10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001104659-15-036252`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	gnk-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 25 Cash Flow Statement 24 Stockholders Equity 8 Comprehensive Income 6

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.78M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.59M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$52.27M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$36.26M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$9.75M	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 of reserve of $1,371 and $1,588, respectively	`AccountsReceivableNetCurrent`	$12.37M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$722.00K	USD	Point-in-time
Due from charterers, net of reserve of $1,371 and $1,588, respectively	`AccountsReceivableNetCurrent`	$14.74M	USD	Point-in-time
Deferred financing costs, accumulated amortization	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$1.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.92M	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
Total current assets	`AssetsCurrent`	$130.33M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$170.00K	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$119.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$116.82M	USD	Point-in-time
Vessels, net of accumulated depreciation of $52,271 and $36,258, respectively	`VesselsNet`	$1.53B	USD	Point-in-time
Vessels, net of accumulated depreciation of $52,271 and $36,258, respectively	`VesselsNet`	$1.51B	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$25.59M	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$19.24M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $722 and $330, respectively	`DeferredDrydockCostsNet`	$9.38M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $722 and $330, respectively	`DeferredDrydockCostsNet`	$6.23M	USD	Point-in-time
Deferred financing costs, net of accumulated amortization of $1,216 and $729, respectively	`DeferredFinanceCostsNoncurrentNet`	$10.27M	USD	Point-in-time
Deferred financing costs, net of accumulated amortization of $1,216 and $729, respectively	`DeferredFinanceCostsNoncurrentNet`	$10.06M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $170 and $119, respectively	`PropertyPlantAndEquipmentNet`	$701.00K	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $170 and $119, respectively	`PropertyPlantAndEquipmentNet`	$783.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	61.54M	shares	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
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	61.54M	shares	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$19.95M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$300.00K	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$28.84M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$26.49M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.58B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.62B	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Total assets	`Assets`	$1.69B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$29.82M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.22M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$34.32M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$44.58M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.84M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.40M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$63.94M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$76.23M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$390.00K	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$593.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$395.81M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$390.03M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$390.62M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$396.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$466.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$460.14M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Successor Company common stock, par value $0.01; 250,000,000 shares authorized; issued and outstanding 61,541,389 shares at March 31, 2015 and December 31, 2014	`CommonStockValue`	$615.00K	USD	Point-in-time
Successor Company common stock, par value $0.01; 250,000,000 shares authorized; issued and outstanding 61,541,389 shares at March 31, 2015 and December 31, 2014	`CommonStockValue`	$615.00K	USD	Point-in-time
Successor company additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.25B	USD	Point-in-time
Successor company additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.26B	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-25.32M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-22.96M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-220.74M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-182.29M	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$1.04B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$248.57M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$208.72M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.23B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.69B	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Voyage revenues	`CargoAndFreightRevenue`	$33.61M	USD	1 Quarter
Service revenues	`SalesRevenueServicesNet`	$810.00K	USD	1 Quarter
Total revenues	`Revenues`	$34.42M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$4.38M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$28.67M	USD	1 Quarter
General, administrative, and management fees	`GeneralAdministrativeExpenseAndManagementFees`	$20.32M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.41M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$35.40M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$108.18M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-73.76M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$11.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$24.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.32M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-4.29M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-78.05M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$520.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-78.57M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$543.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-79.11M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-40.67M	USD	1 Quarter
Net loss attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-38.44M	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-0.64	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-0.64	USD	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.43M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.43M	shares	1 Quarter

Cash Flow Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-79.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.41M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$487.00K	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$12.36M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$35.40M	USD	1 Quarter
Decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-2.37M	USD	1 Quarter
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$3.50M	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.16M	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$440.00K	USD	1 Quarter
Increase in lease obligations	`IncreaseDecreaseInOtherDeferredLiability`	$203.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$3.53M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-12.32M	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$24.10M	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Changes in deposits of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-19.64M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.51M	USD	1 Quarter
Cash settlement of non-accredited Note holders	`PaymentsForCashSettlementOfNonAccreditedNoteHolders`	$49.00K	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$2.22M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.20M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-14.63M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$68.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$68.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.23B	USD	Point-in-time
Net loss	`ProfitLoss`	$-79.11M	USD	1 Quarter
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.36M	USD	1 Quarter
Settlement of non-accredited Note holders	`CashSettlementOfNonAccreditedNoteHolders`	$414.00K	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$12.36M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.23B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-79.11M	USD	1 Quarter
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.36M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$2.36M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-76.76M	USD	1 Quarter
Less: Comprehensive loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-40.67M	USD	1 Quarter
Comprehensive loss attributable to Genco Shipping & Trading Limited	`ComprehensiveIncomeNetOfTax`	$-36.08M	USD	1 Quarter

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