Genco Shipping & Trading Limited (GNK) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act 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		42,757,895
Entity Central Index Key	0001326200
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 42,033	$ 46,542
Due from charterers, net of a reserve of $2,289 and $3,257, respectively	29,669	17,815
Prepaid expenses and other current assets	8,304	10,154
Inventories	24,407	26,749
Vessels held for sale	31,507	55,440
Total current assets	135,920	157,272
Noncurrent assets:
Vessels, net of accumulated depreciation of $299,317 and $296,452, respectively	887,897	945,114
Deferred drydock, net of accumulated amortization of $28,282 and $23,047 respectively	24,826	29,502
Fixed assets, net of accumulated depreciation and amortization of $8,502 and $8,063, respectively	7,127	7,071
Operating lease right-of-use assets	1,889	2,628
Restricted cash	315	315
Total noncurrent assets	922,054	984,630
Total assets	1,057,974	1,141,902
Current liabilities:
Accounts payable and accrued expenses	27,961	24,245
Deferred revenue	7,569	8,746
Current operating lease liabilities	2,355	2,295
Total current liabilities:	37,885	35,286
Noncurrent liabilities:
Long-term operating lease liabilities	608	1,801
Long-term debt, net of deferred financing costs of $8,834 and $9,831, respectively	96,166	190,169
Total noncurrent liabilities	96,774	191,970
Total liabilities	134,659	227,256
Commitments and contingencies (Note 14)
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 42,757,895 and 42,546,959 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	427	425
Additional paid-in capital	1,520,179	1,553,421
Accumulated other comprehensive income		527
Accumulated deficit	(598,852)	(641,117)
Total Genco Shipping & Trading Limited shareholders' equity	921,754	913,256
Noncontrolling interest	1,561	1,390
Total equity	923,315	914,646
Total liabilities and equity	$ 1,057,974	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	Jun. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Due from charterers, reserve	$ 2,289	$ 3,257
Noncurrent assets:
Vessels, accumulated depreciation	299,317	296,452
Deferred drydock, accumulated amortization	28,282	23,047
Fixed assets, accumulated depreciation and amortization	8,502	8,063
Deferred financing costs, noncurrent	$ 8,834	$ 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)	42,757,895	42,546,959
Common stock, shares outstanding (in shares)	42,757,895	42,546,959

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 107,047	$ 90,556	$ 224,482	$ 184,947
Operating expenses:
Voyage expenses	30,273	28,830	67,473	66,265
Vessel operating expenses	26,977	22,586	52,909	46,979
Charter hire expenses	2,455	1,040	5,965	4,705
General and administrative expenses (inclusive of nonvested stock amortization expense of $1,451, $1,219, $2,833 and $2,778, respectively)	6,320	6,933	13,984	14,682
Technical management expenses	1,260	1,349	2,291	2,111
Depreciation and amortization	17,096	16,791	34,319	32,736
Impairment of vessel assets	5,634	0	5,634	0
Net gain on sale of vessels	(13,206)		(12,228)
Other operating expense	3,924		5,728
Total operating expenses	80,733	77,529	176,075	167,478
Operating income	26,314	13,027	48,407	17,469
Other income (expense):
Other (expense) income	(90)	125	(24)	(198)
Interest income	721	520	1,545	1,290
Interest expense	(3,452)	(2,131)	(7,492)	(4,160)
Other expense, net	(2,821)	(1,486)	(5,971)	(3,068)
Net income	23,493	11,541	42,436	14,401
Less: Net income (loss) attributable to noncontrolling interest	26	(21)	171	205
Net income attributable to Genco Shipping & Trading Limited	$ 23,467	$ 11,562	$ 42,265	$ 14,196
Earnings per share-basic	$ 0.54	$ 0.27	$ 0.98	$ 0.33
Earnings per share-diluted	$ 0.54	$ 0.27	$ 0.97	$ 0.33
Weighted average common shares outstanding-basic	43,073,440	42,786,918	42,995,844	42,709,916
Weighted average common shares outstanding-diluted	43,664,447	43,134,152	43,635,513	43,115,859
Voyage revenues
Revenues:
Total revenues	$ 107,047	$ 90,556	$ 224,482	$ 184,947

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations
Nonvested stock amortization expense	$ 1,451	$ 1,219	$ 2,833	$ 2,778

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 23,493	$ 11,541	$ 42,436	$ 14,401
Other comprehensive loss		(993)	(527)	(2,621)
Comprehensive income	23,493	10,548	41,909	11,780
Less: Comprehensive income (loss) attributable to noncontrolling interest	26	(21)	171	205
Comprehensive income attributable to Genco Shipping & Trading Limited	$ 23,467	$ 10,569	$ 41,738	$ 11,575

