Debt | ||
Debt | ||
Maximum borrowing capacity | $ 500,000 | |
Remaining borrowing capacity | 298,894 | |
Repayment of secured debt | $ 30,000 |
DEBT - 450 Million Credit Facil
DEBT - 450 Million Credit Facility (Details) $ in Thousands | 3 Months Ended | |
Aug. 03, 2021 USD ($) facility | Mar. 31, 2023 USD ($) | |
$450 Million Credit Facility | ||
Debt | ||
Repayment of secured debt | $ 8,750 | |
$450 Million Credit Facility | Secured Debt | ||
Debt | ||
Maximum borrowing capacity | $ 450,000 | |
Term of facilities | 5 years | |
Repayment of secured debt | $ 8,750 | |
Number of prior credit facilities refinanced into one facility | facility | 2 | |
Revolving credit facility | Secured Debt | ||
Debt | ||
Maximum borrowing capacity | $ 300,000 | |
Term loan facility | Secured Debt | ||
Debt | ||
Maximum borrowing capacity | $ 150,000 |
DEBT - Interest Rates (Details)
DEBT - Interest Rates (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest rates on debt | ||
Effective Interest Rate (as a percent) | 8.35% | 7.76% |
Minimum | ||
Interest rates on debt | ||
Range of interest rates (excluding unused commitment fees) | 7.18% | 6.43% |
Maximum | ||
Interest rates on debt | ||
Range of interest rates (excluding unused commitment fees) | 7.21% | 7% |
DERIVATIVE INSTRUMENTS - Agreem
DERIVATIVE INSTRUMENTS - Agreements (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) derivative | Mar. 31, 2023 USD ($) | Mar. 28, 2024 USD ($) | Dec. 31, 2023 item | |
DERIVATIVE INSTRUMENTS | ||||
Loss recorded | $ 527 | $ 1,628 | ||
Interest Rate Cap | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||||
DERIVATIVE INSTRUMENTS | ||||
Number of interest rate caps | 0 | 1 | ||
Loss recorded | $ 527 | |||
Interest Rate Cap - March 28, 2024 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||||
DERIVATIVE INSTRUMENTS | ||||
Notional Amount | $ 50,000 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
DERIVATIVE INSTRUMENTS | ||
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 | $ 4,040 | $ 2,029 |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | ||
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income | (568) | (1,724) |
Interest contracts: Premium excluded and recognized on an amortized basis | $ 18 | $ 39 |
DERIVATIVE INSTRUMENTS - Intere
DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - Interest rate caps $ in Thousands | Dec. 31, 2023 USD ($) |
DERIVATIVE INSTRUMENTS | |
Fair value of derivative instruments - current | $ 572 |
Derivatives designated as hedging instruments | |
DERIVATIVE INSTRUMENTS | |
Fair value of derivative instruments - current | 515 |
Derivatives not designated as hedging instruments | |
DERIVATIVE INSTRUMENTS | |
Fair value of derivative instruments - current | $ 57 |
DERIVATIVE INSTRUMENTS - AOCI (
DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
DERIVATIVE INSTRUMENTS | |
Balance at the beginning of the period | $ 527 |
Amount recognized in OCI on derivative, intrinsic | (533) |
Amount recognized in OCI on derivative, excluded | $ 6 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value of financial instruments | ||
Principal amount of floating rate debt | $ 170,000 | $ 200,000 |
Carrying Value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 48,364 | 46,542 |
Restricted cash | 315 | 315 |
Principal amount of floating rate debt | 170,000 | 200,000 |
Fair value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 48,364 | 46,542 |
Restricted cash | 315 | 315 |
Principal amount of floating rate debt | $ 170,000 | $ 200,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair value of financial instruments | |||
Impairment of vessel assets | $ 0 | $ 0 | |
Impairment of operating lease right of use asset | 0 | $ 0 | |
Level 3 | |||
Fair value of financial instruments | |||
Financial assets | 0 | $ 0 | |
Financial liabilities | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | ||
Accounts payable | $ 14,498 | $ 10,650 |
Accrued general and administrative expenses | 3,730 | 5,700 |
Accrued vessel operating expenses | 13,068 | 7,895 |
Total accounts payable and accrued expenses | $ 31,296 | $ 24,245 |
VOYAGE REVENUES (Details)
VOYAGE REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income statement | ||
Total revenues | $ 117,435 | $ 94,391 |
Voyage | ||
Income statement | ||
