$GNK
GENCO SHIPPING & TRADING LTD

2024 Q2 Form 10-Q Financial Statement

#000155837024007375 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $107.0M $117.4M
YoY Change 18.21% 24.41%
Cost Of Revenue $59.71M $66.64M
YoY Change 13.82% 1.76%
Gross Profit $47.34M $50.79M
YoY Change 24.26% 75.76%
Gross Profit Margin 44.23% 43.25%
Selling, General & Admin $7.580M $8.695M
YoY Change -8.48% 2.15%
% of Gross Profit 16.01% 17.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.10M $17.22M
YoY Change 1.81% 8.02%
% of Gross Profit 36.11% 33.91%
Operating Expenses $28.60M $27.72M
YoY Change 14.07% 13.35%
Operating Profit $26.31M $22.09M
YoY Change 102.0% 397.25%
Interest Expense -$2.731M $4.040M
YoY Change 69.52% 99.11%
% of Operating Profit -10.38% 18.29%
Other Income/Expense, Net -$2.821M -$3.150M
YoY Change -2356.8% 98.99%
Pretax Income $23.49M $18.94M
YoY Change 103.56% 562.34%
Income Tax
% Of Pretax Income
Net Earnings $23.47M $18.80M
YoY Change 102.97% 613.67%
Net Earnings / Revenue 21.92% 16.01%
Basic Earnings Per Share $0.54 $0.44
Diluted Earnings Per Share $0.54 $0.43
COMMON SHARES
Basic Shares Outstanding 42.75M 42.73M
Diluted Shares Outstanding 43.66M 43.61M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.03M $48.36M
YoY Change -12.31% 8.83%
Cash & Equivalents $42.03M $48.36M
Short-Term Investments
Other Short-Term Assets $39.81M $45.29M
YoY Change 98.13% 114.83%
Inventory $24.41M $30.64M
Prepaid Expenses
Receivables $29.67M $21.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $135.9M $146.2M
YoY Change 22.8% 36.31%
LONG-TERM ASSETS
Property, Plant & Equipment $7.127M $7.211M
YoY Change -99.28% -13.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.14M $27.58M
YoY Change -26.43% -18.7%
Total Long-Term Assets $922.1M $971.6M
YoY Change -10.02% -6.27%
TOTAL ASSETS
Total Short-Term Assets $135.9M $146.2M
Total Long-Term Assets $922.1M $971.6M
Total Assets $1.058B $1.118B
YoY Change -6.82% -2.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.53M $14.50M
YoY Change 29.98% -0.66%
Accrued Expenses $18.79M $19.12M
YoY Change 51.39% 31.25%
Deferred Revenue $7.569M $5.679M
YoY Change -4.73% 12.93%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.89M $39.30M
YoY Change 29.64% 14.93%
LONG-TERM LIABILITIES
Long-Term Debt $96.17M $160.7M
YoY Change -35.14% 2.6%
Other Long-Term Liabilities $608.0K $1.208M
YoY Change -79.48% -65.81%
Total Long-Term Liabilities $96.77M $161.9M
YoY Change -36.01% 1.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.89M $39.30M
Total Long-Term Liabilities $96.77M $161.9M
Total Liabilities $134.7M $201.2M
YoY Change -25.82% 3.53%
SHAREHOLDERS EQUITY
Retained Earnings -$598.9M -$622.3M
YoY Change -2.48% -0.53%
Common Stock $1.521B $1.537B
YoY Change -2.78% -2.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $921.8M $915.1M
YoY Change
Total Liabilities & Shareholders Equity $1.058B $1.118B
YoY Change -6.82% -2.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $23.47M $18.80M
YoY Change 102.97% 613.67%
Depreciation, Depletion And Amortization $17.10M $17.22M
YoY Change 1.81% 8.02%
Cash From Operating Activities $29.03M $32.25M
YoY Change 49.79% 64.83%
INVESTING ACTIVITIES
Capital Expenditures $1.614M $240.0K
YoY Change -12.52% -77.88%
Acquisitions
YoY Change
Other Investing Activities $49.24M $18.66M
YoY Change 4119.19% 7842.13%
Cash From Investing Activities $47.62M $17.49M
YoY Change -7124.19% -713.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.99M -47.92M
YoY Change 445.64% 57.56%
NET CHANGE
Cash From Operating Activities 29.03M 32.25M
Cash From Investing Activities 47.62M 17.49M
Cash From Financing Activities -82.99M -47.92M
Net Change In Cash -6.331M 1.822M
YoY Change -281.14% -113.3%
FREE CASH FLOW
Cash From Operating Activities $29.03M $32.25M
Capital Expenditures $1.614M $240.0K
Free Cash Flow $27.42M $32.01M
YoY Change 56.34% 73.21%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2024Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001326200
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42751752
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42546959
CY2024Q1 dei Document Type
DocumentType
10-Q
CY2024Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2024Q1 dei Document Period End Date
DocumentPeriodEndDate
2024-03-31
CY2024Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2024Q1 dei Entity File Number
EntityFileNumber
001-33393
CY2024Q1 dei Entity Registrant Name
EntityRegistrantName
GENCO SHIPPING & TRADING LIMITED
CY2024Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
1T
CY2024Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-0439758
CY2024Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
299 Park Avenue
CY2024Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
12th Floor
CY2024Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
New York
CY2024Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
CY2024Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10171
CY2024Q1 dei City Area Code
CityAreaCode
646
CY2024Q1 dei Local Phone Number
LocalPhoneNumber
443-8550
CY2024Q1 dei Security12b Title
Security12bTitle
Common stock, par value $0.01 per share
CY2024Q1 dei Trading Symbol
TradingSymbol
GNK
CY2024Q1 dei Security Exchange Name
SecurityExchangeName
NYSE
CY2024Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2024Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2024Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2024Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2024Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2024Q1 dei Entity Shell Company
EntityShellCompany
false
CY2024Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
42751752
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48364000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46542000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2299000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3257000
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
21888000
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
17815000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9076000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10154000
CY2024Q1 us-gaap Inventory Net
InventoryNet
30638000
CY2023Q4 us-gaap Inventory Net
InventoryNet
26749000
CY2024Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
36218000
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
55440000
CY2024Q1 us-gaap Assets Current
AssetsCurrent
146184000
CY2023Q4 us-gaap Assets Current
AssetsCurrent
157272000
CY2024Q1 gnk Accumulated Depreciation Vessels
AccumulatedDepreciationVessels
308626000
CY2023Q4 gnk Accumulated Depreciation Vessels
AccumulatedDepreciationVessels
296452000
CY2024Q1 gnk Vessels Net
VesselsNet
934572000
CY2023Q4 gnk Vessels Net
VesselsNet
945114000
CY2024Q1 gnk Accumulated Depreciation Of Deferred Drydock Costs
AccumulatedDepreciationOfDeferredDrydockCosts
27480000
CY2023Q4 gnk Accumulated Depreciation Of Deferred Drydock Costs
AccumulatedDepreciationOfDeferredDrydockCosts
23047000
CY2024Q1 gnk Deferred Drydock Costs Net
DeferredDrydockCostsNet
27264000
CY2023Q4 gnk Deferred Drydock Costs Net
DeferredDrydockCostsNet
29502000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8134000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8063000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7211000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7071000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2260000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2628000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2024Q1 us-gaap Assets Noncurrent