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, 2022	967,433	423	1,588,777	6,480	(628,247)	876	968,309
Increase (Decrease) in Shareholders' Equity
Net income							14,401
Other comprehensive loss							(2,621)
Balance at Jun. 30, 2023	953,864	425	1,563,631	3,859	(614,051)	1,081	954,945
Balance at Mar. 31, 2023	948,482	425	1,568,818	4,852	(625,613)	1,102	949,584
Increase (Decrease) in Shareholders' Equity
Net income	11,562				11,562	(21)	11,541
Other comprehensive loss	(993)			(993)			(993)
Cash dividends declared	(6,406)		(6,406)				(6,406)
Nonvested stock amortization	1,219		1,219				1,219
Balance at Jun. 30, 2023	953,864	425	1,563,631	3,859	(614,051)	1,081	954,945
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
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							42,436
Other comprehensive loss							(527)
Balance at Jun. 30, 2024	921,754	427	1,520,179		(598,852)	1,561	923,315
Balance at Mar. 31, 2024	915,095	427	1,536,987		(622,319)	1,535	916,630
Increase (Decrease) in Shareholders' Equity
Net income	23,467				23,467	26	23,493
Cash dividends declared	(18,259)		(18,259)				(18,259)
Nonvested stock amortization	1,451		1,451				1,451
Balance at Jun. 30, 2024	$ 921,754	$ 427	$ 1,520,179		$ (598,852)	$ 1,561	$ 923,315

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Condensed Consolidated Statements of Equity
Dividends declared per share	$ 0.42	$ 0.41	$ 0.15	$ 0.50

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 42,436	$ 14,401
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34,319	32,736
Amortization of deferred financing costs	997	840
Right-of-use asset amortization	739	721
Amortization of nonvested stock compensation expense	2,833	2,778
Impairment of vessel assets	5,634	0
Net gain on sale of vessels	(12,228)
Amortization of premium on derivatives	45	84
Insurance proceeds for protection and indemnity claims	266	168
Insurance proceeds for loss of hire claims		152
Change in assets and liabilities:
(Increase) decrease in due from charterers	(11,854)	5,640
Decrease (increase) in prepaid expenses and other current assets	1,374	(3,743)
Decrease (increase) in inventories	2,342	(1,361)
Increase (decrease) in accounts payable and accrued expenses	2,899	(7,708)
(Decrease) increase in deferred revenue	(1,177)	2,987
Decrease in operating lease liabilities	(1,133)	(1,003)
Deferred drydock costs incurred	(6,209)	(7,744)
Net cash provided by operating activities	61,283	38,948
Cash flows from investing activities:
Purchase of vessels and ballast water treatment systems, including deposits	(1,402)	(3,131)
Purchase of other fixed assets	(1,382)	(1,802)
Net proceeds from sale of vessels	67,743
Insurance proceeds for hull and machinery claims	159	1,402
Net cash provided by (used in) investing activities	65,118	(3,531)
Cash flows from financing activities:
Cash dividends paid	(35,872)	(28,125)
Payment of deferred financing costs	(38)
Net cash used in financing activities	(130,910)	(45,625)
Net decrease in cash, cash equivalents and restricted cash	(4,509)	(10,208)
Cash, cash equivalents and restricted cash at beginning of period	46,857	64,100
Cash, cash equivalents and restricted cash at end of period	42,348	53,892
$500 Million Revolver
Cash flows from financing activities:
Repayments of secured debt	$ (95,000)
$450 Million Credit Facility
Cash flows from financing activities:
Repayments of secured debt		$ (17,500)

