GENCO SHIPPING & TRADING LTD, 10-Q filed on 8/5/2020
Quarterly Report
v3.20.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2020
Aug. 05, 2020
Cover page.    
Entity Registrant Name GENCO SHIPPING & TRADING LIMITED  
Entity Central Index Key 0001326200  
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-33393  
Document Period End Date Jun. 30, 2020  
Entity Incorporation, State or Country Code 1T  
Entity Tax Identification Number 98-0439758  
Entity Address, Address Line One 299 Park Avenue  
Entity Address, Address Line Two 12th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10171  
City Area Code 646  
Local Phone Number 443-8550  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol GNK  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   41,801,753
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 127,722 $ 155,889
Restricted cash 14,855 6,045
Due from charterers, net of a reserve of $662 and $1,064, respectively 13,370 13,701
Prepaid expenses and other current assets 8,705 10,049
Inventories 23,034 27,208
Vessels held for sale 23,252 10,303
Total current assets 210,938 223,195
Noncurrent assets:    
Vessels, net of accumulated depreciation of $242,465 and $288,373, respectively 1,109,341 1,273,861
Deferred drydock, net of accumulated amortization of $7,691 and $11,862 respectively 19,192 17,304
Fixed assets, net of accumulated depreciation and amortization of $2,057 and $2,154, respectively 7,215 5,976
Operating lease right-of-use assets 7,565 8,241
Restricted cash 315 315
Total noncurrent assets 1,143,628 1,305,697
Total assets 1,354,566 1,528,892
Current liabilities:    
Accounts payable and accrued expenses 24,071 49,604
Current portion of long-term debt 79,522 69,747
Deferred revenue 4,368 6,627
Current operating lease liabilities 1,720 1,677
Total current liabilities: 109,681 127,655
Noncurrent liabilities:    
Long-term operating lease liabilities 8,955 9,826
Long-term debt, net of deferred financing costs of $11,648 and $13,094, respectively 403,304 412,983
Total noncurrent liabilities 412,259 422,809
Total liabilities 521,940 550,464
Commitments and contingencies (Note 12)
Equity:    
Common stock, par value $0.01; 500,000,000 shares authorized; 41,801,753 and 41,754,413 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 418 417
Additional paid-in capital 1,714,019 1,721,268
Accumulated deficit (881,811) (743,257)
Total equity 832,626 978,428
Total liabilities and equity $ 1,354,566 $ 1,528,892
v3.20.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current Assets:    
Due from charterers, reserve $ 662 $ 1,064
Noncurrent assets:    
Vessels, accumulated depreciation 242,465 288,373
Deferred drydock, accumulated amortization 7,691 11,862
Fixed assets, accumulated depreciation and amortization 2,057 2,154
Deferred financing costs, noncurrent $ 11,648 $ 13,094
Genco Shipping & Trading Limited shareholders' equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 41,801,753 41,754,413
Common stock, shares outstanding (in shares) 41,801,753 41,754,413
v3.20.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Revenues $ 74,206 $ 83,550 $ 172,542 $ 177,014
Operating expenses:        
Voyage expenses 41,695 41,800 90,063 84,822
Vessel operating expenses 21,058 24,358 42,871 47,549
Charter hire expenses 1,432 4,849 4,507 7,267
General and administrative expenses (inclusive of nonvested stock amortization expense of $476, $569, $957 and $1,021, respectively) 5,471 5,799 11,238 12,109
Technical management fees 1,724 1,885 3,578 3,825
Depreciation and amortization 15,930 18,271 33,504 36,348
Impairment of vessel assets 0 13,897 112,814 13,897
Loss (gain) on sale of vessels     486 (611)
Total operating expenses 87,310 110,859 299,061 205,206
Operating loss (13,104) (27,309) (126,519) (28,192)
Other (expense) income:        
Other income (expense) 120 107 (464) 437
Interest income 253 1,073 847 2,400
Interest expense (5,473) (8,124) (12,418) (16,699)
Impairment of right-of-use asset   (223)   (223)
Other expense (5,100) (7,167) (12,035) (14,085)
Net loss $ (18,204) $ (34,476) $ (138,554) $ (42,277)
Net loss per share-basic $ (0.43) $ (0.83) $ (3.31) $ (1.01)
Net loss per share-diluted $ (0.43) $ (0.83) $ (3.31) $ (1.01)