AssetsNoncurrent
971622000
CY2023Q4 us-gaap Assets Noncurrent
AssetsNoncurrent
984630000
CY2024Q1 us-gaap Assets
Assets
1117806000
CY2023Q4 us-gaap Assets
Assets
1141902000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
31296000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24245000
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5679000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8746000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2325000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2295000
CY2024Q1 us-gaap Liabilities Current
LiabilitiesCurrent
39300000
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
35286000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1208000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1801000
CY2024Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9332000
CY2023Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9831000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
160668000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
190169000
CY2024Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
161876000
CY2023Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
191970000
CY2024Q1 us-gaap Liabilities
Liabilities
201176000
CY2023Q4 us-gaap Liabilities
Liabilities
227256000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
42751752
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
42546959
CY2024Q1 us-gaap Common Stock Value
CommonStockValue
427000
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
425000
CY2024Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1536987000
CY2023Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1553421000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
527000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-622319000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-641117000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
915095000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
913256000
CY2024Q1 us-gaap Minority Interest
MinorityInterest
1535000
CY2023Q4 us-gaap Minority Interest
MinorityInterest
1390000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
916630000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
914646000
CY2024Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1117806000
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1141902000
CY2024Q1 us-gaap Revenues
Revenues
117435000
CY2023Q1 us-gaap Revenues
Revenues
94391000
CY2024Q1 gnk Voyage Expenses
VoyageExpenses
37200000
CY2023Q1 gnk Voyage Expenses
VoyageExpenses
37435000
CY2024Q1 us-gaap Direct Operating Costs
DirectOperatingCosts
25932000
CY2023Q1 us-gaap Direct Operating Costs
DirectOperatingCosts
24393000
CY2024Q1 gnk Charter Hire Expense
CharterHireExpense
3510000
CY2023Q1 gnk Charter Hire Expense
CharterHireExpense
3664000
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1382000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1559000
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7664000
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7750000
CY2024Q1 gnk Technical Management Fees
TechnicalManagementFees
1031000
CY2023Q1 gnk Technical Management Fees
TechnicalManagementFees
762000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17223000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15944000
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-978000
CY2024Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1804000
CY2024Q1 us-gaap Costs And Expenses
CostsAndExpenses
95342000
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
89948000
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22093000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4443000
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66000
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-324000
CY2024Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
824000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
770000
CY2024Q1 us-gaap Interest Expense
InterestExpense
4040000
CY2023Q1 us-gaap Interest Expense
InterestExpense
2029000
CY2024Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3150000
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1583000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
18943000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
2860000
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
145000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
226000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
18798000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2634000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42918248
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42632059
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43606580
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43097362
CY2024Q1 us-gaap Profit Loss
ProfitLoss
18943000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
2860000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-527000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1628000
CY2024Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
18416000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1232000
CY2024Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
145000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
226000
CY2024Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18271000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1006000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
914646000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
18943000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-527000
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.41
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
17814000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1382000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
916630000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
968309000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
2860000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1628000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21516000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1559000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
949584000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
18943000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
2860000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17223000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15944000
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
499000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
418000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
368000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
360000
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1382000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1559000
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-978000
CY2024Q1 gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
45000
CY2023Q1 gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
59000
CY2024Q1 gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
117000
CY2023Q1 gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
34000
CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4073000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8641000
CY2024Q1 gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-651000