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Jun. 30, 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 June 30, 2024, the Company’s fleet consisted of 43 drybulk vessels, including 16 Capesize drybulk vessels, 15 Ultramax drybulk vessels and twelve Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,490,000 dwt and an average age of approximately 12.0 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 June 30, 2024 and December 31, 2023, which provides ship management services to the Company’s vessels. As of June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 2023 Cash and cash equivalents $ 42,033 $ 46,542 ​ Restricted cash – current ​ ​ — ​ ​ — ​ Restricted cash – noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 42,348 $ 46,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels held for sale ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian and the sale of the vessel is expected to be completed in October 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​ On May 21, 2024, the Company entered into an agreement to sell the Genco Warrior and the sale of the vessel was completed on July 5, 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​ 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, and the sales were completed on April 22, 2024 and April 2, 2024 respectively. ​ 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 June 30, 2024 and 2023, the Company recorded $92 and ($27) of realized gains (losses) in other (expense) income, respectively. During the three months ended June 30, 2024 and 2023, the Company recorded ($121) and ($38) of unrealized losses in other (expense) income, respectively. ​ During the six months ended June 30, 2024 and 2023, the Company recorded $110 and $81 of realized gains in other (expense) income, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded $39 and ($80) of unrealized gains (losses) in other (expense) income, respectively. ​ The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of June 30, 2024 and December 31, 2023 is $40 and $1 , respectively, and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. There were ​ 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 loss of ​ Impairment of vessel assets ​ — “Property, Plant and Equipment” (“ASC 360”). During the three and six months ended June 30, 2023, the Company did no t incur any impairment of vessel assets in accordance with ASC 360. ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 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 vessels as of June 30, 2024, the vessel value for the Genco Hadrian was adjusted to its net sales price of $24,500 as of June 30, 2024. This resulted in an impairment loss of $5,634 during the three and six months ended June 30, 2024. ​ Net gain on sale of vessels ​ During the three and six months ended June 30, 2024, the Company recorded a net gain of $13,206 and $12,228 related primarily to gains on the sale of the Genco Claudius and Genco Maximus, partially offset by a loss on the sale of the Genco Commodus. During the three and six months ended June 30, 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 $3,924 and $5,728 recorded during the three and six months ended June 30, 2024, respectively, consist of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting held on May 23, 2024.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 – CASH FLOW INFORMATION ​ For the six months ended June 30, 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 $702 for the Purchase of vessels and ballast water treatment systems, including deposits, $373 for the Purchase of other fixed assets, $39 for Vessels held for sale and $75 for the Net proceeds from sale of vessels. For the six months ended June 30, 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 six months ended June 30, 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 $749 for the Purchase of vessels and ballast water treatment systems, including deposits, and $301 for the Purchase of other fixed assets. For the six months ended June 30, 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 six months ended June 30, 2024 and 2023, cash paid for interest was $7,071 and $6,641, respectively, which was offset by $588 and $3,443 received as result of the interest rate cap agreements, respectively. ​ During the six months ended June 30, 2024 and 2023, any cash paid for income taxes was insignificant. ​ All stock options exercised during the six months ended June 30, 2024 and 2023 were cashless. Refer to Note 13 — Stock-Based Compensation for further information. ​ On May 23, 2024, the Company granted 38,122 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was ​ 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 June 16, 2023, the Company granted 3,917 restricted stock units and 3,917 performance-based restricted stock units to an individual. The aggregate fair value of these restricted stock units and performance-based restricted stock units was ​ On May 16, 2023, the Company granted 43,729 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was ​ On April 14, 2023, the Company granted 75,920 restricted stock units and 75,920 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 April 3, 2023, the Company granted 1,630 restricted stock units to an individual. The aggregate fair value of these 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 Six Months Ended ​ ​ June 30, ​ ​ 2024 ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,226 ​ $ 1,152 ​ ​

VESSEL ACQUISITIONS AND DISPOSI

VESSEL ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 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. ​ On May 21, 2024, the Company entered into an agreement to sell the Genco Warrior, a 2005-built Supramax vessel, to a third party for $11,950 less a 3.0% commission payable to a third party. The sale was completed on July 5, 2024. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 less a 2.0% commission payable to a third party The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 2023 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 43,073,440 42,786,918 ​ 42,995,844 42,709,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 43,073,440 42,786,918 ​ 42,995,844 42,709,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of stock options ​ 191,524 ​ 170,198 ​ 196,028 ​ 192,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of performance-based restricted stock units ​ 107,082 ​ 54,712 ​ 134,908 ​ 27,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of restricted stock units ​ 292,401 122,324 ​ 308,733 186,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, diluted ​ 43,664,447 43,134,152 ​ 43,635,513 43,115,859 ​ ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 – RELATED PARTY TRANSACTIONS ​ During the three and six months ended June 30, 2024 and 2023, the Company did no t have any related party transactions. ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
DEBT
DEBT	7 – DEBT ​ Long-term debt, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 2023 Principal amount $ 105,000 $ 200,000 ​ Less: Unamortized deferred financing costs ​ (8,834) ​ (9,831) ​ Less: Current portion ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net $ 96,166 $ 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 June 30, 2024, there was $327,655 availability under the $500 Million Revolver. Total debt repayments of ​ As of June 30, 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 and $17,500 were made during the three and six months ended June 30, 2023, respectively, 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 ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ Effective Interest Rate ​ 9.24 % 8.39 % ​ 8.70 % 8.06 % Range of Interest Rates (excluding unused commitment fees) ​ 7.17% to 7.19 % 6.91% to 7.37 % ​ 7.17% to 7.21 % 6.43% to 7.37 % ​

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 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 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 six months ended June 30, 2024 in AOCI. There is no remaining AOCI as of June 30, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Cash Flow Hedge Accounting on the Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ ​ ​ Interest Expense ​ 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 cash flow hedges are recorded ​ $ 3,452 ​ $ 2,131 ​ $ 7,492 ​ $ 4,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ $ (1,617) ​ $ (568) ​ $ (3,341) ​ Premium excluded and recognized on an amortized basis ​ ​ — ​ ​ 35 ​ ​ 18 ​ ​ 74 ​ 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 June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 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 June 30, 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 — June 30, 2024 ​ $ — ​ ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ ​ Carrying ​ ​ ​ Value Fair Value Value Fair Value Cash and cash equivalents ​ $ 42,033 ​ $ 42,033 ​ $ 46,542 ​ $ 46,542 ​ Restricted cash ​ 315 ​ 315 ​ 315 ​ 315 ​ Principal amount of floating rate debt ​ 105,000 ​ 105,000 ​ 200,000 ​ 200,000 ​ ​ The carrying value of the borrowings under the $500 Million Revolver as of June 30, 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 June 30, 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. During the three and six months ended June 30, 2024, the vessel assets for one of the Company’s vessels was written down as part of the impairment recorded during the period. There was — 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 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 June 30, 2024 and December 31, 2023.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 2023 Accounts payable ​ $ 11,525 ​ $ 10,650 ​ Accrued general and administrative expenses ​ 4,247 ​ 5,700 ​ Accrued vessel operating expenses ​ 12,189 ​ 7,895 ​ Total accounts payable and accrued expenses ​ $ 27,961 ​ $ 24,245 ​ ​

