10-K Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001104659-15-015859`
Period End Date	20141231
Filing Date	20150302
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	gnk-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 43 Income Statement 44 Cash Flow Statement 28 Stockholders Equity 19 Comprehensive Income 8

Balance Sheet 43 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$36.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$9.75M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$330.00K	USD	Point-in-time
Due from charterers, net	`AccountsReceivableNetCurrent`	$14.74M	USD	Point-in-time
Deferred financing costs, accumulated amortization	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$729.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.42M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$119.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$130.33M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Vessels, net of accumulated depreciation of $36,258 and $730,662, respectively	`VesselsNet`	$1.53B	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$25.59M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Deferred drydock, net of accumulated amortization of $330 and $11,107, respectively	`DeferredDrydockCostsNet`	$6.23M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	61.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	61.54M	shares	Point-in-time
Deferred financing costs, net of accumulated amortization of $729 and $22,279, respectively	`DeferredFinanceCostsNoncurrentNet`	$10.27M	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $119 and $3,438, respectively	`PropertyPlantAndEquipmentNet`	$701.00K	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$19.95M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$26.49M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.62B	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.22M	USD	Point-in-time
Current portion of long-term debt	`LinesOfCreditCurrent`	$34.32M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.40M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$63.94M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$390.00K	USD	Point-in-time
Time charters acquired	`FairMarketValueOfTimeChartersAcquired`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$395.81M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$396.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$460.14M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$615.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.25B	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-25.32M	USD	Point-in-time
Retained (deficit) earnings	`RetainedEarningsAccumulatedDeficit`	$-204.12M	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$270.40M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Voyage revenues	`CargoAndFreightRevenue`	$98.82M	USD	2 Qtrs
Service revenues	`SalesRevenueServicesNet`	$1.58M	USD	2 Qtrs
Total revenues	`Revenues`	$43.94M	USD	1 Quarter
Total revenues	`Revenues`	$54.87M	USD	1 Quarter
Total revenues	`Revenues`	$100.40M	USD	2 Qtrs
Voyage expenses	`VoyageExpenses`	$7.53M	USD	2 Qtrs
Vessel operating expenses	`DirectOperatingCosts`	$56.94M	USD	2 Qtrs
General, administrative, and management fees	`GeneralAdministrativeExpenseAndManagementFees`	$36.91M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.71M	USD	2 Qtrs
Other operating income	`OtherOperatingIncome`	$530.00K	USD	2 Qtrs
Goodwill impairment	`GoodwillImpairmentLoss`	$166.07M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$303.63M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-17.44M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-185.80M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-203.23M	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$36.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$46.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$7.62M	USD	2 Qtrs
Other expense	`NonoperatingIncomeExpense`	$-7.54M	USD	2 Qtrs
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-210.77M	USD	2 Qtrs
Reorganization items, net	`ReorganizationItems`	$1.59M	USD	2 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-212.36M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$996.00K	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$-213.36M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-190.79M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-9.24M	USD	2 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-4.97M	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`	$-185.83M	USD	1 Quarter
Net (loss) income attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-204.12M	USD	2 Qtrs
Net (loss) income attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-18.29M	USD	1 Quarter
Net (loss) income per share-basic	`EarningsPerShareBasic`	$-3.38	USD	2 Qtrs
Net (loss) income per share-basic	`EarningsPerShareBasic`	$-3.08	USD	1 Quarter
Net (loss) income per share-basic	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Net (loss) income per share-diluted	`EarningsPerShareDiluted`	$-3.38	USD	2 Qtrs
Net (loss) income per share-diluted	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Net (loss) income per share-diluted	`EarningsPerShareDiluted`	$-3.08	USD	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.30M	shares	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.42M	shares	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.36M	shares	2 Qtrs
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.36M	shares	2 Qtrs
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.30M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.42M	shares	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-213.36M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-190.79M	USD	1 Quarter
Goodwill impairment	`GoodwillImpairmentLoss`	$166.07M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.71M	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$845.00K	USD	2 Qtrs
Amortization of time charters acquired	`RecognitionOfDeferredRevenue`	$-450.00K	USD	2 Qtrs
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$20.41M	USD	2 Qtrs
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$1.54M	USD	2 Qtrs
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-8.34M	USD	2 Qtrs
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-39.17M	USD	2 Qtrs
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$400.00K	USD	2 Qtrs
Increase in lease obligations	`IncreaseDecreaseInOtherDeferredLiability`	$390.00K	USD	2 Qtrs
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$-6.38M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-26.84M	USD	2 Qtrs
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$24.47M	USD	2 Qtrs
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$208.00K	USD	2 Qtrs
Changes in deposits of restricted cash	`IncreaseDecreaseInRestrictedCash`	$19.42M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-44.10M	USD	2 Qtrs
Payment of dividend by subsidiary	`PaymentsOfDividendsBySubsidiary`	$1.02M	USD	2 Qtrs
Cash settlement of non-accredited Note holders	`PaymentsForCashSettlementOfNonAccreditedNoteHolders`	$484.00K	USD	2 Qtrs
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$2.32M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$18.27M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-52.66M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$136.08M	USD	Point-in-time

Stockholders Equity 19 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	Annual
Issuance of common stock (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	131,017.00	shares	Annual
Issuance of shares of nonvested stock	`StockIssuedDuringPeriodSharesShareBasedCompensation`	1.11M	shares	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Net loss	`ProfitLoss`	$-213.36M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-22.56M	USD	1 Quarter
Net loss	`ProfitLoss`	$-190.79M	USD	1 Quarter
Unrealized (loss) gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-25.32M	USD	2 Qtrs
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$20.41M	USD	2 Qtrs
Cancellation of Predecessor common stock	`CancellationOfCommonStock`	$849.58M	USD	2 Qtrs
Elimination of Predecessor accumulated deficit and accumulated other comprehensive income	`EliminationOfAccumulatedDeficitAndAccumulatedOtherComprehensiveIncome`	$-890.29M	USD	2 Qtrs
Elimination of Predecessor non-controlling interest	`EliminationOfNonControllingInterest`	$332.44M	USD	2 Qtrs
Issuance of new equity interests in connection with emergence from Chapter 11, including $100 rights offering	`IssuanceOfNewEquityInterests`	$1.23B	USD	2 Qtrs
Revaluation of non-controlling interest	`RevaluationOfNonControllingInterest`	$279.07M	USD	2 Qtrs
Cash dividends paid by Baltic Trading Limited	`DividendsCashPaidBySubsidiary`	$1.02M	USD	2 Qtrs
Subtotal - July 9, 2014 (Predecessor)	`FreshStartAdjustmentIncreaseDecreaseEquityIncludingNonControllingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.51B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-213.36M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$-22.56M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-190.79M	USD	1 Quarter
Unrealized (loss) gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-25.32M	USD	2 Qtrs
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-25.32M	USD	2 Qtrs
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-238.68M	USD	2 Qtrs
Less: Comprehensive loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-9.24M	USD	2 Qtrs
Comprehensive (loss) income attributable to Genco Shipping & Trading Limited	`ComprehensiveIncomeNetOfTax`	$-229.43M	USD	2 Qtrs

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