$GNK
GENCO SHIPPING & TRADING LTD

2021 Q4 Form 10-Q Financial Statement

#000155837021014335 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $183.3M $155.3M $121.0M
YoY Change 91.91% 77.38% 63.07%
Cost Of Revenue $73.04M $68.23M $63.82M
YoY Change 23.17% 17.64% -0.6%
Gross Profit $110.2M $87.02M $57.19M
YoY Change 204.52% 194.0% 471.92%
Gross Profit Margin 60.15% 56.05% 47.26%
Selling, General & Admin $8.050M $7.290M $7.159M
YoY Change 21.97% 5.65% -0.57%
% of Gross Profit 7.3% 8.38% 12.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.82M $14.20M $13.77M
YoY Change -4.99% -11.88% -13.57%
% of Gross Profit 13.45% 16.32% 24.08%
Operating Expenses $22.87M $21.49M $20.93M
YoY Change 3.49% -6.16% -9.4%
Operating Profit $87.36M $65.37M $36.25M
YoY Change -242.87% -517.3% -376.63%
Interest Expense -$2.392M $3.943M $4.470M
YoY Change -50.17% -22.64% -18.33%
% of Operating Profit -2.74% 6.03% 12.33%
Other Income/Expense, Net $101.0K -$8.242M -$4.212M
YoY Change 51.73% -17.41%
Pretax Income $90.89M $57.13M $32.04M
YoY Change -237.92% -370.77% -276.03%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $90.85M $57.13M $32.04M
YoY Change -237.82% -370.79% -275.99%
Net Earnings / Revenue 49.57% 36.8% 26.48%
Basic Earnings Per Share $1.36 $0.76
Diluted Earnings Per Share $2.127M $1.34 $0.75
COMMON SHARES
Basic Shares Outstanding 41.92M 42.10M 42.07M
Diluted Shares Outstanding 42.75M 42.61M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.6M $80.17M $116.3M
YoY Change -20.38% -41.14% -8.94%
Cash & Equivalents $114.6M $80.17M $116.3M
Short-Term Investments
Other Short-Term Assets $1.370M $16.51M $63.46M
YoY Change -40.56% -69.49% 35.6%
Inventory $24.56M $23.72M $26.44M
Prepaid Expenses
Receivables $20.12M $22.07M $13.91M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $174.8M $142.5M $220.1M
YoY Change -29.28% -35.95% 4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $7.237M $6.072M $5.877M
YoY Change 13.2% -19.41% -18.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.30M $30.91M $36.47M
YoY Change 128.66% 76.61% 87.04%
Total Long-Term Assets $1.028B $1.034B $962.4M
YoY Change 4.32% -5.55% -15.85%
TOTAL ASSETS
Total Short-Term Assets $174.8M $142.5M $220.1M
Total Long-Term Assets $1.028B $1.034B $962.4M
Total Assets $1.203B $1.177B $1.182B
YoY Change -2.42% -10.69% -12.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.399M $11.86M $15.82M
YoY Change -20.78% 20.27% 41.21%
Accrued Expenses $22.42M $14.11M $13.24M
YoY Change 76.5% -5.3% -9.29%
Deferred Revenue $10.08M $14.44M $9.375M
YoY Change 19.71% 73.61% 114.63%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $55.92M
YoY Change -100.0% -100.0% -29.68%
Total Short-Term Liabilities $41.90M $42.63M $94.36M
YoY Change -63.13% -62.49% -13.97%
LONG-TERM LIABILITIES
Long-Term Debt $238.2M $296.8M $303.7M
YoY Change -33.63% -22.74% -24.7%
Other Long-Term Liabilities $6.203M $6.677M $7.144M
YoY Change -59.46% -21.45% -20.62%
Total Long-Term Liabilities $244.4M $303.4M $310.8M
YoY Change -34.68% -22.72% -24.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.90M $42.63M $94.36M
Total Long-Term Liabilities $244.4M $303.4M $310.8M
Total Liabilities $286.3M $346.1M $405.2M
YoY Change -41.3% -31.65% -22.37%
SHAREHOLDERS EQUITY
Retained Earnings -$786.8M -$877.7M -$934.8M
YoY Change -18.79% -2.79% 6.01%
Common Stock $1.703B $1.708B $1.712B
YoY Change -0.66% -0.34% -0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $916.6M $830.7M $777.3M
YoY Change
Total Liabilities & Shareholders Equity $1.203B $1.177B $1.182B
YoY Change -2.42% -10.69% -12.71%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $90.85M $57.13M $32.04M
YoY Change -237.82% -370.79% -275.99%
Depreciation, Depletion And Amortization $14.82M $14.20M $13.77M
YoY Change -4.99% -11.88% -13.57%
Cash From Operating Activities $96.13M $72.44M $49.05M
YoY Change 359.96% 189.74% -1081.04%
INVESTING ACTIVITIES
Capital Expenditures -$3.171M -$89.06M -$23.84M
YoY Change 58.55% 3948.09% 255.75%
Acquisitions
YoY Change
Other Investing Activities $12.90M $7.600M $8.091M
YoY Change -52.57% -49.67% 1518.2%
Cash From Investing Activities $9.729M -$81.46M -$15.84M
YoY Change -61.24% -731.46% 155.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.82M -71.69M -36.09M
YoY Change 142.87% 258.46% -901.91%
NET CHANGE
Cash From Operating Activities 96.13M 72.44M 49.05M
Cash From Investing Activities 9.729M -81.46M -15.84M
Cash From Financing Activities -65.82M -71.69M -36.09M
Net Change In Cash 40.04M -80.71M -2.878M
YoY Change 111.87% -550.92% -57.04%
FREE CASH FLOW
Cash From Operating Activities $96.13M $72.44M $49.05M
Capital Expenditures -$3.171M -$89.06M -$23.84M
Free Cash Flow $99.30M $161.5M $72.89M
YoY Change 333.64% 493.72% 4187.47%