VOYAGE REVENUES

VOYAGE REVENUES	6 Months Ended
	Jun. 30, 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 June 30, 2024 and 2023, the Company earned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 ​ 2024 2023 ​ Lease revenue ​ $ 46,432 ​ $ 44,926 ​ $ 89,615 ​ $ 81,893 ​ Spot market voyage revenue ​ ​ 60,615 ​ ​ 45,630 ​ ​ 134,867 ​ ​ 103,054 ​ Total voyage revenues ​ $ 107,047 ​ $ 90,556 ​ $ 224,482 ​ $ 184,947 ​ ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2024 302,945 $ 7.91 ​ $ 2.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable as of June 30, 2024 302,945 $ 7.91 ​ $ 2.76 ​ ​ ​ ​ The following table summarizes certain information about the options outstanding as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding and Unvested, ​ Options Outstanding and Exercisable, ​ ​ ​ ​ June 30, 2024 ​ June 30, 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 ​ 1.88 ​ ​ As of June 30, 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 June 30, 2024. ​ F or the three and six months ended June 30, 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 ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 General and administrative expenses ​ $ — ​ $ 15 ​ $ 6 ​ $ 58 ​ ​ 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 June 30, 2024 and December 31, 2023, 980,966 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 six months ended June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Number of ​ Average Grant ​ ​ RSUs ​ Date Price ​ Outstanding as of January 1, 2024 ​ 563,705 ​ $ 16.47 ​ Granted ​ 218,947 ​ ​ 18.97 ​ Vested ​ (229,633) ​ ​ 16.00 ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 ​ 553,019 ​ $ 17.65 ​ ​ The total fair value of the RSUs that vested during the six months ended June 30, 2024 and 2023 was $4,682 and $3,923 , respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. ​ The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs ​ Vested RSUs ​ June 30, 2024 ​ June 30, 2024 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ Weighted ​ ​ ​ Average ​ Remaining ​ ​ ​ Average ​ Number of ​ Grant Date ​ Contractual ​ Number of ​ Grant Date ​ RSUs Price Life RSUs Price 553,019 ​ $ 17.65 ​ 1.58 ​ 348,329 ​ $ 12.88 ​ ​ The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2024, unrecognized compensation cost of ​ For the three and six months ended June 30, 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 ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 2024 2023 General and administrative expenses ​ $ 1,125 ​ $ 1,089 ​ $ 2,279 ​ $ 2,605 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 six months ended June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ PRSUs Outstanding as of January 1, 2024 79,838 Granted 99,065 ​ Vested — ​ Forfeited — ​ ​ ​ ​ ​ Outstanding as of June 30, 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 June 30, 2024, unrecognized compensation cost of ​ Significant inputs used in the estimation of the fair value of these awards outstanding as of June 30, 2024 and December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ Significant Input ​ June 30, 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 and six months ended June 30, 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 ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 ​ General and administrative expenses ​ $ 326 ​ $ 115 ​ $ 548 ​ $ 115 ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2024
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	14 – LEGAL PROCEEDINGS 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	6 Months Ended
	Jun. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15 – SUBSEQUENT EVENTS ​ On July 5, 2024, the Company completed the sale of the Genco Warrior, a 2005-built Supramax vessel, to a third party for $11,950 less 3.0% commission payable to a third party. The vessel asset for the Genco Warrior has been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024 at its net book value. This vessel served as collateral under the $500 Million Revolver. ​ The Company expects to record a gain on the sale of the Genco Warrior of approximately $4 to $5 million during the third quarter of 2024. ​ On July 12, 2024, the Company made a voluntary debt prepayment of $5,000 under the $500 Million Revolver. ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 less a 2.0% commission payable to a third party. The sale of the vessel is expected to be completed in October 2024. The vessel asset for the Genco Hadrian has been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024 at its net sales price. Refer to Note 2 – Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the second quarter of 2024. ​ On August 7, 2024, the Company announced a regular quarterly dividend of $0.34 per share to be paid on or about August 26, 2024 to shareholders of record as of August 19, 2024 . The aggregate amount of the dividend is expected to be approximately ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 23,467	$ 11,562	$ 42,265	$ 14,196

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 2023 Cash and cash equivalents $ 42,033 $ 46,542 ​ Restricted cash – current ​ ​ — ​ ​ — ​ Restricted cash – noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 42,348 $ 46,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Vessels held for sale	Vessels held for sale ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian and the sale of the vessel is expected to be completed in October 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​ On May 21, 2024, the Company entered into an agreement to sell the Genco Warrior and the sale of the vessel was completed on July 5, 2024. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024. ​ 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, and the sales were completed on April 22, 2024 and April 2, 2024 respectively.
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 June 30, 2024 and 2023, the Company recorded $92 and ($27) of realized gains (losses) in other (expense) income, respectively. During the three months ended June 30, 2024 and 2023, the Company recorded ($121) and ($38) of unrealized losses in other (expense) income, respectively. ​ During the six months ended June 30, 2024 and 2023, the Company recorded $110 and $81 of realized gains in other (expense) income, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded $39 and ($80) of unrealized gains (losses) in other (expense) income, respectively. ​ The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of June 30, 2024 and December 31, 2023 is $40 and $1 , respectively, and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. There were
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 loss of
Impairment of vessel assets	Impairment of vessel assets ​ — “Property, Plant and Equipment” (“ASC 360”). During the three and six months ended June 30, 2023, the Company did no t incur any impairment of vessel assets in accordance with ASC 360. ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 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 vessels as of June 30, 2024, the vessel value for the Genco Hadrian was adjusted to its net sales price of $24,500 as of June 30, 2024. This resulted in an impairment loss of $5,634 during the three and six months ended June 30, 2024.
Net gain on sale of vessels	Net gain on sale of vessels ​ During the three and six months ended June 30, 2024, the Company recorded a net gain of $13,206 and $12,228 related primarily to gains on the sale of the Genco Claudius and Genco Maximus, partially offset by a loss on the sale of the Genco Commodus. During the three and six months ended June 30, 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 $3,924 and $5,728 recorded during the three and six months ended June 30, 2024, respectively, consist of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting held on May 23, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of restricted cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 2023 Cash and cash equivalents $ 42,033 $ 46,542 ​ Restricted cash – current ​ ​ — ​ ​ — ​ Restricted cash – noncurrent ​ 315 ​ 315 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash $ 42,348 $ 46,857 ​ ​ ​ ​ ​ ​ ​ ​ ​

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
CASH FLOW INFORMATION
Schedule of cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ 2024 ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,226 ​ $ 1,152 ​ ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE
Components of denominator for the calculation of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 2023 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 43,073,440 42,786,918 ​ 42,995,844 42,709,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding, diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic ​ 43,073,440 42,786,918 ​ 42,995,844 42,709,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of stock options ​ 191,524 ​ 170,198 ​ 196,028 ​ 192,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of performance-based restricted stock units ​ 107,082 ​ 54,712 ​ 134,908 ​ 27,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of restricted stock units ​ 292,401 122,324 ​ 308,733 186,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, diluted ​ 43,664,447 43,134,152 ​ 43,635,513 43,115,859 ​ ​

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
DEBT
Schedule of components of Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 2023 Principal amount $ 105,000 $ 200,000 ​ Less: Unamortized deferred financing costs ​ (8,834) ​ (9,831) ​ Less: Current portion ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net $ 96,166 $ 190,169 ​
Schedule of effective interest rate and the range of interest rates on the debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ Effective Interest Rate ​ 9.24 % 8.39 % ​ 8.70 % 8.06 % Range of Interest Rates (excluding unused commitment fees) ​ 7.17% to 7.19 % 6.91% to 7.37 % ​ 7.17% to 7.21 % 6.43% to 7.37 % ​

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ ​ ​ Interest Expense ​ 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 cash flow hedges are recorded ​ $ 3,452 ​ $ 2,131 ​ $ 7,492 ​ $ 4,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ $ (1,617) ​ $ (568) ​ $ (3,341) ​ Premium excluded and recognized on an amortized basis ​ ​ — ​ ​ 35 ​ ​ 18 ​ ​ 74 ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 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 — June 30, 2024 ​ $ — ​ ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying values of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ ​ Carrying ​ ​ ​ Value Fair Value Value Fair Value Cash and cash equivalents ​ $ 42,033 ​ $ 42,033 ​ $ 46,542 ​ $ 46,542 ​ Restricted cash ​ 315 ​ 315 ​ 315 ​ 315 ​ Principal amount of floating rate debt ​ 105,000 ​ 105,000 ​ 200,000 ​ 200,000 ​

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 2023 Accounts payable ​ $ 11,525 ​ $ 10,650 ​ Accrued general and administrative expenses ​ 4,247 ​ 5,700 ​ Accrued vessel operating expenses ​ 12,189 ​ 7,895 ​ Total accounts payable and accrued expenses ​ $ 27,961 ​ $ 24,245 ​ ​

VOYAGE REVENUES (Tables)

