10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001104659-15-058217`
Period End Date	20150630
Filing Date	20150810
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	gnk-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 52 Cash Flow Statement 29 Stockholders Equity 11 Comprehensive Income 12

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.41M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.65M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.29M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$9.75M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$9.75M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$36.26M	USD	Point-in-time
Due from charterers, net of a reserve of $1,292 and $1,588, respectively	`AccountsReceivableNetCurrent`	$14.46M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$70.98M	USD	Point-in-time
Due from charterers, net of a reserve of $1,292 and $1,588, respectively	`AccountsReceivableNetCurrent`	$14.74M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$1.32M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.62M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.42M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$330.00K	USD	Point-in-time
Deferred financing costs, accumulated amortization	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$729.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$108.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$130.33M	USD	Point-in-time
Deferred financing costs, accumulated amortization	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$1.78M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$236.00K	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$119.00K	USD	Point-in-time
Vessels, net of accumulated depreciation of $70,977 and $36,258, respectively	`VesselsNet`	$1.53B	USD	Point-in-time
Vessels, net of accumulated depreciation of $70,977 and $36,258, respectively	`VesselsNet`	$1.49B	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$25.59M	USD	Point-in-time
Deposits on vessels	`DepositsAssets`	$19.93M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $1,325 and $330, respectively	`DeferredDrydockCostsNet`	$12.54M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $1,325 and $330, respectively	`DeferredDrydockCostsNet`	$6.23M	USD	Point-in-time
Deferred financing costs, net of accumulated amortization of $1,780 and $729, respectively	`DeferredFinanceCostsNoncurrentNet`	$10.27M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred financing costs, net of accumulated amortization of $1,780 and $729, respectively	`DeferredFinanceCostsNoncurrentNet`	$11.35M	USD	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 $236 and $119, respectively	`PropertyPlantAndEquipmentNet`	$701.00K	USD	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 $236 and $119, respectively	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	61.61M	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
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$19.95M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$300.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	61.61M	shares	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$26.49M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesEquitySecuritiesNoncurrent`	$25.44M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.56B	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`	$1.67B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$33.13M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.22M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$44.79M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$34.32M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.40M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$79.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$63.94M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$789.00K	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$390.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$395.81M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$403.82M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$404.61M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$396.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$483.94M	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 61,610,503 and 61,541,389 shares at June 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$615.00K	USD	Point-in-time
Successor Company common stock, par value $0.01; 250,000,000 shares authorized; issued and outstanding 61,610,503 and 61,541,389 shares at June 30, 2015 and December 31, 2014, respectively	`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`	$1.27B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-25.32M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.36M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-261.07M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-182.29M	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$1.04B	USD	Point-in-time
Total Genco Shipping & Trading Limited shareholders' equity	`StockholdersEquity`	$987.78M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$197.89M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$248.57M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.19B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.67B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Voyage revenues	`CargoAndFreightRevenue`	$67.38M	USD	2 Qtrs
Voyage revenues	`CargoAndFreightRevenue`	$33.77M	USD	1 Quarter
Service revenues	`SalesRevenueServicesNet`	$819.00K	USD	1 Quarter
Service revenues	`SalesRevenueServicesNet`	$1.63M	USD	2 Qtrs
Total revenues	`Revenues`	$69.01M	USD	2 Qtrs
Total revenues	`Revenues`	$34.59M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$8.14M	USD	2 Qtrs
Voyage expenses	`VoyageExpenses`	$3.76M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$58.60M	USD	2 Qtrs
Vessel operating expenses	`DirectOperatingCosts`	$29.93M	USD	1 Quarter
General, administrative, and management fees	`GeneralAdministrativeExpenseAndManagementFees`	$46.81M	USD	2 Qtrs
General, administrative, and management fees	`GeneralAdministrativeExpenseAndManagementFees`	$26.49M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.81M	USD	2 Qtrs
Impairment of vessel assets	`AssetImpairmentCharges`	$35.40M	USD	2 Qtrs
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on sale of vessels	`GainLossOnDispositionOfAssets`	$-1.21M	USD	2 Qtrs
Loss on sale of vessels	`GainLossOnDispositionOfAssets`	$-1.21M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$188.97M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$80.78M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-46.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-119.96M	USD	2 Qtrs
Other expense	`OtherNonoperatingIncomeExpense`	$-54.00K	USD	2 Qtrs
Other expense	`OtherNonoperatingIncomeExpense`	$-65.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$49.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$25.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.69M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.01M	USD	2 Qtrs
Other expense	`NonoperatingIncomeExpense`	$-9.02M	USD	2 Qtrs
Other expense	`NonoperatingIncomeExpense`	$-4.73M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-50.92M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-128.97M	USD	2 Qtrs
Reorganization items, net	`ReorganizationItems`	$313.00K	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$833.00K	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-129.81M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-51.23M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$718.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.26M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-51.95M	USD	1 Quarter
Net loss	`ProfitLoss`	$-131.07M	USD	2 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-52.29M	USD	2 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-11.62M	USD	1 Quarter
Net loss attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-78.77M	USD	2 Qtrs
Net loss attributable to Genco Shipping & Trading Limited	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-40.33M	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-1.30	USD	2 Qtrs
Net loss per share-basic	`EarningsPerShareBasic`	$-0.67	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-1.30	USD	2 Qtrs
Net loss per share-diluted	`EarningsPerShareDiluted`	$-0.67	USD	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.46M	shares	2 Qtrs
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.49M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.49M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.46M	shares	2 Qtrs

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-51.95M	USD	1 Quarter
Net loss	`ProfitLoss`	$-131.07M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.81M	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$564.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.05M	USD	2 Qtrs
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$24.82M	USD	2 Qtrs
Impairment of vessel assets	`AssetImpairmentCharges`	$35.40M	USD	2 Qtrs
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on disposal of vessels	`NoncashLossOnDispositionOfVessels`	$900.00K	USD	2 Qtrs
Decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-283.00K	USD	2 Qtrs
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$200.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.08M	USD	2 Qtrs
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.00K	USD	2 Qtrs
Increase in lease obligations	`IncreaseDecreaseInOtherDeferredLiability`	$399.00K	USD	2 Qtrs
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$7.30M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-29.83M	USD	2 Qtrs
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$24.72M	USD	2 Qtrs
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$353.00K	USD	2 Qtrs
Changes in deposits of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-19.64M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.43M	USD	2 Qtrs
Cash settlement of non-accredited Note holders	`PaymentsForCashSettlementOfNonAccreditedNoteHolders`	$720.00K	USD	2 Qtrs
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$4.27M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$13.49M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-21.77M	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`	$61.65M	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`	$61.65M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.19B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time
Net loss	`ProfitLoss`	$-51.95M	USD	1 Quarter
Net loss	`ProfitLoss`	$-131.07M	USD	2 Qtrs
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.40M	USD	1 Quarter
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.04M	USD	2 Qtrs
Settlement of non-accredited Note holders	`CashSettlementOfNonAccreditedNoteHolders`	$414.00K	USD	2 Qtrs
Equity effect of purchase of entities under common control	`AdjustmentToPaidInCapitalEffectOfPurchaseOfCommonControlEntities`	$590.00K	USD	2 Qtrs
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.82M	USD	2 Qtrs
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.19B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.29B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-51.95M	USD	1 Quarter
Net loss	`ProfitLoss`	$-131.07M	USD	2 Qtrs
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.40M	USD	1 Quarter
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.04M	USD	2 Qtrs
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-3.40M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-1.04M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-55.35M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-132.11M	USD	2 Qtrs
Less: Comprehensive loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-11.62M	USD	1 Quarter
Less: Comprehensive loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-52.29M	USD	2 Qtrs
Comprehensive loss attributable to Genco Shipping & Trading Limited	`ComprehensiveIncomeNetOfTax`	$-43.73M	USD	1 Quarter
Comprehensive loss attributable to Genco Shipping & Trading Limited	`ComprehensiveIncomeNetOfTax`	$-79.82M	USD	2 Qtrs

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