Facts In Submission

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GENCO SHIPPING & TRADING LIMITED
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
57034000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-21098000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
91194000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
744994000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
1985000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
161000
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
845000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
522000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
746817000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
32037000
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-23000
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2110000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
551000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
777272000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
57132000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-98000
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4220000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
597000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
830683000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
978428000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-120350000
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.175
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
7363000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
481000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
851196000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-18204000
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
842000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
476000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
832626000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-21098000
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
842000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
534000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
811220000
us-gaap Net Income Loss
NetIncomeLoss
91154000
us-gaap Net Income Loss
NetIncomeLoss
-159652000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
41409000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
49619000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3110000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2906000
gnk Amortization Of Fair Market Value Of Time Charters Acquired
AmortizationOfFairMarketValueOfTimeChartersAcquired
2043000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1037000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1016000
us-gaap Share Based Compensation
ShareBasedCompensation
1670000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-894000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-844000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4408000
us-gaap Share Based Compensation
ShareBasedCompensation
1491000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
134710000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-6049000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
153000
gnk Interest Rate Cap Premium Payment
InterestRateCapPremiumPayment
240000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
913000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
330000
gnk Proceeds From Insurance For Loss Of Hire Claims
ProceedsFromInsuranceForLossOfHireClaims
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9078000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
193000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-143000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2139000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1111000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-17956000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6020000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1691000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1314000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1250000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
1885000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
6799000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
134987000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16015000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
113199000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
3379000
gnk Payments To Acquire Scrubbers
PaymentsToAcquireScrubbers
193000
gnk Payments To Acquire Scrubbers
PaymentsToAcquireScrubbers
10948000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
901000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3684000
gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
36696000
gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
29854000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
295000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
484000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77302000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
12327000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7175000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8963000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5474000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
462000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-156877000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-29816000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-99192000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1474000
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
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80487000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
160775000
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 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 September 30, 2021, the Company’s fleet consisted of 43 drybulk vessels, including 17 Capesize drybulk carriers, 13 Ultramax drybulk carriers and 13 Supramax drybulk carriers, with an aggregate carrying capacity of approximately 4,568,600 dwt and an average age of approximately 10.2 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;">During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned </span>50% by the Company and 50%<span style="white-space:pre-wrap;"> by Synergy as of September 30, 2021, and was formed to provide ship management services to the Company’s vessels. As of September 30, 2021, the investments GSSM received from the Company and Synergy totaled </span>$50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM.</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;">Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM. The effect on the financial statements during the three and nine months ended September 30, 2021 was immaterial.</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="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. Over the course of the pandemic, 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 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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
