$GNK
GENCO SHIPPING & TRADING LTD

2022 Q4 Form 10-Q Financial Statement

#000155837022017199 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $127.0M $136.0M
YoY Change -30.72% -12.42%
Cost Of Revenue $71.87M $68.54M
YoY Change -1.61% 0.45%
Gross Profit $55.11M $67.43M
YoY Change -50.01% -22.51%
Gross Profit Margin 43.4% 49.59%
Selling, General & Admin $8.306M $6.672M
YoY Change 3.18% -8.48%
% of Gross Profit 15.07% 9.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.03M $15.58M
YoY Change 8.14% 9.73%
% of Gross Profit 29.09% 23.11%
Operating Expenses $24.33M $22.25M
YoY Change 6.39% 3.56%
Operating Profit $30.77M $45.18M
YoY Change -64.78% -30.89%
Interest Expense -$1.506M $2.276M
YoY Change -37.04% -42.28%
% of Operating Profit -4.89% 5.04%
Other Income/Expense, Net -$439.0K -$4.130M
YoY Change -534.65% -49.89%
Pretax Income $28.83M $41.05M
YoY Change -68.29% -28.15%
Income Tax
% Of Pretax Income
Net Earnings $28.68M $40.83M
YoY Change -68.44% -28.54%
Net Earnings / Revenue 22.59% 30.03%
Basic Earnings Per Share $0.96
Diluted Earnings Per Share $0.67 $0.95
COMMON SHARES
Basic Shares Outstanding 42.33M 42.28M
Diluted Shares Outstanding 42.88M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.14M $65.53M
YoY Change -49.25% -18.26%
Cash & Equivalents $58.14M $65.53M
Short-Term Investments
Other Short-Term Assets $1.042M $22.18M
YoY Change -23.94% 34.38%
Inventory $21.60M $32.18M
Prepaid Expenses
Receivables $25.33M $25.87M
Other Receivables $1.180M $0.00
Total Short-Term Assets $125.4M $145.8M
YoY Change -28.26% 2.31%
LONG-TERM ASSETS
Property, Plant & Equipment $8.556M $8.125M
YoY Change 18.23% 33.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.99M $33.26M
YoY Change -3.81% 7.6%
Total Long-Term Assets $1.048B $1.060B
YoY Change 1.97% 2.48%
TOTAL ASSETS
Total Short-Term Assets $125.4M $145.8M
Total Long-Term Assets $1.048B $1.060B
Total Assets $1.174B $1.206B
YoY Change -2.42% 2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.16M $22.34M
YoY Change 71.95% 88.34%
Accrued Expenses $15.42M $18.52M
YoY Change -31.21% 31.21%
Deferred Revenue $4.958M $14.46M
YoY Change -50.82% 0.16%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.54M $55.32M
YoY Change -12.78% 29.76%
LONG-TERM LIABILITIES
Long-Term Debt $164.9M $173.2M
YoY Change -30.77% -41.62%
Other Long-Term Liabilities $4.096M $4.652M
YoY Change -33.97% -30.33%
Total Long-Term Liabilities $169.0M $177.9M
YoY Change -30.85% -41.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.54M $55.32M
Total Long-Term Liabilities $169.0M $177.9M
Total Liabilities $205.6M $233.2M
YoY Change -28.21% -32.61%
SHAREHOLDERS EQUITY
Retained Earnings -$628.2M -$656.9M
YoY Change -20.15% -25.15%
Common Stock $1.589B $1.622B
YoY Change -6.66% -5.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $967.4M $971.8M
YoY Change
Total Liabilities & Shareholders Equity $1.174B $1.206B
YoY Change -2.42% 2.46%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $28.68M $40.83M
YoY Change -68.44% -28.54%
Depreciation, Depletion And Amortization $16.03M $15.58M
YoY Change 8.14% 9.73%
Cash From Operating Activities $35.88M $54.29M
YoY Change -62.68% -25.05%
INVESTING ACTIVITIES
Capital Expenditures $2.231M -$3.535M
YoY Change -170.36% -96.03%
Acquisitions
YoY Change
Other Investing Activities $731.0K $0.00
YoY Change -94.33% -100.0%
Cash From Investing Activities -$1.500M -$3.535M
YoY Change -115.42% -95.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.77M -29.89M
YoY Change -36.54% -58.31%
NET CHANGE
Cash From Operating Activities 35.88M 54.29M
Cash From Investing Activities -1.500M -3.535M
Cash From Financing Activities -41.77M -29.89M
Net Change In Cash -7.390M 20.86M
YoY Change -118.45% -125.85%
FREE CASH FLOW
Cash From Operating Activities $35.88M $54.29M
Capital Expenditures $2.231M -$3.535M
Free Cash Flow $33.64M $57.82M
YoY Change -66.12% -64.19%