Lease revenue | 43,182 | 36,967 |
Spot market voyage revenue | 74,253 | 57,424 |
Total revenues | $ 117,435 | $ 94,391 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
LEASES | ||
Sublease income | $ 306 | $ 306 |
STOCK-BASED COMPENSATION - 2015
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 Plan - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Unrecognized compensation cost | |||
Unamortized compensation cost | $ 0 | $ 0 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 368,190 | ||
Exercised (in shares) | (65,245) | ||
Outstanding at end of period (in shares) | 302,945 | 302,945 | |
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 7.93 | ||
Exercised (in dollars per share) | 8.03 | ||
Outstanding at end of period (in dollars per share) | $ 7.91 | 7.91 | |
Weighted Average Fair Value | |||
Outstanding at beginning of period (in dollars per share) | 2.82 | ||
Exercised (in dollars per share) | 3.09 | ||
Outstanding at end of period (in dollars per share) | $ 2.76 | $ 2.76 | |
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life | 0 years | ||
Options Exercisable, Number of options | 302,945 | 302,945 | |
Options Exercisable, Weighted Average Exercise Price | $ 7.91 | $ 7.91 | |
Options Exercisable, Weighted Average Fair Value (in dollars per share) | $ 2.76 | $ 2.76 | |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 1 month 17 days | ||
General and Administrative Expense | |||
Stock options | |||
Amortization expense | $ 6 | $ 42 |
STOCK-BASED COMPENSATION - 20_2
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2024 | Feb. 21, 2024 | Mar. 10, 2023 | Feb. 21, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
STOCK-BASED COMPENSATION | |||||||
Number of common shares outstanding in respect of RSUs | 974,823 | 974,823 | 808,880 | ||||
Number of Shares | |||||||
Balance at the beginning of the period (in shares) | 563,705 | ||||||
Granted (in shares) | 168,411 | 2,948 | 68,758 | 174,692 | |||
Vested (in shares) | (171,336) | ||||||
Balance at the end of the period (in shares) | 567,061 | 567,061 | |||||
Number of shares vested | 296,175 | 296,175 | |||||
Weighted Average Grant Date Price, Vested | $ 12.53 | $ 12.53 | |||||
Weighted Average Fair Value | |||||||
Balance at the beginning of the period (in dollars per share) | 16.47 | ||||||
Granted (in dollars per share) | 18.27 | ||||||
Vested (in dollars per share) | 16.34 | ||||||
Balance at the end of the period (in dollars per share) | $ 17.06 | $ 17.06 | |||||
Weighted Average Remaining Contractual Life | 1 year 11 months 4 days | ||||||
Additional disclosures | |||||||
Total fair value of shares vested | $ 3,410 | $ 3,369 | |||||
Unrecognized compensation cost related to nonvested stock awards | |||||||
Unrecognized compensation cost | $ 6,110 | 6,110 | |||||
Weighted-average period for recognition of unrecognized compensation cost | 1 year 11 months 4 days | ||||||
General and Administrative Expense | |||||||
Additional disclosures | |||||||
Recognized nonvested stock amortization expense | $ 1,154 | $ 1,517 | |||||
Other Individuals. | Minimum | |||||||
STOCK-BASED COMPENSATION | |||||||
Vesting/Performance period | 3 years | ||||||
Other Individuals. | Maximum | |||||||
STOCK-BASED COMPENSATION | |||||||
Vesting/Performance period | 5 years |
STOCK-BASED COMPENSATION - 20_3
STOCK-BASED COMPENSATION - 2015 EIP Performance-Based Restricted Stock Units (Details) - Performance based restricted stock units - 2015 Plan $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) $ / shares shares | Feb. 21, 2024 shares | Mar. 31, 2024 USD ($) D $ / shares shares | Dec. 31, 2023 $ / shares shares | |
STOCK-BASED COMPENSATION | ||||
Performance period | 3 years | |||
Stock price trading days | D | 20 | |||
Percentage of target metric to be achieved in order to earn percentage of the target amount of the units originally granted | 100% | |||
Percentage of target amount of units earned if target metric is achieved | 100% | |||
Number of PRSUs | ||||
Balance at the beginning of the period (in shares) | 79,838 | |||
Granted (in shares) | 99,065 | 99,065 | ||
Balance at the end of the period (in shares) | 178,903 | 178,903 | 79,838 | |
Risk-free rate of return (minimum) | 3.81% | 3.81% | ||
Risk-free rate of return (maximum) | 4.38% | 4.38% | ||