Weighted average common shares outstanding-basic 41,900,901 41,742,301 41,883,629 41,734,248
Weighted average common shares outstanding-diluted 41,900,901 41,742,301 41,883,629 41,734,248
Voyage        
Revenues:        
Revenues $ 74,206 $ 83,550 $ 172,542 $ 177,014
v3.20.2
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Consolidated Statements of Operations        
Nonvested stock amortization expenses $ 476 $ 569 $ 957 $ 1,021
v3.20.2
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Consolidated Statements of Comprehensive Loss        
Net loss $ (18,204) $ (34,476) $ (138,554) $ (42,277)
Other comprehensive income 0 0 0 0
Comprehensive loss $ (18,204) $ (34,476) $ (138,554) $ (42,277)
v3.20.2
Consolidated Statements of Equity - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Total
Balance at the beginning at Dec. 31, 2018 $ 416 $ 1,740,163 $ (687,272) $ 1,053,307
Increase (Decrease) in Shareholders' Equity        
Net loss     (7,801) (7,801)
Nonvested stock amortization   452   452
Balance at the end at Mar. 31, 2019 416 1,740,615 (695,073) 1,045,958
Increase (Decrease) in Shareholders' Equity        
Net loss     (34,476) (34,476)
Nonvested stock amortization   569   569
Balance at the end at Jun. 30, 2019 416 1,741,184 (729,549) 1,012,051
Balance at the beginning at Dec. 31, 2019 417 1,721,268 (743,257) 978,428
Increase (Decrease) in Shareholders' Equity        
Net loss     (120,350) (120,350)
Issuance of vested RSUs, net of forfeitures 1 (1)    
Cash dividends declared   (7,363)   (7,363)
Nonvested stock amortization   481   481
Balance at the end at Mar. 31, 2020 418 1,714,385 (863,607) 851,196
Increase (Decrease) in Shareholders' Equity        
Net loss     (18,204) (18,204)
Cash dividends declared   (842)   (842)
Nonvested stock amortization   476   476
Balance at the end at Jun. 30, 2020 $ 418 $ 1,714,019 $ (881,811) $ 832,626
v3.20.2
Consolidated Statements of Equity (Parenthetical) - $ / shares
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Consolidated Statements of Equity    
Issuance of shares of RSUs, net (in shares) 47,341 12,477
Forfeited (in shares) 1,490  
Dividends declared per share $ 0.175  
v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (138,554) $ (42,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 33,504 36,348
Amortization of deferred financing costs 1,909 1,867
Noncash operating lease expense 676 577
Amortization of nonvested stock compensation expense 957 1,021
Impairment of operating lease right of use asset   223
Impairment of vessel assets 112,814 13,897
Loss (gain) on sale of vessels 486 (611)
Insurance proceeds for protection and indemnity claims 278 389
Insurance proceeds for loss of hire claims 78  
Change in assets and liabilities:    
Decrease in due from charterers 331 6,588
Decrease in prepaid expenses and other current assets 504 165
Decrease in inventories 4,174 223
(Decrease) increase in accounts payable and accrued expenses (17,454) 828
(Decrease) increase in deferred revenue (2,259) 1,859
Decrease in operating lease liabilities (828) (786)
Deferred drydock costs incurred (5,593) (5,488)
Net cash (used in) provided by operating activities (8,977) 14,823
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (2,275) (7,754)
Purchase of scrubbers (capitalized in Vessels) (10,839) (10,370)
Purchase of other fixed assets (2,716) (2,494)
Net proceeds from sale of vessels 14,726 6,309
Insurance proceeds for hull and machinery claims 484 612
Net cash used in investing activities (620) (13,697)
Cash flows from financing activities:    
Payment of common stock issuance costs   (105)
Cash dividends paid (8,126)  
Payment of deferred financing costs (283) (611)
Net cash used in financing activities (9,760) (38,451)
Net decrease in cash, cash equivalents and restricted cash (19,357) (37,325)
Cash, cash equivalents and restricted cash at beginning of period 162,249 202,761
Cash, cash equivalents and restricted cash at end of period 142,892 165,436
Secured Debt | $133 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 24,000  
Repayment of secured debt (3,280) (3,160)
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 11,250  
Repayment of secured debt $ (33,321) $ (34,575)
v3.20.2
GENERAL INFORMATION
6 Months Ended
Jun. 30, 2020
GENERAL INFORMATION  
GENERAL INFORMATION

