10-Q Filing

GENCO SHIPPING & TRADING LTD CIK: 1326200 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-004699`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	gnk-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 42 Cash Flow Statement 52 Stockholders Equity 15 Comprehensive Income 6

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$197.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$187.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$172.78M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.17M	USD	Point-in-time
Due from charterers, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$669.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.95M	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 $1,171 and $669, respectively	`AccountsReceivableNetCurrent`	$17.27M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$261.02M	USD	Point-in-time
Due from charterers, net of a reserve of $1,171 and $669, respectively	`AccountsReceivableNetCurrent`	$22.31M	USD	Point-in-time
Vessels, accumulated depreciation	`AccumulatedDepreciationVessels`	$244.53M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.21M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.45M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$13.55M	USD	Point-in-time
Deferred drydock, accumulated amortization	`AccumulatedDepreciationOfDeferredDrydockCosts`	$14.99M	USD	Point-in-time
Inventories	`InventoryNet`	$30.62M	USD	Point-in-time
Inventories	`InventoryNet`	$29.55M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.44M	USD	Point-in-time
Fixed assets, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.28M	USD	Point-in-time
Deferred financing costs, noncurrent	`DeferredFinanceCostsNoncurrentNet`	$16.27M	USD	Point-in-time
Vessels held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$5.70M	USD	Point-in-time
Deferred financing costs, noncurrent	`DeferredFinanceCostsNoncurrentNet`	$15.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$249.76M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$270.45M	USD	Point-in-time
Vessels, net of accumulated depreciation of $261,017 and $244,549, respectively	`VesselsNet`	$1.34B	USD	Point-in-time
Vessels, net of accumulated depreciation of $261,017 and $244,549, respectively	`VesselsNet`	$1.34B	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $14,988 and $13,553, respectively	`DeferredDrydockCostsNet`	$9.54M	USD	Point-in-time
Deferred drydock, net of accumulated amortization of $14,988 and $13,553, respectively	`DeferredDrydockCostsNet`	$8.52M	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
Fixed assets, net of accumulated depreciation and amortization of $1,435 and $1,281, respectively	`PropertyPlantAndEquipmentNet`	$2.29M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Fixed assets, net of accumulated depreciation and amortization of $1,435 and $1,281, respectively	`PropertyPlantAndEquipmentNet`	$3.10M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	41.64M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	41.66M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$9.43M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$315.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	41.66M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$22.98M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$23.23M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	41.64M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$315.00K	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.36B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.36B	USD	Point-in-time
Total assets	`Assets`	$1.61B	USD	Point-in-time
Total assets	`Assets`	$1.63B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$29.14M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$24.14M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$70.35M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$66.32M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$6.40M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$4.50M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.61M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$101.87M	USD	Point-in-time
Total current liabilities:	`LiabilitiesCurrent`	$100.60M	USD	Point-in-time
Long-term operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$11.09M	USD	Point-in-time
Deferred rent	`DeferredRentCreditNoncurrent`	$3.47M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $15,967 and $16,272, respectively	`LongTermDebtNoncurrent`	$448.52M	USD	Point-in-time
Long-term debt, net of deferred financing costs of $15,967 and $16,272, respectively	`LongTermDebtNoncurrent`	$468.83M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$459.61M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$472.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$574.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$560.21M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; 41,656,947 and 41,644,470 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$416.00K	USD	Point-in-time
Common stock, par value $0.01; 500,000,000 shares authorized; 41,656,947 and 41,644,470 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$416.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.74B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.74B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-687.27M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-695.07M	USD	Point-in-time
Total equity	`StockholdersEquity`	$919.05M	USD	Point-in-time
Total equity	`StockholdersEquity`	$974.37M	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.61B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.63B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Nonvested stock amortization expenses	`ShareBasedCompensation`	$452.00K	USD	1 Quarter
Nonvested stock amortization expenses	`ShareBasedCompensation`	$493.00K	USD	1 Quarter
Revenues	`Revenues`	$93.46M	USD	1 Quarter
Revenues	`Revenues`	$76.92M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$21.09M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$43.02M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$23.19M	USD	1 Quarter
Vessel operating expenses	`DirectOperatingCosts`	$23.77M	USD	1 Quarter
Charter hire expenses	`CharterHireExpense`	$2.42M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $452 and $493, respectively)	`GeneralAndAdministrativeExpense`	$5.22M	USD	1 Quarter
General and administrative expenses (inclusive of nonvested stock amortization expense of $452 and $493, respectively)	`GeneralAndAdministrativeExpense`	$6.31M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$1.95M	USD	1 Quarter
Technical management fees	`TechnicalManagementFees`	$1.94M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.08M	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`	$611.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$125.31M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$94.35M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-882.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-48.40M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$329.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-85.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$794.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.33M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.12M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.57M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-7.42M	USD	1 Quarter
Other expense	`NonoperatingIncomeExpense`	$-6.92M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-55.81M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.80M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-55.81M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.80M	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-1.61	USD	1 Quarter
Net loss per share-basic	`EarningsPerShareBasic`	$-0.19	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-0.19	USD	1 Quarter
Net loss per share-diluted	`EarningsPerShareDiluted`	$-1.61	USD	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.73M	shares	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.58M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.58M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.73M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-55.81M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.08M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$573.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$915.00K	USD	1 Quarter
Noncash operating lease expense	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$285.00K	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$452.00K	USD	1 Quarter
Amortization of nonvested stock compensation expense	`ShareBasedCompensation`	$493.00K	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`	$611.00K	USD	1 Quarter
Insurance proceeds for protection and indemnity claims	`ProceedsFromInsuranceProtectionAndIndemnityClaims`	$68.00K	USD	1 Quarter
Insurance proceeds for protection and indemnity claims	`ProceedsFromInsuranceProtectionAndIndemnityClaims`	$226.00K	USD	1 Quarter
Decrease (increase) in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-5.04M	USD	1 Quarter
Decrease (increase) in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$1.08M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$3.74M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-927.00K	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$4.56M	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$1.08M	USD	1 Quarter
Decrease in other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-514.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.11M	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.09M	USD	1 Quarter
Increase in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-110.00K	USD	1 Quarter
Increase in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.91M	USD	1 Quarter
Decrease in operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-390.00K	USD	1 Quarter
Increase in deferred rent	`IncreaseDecreaseInDeferredRent`	$180.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$410.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$1.45M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.61M	USD	1 Quarter
Purchase of vessels, including deposits	`PaymentsToAcquireVesselsAndOtherDeposits`	$9.27M	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$158.00K	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.20M	USD	1 Quarter
Net proceeds from sale of vessels	`ProceedsFromSaleOfVesselAssetsNet`	$6.35M	USD	1 Quarter
Insurance proceeds for hull and machinery claims	`ProceedsFromInsuranceForHullAndMachineryClaims`	$1.61M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.12M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.45M	USD	1 Quarter
Payment of common stock issuance costs	`PaymentOfCommonStockIssuanceCosts`	$105.00K	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$591.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.28M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.66M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.75M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.79M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.97M	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`	$202.76M	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`	$192.97M	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`	$202.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$204.95M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Issuance of 12,477 shares of RSUs (in shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	12,477.00	shares	1 Quarter
Balance at the beginning	`StockholdersEquity`	$919.05M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$974.37M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.05B	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-55.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.80M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$493.00K	USD	1 Quarter
Nonvested stock amortization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$452.00K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$919.05M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$974.37M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.05B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-55.81M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.80M	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`	$-7.80M	USD	1 Quarter

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