Expected volatility of our common stock (minimum) | 48.34% | 53.38% | ||
Expected volatility of our common stock (maximum) | 54.53% | 54.53% | ||
Holding period discount | 0% | 0% | ||
Unrecognized compensation cost related to nonvested stock awards | ||||
Unrecognized compensation cost | $ | $ 3,040 | $ 3,040 | ||
Weighted-average period for recognition of unrecognized compensation cost | 2 years 3 months 21 days | |||
General and Administrative Expense | ||||
Number of PRSUs | ||||
Recognized nonvested stock amortization expense | $ | $ 222 | |||
Minimum | ||||
Number of PRSUs | ||||
Closing share price of our common stock (in dollars per share) | $ / shares | $ 14.36 | $ 14.36 | $ 14.36 | |
Simulation term (in years) | 2 years 6 months 14 days | 2 years 6 months 14 days | ||
Range of target - TSR | 0% | |||
Range of target - ROIC | 0% | |||
Range of target | 0% | 0% | ||
Maximum | ||||
Number of PRSUs | ||||
Closing share price of our common stock (in dollars per share) | $ / shares | $ 18.17 | $ 18.17 | $ 16.30 | |
Simulation term (in years) | 2 years 10 months 9 days | 2 years 8 months 19 days | ||
Range of target - TSR | 200% | |||
Range of target - ROIC | 200% | |||
Range of target | 200% | 200% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
May 08, 2024 | Apr. 30, 2024 | Apr. 22, 2024 | Apr. 09, 2024 | Apr. 02, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Subsequent Events | ||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.41 | $ 0.50 | ||||||
Subsequent Event | ||||||||
Subsequent Events | ||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.42 | |||||||
Aggregate amount of dividend | $ 18,300 | |||||||
Subsequent Event | Genco Claudius | ||||||||
Subsequent Events | ||||||||
Sale of assets | $ 24,200 | |||||||
Broker commission (as a percent) | 2% | |||||||
Subsequent Event | Genco Maximus | ||||||||
Subsequent Events | ||||||||
Sale of assets | $ 22,800 | |||||||
Broker commission (as a percent) | 2% | |||||||
Subsequent Event | Genco Claudius And Genco Maximus | Forecast | Minimum | ||||||||
Subsequent Events | ||||||||
Gain in sale of property | $ 9,000 | |||||||
Subsequent Event | Genco Claudius And Genco Maximus | Forecast | Maximum | ||||||||
Subsequent Events | ||||||||
Gain in sale of property | $ 10,000 | |||||||
Subsequent Event | $500 Million Revolver | ||||||||
Subsequent Events | ||||||||
Repayment of secured debt | $ 30 | $ 25 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 18,798 | $ 2,634 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Arrangements On March 12, 2024, John C. Wobensmith, our Chief Executive Officer and President; Peter Allen, our Chief Financial Officer; Joseph Adamo, our Chief Accounting Officer, Treasurer, and Controller; and Jesper Christensen, our Chief Commercial Officer each adopted sales plan (a “10b5-1 Plan”). The defense adopted by each of them in September 2023. The 10b5-1 Plans provide for the sale of a portion of the number of shares of our common stock that may be issuable in settlement of RSUs and PRSUs previously awarded to these executive officers in order to satisfy such executive officers’ related tax obligations. The maximum number of shares of our common stock that may be sold under the 10b5-1 Plans are for Mr. Christensen. Each 10b5-1 Plan terminates on the earliest of August 23, 2028, completion of the sale of the foregoing shares of common stock according to the terms of the plan, and the relevant officer’s termination of the plan. |
John C. Wobensmith | |
Trading Arrangements, by Individual | |
Name | John C. Wobensmith |
Title | Chief Executive Officer and President |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 12, 2024 |
Aggregate Available | 192,934 |
Peter Allen | |
Trading Arrangements, by Individual | |
Name | Peter Allen |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 12, 2024 |
Aggregate Available | 54,842 |
Joseph Adamo | |
Trading Arrangements, by Individual | |
Name | Joseph Adamo |
Title | Chief Accounting Officer, Treasurer, and Controller |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 12, 2024 |
Aggregate Available | 20,762 |
Jesper Christensen | |
Trading Arrangements, by Individual | |
Name | Jesper Christensen |
Title | Chief Commercial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 12, 2024 |
Aggregate Available | 78,654 |