$GNK
GENCO SHIPPING & TRADING LTD

2024 Q4 Form 10-Q Financial Statement

#000155837024014664 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $99.33M
YoY Change 19.16%
Cost Of Revenue $54.35M
YoY Change -10.91%
Gross Profit $44.99M
YoY Change 101.73%
Gross Profit Margin 45.29%
Selling, General & Admin $7.836M
YoY Change 3.11%
% of Gross Profit 17.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.62M
YoY Change -2.38%
% of Gross Profit 36.94%
Operating Expenses $24.46M
YoY Change -0.59%
Operating Profit $24.03M
YoY Change -179.18%
Interest Expense -$2.221M
YoY Change -211.11%
% of Operating Profit -9.24%
Other Income/Expense, Net -$2.460M
YoY Change 62.81%
Pretax Income $21.57M
YoY Change -167.63%
Income Tax
% Of Pretax Income
Net Earnings $21.46M
YoY Change -167.05%
Net Earnings / Revenue 21.6%
Basic Earnings Per Share $0.50
Diluted Earnings Per Share $0.49
COMMON SHARES
Basic Shares Outstanding 42.76M 42.76M
Diluted Shares Outstanding 43.66M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.67M
YoY Change 0.79%
Cash & Equivalents $46.67M
Short-Term Investments
Other Short-Term Assets $35.45M
YoY Change 94.8%
Inventory $24.92M
Prepaid Expenses
Receivables $20.43M
Other Receivables $0.00
Total Short-Term Assets $127.5M
YoY Change 14.3%
LONG-TERM ASSETS
Property, Plant & Equipment $7.227M
YoY Change -2.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.45M
YoY Change -8.57%
Total Long-Term Assets $917.0M
YoY Change -6.76%
TOTAL ASSETS
Total Short-Term Assets $127.5M
Total Long-Term Assets $917.0M
Total Assets $1.044B
YoY Change -4.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.99M
YoY Change 30.07%
Accrued Expenses $21.33M
YoY Change 12.85%
Deferred Revenue $5.886M
YoY Change -9.92%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.21M
YoY Change 13.75%
LONG-TERM LIABILITIES
Long-Term Debt $71.67M
YoY Change -48.8%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $71.67M
YoY Change -49.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.21M
Total Long-Term Liabilities $71.67M
Total Liabilities $112.9M
YoY Change -36.8%
SHAREHOLDERS EQUITY
Retained Earnings -$577.4M
YoY Change -10.63%
Common Stock $1.507B
YoY Change -3.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $929.9M
YoY Change
Total Liabilities & Shareholders Equity $1.044B
YoY Change -4.61%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $21.46M
YoY Change -167.05%
Depreciation, Depletion And Amortization $16.62M
YoY Change -2.38%
Cash From Operating Activities $35.57M
YoY Change 167.46%
INVESTING ACTIVITIES
Capital Expenditures $3.451M
YoY Change 331.38%
Acquisitions
YoY Change
Other Investing Activities $12.05M
YoY Change 1104.9%
Cash From Investing Activities $8.598M
YoY Change 4199.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.54M
YoY Change 160.12%
NET CHANGE
Cash From Operating Activities 35.57M
Cash From Investing Activities 8.598M
Cash From Financing Activities -39.54M
Net Change In Cash 4.632M
YoY Change -372.47%
FREE CASH FLOW
Cash From Operating Activities $35.57M
Capital Expenditures $3.451M
Free Cash Flow $32.12M
YoY Change 156.97%

Facts In Submission

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GENCO SHIPPING & TRADING LIMITED
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1451000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
923315000
CY2024Q3 us-gaap Profit Loss
ProfitLoss
21574000
CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.34
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
14778000
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1508000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
931619000
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 Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
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
CY2023Q2 us-gaap Profit Loss
ProfitLoss
11541000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-993000
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
6406000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1219000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
954945000
CY2023Q3 us-gaap Profit Loss
ProfitLoss
-31864000
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1602000
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
6487000
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1397000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
916389000
us-gaap Profit Loss
ProfitLoss
64010000
us-gaap Profit Loss
ProfitLoss
-17463000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
50939000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
49762000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1501000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1323000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1112000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1084000
us-gaap Share Based Compensation
ShareBasedCompensation
4341000
us-gaap Share Based Compensation
ShareBasedCompensation
4175000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
6595000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
28102000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
16693000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
45000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
143000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
271000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
252000
gnk Proceeds From Insurance For Loss Of Hire Claims
ProceedsFromInsuranceForLossOfHireClaims
327000
gnk Proceeds From Insurance For Loss Of Hire Claims
ProceedsFromInsuranceForLossOfHireClaims
506000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2619000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5811000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
2301000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
4882000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1831000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5966000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7829000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
24000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2860000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1576000
us-gaap Share Based Compensation
ShareBasedCompensation
4175000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
6595000
gnk Vessel Asset Impairment Charges
VesselAssetImpairmentCharges
28102000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
16693000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
45000
gnk Premium On Derivative Excluded And Recognized On Amortized Basis
PremiumOnDerivativeExcludedAndRecognizedOnAmortizedBasis
143000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
271000
gnk Proceeds From Insurance Protection And Indemnity Claims
ProceedsFromInsuranceProtectionAndIndemnityClaims
252000
gnk Proceeds From Insurance For Loss Of Hire Claims
ProceedsFromInsuranceForLossOfHireClaims
327000
gnk Proceeds From Insurance For Loss Of Hire Claims
ProceedsFromInsuranceForLossOfHireClaims
506000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2619000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5811000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
2301000
gnk Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
4882000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1831000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5966000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7829000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
24000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2860000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1576000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1551000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
15763000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
10730000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
96855000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52166000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
3485000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2268000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2169000
gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
79105000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
846000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
2361000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
73716000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3293000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50410000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
34506000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
38000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-170448000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-60756000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
123000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11883000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46980000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52217000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1710000
gnk Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1551000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
15763000
gnk Deferred Drydock Costs Incurred
DeferredDrydockCostsIncurred
10730000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
96855000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52166000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
3967000
gnk Payments To Acquire Vessels And Ballast Water Treatment Systems And Other Deposits
PaymentsToAcquireVesselsAndBallastWaterTreatmentSystemsAndOtherDeposits
3485000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2268000
gnk Proceeds From Sale Of Vessel Assets Net
ProceedsFromSaleOfVesselAssetsNet
79105000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
846000
gnk Proceeds From Insurance For Hull And Machinery Claims
ProceedsFromInsuranceForHullAndMachineryClaims
2361000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
73716000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3293000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50410000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
34506000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
38000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-170448000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-60756000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
123000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11883000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46980000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52217000
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 September 30, 2024, the Company’s fleet consisted of 42 drybulk vessels, including 16 Capesize drybulk vessels, 15 Ultramax drybulk vessels and eleven Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,435,000 dwt and an average age of approximately 12.0 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, 2024 and December 31, 2023, which provides ship management services to the Company’s vessels. As of September 30, 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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
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 September 30, 2024, the Company’s fleet consisted of 42 drybulk vessels, including 16 Capesize drybulk vessels, 15 Ultramax drybulk vessels and eleven Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,435,000 dwt and an average age of approximately 12.0 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, 2024 and December 31, 2023, which provides ship management services to the Company’s vessels. As of September 30, 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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
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;line-height:1.19;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>
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;line-height:1.19;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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46665000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46542000
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46980000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46857000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46665000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46542000
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
315000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46980000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46857000
CY2024Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-76000
CY2023Q3 gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
552000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
-195000
gnk Net Gain Loss On Purchase And Sale Of Bunker Fuel And Lower Cost And Net Realizable Value Adjustments
NetGainLossOnPurchaseAndSaleOfBunkerFuelAndLowerCostAndNetRealizableValueAdjustments
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