$GNK
GENCO SHIPPING & TRADING LTD

2021 Q1 Form 10-Q Financial Statement

#000155837021005956 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $87.59M $98.34M
YoY Change -10.93% 5.17%
Cost Of Revenue $59.60M $73.30M
YoY Change -18.69% 6.85%
Gross Profit $28.00M $25.10M
YoY Change 11.55% 1.21%
Gross Profit Margin 31.97% 25.52%
Selling, General & Admin $7.600M $7.600M
YoY Change 0.0% -8.43%
% of Gross Profit 27.14% 30.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.44M $17.57M
YoY Change -23.52% -2.91%
% of Gross Profit 48.0% 70.02%
Operating Expenses $21.00M $25.20M
YoY Change -16.67% -4.18%
Operating Profit $6.309M -$113.4M
YoY Change -105.56% 12758.84%
Interest Expense $4.541M $6.945M
YoY Change -34.61% -196.46%
% of Operating Profit 71.98%
Other Income/Expense, Net -$4.324M -$6.935M
YoY Change -37.65% -2411.67%
Pretax Income $2.000M -$120.4M
YoY Change -101.66% 1443.59%
Income Tax
% Of Pretax Income
Net Earnings $1.985M -$120.4M
YoY Change -101.65% 1442.75%
Net Earnings / Revenue 2.27% -122.39%
Basic Earnings Per Share $0.05 -$2.87
Diluted Earnings Per Share $0.05 -$2.87
COMMON SHARES
Basic Shares Outstanding 41.97M 41.87M
Diluted Shares Outstanding 42.28M 41.87M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.2M $134.3M
YoY Change -8.27% -28.45%
Cash & Equivalents $123.2M $149.5M
Short-Term Investments
Other Short-Term Assets $69.20M $46.10M
YoY Change 50.11% 274.8%
Inventory $24.15M $29.90M
Prepaid Expenses
Receivables $11.24M $15.00M
Other Receivables $0.00 $2.200M
Total Short-Term Assets $227.9M $227.5M
YoY Change 0.17% -8.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.139M $1.135B
YoY Change -99.46% -15.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.30M $18.00M
YoY Change -15.0% 104.55%
Total Long-Term Assets $952.5M $1.154B
YoY Change -17.43% -14.96%
TOTAL ASSETS
Total Short-Term Assets $227.9M $227.5M
Total Long-Term Assets $952.5M $1.154B
Total Assets $1.180B $1.381B
YoY Change -14.53% -14.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.89M $21.90M
YoY Change -32.02% 71.09%
Accrued Expenses $11.30M $14.00M
YoY Change -19.29% 8.53%
Deferred Revenue $7.389M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $65.28M $73.00M
YoY Change -10.58% 3.69%
Total Short-Term Liabilities $98.86M $116.6M
YoY Change -15.22% 15.9%
LONG-TERM LIABILITIES
Long-Term Debt $327.1M $403.7M
YoY Change -18.98% -9.99%
Other Long-Term Liabilities $7.600M $9.400M
YoY Change -19.15% -15.32%
Total Long-Term Liabilities $334.7M $413.1M
YoY Change -18.99% -10.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.86M $116.6M
Total Long-Term Liabilities $334.7M $413.1M
Total Liabilities $433.5M $529.8M
YoY Change -18.17% -5.43%
SHAREHOLDERS EQUITY
Retained Earnings -$966.8M
YoY Change
Common Stock $1.714B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.8M $851.2M
YoY Change
Total Liabilities & Shareholders Equity $1.180B $1.381B
YoY Change -14.53% -14.02%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $1.985M -$120.4M
YoY Change -101.65% 1442.75%
Depreciation, Depletion And Amortization $13.44M $17.57M
YoY Change -23.52% -2.91%
Cash From Operating Activities $13.49M -$4.038M
YoY Change -434.18% -134.81%
INVESTING ACTIVITIES
Capital Expenditures $152.0K $1.039M
YoY Change -85.37% -109.9%
Acquisitions
YoY Change
Other Investing Activities $21.30M $14.70M
YoY Change 44.9% 129.69%
Cash From Investing Activities $19.95M $5.577M
YoY Change 257.72% -236.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -49.10M -14.28M
YoY Change 243.82% -17.46%
NET CHANGE
Cash From Operating Activities 13.49M -4.038M
Cash From Investing Activities 19.95M 5.577M
Cash From Financing Activities -49.10M -14.28M
Net Change In Cash -15.65M -12.74M
YoY Change 22.86% 30.01%
FREE CASH FLOW
Cash From Operating Activities $13.49M -$4.038M
Capital Expenditures $152.0K $1.039M
Free Cash Flow $13.34M -$5.077M
YoY Change -362.79% -122.97%