VOYAGE REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
VOYAGE REVENUES
Schedule of voyage revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 ​ 2024 2023 ​ Lease revenue ​ $ 46,432 ​ $ 44,926 ​ $ 89,615 ​ $ 81,893 ​ Spot market voyage revenue ​ ​ 60,615 ​ ​ 45,630 ​ ​ 134,867 ​ ​ 103,054 ​ Total voyage revenues ​ $ 107,047 ​ $ 90,556 ​ $ 224,482 ​ $ 184,947 ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan	6 Months Ended
	Jun. 30, 2024
Employee Stock Option
STOCK-BASED COMPENSATION
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 June 30, 2024 302,945 $ 7.91 ​ $ 2.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable as of June 30, 2024 302,945 $ 7.91 ​ $ 2.76 ​ ​ ​ ​ The following table summarizes certain information about the options outstanding as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding and Unvested, ​ Options Outstanding and Exercisable, ​ ​ ​ ​ June 30, 2024 ​ June 30, 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 ​ 1.88 ​ ​
Schedule of nonvested stock amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 General and administrative expenses ​ $ — ​ $ 15 ​ $ 6 ​ $ 58 ​
RSU
STOCK-BASED COMPENSATION
Schedule of nonvested stock amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 2024 2023 General and administrative expenses ​ $ 1,125 ​ $ 1,089 ​ $ 2,279 ​ $ 2,605 ​
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 ​ 218,947 ​ ​ 18.97 ​ Vested ​ (229,633) ​ ​ 16.00 ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 ​ 553,019 ​ $ 17.65 ​ The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs ​ Vested RSUs ​ June 30, 2024 ​ June 30, 2024 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ Weighted ​ ​ ​ Average ​ Remaining ​ ​ ​ Average ​ Number of ​ Grant Date ​ Contractual ​ Number of ​ Grant Date ​ RSUs Price Life RSUs Price 553,019 ​ $ 17.65 ​ 1.58 ​ 348,329 ​ $ 12.88 ​
Performance based restricted stock units
STOCK-BASED COMPENSATION
Schedule of nonvested stock amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 ​ General and administrative expenses ​ $ 326 ​ $ 115 ​ $ 548 ​ $ 115 ​ ​
Schedule of unvested PRSUs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ PRSUs Outstanding as of January 1, 2024 79,838 Granted 99,065 ​ Vested — ​ Forfeited — ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 178,903
Schedule of significant inputs used in the estimation of the fair value of awards granted	​ ​ ​ ​ ​ ​ ​ Significant Input ​ June 30, 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%

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) item t segment	Dec. 31, 2023 USD ($)
Vessels
Number of reportable segments | segment	1
Drybulk Vessels
Vessels
Number of vessels in fleet	43
Capacity of vessels | t	4,490,000
Average age of vessels	12 years
Capesize Drybulk Vessels
Vessels
Number of vessels in fleet	16
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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash
Cash and cash equivalents	$ 42,033	$ 46,542
Restricted cash - noncurrent	315	315
Cash, cash equivalents and restricted cash	$ 42,348	$ 46,857	$ 53,892	$ 64,100

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels held for sale (Details) - Genco Claudius And Genco Maximus - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Vessels, net
Vessel deposits retained due to termination of agreement		$ 3,650
Net Gain on Sale of Vessels
Vessels, net
Vessel deposits received and recorded	$ 3,650		$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Derivative Asset, Current	$ 40		$ 40		$ 1
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Fair value of liability position	$ 0		$ 0		$ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current		Accounts Payable and Accrued Liabilities, Current		Accounts Payable and Accrued Liabilities, Current
Other Nonoperating Income (Expense)
Summary of Significant Accounting Policies
Realized (losses) gains	$ 92	$ (27)	$ 110	$ 81
Unrealized (losses) gains	$ (121)	$ (38)	$ 39	$ (80)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Voyage expense recognition
Net loss (gain) on purchase and sale of bunker fuel and net realizable value adjustments	$ 198	$ 269	$ 119	$ 641

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of vessel assets (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 16, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of Significant Accounting Policies
Impairment of vessel assets		$ 5,634	$ 0	$ 5,634	$ 0
Genco Hadrian
Summary of Significant Accounting Policies
Net sales price of vessel		24,500		24,500
Impairment of vessel assets		$ 5,634		$ 5,634
Genco Hadrian | Subsequent Event
Summary of Significant Accounting Policies
Sale of assets	$ 25,000
Broker commission (as a percent)	2%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Gain on sale of vessels (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Gain on sale of vessels
Gain on sale of vessels	$ 13,206	$ 12,228

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other operating expense	$ 3,924	$ 5,728

CASH FLOW INFORMATION - Non-cas

CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Non-cash investing and financing activities
Cash paid for interest	$ 7,071	$ 6,641
Cash received from settlement of interest cap agreements	588	3,443
Accounts payable and accrued expenses
Non-cash investing and financing activities
Purchases of vessels and ballast water treatment systems, including deposits	702	749
Purchase of other fixed assets	373	301
Vessels held for sale	39
Net proceeds from sale of vessels	75
Cash dividends declared but not yet paid	$ 1,230	$ 853