1 - GENERAL INFORMATION

The accompanying condensed consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in one business segment.

At June 30, 2020, the Company’s fleet consists of 53 drybulk vessels, including 17 Capesize drybulk carriers, six Ultramax drybulk carriers, 20 Supramax drybulk carriers and 10 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,837,000 dwt and an average age of approximately 10.0 years.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical changes, and closure of non-essential businesses. This has led to a significant slowdown in overall economic activity levels globally and a decline in demand for certain of the raw materials that our vessels transport.

At present, it is not possible to ascertain the overall 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 2020.  However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic 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. 

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020.

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 and the fair value of derivative instruments, if any.  Actual results could differ from those estimates.

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:

June 30, 

December 31, 

    

2020

    

2019

 

Cash and cash equivalents

 

$

127,722

 

$

155,889

Restricted cash - current

14,855

6,045

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

142,892

 

$

162,249

Vessels held for sale

 

The Company’s Board of Directors has approved a strategy of divesting specifically identified older, less fuel-efficient vessels as part of a fleet renewal program to streamline and modernize the Company’s fleet.

On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind and on March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2020. The Baltic Wind was sold on July 7, 2020, the Baltic Breeze was sold on July 31, 2020 and the Genco Bay is expected to be sold during the third quarter of 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreements.

On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, and the relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2019. This vessel was sold on March 5, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreement.

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. Refer to Note 10 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss (gain) of $958 and ($113) during the three months ended June 30, 2020 and 2019, respectively, and $1,800 and $237 during the six months ended June 30, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Impairment of vessel assets

During the three months ended June 30, 2020 and 2019, the Company recorded $0 and $13,897, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2020 and 2019, the Company recorded $112,814 and $13,897, respectively, related to the impairment of vessel assets in accordance with ASC 360.

At March 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for four of its Supramax vessels, the Genco Picardy, the Genco Predator, the Genco Provence and the Genco Warrior, did not exceed the net book value of these vessels as of March 31, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of March 31, 2020. This resulted in an impairment loss of $27,046 during the six months ended June 30, 2020.

On February 24, 2020, the Board of Directors determined to dispose of the Company’s following ten Handysize vessels: the Baltic Hare, the Baltic Fox, the Baltic Wind, the Baltic Cove, the Baltic Breeze, the Genco Ocean, the Genco Bay, the Genco Avra, the Genco Mare and the Genco Spirit, at times and on terms to be determined in the future.  Given this decision, and that the revised estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel given the estimated probabilities of whether the vessels will be sold, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2020. Subsequent to February 24, 2020, the Company has entered into agreements to sell three of these vessels during the three months ended March 31, 2020, namely the Baltic Wind, the Baltic Breeze and the Genco Bay, which were adjusted to their net sales price. This resulted in an impairment loss of $85,768 during the six months ended June 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sales. 

On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party.  As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019.  This resulted in an impairment loss of $4,401 during the three and six months ended June 30, 2019.  Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale. 

 

At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019.  As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019.  This resulted in an impairment loss of $9,496 during the three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale. 

Loss (gain) on sale of vessels

During the six months ended June 30, 2020, the Company recorded a net loss of $486 related to the sale of vessels. The net loss of $486 recorded during the six months ended June 30, 2020 related primarily to the sale of the Genco Charger and Genco Thunder. During the six months ended June 30, 2019, the Company recorded a net gain of $611 related to the sale of vessels. The net gain of $611 recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were no vessels sold during the three months ended June 30, 2020 and 2019.

Recent accounting pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, “Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-03”),” which change the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within that year. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this

ASU. The Company has evaluated the impact of the adoption of ASU 2018-03 and has determined that there is no effect on its condensed consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 was effective on January 1, 2020, with early adoption permitted.  The Company adopted ASU 2016-13 during the first quarter of 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption on its condensed consolidated financial statements and related disclosures. 

v3.20.2
CASH FLOW INFORMATION
6 Months Ended
Jun. 30, 2020
CASH FLOW INFORMATION  
CASH FLOW INFORMATION

3 - CASH FLOW INFORMATION

For the six months ended June 30, 2020, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $33 for the Purchase of scrubbers, $1,726 for the Purchase of vessels and ballast water treatment systems, including deposits, $490 for the Purchase of other fixed assets and $13 for the Net proceeds from sale of vessels. For the six months ended June 30, 2020, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $103 for Cash dividends paid and $179 for the Payment of deferred financing costs.

For the six months ended June 30, 2019, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,383 for the Purchase of vessels and ballast water treatment systems, including deposits, $4,104 for the Purchase of scrubbers and $77 for the Purchase of other fixed assets.

During the six months ended June 30, 2020 and 2019, cash paid for interest was $10,457 and $14,946, respectively.

During the six months ended June 30, 2020 and 2019, there was no cash paid for estimated income taxes.

During the six months ended June 30, 2020, the Company made a reclassification of $23,252 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Baltic Wind, Baltic Breeze and Genco Bay prior to June 30, 2020.  Refer to Note 4 — Vessel Acquisitions and Dispositions.

On February 25, 2020, the Company issued 173,749 restricted stock units and options to purchase 344,568 shares of the Company’s stock at an exercise price of $7.06 to certain individuals. The fair value of these restricted stock units and stock options were $1,227 and $693, respectively.

On May 15, 2019, the Company issued 29,580 restricted stock units to certain members of the Board of Directors.  The aggregate fair value of these restricted stock units was $255.