Facts In Submission

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IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
1074000
CY2021Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2565000
CY2020Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2134000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13494000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4038000
CY2021Q1 gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
1190000
CY2020Q1 gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
273000
CY2021Q1 gnk Payments To Acquire Scrubbers
PaymentsToAcquireScrubbers
41000
CY2020Q1 gnk Payments To Acquire Scrubbers
PaymentsToAcquireScrubbers
7778000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
152000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1039000
CY2021Q1 gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
21272000
CY2020Q1 gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
14510000
CY2021Q1 gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
61000
CY2020Q1 gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
157000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
19950000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5577000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
888000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7290000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-49098000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14280000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15654000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12741000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
179679000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162249000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
164025000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149508000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
35492000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
123191000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
143872000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
40519000
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:50.4pt;text-indent:-50.4pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">1 - GENERAL INFORMATION</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:50.4pt;text-indent:-50.4pt;margin:0pt;"><span style="font-size:5pt;line-height:1.31;margin-bottom:6pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The accompanying condensed consolidated financial statements include the accounts of Genco Shipping &amp; Trading Limited (“GS&amp;T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in one business segment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="line-height:1.31;margin-bottom:6pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">At March 31, 2021, the Company’s fleet consists of 41 drybulk vessels, including 17 Capesize drybulk carriers, nine Ultramax drybulk carriers and 15 Supramax drybulk carriers, with an aggregate carrying capacity of approximately 4,422,300 dwt and an average age of approximately 10.3 years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="line-height:1.31;margin-bottom:6pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical changes, and closure of non-essential businesses. This has led to a significant slowdown in overall economic activity levels globally and a decline in demand for certain of the raw materials that our vessels transport. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:9pt;line-height:1.31;margin-bottom:6pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">At present, it is not possible to ascertain any future impact of COVID-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the results for 2021.  However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic, any potential variants and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends. </p>
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
164025000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
179679000
CY2020Q4 gnk Number Of Vessels Held For Exchange
NumberOfVesselsHeldForExchange
5
CY2020Q4 gnk Vessels Held For Exchange Non Current
VesselsHeldForExchangeNonCurrent
38214000
CY2021Q1 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
493000
CY2020Q1 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-841000
CY2021Q1 gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
0
CY2020Q1 gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
112814000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
6051000
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2021Q1 gnk Noncash Or Part Noncash Reclassification From Deposits On Vessels To Vessels
NoncashOrPartNoncashReclassificationFromDepositsOnVesselsToVessels
15630000
CY2021Q1 gnk Noncash Or Part Noncash Reclassification From Vessels To Vessels Held For Sale
NoncashOrPartNoncashReclassificationFromVesselsToVesselsHeldForSale
23129000
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-720000
CY2020Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-486000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
3583000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
557000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
557000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41973782
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41866357
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41973782
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41866357
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42276380
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41866357
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
401018000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
449228000
CY2021Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8677000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
65277000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
80642000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
327064000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
358933000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
401018000
CY2021Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8677000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
449228000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2021Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8677000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2021Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0318
CY2020Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0476
CY2021Q1 us-gaap Interest Expense
InterestExpense
4541000
CY2020Q1 us-gaap Interest Expense
InterestExpense
6945000
CY2021Q1 gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
69000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-97000
CY2021Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
258000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
161000
CY2020Q4 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
3258000
CY2021Q1 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
7749000
CY2020Q4 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
7671000
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24402000
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
14888000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
11864000
CY2021Q1 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
1765000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
22793000
CY2021Q1 us-gaap Lease Practical Expedient Lessor Single Lease Component
LeasePracticalExpedientLessorSingleLeaseComponent
true
CY2021Q1 us-gaap Lease Income
LeaseIncome
18900000
CY2020Q1 us-gaap Lease Income
LeaseIncome
19151000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68691000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
79185000
CY2021Q1 us-gaap Revenues
Revenues
87591000
CY2020Q1 us-gaap Revenues
Revenues
98336000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
306000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
306000

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