CASH FLOW INFORMATION - Stock-B

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ in Thousands									6 Months Ended
	May 23, 2024	Feb. 21, 2024	Jun. 16, 2023	May 16, 2023	Apr. 14, 2023	Apr. 03, 2023	Mar. 10, 2023	Feb. 21, 2023	Jun. 30, 2024
Restricted stock units
Non-cash investing and financing activities
Granted (in shares)	38,122	168,411	3,917	43,729	75,920	1,630	2,948	68,758	218,947
Aggregate fair value	$ 825	$ 3,060	$ 56	$ 600	$ 1,237	$ 25	$ 50	$ 1,250
Performance based restricted stock units
Non-cash investing and financing activities
Granted (in shares)		99,065	3,917		75,920				99,065
Aggregate fair value		$ 2,143	$ 64		$ 1,451

CASH FLOW INFORMATION - Lease p

CASH FLOW INFORMATION - Lease payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,226	$ 1,152

VESSEL ACQUISITIONS AND DISPO_2

VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands							1 Months Ended
	Jul. 16, 2024 USD ($)	Jul. 05, 2024 USD ($)	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
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
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%
Genco Warrior | Subsequent Event
Vessel Dispositions
Sale of assets		$ 11,950
Broker commission (as a percent)		3%
Genco Hadrian | Subsequent Event
Vessel Dispositions
Sale of assets	$ 25,000
Broker commission (as a percent)	2%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	43,073,440	42,786,918	42,995,844	42,709,916
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	43,073,440	42,786,918	42,995,844	42,709,916
Weighted-average common shares outstanding, diluted	43,664,447	43,134,152	43,635,513	43,115,859
Employee Stock Option
Common shares outstanding, diluted:
Dilutive effect of share based arrangements	191,524	170,198	196,028	192,282
Performance based restricted stock units
Common shares outstanding, diluted:
Dilutive effect of share based arrangements	107,082	54,712	134,908	27,507
Restricted stock units
Common shares outstanding, diluted:
Dilutive effect of share based arrangements	292,401	122,324	308,733	186,154

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
Related party transactions	$ 0	$ 0	$ 0	$ 0

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
DEBT
Principal amount	$ 105,000	$ 200,000
Less: Unamortized deferred financing costs	(8,834)	(9,831)
Long-term debt, net	$ 96,166	$ 190,169

DEBT - 500 Million Revolver (De

DEBT - 500 Million Revolver (Details) - $500 Million Revolver - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Nov. 29, 2023
Debt
Repayment of secured debt		$ 95,000
Secured debt
Debt
Maximum borrowing capacity			$ 500,000
Remaining borrowing capacity	$ 327,655	327,655
Repayment of secured debt	$ 65,000	$ 95,000

DEBT - 450 Million Credit Facil

DEBT - 450 Million Credit Facility (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 03, 2021 USD ($) facility	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
$450 Million Credit Facility
Debt
Repayment of secured debt			$ 17,500
$450 Million Credit Facility | Secured debt
Debt
Maximum borrowing capacity	$ 450,000
Term of facilities	5 years
Repayment of secured debt		$ 8,750	$ 17,500
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest rates on debt
Effective Interest Rate (as a percent)	9.24%	8.39%	8.70%	8.06%
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	7.17%	6.91%	7.17%	6.43%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	7.19%	7.37%	7.21%	7.37%

DERIVATIVE INSTRUMENTS - Agreem

DERIVATIVE INSTRUMENTS - Agreements (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) derivative	Jun. 30, 2023 USD ($)	Mar. 28, 2024 USD ($)	Dec. 31, 2023 item
DERIVATIVE INSTRUMENTS
Loss recorded	$ 527	$ 993	$ 1,628	$ 527	$ 2,621
Interest rate caps | Derivatives designated as hedging | 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 | 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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	$ 3,452	$ 2,131	$ 7,492	$ 4,160
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income		(1,617)	(568)	(3,341)
Interest contracts: Premium excluded and recognized on an amortized basis		$ 35	$ 18	$ 74

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
DERIVATIVE INSTRUMENTS
Fair value of derivative instruments - current	515
Derivatives not designated as Hedging
DERIVATIVE INSTRUMENTS
Fair value of derivative instruments - current	$ 57

DERIVATIVE INSTRUMENTS - AOCI (

DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	Jun. 30, 2024	Dec. 31, 2023
Fair value of financial instruments
Principal amount of floating rate debt	$ 105,000	$ 200,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	42,033	46,542
Restricted cash	315	315
Principal amount of floating rate debt	105,000	200,000
Fair value
Fair value of financial instruments
Cash and cash equivalents	42,033	46,542
Restricted cash	315	315
Principal amount of floating rate debt	$ 105,000	$ 200,000

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair value of financial instruments
Impairment of vessel assets	$ 5,634	$ 0	$ 5,634	$ 0
Nonrecurring
Fair value of financial instruments
Impairment of vessel assets		0		0
Impairment of operating lease right of use asset	0	$ 0	0	$ 0
Nonrecurring | Level 3 fair value inputs
Fair value of financial instruments
Financial assets	0		0		$ 0
Financial liabilities	$ 0		$ 0		$ 0

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 11,525	$ 10,650
Accrued general and administrative expenses	4,247	5,700
Accrued vessel operating expenses	12,189	7,895
Total accounts payable and accrued expenses	$ 27,961	$ 24,245

VOYAGE REVENUES (Details)

VOYAGE REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income statement
Total revenues	$ 107,047	$ 90,556	$ 224,482	$ 184,947
Voyage revenues
Income statement
Lease revenue	46,432	44,926	89,615	81,893
Spot market voyage revenue	60,615	45,630	134,867	103,054
Total revenues	$ 107,047	$ 90,556	$ 224,482	$ 184,947

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LEASES
Sublease income	$ 306	$ 306	$ 612	$ 612

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unrecognized compensation cost
Unamortized compensation cost		$ 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
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
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
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life		0 years
Options Exercisable, Number of options		302,945
Options Exercisable, Weighted Average Exercise Price		$ 7.91
Options Exercisable, Weighted Average Fair Value (in dollars per share)		$ 2.76
Options Exercisable, Weighted Average Remaining Contractual Life		1 year 10 months 17 days
General and administrative expense
Stock options
Amortization expense	$ 15	$ 6	$ 58

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		6 Months Ended
	May 23, 2024	Feb. 21, 2024	Jun. 16, 2023	May 16, 2023	Apr. 14, 2023	Apr. 03, 2023	Mar. 10, 2023	Feb. 21, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
STOCK-BASED COMPENSATION
Number of common shares outstanding in respect of RSUs									980,966		980,966		808,880
Number of Shares
Balance at the beginning of the period (in shares)											563,705
Granted (in shares)	38,122	168,411	3,917	43,729	75,920	1,630	2,948	68,758			218,947
Vested (in shares)											(229,633)
Balance at the end of the period (in shares)									553,019		553,019
Number of shares vested									348,329		348,329
Weighted Average Grant Date Price, Vested									$ 12.88		$ 12.88
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)											16.47
Granted (in dollars per share)											18.97
Vested (in dollars per share)											16
Balance at the end of the period (in dollars per share)									$ 17.65		$ 17.65
Weighted Average Remaining Contractual Life											1 year 6 months 29 days
Additional disclosures
Total fair value of shares vested											$ 4,682	$ 3,923
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost									$ 5,810		$ 5,810
Weighted-average period for recognition of unrecognized compensation cost											1 year 6 months 29 days
General and administrative expense
Additional disclosures
Recognized nonvested stock amortization expense									$ 1,125	$ 1,089	$ 2,279	$ 2,605
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		6 Months Ended		12 Months Ended
	Feb. 21, 2024 shares	Jun. 16, 2023 shares	Apr. 14, 2023 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) D $ / shares shares	Jun. 30, 2023 USD ($)	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 PSRUs originally granted that will be earned on achievement of target metric						100%
Number of PRSUs
Balance at the beginning of the period (in shares)						79,838
Granted (in shares)	99,065	3,917	75,920			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 | $				$ 2,713		$ 2,713
Weighted-average period for recognition of unrecognized compensation cost						2 years 21 days
General and administrative expense
Number of PRSUs
Recognized nonvested stock amortization expense | $				$ 326	$ 115	$ 548	$ 115
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				1 Months Ended	3 Months Ended
	Jul. 16, 2024	Jul. 12, 2024	Jul. 05, 2024	Aug. 07, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Subsequent Events
Dividends declared per share of common stock (in dollars per share)						$ 0.42	$ 0.41	$ 0.15	$ 0.50
Subsequent Event | Q3 2024 Dividend
Subsequent Events
Dividends declared per share of common stock (in dollars per share)				$ 0.34
Aggregate amount of dividend				$ 14,800
Dividends Payable, Date Declared				Aug. 07, 2024
Dividends Payable, Date of Record				Aug. 19, 2024
Dividends Payable, Date to be Paid				Aug. 26, 2024
Subsequent Event | Genco Warrior
Subsequent Events
Sale of assets			$ 11,950
Broker commission (as a percent)			3%
Subsequent Event | Genco Warrior | Forecast | Minimum
Subsequent Events
Gain in sale of property					$ 4,000
Subsequent Event | Genco Warrior | Forecast | Maximum
Subsequent Events
Gain in sale of property					$ 5,000
Subsequent Event | Genco Hadrian
Subsequent Events
Sale of assets	$ 25,000
Broker commission (as a percent)	2%
Subsequent Event | Secured debt | $500 Million Revolver
Subsequent Events
Repayment of secured debt		$ 5,000