On March 4, 2019, the Company issued 106,079 restricted stock units and options to purchase 240,540 shares of the Company’s stock at an exercise price of $8.39 to certain individuals. The fair value of these restricted stock units and stock options were $890 and $904, respectively.

Refer to Note 13 — Stock-Based Compensation for further information regarding the aforementioned grants.

Supplemental Condensed Consolidated Cash Flow information related to leases is as follows:

For the Six Months Ended

June 30, 

2020

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating lease

$

1,115

$

1,115

v3.20.2
VESSEL ACQUISITIONS AND DISPOSITIONS
6 Months Ended
Jun. 30, 2020
VESSEL ACQUISITIONS AND DISPOSITIONS  
VESSEL ACQUISITIONS AND DISPOSITIONS

4 - VESSEL ACQUISITIONS AND DISPOSITIONS

Vessel Dispositions

On March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay, both 2010-built Handysize vessels, for $7,900 each less a 2.0% broker commission payable to a third party. The sale of the Baltic Breeze was completed on July 31, 2020. Refer to Note 15 Subsequent Events. The sale of the Genco Bay is expected to be completed during the third quarter of 2020. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies for impairment expense recorded during the six months ended June 30, 2020.

On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind, a 2009-built Handysize vessel, for $7,750 less a 2.0% broker commission payable to a third party. The sale was completed on July 7, 2020, refer to Note 15 Subsequent Events. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies for impairment expense recorded during the six months ended June 30, 2020.

On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, a 2007-built Panamax vessel, for $10,400 less a 2.0% broker commission payable to a third party. The sale was completed on March 5, 2020. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheets as of December 31, 2019.

On February 3, 2020, the Company entered into an agreement to sell the Genco Charger, a 2005-built Handysize vessel, to a third party for $5,150 less a 1.0% commission payable to a third party.  The sale of the Genco Charger was completed on February 24, 2020.  

On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, for $10,200 less a 2.0% broker commission payable to a third party.  The sale was completed on December 11, 2019. 

The Genco Thunder, Genco Charger and Genco Raptor served as collateral under the $495 Million Credit Facility; therefore $5,339, $3,471 and $6,045, respectively, of the net proceeds received from the sale will remain classified as restricted cash for 360 days following the respective sale dates, which has been reflected as restricted cash in the Condensed Consolidated Balance Sheets as of June 30, 2020. Refer to Note 7 Debt for amendment to the $495 Million Credit Facility. As of December 31, 2019, a total amount of $6,045 was reflected as restricted cash in the Condensed Consolidated Balance Sheets for the Genco Raptor. These amounts can be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360 day period, the Company will be required to use the proceeds as a loan prepayment.  

On September 20, 2019, the Company entered into an agreement to sell the Genco Champion, a 2006-built Handysize vessel, for $6,600 less a 3.0% broker commission payable to a third party. The sale was completed on October 21, 2019. On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party.  The sale was completed on

October 10, 2019. The Genco Champion and Genco Challenger served as collateral under the $495 Million Credit Facility; therefore, $6,880 of the net proceeds from the sale of these two vessels was required to be used as a loan prepayment since a replacement vessel was not going to be added as collateral within 180 days following the respective sales dates.

On November 23, 2018, the Company entered into an agreement to sell the Genco Vigour, a 1999-built Panamax vessel, to a third party for $6,550 less a 2.0% broker commission payable to a third party.  The sale was completed on January 28, 2019.  The Genco Vigour did not serve as collateral under any of the Company’s credit facilities.

v3.20.2
NET LOSS PER SHARE
6 Months Ended
Jun. 30, 2020
NET LOSS PER SHARE  
NET LOSS PER SHARE

5 - NET LOSS PER SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 13 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. There were 288,319 restricted stock units and 837,338 stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2020 because they were anti-dilutive. There were 258,084 restricted stock units and 496,148 stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2019 because they were anti-dilutive (refer to Note 13 — Stock-Based Compensation).

The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 13 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term that commenced on the day following the Effective Date and are exercisable for one tenth of a share of the Company’s common stock. There were no unvested MIP Warrants and 3,936,761 equity warrants excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2020 and 2019 because they were anti-dilutive.

The components of the denominator for the calculation of basic and diluted net loss per share are as follows:

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

    

2019

    

2020

    

2019

 

Common shares outstanding, basic:

Weighted-average common shares outstanding, basic

41,900,901

 

41,742,301

41,883,629

 

41,734,248

Common shares outstanding, diluted:

Weighted-average common shares outstanding, basic

41,900,901

 

41,742,301

41,883,629

 

41,734,248

Dilutive effect of warrants

 

 

Dilutive effect of stock options

Dilutive effect of restricted stock awards

 

 

Weighted-average common shares outstanding, diluted

41,900,901

 

41,742,301

41,883,629

 

41,734,248

v3.20.2
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2020
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

6 - RELATED PARTY TRANSACTIONS

During the three and six months ended June 30, 2020 and 2019, the Company did not identify any related party transactions.

v3.20.2
DEBT
6 Months Ended
Jun. 30, 2020
DEBT  
DEBT

7 – DEBT

Long-term debt, net consists of the following:

June 30, 

December 31, 

    

2020

    

2019

 

Principal amount

 

$

494,474

 

$

495,824

Less: Unamortized debt financing costs

 

(11,648)

 

(13,094)

Less: Current portion

 

(79,522)

 

(69,747)

Long-term debt, net

 

$

403,304

 

$

412,983

June 30, 2020

December 31, 2019

Unamortized

Unamortized

Debt Issuance

Debt Issuance

    

Principal

    

Cost

    

Principal

    

Cost

 

$495 Million Credit Facility

$

373,654

$

9,941

$

395,724

$

11,642

$133 Million Credit Facility

120,820

1,707

100,100

1,452

Total debt

$

494,474

 

$

11,648

$

495,824

 

$

13,094

As of June 30, 2020 and December 31, 2019, $11,648 and $13,094 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets.

$495 Million Credit Facility

On May 31, 2018, the Company entered into the $460 Million Credit Facility, a five-year senior secured credit facility for an aggregate amount of up to $460,000 which was used to (i) refinance all of the Company’s prior credit facilities into one facility and (ii) pay down the debt on seven of the Company’s oldest vessels, which have been sold.

On February 28, 2019, the Company entered into an amendment to the $460 Million Credit Facility, which provided an additional tranche of up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels (as so amended, the “$495 Million Credit Facility”). 

On June 5, 2020, the Company entered into an amendment to the $495 Million Credit Facility to extend the period that collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral from 180 days to 360 days.

On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $9,300, $12,200 and $11,250, respectively, under the $35 million tranche of the $495 Million Credit Facility. As of June 30, 2020, the Company drew down a total of $32,750, and this tranche is considered fully drawn. Scheduled quarterly repayments under this tranche are $2,339.

As of June 30, 2020, there was no availability under the $495 Million Credit Facility. Total debt repayments of $16,661 and $19,575 were made during the three months ended June 30, 2020 and 2019 under the $495 Million Credit

Facility, respectively. Total debt repayments of $33,321 and $34,575 were made during the six months ended June 30, 2020 and 2019 under the $495 Million Credit Facility, respectively.

As of June 30, 2020, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility.

$133 Million Credit Facility

On August 14, 2018, the Company entered into the $108 Million Credit Facility, a five-year senior secured credit facility that was used to finance a portion of the purchase price of six vessels, which also serve as collateral under the facility, which were delivered to the Company during the three months ended September 30, 2018.

On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility which provided for a revolving credit facility of up to $25,000 (the “Revolver”) for general corporate and working capital purposes (as so amended, the “$133 Million Credit Facility”). The key terms associated with the Revolver are as follows:

The final maturity date of the Revolver is August 14, 2023.

Borrowings under the Revolver may be incurred pursuant to multiple drawings on or prior to July 1, 2023 in minimum amounts of $1,000.

Borrowings under the Revolver will bear interest at LIBOR plus 3.00%

The Revolver is subject to consecutive quarterly commitment reductions commencing on the last day of the fiscal quarter ending September 30, 2020 in an amount equal to approximately $1.9 million each quarter.
Borrowings under the Revolver are subject to a limit of 60% for the ratio of outstanding total term and revolver loans to the aggregate appraised value of collateral vessels under the $133 Million Credit Facility.

The collateral and financial covenants otherwise remain substantially the same as they were under the $108 Million Credit Facility.

On June 15, 2020, the Company drew down $24,000 under the Revolver of the $133 Million Credit Facility.

As of June 30, 2020, there was $1,000 of availability under the $133 Million Credit Facility. Total debt repayments of $1,700 and $1,580 were made during the three months ended June 30, 2020 and 2019 under the $133 Million Credit Facility, respectively. Total debt repayments of $3,280 and $3,160 were made during the six months ended June 30, 2020 and 2019 under the $133 Million Credit Facility, respectively.

As of June 30, 2020, the Company was in compliance with all of the financial covenants under the $133 Million Credit Facility.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

2019

2020

  

2019

Effective Interest Rate

3.62

%  

5.43

%  

4.22

%  

  

5.50

%  

Range of Interest Rates (excluding unused commitment fees)

2.67 % to 4.57

%  

4.90 % to 5.50

%  

2.67 % to 5.05

%  

  

4.90 % to 5.76

%  

v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS  
FAIR VALUE OF FINANCIAL INSTRUMENTS

8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values and carrying values of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

June 30, 2020

December 31, 2019

    

Carrying

    

    

Carrying

    

 

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

$

127,722

$

127,722

$

155,889

$

155,889

Restricted cash

 

15,170

 

15,170

 

6,360

 

6,360

Principal amount of floating rate debt

 

494,474

 

494,474

 

495,824

 

495,824

The carrying value of the borrowings under the $495 Million Credit Facility and the $133 Million Credit Facility as of June 30, 2020 and December 31, 2019 approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. The carrying amounts of the Company’s other financial instruments as of June 30, 2020 and December 31, 2019 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Cash and cash equivalents and restricted cash are considered Level 1 items, as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which

are Level 2 inputs. During the six months ended June 30, 2020, the vessel assets for fourteen of the Company’s vessels were written down as part of the impairment recorded during the six months ended June 30, 2020. There was no vessel impairment recorded during the three months ended June 30, 2020. During the three and six months ended June 30, 2019, the vessel assets for three of the Company’s vessels were written down as part of the impairment recorded during the three and six months ended June 30, 2019. The vessels held for sale as of June 30, 2020 were written down as part of the impairment recorded during the six months ended June 30, 2020. The vessel held for sale as of December 31, 2019 was written down as part of the impairment recorded during the three months ended September 30, 2019. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies.

Nonrecurring fair value measurements also include impairment tests conducted by the Company during the three and six months ended June 30, 2020 and 2019 of its operating lease right-of use assets.  The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. During the three and six months ended June 30, 2020, there was no impairment of the operating lease right-of-use assets. During the three and six months ended June 30, 2019, the operating lease right-of-use asset was written down as part of the impairment of right-of-use asset recorded during the three and six months ended June 30, 2019. 

The Company did not have any Level 3 financial assets or liabilities as of June 30, 2020 and December 31, 2019.

v3.20.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6 Months Ended
Jun. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

9 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

    

June 30, 

    

December 31, 

    

2020

    

2019

 

Accounts payable

$

11,206

$

26,040

Accrued general and administrative expenses

 

2,849

 

4,105

Accrued vessel operating expenses

 

10,016

 

19,459

Total accounts payable and accrued expenses

$

24,071

$

49,604

v3.20.2
VOYAGE REVENUES
6 Months Ended
Jun. 30, 2020
VOYAGE REVENUES  
VOYAGE REVENUE

10 – VOYAGE REVENUES

Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2020 and 2019, the Company earned $74,206 and $83,550 of voyage revenue, respectively. For the six months ended June 30, 2020 and 2019, the Company earned $172,542 and $177,014 of voyage revenue, respectively.

Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606 — Revenue from Contracts with Customers. Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used, therefore revenue from spot market voyage charters is not within the scope of ASC 842 — Leases (“ASC 842”). Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third-party vessels that are chartered in. The fuel consumption and any port expenses incurred prior to arrival at the load port are capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Similarly, for any third party vessels that are chartered in, the charter hire expenses during this period are capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses.

During time charter agreements, including fixed rate time charters and spot market-related time charters, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. During time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Condensed Consolidated Statements of Operation. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

Total voyage revenue recognized in the Condensed Consolidated Statements of Operations includes the following:

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

2020

    

2019

Lease revenue

$

11,983

$

25,852

$

31,134

$

49,242

Spot market voyage revenue

62,223

57,698

141,408

127,772

Total voyage revenues

$

74,206

$

83,550

$

172,542

$

177,014

v3.20.2
LEASES
6 Months Ended
Jun. 30, 2020
LEASES  
LEASES

11 - LEASES

On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was $306 and $612 of sublease income recorded during the three and six months ended June 30, 2020, respectively. There was no sublease income recorded during the three and six months ended June 30, 2019. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operation.

The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases.  During the three and six months ended June 30, 2020 and 2019, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.

v3.20.2
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

12 – COMMITMENTS AND CONTINGENCIES

During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 42 of its vessels.  The cost of these systems will vary based on the size and specifications of each vessel and whether the systems will be installed in China during the vessels’ scheduled drydockings.  Based on the contractual purchase price of the BWTS and the estimated installation fees, the Company estimates the cost of the systems to be approximately $0.9 million for Capesize vessels, $0.6 million for Supramax vessels and $0.5 million for Handysize vessels. These costs will be capitalized and depreciated over the remainder of the life of the vessel.  Prior to any adjustments for vessel impairment and vessel sales, the Company recorded cumulatively $16,049 and $12,783 in Vessel assets in the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively, related to BWTS additions.  