gnk Noncash Reclassification From Vessels Net And Deferred Drydocking Net To Vessels Held For Sale
NoncashReclassificationFromVesselsNetAndDeferredDrydockingNetToVesselsHeldForSale
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CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2021Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80487000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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gnk Noncash Or Part Noncash Reclassification From Vessels To Vessels Held For Sale
NoncashOrPartNoncashReclassificationFromVesselsToVesselsHeldForSale
20889000
CY2021Q3 gnk Fair Market Value Of Time Charters Acquired
FairMarketValueOfTimeChartersAcquired
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CY2021Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
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gnk Amortization Of Fair Market Value Of Time Charters Acquired
AmortizationOfFairMarketValueOfTimeChartersAcquired
2043000
CY2021Q3 gnk Amortization Of Fair Market Value Of Time Charters Acquired
AmortizationOfFairMarketValueOfTimeChartersAcquired
2043000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41898756
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42095211
us-gaap Operating Lease Payments
OperatingLeasePayments
1672000
us-gaap Operating Lease Payments
OperatingLeasePayments
1672000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41928682
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42047115
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41898756
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42750836
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41928682
CY2020Q4 gnk Number Of Vessels Held For Exchange
NumberOfVesselsHeldForExchange
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CY2020Q4 gnk Vessels Held For Exchange Non Current
VesselsHeldForExchangeNonCurrent
38214000
CY2021Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
176000
CY2020Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
392000
CY2020Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
392000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
1113000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-1407000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42548187
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41898756
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42095211
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41928682
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42047115
CY2020Q3 gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
21896000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
134710000
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-159000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4408000
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4408000
us-gaap Interest Paid Net
InterestPaidNet
9888000
us-gaap Interest Paid Net
InterestPaidNet
14577000
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
305000000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
449228000
CY2021Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8229000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
80642000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
296771000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
358933000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
305000000
CY2021Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8229000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
449228000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2021Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8229000
CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9653000
CY2021Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0347
CY2020Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0323
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0328
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0389
CY2021Q3 us-gaap Interest Expense
InterestExpense
3943000
CY2020Q3 us-gaap Interest Expense
InterestExpense
5097000
us-gaap Interest Expense
InterestExpense
12955000
us-gaap Interest Expense
InterestExpense
17515000
CY2021Q3 gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
43000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
153000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-59000
us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
99000
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
40000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
208137000
CY2021Q3 us-gaap Revenues
Revenues
155252000
CY2020Q3 us-gaap Revenues
Revenues
87524000
us-gaap Revenues
Revenues
363851000
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
11862000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
11864000
CY2021Q3 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
4232000
CY2020Q4 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
3258000
CY2021Q3 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
8044000
CY2020Q4 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
7671000
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24138000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
22793000
CY2021Q3 us-gaap Lease Practical Expedient Lessor Single Lease Component
LeasePracticalExpedientLessorSingleLeaseComponent
true
CY2021Q3 us-gaap Lease Income
LeaseIncome
46327000
CY2020Q3 us-gaap Lease Income
LeaseIncome
20795000
us-gaap Lease Income
LeaseIncome
96783000
us-gaap Lease Income
LeaseIncome
51929000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108925000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
66729000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
267068000
us-gaap Revenues
Revenues
260066000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
306000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
306000
us-gaap Sublease Income
SubleaseIncome
918000
us-gaap Sublease Income
SubleaseIncome
918000
CY2021Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
345000
CY2021Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
3909000

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