10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001104659-14-081349`
Period End Date	20140930
Filing Date	20141117
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	gnk-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 25 Cash Flow Statement 25 Stockholders Equity 11 Comprehensive Income 6

Balance Sheet 45 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.58M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$106.62M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$17.21M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$9.85M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$69.00K	USD	Point-in-time
Due from charterers, net of a reserve of $1,576 and $632, respectively	`AccountsReceivableNetCurrent`	$15.59M	USD	Point-in-time
Deferred financing costs, accumulated amortization	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$2.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.24M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$66.00K	USD	Point-in-time
Time charters acquired	`FairMarketValueOfTimeChartersAcquiredAssetsCurrent`	$16.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$157.32M	USD	Point-in-time
Vessels, net of accumulated depreciation of $17,215 and $730,662, respectively	`VesselsNet`	$1.52B	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$31.40M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Deferred drydock, net of accumulated amortization of $69 and $11,107, respectively	`DeferredDrydockCostsNet`	$3.10M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	61.41M	shares	Point-in-time
Deferred financing costs, net of accumulated amortization of $2,562 and $22,279, respectively	`DeferredFinanceCostsNoncurrentNet`	$6.69M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	61.41M	shares	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $66 and $3,438, respectively	`PropertyPlantAndEquipmentNet`	$646.00K	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$300.00K	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$38.46M	USD	Point-in-time
Goodwill	`Goodwill`	$166.07M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.77B	USD	Point-in-time
Total assets	`Assets`	$1.93B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$36.95M	USD	Point-in-time
Current portion of long-term debt	`LinesOfCreditCurrent`	$32.24M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$893.00K	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$70.08M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$186.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$372.80M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$372.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$443.07M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$614.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.24B	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.34M	USD	Point-in-time
Retained (deficit) earnings	`RetainedEarningsAccumulatedDeficit`	$-18.29M	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$1.21B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$275.10M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.48B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.93B	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Voyage revenues	`CargoAndFreightRevenue`	$43.94M	USD	1 Quarter
Service revenues	`SalesRevenueServicesNet`	$756.00K	USD	1 Quarter
Total revenues	`Revenues`	$44.70M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$2.33M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$27.25M	USD	1 Quarter
General, administrative, and management fees	`GeneralAdministrativeExpenseAndManagementFees`	$15.49M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.36M	USD	1 Quarter
Other operating income	`OtherOperatingIncome`	$296.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$62.13M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-17.44M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$19.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.59M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-3.57M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-21.00M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$1.17M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-22.17M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$393.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-4.27M	USD	1 Quarter
Net (loss) income attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-18.29M	USD	1 Quarter
Net (loss) earnings per share-basic (in dollars per share)	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Net (loss) earnings per share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Weighted average common shares outstanding-basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	60.30M	shares	1 Quarter
Weighted average common shares outstanding-diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.30M	shares	1 Quarter

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.36M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$384.00K	USD	1 Quarter
Amortization of time charters acquired	`RecognitionOfDeferredRevenue`	$-434.00K	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$7.87M	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$2.40M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-5.52M	USD	1 Quarter
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-28.00M	USD	1 Quarter
(Decrease) increase in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-104.00K	USD	1 Quarter
Increase in lease obligations	`IncreaseDecreaseInOtherDeferredLiability`	$186.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$-2.98M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-24.29M	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$918.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.00K	USD	1 Quarter
Changes in deposits of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-125.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-823.00K	USD	1 Quarter
Payment of dividend by subsidiary	`PaymentsOfDividendsBySubsidiary`	$512.00K	USD	1 Quarter
Cash settlement of non-accredited Note holders	`PaymentsForCashSettlementOfNonAccreditedNoteHolders`	$375.00K	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$471.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.34M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-29.46M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$106.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$106.62M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Issuance of new equity interests in connection with emergence from Chapter 11 in connection with the Rights Offering	`ProceedsFromIssuanceOfWarrantsInConnectionWithIssuanceOfNewEquityInterests`	$100.00M	USD	1 Quarter
Issuance of shares of nonvested stock	`StockIssuedDuringPeriodSharesShareBasedCompensation`	1.11M	shares	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.48B	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Unrealized (loss) gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-13.34M	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.87M	USD	1 Quarter
Cash dividends paid by Baltic Trading Limited	`DividendsCashPaidBySubsidiary`	$512.00K	USD	1 Quarter
Subtotal - July 9, 2014 (Predecessor)	`FreshStartAdjustmentIncreaseDecreaseEquityIncludingNonControllingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.48B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Change in unrealized (loss) gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-13.34M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-13.34M	USD	1 Quarter
Comprehensive loss (income)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-35.90M	USD	1 Quarter
Less: Comprehensive loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-4.27M	USD	1 Quarter
Comprehensive (loss) income attributable to Genco Shipping & Trading Limited	`ComprehensiveIncomeNetOfTax`	$-31.63M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.