On December 21, 2018, the Company entered into agreements to install scrubbers on its 17 Capesize vessels. The Company completed scrubber installation on 16 of its Capesize vessels during 2019 and the remaining Capesize vessel on January 17, 2020. The cost of each scrubber varied according to the specifications of the Company’s vessels and technical aspects of the installation, among other variables. These costs will be capitalized and depreciated over the remainder of the life of the vessel. The Company recorded cumulatively $42,621 and $41,270 in Vessel assets in the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively, related to scrubber

additions. The Company entered into an amendment to the $495 Million Credit Facility to provide financing to cover a portion of these expenses; refer to Note 7 — Debt for further information.

v3.20.2
STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2020
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

13 - STOCK-BASED COMPENSATION

2014 Management Incentive Plan

As of June 30, 2020 and December 31, 2019, a total of 8,557,461 of warrants were outstanding under the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”).

The MIP Warrants were issued in three tranches for 238,066, 246,701 and 370,979 shares and have exercise prices, as adjusted for dividends declared during the fourth quarter of 2019 and the first quarter of 2020, of $240.89221, $267.11051 and $317.87359 per whole share, respectively.

For the three and six months ended June 30, 2020 and 2019, there was no amortization expense of the fair value of these warrants. As of June 30, 2020, there was no unamortized stock-based compensation for the warrants and all warrants were vested.

The following table summarizes certain information about the warrants outstanding as of June 30, 2020:

Warrants Outstanding and Exercisable,

June 30, 2020

Weighted

Weighted

Average

Average

Remaining

Number of

Exercise

Contractual

Warrants

    

Price

    

Life

 

8,557,461

$

281.82

0.10

2015 Equity Incentive Plan

Stock Options

On February 25, 2020, the Company issued options to purchase 344,568 of the Company’s shares of common stock to certain individuals with an exercise price of $7.06 per share. One third of the options become exercisable on each of the first three anniversaries of February 25, 2020, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Cox-Ross-Rubinstein pricing formula, resulting in a value of $2.01 per share, or $693 in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of 53.91% (representing the Company’s historical volatility), a risk-free interest rate of 1.41%, a dividend yield of 7.13%, and expected life of 4 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

For the three and six months ended June 30, 2020 and 2019, the Company recognized amortization expense of the fair value of these options, which is included in General and administrative expenses, as follows:

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

2019

2020

    

2019

 

General and administrative expenses

$

192

$

229

$

397

$

411

Amortization of the unamortized stock-based compensation balance of $879 as of June 30, 2020 is expected to be expensed $389, $367, $111 and $12 during the remainder of 2020 and during the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes the unvested option activity for the six months ended June 30, 2020:

Weighted

Weighted

Number

Average

Average

of

Exercise

Fair

    

Options

    

Price

    

Value

    

Outstanding at January 1, 2020 - Unvested

 

322,279

 

$

9.41

4.72

Granted

 

344,568

7.06

2.01

Exercisable

 

(119,923)

9.87

5.05

Exercised

 

Forfeited

 

(3,378)

8.07

3.76

Outstanding at June 30, 2020 - Unvested

 

543,546

 

$

7.83

$

2.94

The following table summarizes certain information about the options outstanding as of June 30, 2020:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2020

June 30, 2020

Weighted

Weighted

 

Weighted

Average

 

Weighted

Average

Weighted

Average

Exercise Price of

 

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

8.86

 

543,546

$

7.83

5.22

293,792

$

10.78

3.51

As of June 30, 2020 and December 31, 2019, a total of 837,338 and 496,148 stock options were outstanding, respectively.

Restricted Stock Units

The Company has issued restricted stock units (“RSUs”) under the 2015 Plan to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of June 30, 2020 and December 31, 2019, 373,588 and 326,247 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares of common stock will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the amended 2015 Plan described above.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors.  The RSUs that have been issued to other individuals vest ratably on each of the

three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the six months ended June 30, 2020:

Weighted

Number of

Average Grant

RSUs

Date Price

Outstanding at January 1, 2020

162,096

$

9.26

Granted

178,385

7.00

Vested

(50,672)

9.45

Forfeited

(1,490)

8.39

Outstanding at June 30, 2020

288,319

$

7.83

The total fair value of the RSUs that vested during the six months ended June 30, 2020 and 2019 was $352 and $230, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2020:

Unvested RSUs

Vested RSUs

June 30, 2020

June 30, 2020

Weighted

Weighted

Average

Weighted

Average

Remaining

Average

Number of

Grant Date

Contractual

Number of

Grant Date

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

288,319

$

7.83

2.04

472,895

$

11.25

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2020, unrecognized compensation cost of $1,274 related to RSUs will be recognized over a weighted-average period of 2.04 years.