Facts In Submission

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GENCO SHIPPING & TRADING LIMITED
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ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
57034000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
91194000
CY2022Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
220000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
57034000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
91194000
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ProfitLoss
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OtherComprehensiveIncomeLossNetOfTax
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Profit Loss
ProfitLoss
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CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1499000
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
826000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q3 us-gaap Profit Loss
ProfitLoss
41048000
CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21319000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021Q1 us-gaap Profit Loss
ProfitLoss
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us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
551000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021Q3 us-gaap Profit Loss
ProfitLoss
57132000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
161000
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
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OtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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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
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CY2021Q1 us-gaap Dividends Common Stock Cash
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845000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
130538000
us-gaap Profit Loss
ProfitLoss
91154000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
44162000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1268000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3110000
gnk Amortization Of Fair Market Value Of Time Charters Acquired
AmortizationOfFairMarketValueOfTimeChartersAcquired
2043000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1060000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1037000
us-gaap Share Based Compensation
ShareBasedCompensation
2356000
us-gaap Share Based Compensation
ShareBasedCompensation
1670000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
63000
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
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gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9078000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
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gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
193000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7618000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2139000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7344000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1111000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
4383000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6020000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1384000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1314000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
22262000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
1885000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
153448000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
134987000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
50879000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
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gnk Payments To Acquire Scrubbers
PaymentsToAcquireScrubbers
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
36696000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
293000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
295000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53515000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
82713000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7175000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-49041000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120531000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
179679000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71490000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80487000
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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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, 2022, the Company’s fleet consisted of 44 drybulk vessels, including 17 Capesize drybulk carriers, 15 Ultramax drybulk carriers and twelve Supramax drybulk carriers, with an aggregate carrying capacity of approximately 4,636,000 dwt and an average age of approximately 10.6 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, 2022 and December 31, 2021, and was formed to provide ship management services to the Company’s vessels. As of September 30, 2022 and December 31, 2021, the cumulative 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. </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 2022.  However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic, any potential variants, the duration of China’s “zero-covid” policy 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
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42529865
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42095211
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42361797
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42047115
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42529865
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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;min-height:10.0pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels, the fair value of time charters acquired, and the fair value of derivative instruments, if any.  Actual results could differ from those estimates.</p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65532000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
5643000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71490000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120531000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42095211
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42361797
gnk Vessels Estimated Useful Life
VesselsEstimatedUsefulLife
P25Y
CY2021 gnk Vessels Estimated Scrap Value
VesselsEstimatedScrapValue
310
CY2022Q1 gnk Vessels Estimated Scrap Value
VesselsEstimatedScrapValue
400
CY2022Q1 gnk Useful Life Of Average Scrap Value Of Steel
UsefulLifeOfAverageScrapValueOfSteel
P15Y
CY2022Q3 gnk Decrease In Depreciation Expense As Result Of Increase In Estimated Scrap Value
DecreaseInDepreciationExpenseAsResultOfIncreaseInEstimatedScrapValue
1171000
CY2022Q3 gnk Increase Decrease In Basic Net Income Loss Per Share
IncreaseDecreaseInBasicNetIncomeLossPerShare
0.03
CY2022Q3 gnk Earnings Per Share Basic If No Change In Estimated Scrap Value
EarningsPerShareBasicIfNoChangeInEstimatedScrapValue
0.93
CY2022Q3 gnk Earnings Per Share Diluted If No Change In Estimated Scrap Value
EarningsPerShareDilutedIfNoChangeInEstimatedScrapValue
0.92
gnk Decrease In Depreciation Expense As Result Of Increase In Estimated Scrap Value
DecreaseInDepreciationExpenseAsResultOfIncreaseInEstimatedScrapValue
3476000
gnk Increase Decrease In Basic Net Income Loss Per Share
IncreaseDecreaseInBasicNetIncomeLossPerShare
0.09
gnk Increase Decrease In Diluted Net Income Loss Per Share
IncreaseDecreaseInDilutedNetIncomeLossPerShare
0.08
gnk Earnings Per Share Basic If No Change In Estimated Scrap Value
EarningsPerShareBasicIfNoChangeInEstimatedScrapValue
2.98
gnk Earnings Per Share Diluted If No Change In Estimated Scrap Value
EarningsPerShareDilutedIfNoChangeInEstimatedScrapValue
2.95
CY2022Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-4000
CY2021Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
176000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
4421000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
1113000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42047115
gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
153000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42881541
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42750836
us-gaap Interest Paid Net
InterestPaidNet
6264000
us-gaap Interest Paid Net
InterestPaidNet
9888000
us-gaap Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
621000
us-gaap Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
gnk Noncash Or Part Noncash Reclassification From Deposits On Vessels To Vessels
NoncashOrPartNoncashReclassificationFromDepositsOnVesselsToVessels
18543000
gnk Noncash Or Part Noncash Reclassification From Vessels To Vessels Held For Sale
NoncashOrPartNoncashReclassificationFromVesselsToVesselsHeldForSale
6964000
us-gaap Operating Lease Payments
OperatingLeasePayments
1672000
us-gaap Operating Lease Payments
OperatingLeasePayments
1672000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42915240
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42548187
us-gaap Interest Expense
InterestExpense
6923000
us-gaap Interest Expense
InterestExpense
12955000
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-626000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-676000
CY2022Q3 gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
41000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
179750000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
246000000
CY2022Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
6505000
CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
7771000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
173245000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
238229000
CY2022Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0534
CY2021Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0347
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0401
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0328
CY2022Q3 us-gaap Interest Expense
InterestExpense
2276000
CY2021Q3 us-gaap Interest Expense
InterestExpense
3943000
CY2021Q3 gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
43000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
139000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
825000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
6921000
us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
-641000
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
7105000
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
22341000
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
9399000
CY2022Q3 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
4470000
CY2021Q4 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
4719000
CY2022Q3 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
12020000
CY2021Q4 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
15838000
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
38831000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
29956000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
306000
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
306000
us-gaap Sublease Income
SubleaseIncome
918000
us-gaap Sublease Income
SubleaseIncome
918000

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