10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-004212`
Period End Date	20170331
Filing Date	20170511
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	gnk-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 49 Cash Flow Statement 50 Stockholders Equity 15 Comprehensive Income 5

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$138.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$75.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$121.07M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.24M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$7.87M	USD	Point-in-time
Due from charterers, net of a reserve of $304 and $283, respectively	`AccountsReceivableNetCurrent`	$9.06M	USD	Point-in-time
Due from charterers, net of a reserve of $304 and $283, respectively	`AccountsReceivableNetCurrent`	$10.37M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.23M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.75M	USD	Point-in-time
Vessels held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$4.84M	USD	Point-in-time
Vessels held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$1.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$173.65M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$304.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$172.60M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$283.00K	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$163.05M	USD	Point-in-time
Vessels, net of accumulated depreciation of $179,758 and $163,053, respectively	`VesselsNet`	$1.35B	USD	Point-in-time
Vessels, net of accumulated depreciation of $179,758 and $163,053, respectively	`VesselsNet`	$1.34B	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$179.76M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$6.34M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $7,083 and $6,340 respectively	`DeferredDrydockCostsNet`	$12.64M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $7,083 and $6,340 respectively	`DeferredDrydockCostsNet`	$14.07M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$7.08M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$827.00K	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$759.00K	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $827 and $759, respectively	`PropertyPlantAndEquipmentNet`	$982.00K	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $827 and $759, respectively	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Deferred finance costs, noncurrent	`DeferredDebtFinanceCostsNoncurrentNet`	$11.36M	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Deferred finance costs, noncurrent	`DeferredDebtFinanceCostsNoncurrentNet`	$10.78M	USD	Point-in-time
Restricted cash non-current	`RestrictedCashAndCashEquivalentsNoncurrent`	$27.43M	USD	Point-in-time
Restricted cash non-current	`RestrictedCashAndCashEquivalentsNoncurrent`	$27.15M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.38B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.40B	USD	Point-in-time
Total assets	`Assets`	$1.57B	USD	Point-in-time
Total assets	`Assets`	$1.55B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$22.89M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$18.74M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.58M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$7.08M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.35M	shares	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.52M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCreditsCurrent`	$1.49M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.42M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.95M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.42M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.35M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.33M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$2.05M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$1.87M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $10,784 and $11,357, respectively	`LongTermDebtNoncurrent`	$507.24M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $10,784 and $11,357, respectively	`LongTermDebtNoncurrent`	$508.44M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$509.29M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$510.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$539.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$536.62M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Preferred Stock, par value $0.01: aggregate liquidation preference of $0 and $120,789 at March 31, 2017 and December 31, 2016, respectively	`PreferredStockValue`	$120.79M	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,416,305 and 7,354,449 shares at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$74.00K	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,416,305 and 7,354,449 shares at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$344.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.63B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.50B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-610.55M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-594.95M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.03B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.01B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.11B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.06B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.55B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.57B	USD	Point-in-time

Income Statement 49 line items

Line Item	Tag	Value	Unit	Period
Nonvested stock amortization expenses	`ShareBasedCompensation`	$5.49M	USD	1 Quarter
Nonvested stock amortization expenses	`ShareBasedCompensation`	$711.00K	USD	1 Quarter
Voyage revenues	`CargoAndFreightRevenue`	$38.25M	USD	1 Quarter
Voyage revenues	`CargoAndFreightRevenue`	$20.13M	USD	1 Quarter
Service revenues	`SalesRevenueServicesNet`	$811.00K	USD	1 Quarter
Total revenues	`Revenues`	$20.94M	USD	1 Quarter
Total revenues	`Revenues`	$38.25M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$3.24M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$3.90M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$29.13M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$24.88M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $711 and $5,486, respectively)	`GeneralAndAdministrativeExpense`	$4.91M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $711 and $5,486, respectively)	`GeneralAndAdministrativeExpense`	$10.57M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$1.98M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$2.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.34M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$1.69M	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	$6.37M	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$67.90M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$46.82M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.57M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-46.96M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-125.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-65.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$62.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$173.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.14M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.11M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-7.18M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-7.03M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-15.60M	USD	1 Quarter
Loss before reorganization items, net	`IncomeLossBeforeReorganizationItems`	$-54.14M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$94.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-54.23M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.60M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$253.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-54.48M	USD	1 Quarter
Net loss	`ProfitLoss`	$-15.60M	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-0.47	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-7.55	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-7.55	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-0.47	USD	1 Quarter
Weighted average common shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.22M	shares	1 Quarter
Weighted average common shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.50M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.22M	shares	1 Quarter
Weighted average common shares outstanding-diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.50M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-54.48M	USD	1 Quarter
Net loss	`ProfitLoss`	$-15.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.34M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$573.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$729.00K	USD	1 Quarter
PIK interest, net	`PaidInKindInterest`	$1.50M	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$5.49M	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$711.00K	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$1.69M	USD	1 Quarter
Gain on sale of vessels	`NoncashGainLossOnDispositionOfVessels`	$6.37M	USD	1 Quarter
Realized loss on sale of investment	`GainLossOnSaleOfInvestments`	$-73.00K	USD	1 Quarter
Decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-1.31M	USD	1 Quarter
Decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-2.21M	USD	1 Quarter
(Increase) decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$483.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-811.00K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.15M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.18M	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-152.00K	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$28.00K	USD	1 Quarter
Increase in lease obligations	`IncreaseDecreaseInLeaseObligations`	$180.00K	USD	1 Quarter
Increase in lease obligations	`IncreaseDecreaseInLeaseObligations`	$180.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$31.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$2.83M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-27.30M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-5.98M	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$35.00K	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$279.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$191.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00K	USD	1 Quarter
Net proceeds from sale of vessel assets	`ProceedsFromSaleOfVesselAssetsNet`	$12.60M	USD	1 Quarter
Sale of AFS securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$859.00K	USD	1 Quarter
Changes in deposits of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-646.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$13.19M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$389.00K	USD	1 Quarter
Cash settlement of non-accredited Note holders	`PaymentsForCashSettlementOfNonAccreditedNoteHolders`	$101.00K	USD	1 Quarter
Payment of Series A Preferred Stock issuance costs	`PaymentsOfStockIssuanceCosts`	$950.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.73M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-18.55M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$5.47M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-45.47M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$138.87M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$75.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$121.07M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$138.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$75.60M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$121.07M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Issuance of shares of nonvested stock (in shares)	`StockIssuedDuringPeriodSharesShareBasedCompensation`	61,244.00	shares	1 Quarter
Issuance of shares of RSUs (in shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	3,138.00	shares	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.03B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.01B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.11B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.06B	USD	Point-in-time
Net loss	`ProfitLoss`	$-54.48M	USD	1 Quarter
Net loss	`ProfitLoss`	$-15.60M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$859.00K	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$711.00K	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.49M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.03B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.01B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.11B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.06B	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-54.48M	USD	1 Quarter
Net loss	`ProfitLoss`	$-15.60M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$859.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-53.62M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-15.60M	USD	1 Quarter

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