CY2023Q1 gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
2263000
CY2024Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3889000
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3428000
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5831000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-97000
CY2024Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3067000
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
71000
CY2024Q1 gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-563000
CY2023Q1 gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-480000
CY2024Q1 gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
2194000
CY2023Q1 gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
4112000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32251000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19566000
CY2024Q1 gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
930000
CY2023Q1 gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
2003000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
240000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1085000
CY2024Q1 gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
18505000
CY2024Q1 gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
159000
CY2023Q1 gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
235000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
17494000
CY2024Q1 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
80000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2853000
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
17885000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
21666000
CY2024Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
38000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-47923000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30416000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1822000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13703000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46857000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64100000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48679000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50397000
CY2024Q1 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 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;">As of March 31, 2024, the Company’s fleet consisted of 45 drybulk vessels, including 18 Capesize drybulk vessels, 15 Ultramax drybulk vessels and twelve Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,828,000 dwt and an average age of approximately 11.8 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 March 31, 2024 and December 31, 2023, which provides ship management services to the Company’s vessels. As of March 31, 2024 and December 31, 2023, 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>
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 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, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates.</p>
CY2023Q1 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-371000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48364000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46542000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48679000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46857000
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-978000
CY2024Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1804000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
4001000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
3331000
CY2024Q1 us-gaap Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
588000
CY2023Q1 us-gaap Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
1827000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
613000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
557000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42918248
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42632059
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42918248
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42632059
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43606580
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43097362
CY2023Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2024Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
170000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
200000000
CY2024Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9332000
CY2023Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9831000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
160668000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
190169000
CY2024Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0835
CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0776
CY2024Q1 us-gaap Interest Expense
InterestExpense
4040000
CY2023Q1 us-gaap Interest Expense
InterestExpense
2029000
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-568000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-1724000
CY2024Q1 gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
18000
CY2023Q1 gnk Premium On Derivative Excluded And Recognized On Amortized Basis Excluding Recorded Interest
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasisExcludingRecordedInterest
39000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
527000
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-533000
CY2024Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
6000
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
14498000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
10650000
CY2024Q1 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
3730000
CY2023Q4 gnk Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
5700000
CY2024Q1 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
13068000
CY2023Q4 gnk Accrued Vessel Operating Expenses Current
AccruedVesselOperatingExpensesCurrent
7895000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
31296000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24245000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
306000
CY2024Q1 us-gaap Sublease Income
SubleaseIncome
306000

Files In Submission

Name View Source Status
0001558370-24-007375-index-headers.html Edgar Link pending
0001558370-24-007375-index.html Edgar Link pending
0001558370-24-007375.txt Edgar Link pending
0001558370-24-007375-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gnk-20240331.xsd Edgar Link pending
gnk-20240331x10q.htm Edgar Link pending
gnk-20240331xex10d1.htm Edgar Link pending
gnk-20240331xex10d2.htm Edgar Link pending
gnk-20240331xex10d3.htm Edgar Link pending
gnk-20240331xex10d4.htm Edgar Link pending
gnk-20240331xex10d5.htm Edgar Link pending
gnk-20240331xex10d6.htm Edgar Link pending
gnk-20240331xex10d7.htm Edgar Link pending
gnk-20240331xex10d8.htm Edgar Link pending
gnk-20240331xex31d1.htm Edgar Link pending
gnk-20240331xex31d2.htm Edgar Link pending
gnk-20240331xex32d1.htm Edgar Link pending
gnk-20240331xex32d2.htm Edgar Link pending
MetaLinks.json Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
gnk-20240331x10q_htm.xml Edgar Link completed
gnk-20240331_cal.xml Edgar Link unprocessable
gnk-20240331_def.xml Edgar Link unprocessable
gnk-20240331_lab.xml Edgar Link unprocessable
gnk-20240331_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R63.htm Edgar Link pending
R64.htm Edgar Link pending
R65.htm Edgar Link pending
R66.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending