10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004494`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	gnk-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 42 Cash Flow Statement 54 Stockholders Equity 13 Comprehensive Income 6

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$138.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$172.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.40M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.24M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$7.87M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$7.23M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.45M	USD	Point-in-time
Due from charterers, net of a reserve of $272 and $246, respectively	`AccountsReceivableNetCurrent`	$12.86M	USD	Point-in-time
Due from charterers, net of a reserve of $272 and $246, respectively	`AccountsReceivableNetCurrent`	$13.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.34M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.88M	USD	Point-in-time
Inventories	`InventoryNet`	$19.89M	USD	Point-in-time
Inventories	`InventoryNet`	$15.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$217.24M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$246.00K	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$272.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$221.28M	USD	Point-in-time
Vessels, net of accumulated depreciation of $199,511 and $213,431, respectively	`VesselsNet`	$1.27B	USD	Point-in-time
Vessels, net of accumulated depreciation of $199,511 and $213,431, respectively	`VesselsNet`	$1.20B	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$199.51M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$213.43M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$10.06M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $10,065 and $9,540 respectively	`DeferredDrydockCostsNet`	$12.24M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$9.54M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $10,065 and $9,540 respectively	`DeferredDrydockCostsNet`	$13.38M	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $1,019 and $1,003, respectively	`PropertyPlantAndEquipmentNet`	$953.00K	USD	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $1,019 and $1,003, respectively	`PropertyPlantAndEquipmentNet`	$1.01M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.00M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.02M	USD	Point-in-time
Other noncurrent assets	`DepositsAssetsNoncurrent`	$514.00K	USD	Point-in-time
Deferred financing costs, noncurrent	`DeferredFinanceCostsNoncurrentNet`	$9.03M	USD	Point-in-time
Deferred financing costs, noncurrent	`DeferredFinanceCostsNoncurrentNet`	$8.46M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$22.98M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$27.15M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$27.43M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$23.23M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.23B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.30B	USD	Point-in-time
Total assets	`Assets`	$1.45B	USD	Point-in-time
Total assets	`Assets`	$1.52B	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
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$24.34M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$23.23M	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
Current portion of long-term debt	`LongTermDebtCurrent`	$24.50M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.53M	shares	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$24.31M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.53M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.53M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.53M	shares	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$4.72M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$5.10M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$53.75M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$52.45M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$2.59M	USD	Point-in-time
Long-term lease obligations	`DeferredRentCreditNoncurrent`	$2.77M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $8,459 and $9,032, respectively	`LongTermDebtNoncurrent`	$477.00M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $8,459 and $9,032, respectively	`LongTermDebtNoncurrent`	$490.89M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$493.48M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$479.77M	USD	Point-in-time
Total liabilities	`Liabilities`	$533.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$545.93M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,532,004 shares at March 31, 2018 and December 31, 2017	`CommonStockValue`	$345.00K	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,532,004 shares at March 31, 2018 and December 31, 2017	`CommonStockValue`	$345.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.63B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.63B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-653.67M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-710.14M	USD	Point-in-time
Total equity	`StockholdersEquity`	$919.05M	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.03B	USD	Point-in-time
Total equity	`StockholdersEquity`	$975.03M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.45B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.52B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Nonvested stock amortization expenses	`ShareBasedCompensation`	$493.00K	USD	1 Quarter
Nonvested stock amortization expenses	`ShareBasedCompensation`	$711.00K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$76.92M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$38.25M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$21.09M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$3.24M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$23.77M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$24.88M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $493 and $711, respectively)	`GeneralAndAdministrativeExpense`	$5.22M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $493 and $711, respectively)	`GeneralAndAdministrativeExpense`	$4.91M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$1.95M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$1.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.17M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$56.40M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	$6.37M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$46.82M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$125.31M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.57M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-48.40M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-85.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-65.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$794.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$173.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.14M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.12M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-7.03M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-7.42M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.60M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-55.81M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-15.60M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-55.81M	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-1.61	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-0.47	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-1.61	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-0.47	USD	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.58M	shares	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.50M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.50M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.58M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-55.81M	USD	1 Quarter
Net loss	`ProfitLoss`	$-15.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.17M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$573.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$573.00K	USD	1 Quarter
PIK interest, net	`PaidInKindInterest`	$1.50M	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$493.00K	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$711.00K	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	$56.40M	USD	1 Quarter
Impairment of vessel assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of vessels	`GainLossOnDispositionOfAssets`	$6.37M	USD	1 Quarter
Insurance proceeds for protection and indemnity claims	`ProceedsFromInsuranceProtectionAndIndemnityClaims`	$68.00K	USD	1 Quarter
Insurance proceeds for protection and indemnity claims	`ProceedsFromInsuranceProtectionAndIndemnityClaims`	$180.00K	USD	1 Quarter
Insurance proceeds for loss of hire claims	`ProceedsFromInsuranceForLossOfHireClaims`	$21.00K	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-1.31M	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$1.08M	USD	1 Quarter
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$2.65M	USD	1 Quarter
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$3.74M	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$-1.38M	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$4.56M	USD	1 Quarter
Decrease in other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-514.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.09M	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.18M	USD	1 Quarter
(Decrease) increase in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$28.00K	USD	1 Quarter
(Decrease) increase in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-110.00K	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`	$1.45M	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$2.83M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.57M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.46M	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$35.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$158.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00K	USD	1 Quarter
Net proceeds from sale of vessels	`ProceedsFromSaleOfVesselAssetsNet`	$12.60M	USD	1 Quarter
Insurance proceeds for hull and machinery claims	`ProceedsFromInsuranceForHullAndMachineryClaims`	$1.61M	USD	1 Quarter
Insurance proceeds for hull and machinery claims	`ProceedsFromInsuranceForHullAndMachineryClaims`	$584.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.45M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.12M	USD	1 Quarter
Payment of Series A Preferred Stock issuance costs	`PaymentsOfStockIssuanceCosts`	$950.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.73M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.66M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.83M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.75M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$169.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$204.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$169.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$204.95M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$919.05M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.01B	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.03B	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$975.03M	USD	Point-in-time
Balance at the beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$974.37M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-15.60M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-55.81M	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$493.00K	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$711.00K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$919.05M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.01B	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.03B	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$975.03M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-15.60M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-55.81M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-55.81M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-15.60M	USD	1 Quarter

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