For the three and six months ended June 30, 2020 and 2019, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

    

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

2019

    

2020

    

2019

 

General and administrative expenses

$

284

$

340

$

560

$

610

v3.20.2
LEGAL PROCEEDINGS
6 Months Ended
Jun. 30, 2020
LEGAL PROCEEDINGS  
LEGAL PROCEEDINGS

14 - LEGAL PROCEEDINGS

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

v3.20.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2020
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

15 – SUBSEQUENT EVENTS

On August 5, 2020, the Company announced a regular quarterly dividend of $0.02 per share to be paid on or about August 25, 2020 to shareholders of record as of August 17, 2020. The aggregate amount of the dividend is expected to be approximately $0.8 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

On July 31, 2020, the Company completed the sale of the Baltic Breeze, a 2010-built Handysize vessel, to a third party for $7,900 less a 2.0% broker commission payable to a third party. Additionally, on July 7, 2020, the Company completed the sale of the Baltic Wind, a 2009-built Handysize vessel, to a third party for $7,750 less a 2.0% broker commission payable to a third party.  The vessel assets for the Baltic Breeze and Baltic Wind have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2020.  Refer also to Note 4 — Vessel Acquisitions and Dispositions.  The Company expects to record a net loss on the sale of the Baltic Breeze during the third quarter of 2020 of between approximately $200 and $400. The Company expects to record a net loss on the sale of the Baltic Wind during the third quarter of 2020 of between $200 and $400.

These vessels served as collateral under the $495 Million Credit Facility; therefore, $4,797 and $4,575 of the net proceeds received from the sale of the Baltic Breeze and Baltic Wind, respectively, will remain classified as restricted cash for 360 days following the sale date.  Those amounts can be used towards a loan prepayment under the facility or for the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility.  If such a replacement vessel is not added as collateral within such 360 day period, the Company will be required to use these proceeds as a loan prepayment.

On July 15, 2020, the Company issued 42,642 restricted stock units to certain members of the Board of Directors.  The aggregate fair value of these restricted stock units was $255. The awards will vest on the earlier of the date of the next annual shareholders meeting of the Company and the date that is fourteen months after the grant date.

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Principles of consolidation

Principles of consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Basis of presentation

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020.

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 and the fair value of derivative instruments, if any.  Actual results could differ from those estimates.

Restricted cash

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:

June 30, 

December 31, 

    

2020

    

2019

 

Cash and cash equivalents

 

$

127,722

 

$

155,889

Restricted cash - current

14,855

6,045

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

142,892

 

$

162,249

Vessels held for sale

Vessels held for sale

 

The Company’s Board of Directors has approved a strategy of divesting specifically identified older, less fuel-efficient vessels as part of a fleet renewal program to streamline and modernize the Company’s fleet.

On March 2, 2020, the Company entered into an agreement to sell the Baltic Wind and on March 20, 2020, the Company entered into agreements to sell the Baltic Breeze and Genco Bay. The relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2020. The Baltic Wind was sold on July 7, 2020, the Baltic Breeze was sold on July 31, 2020 and the Genco Bay is expected to be sold during the third quarter of 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreements.

On September 25, 2019, the Company entered into an agreement to sell the Genco Thunder, and the relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2019. This vessel was sold on March 5, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for details of the agreement.

Voyage expense recognition

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. Refer to Note 10 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss (gain) of $958 and ($113) during the three months ended June 30, 2020 and 2019, respectively, and $1,800 and $237 during the six months ended June 30, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Impairment of vessel assets

Impairment of vessel assets

During the three months ended June 30, 2020 and 2019, the Company recorded $0 and $13,897, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2020 and 2019, the Company recorded $112,814 and $13,897, respectively, related to the impairment of vessel assets in accordance with ASC 360.

At March 31, 2020, the Company determined that the expected estimated future undiscounted cash flows for four of its Supramax vessels, the Genco Picardy, the Genco Predator, the Genco Provence and the Genco Warrior, did not exceed the net book value of these vessels as of March 31, 2020. The Company adjusted the carrying value of these vessels to their respective fair market values as of March 31, 2020. This resulted in an impairment loss of $27,046 during the six months ended June 30, 2020.

On February 24, 2020, the Board of Directors determined to dispose of the Company’s following ten Handysize vessels: the Baltic Hare, the Baltic Fox, the Baltic Wind, the Baltic Cove, the Baltic Breeze, the Genco Ocean, the Genco Bay, the Genco Avra, the Genco Mare and the Genco Spirit, at times and on terms to be determined in the future.  Given this decision, and that the revised estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel given the estimated probabilities of whether the vessels will be sold, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2020. Subsequent to February 24, 2020, the Company has entered into agreements to sell three of these vessels during the three months ended March 31, 2020, namely the Baltic Wind, the Baltic Breeze and the Genco Bay, which were adjusted to their net sales price. This resulted in an impairment loss of $85,768 during the six months ended June 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sales. 

On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party.  As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019.  This resulted in an impairment loss of $4,401 during the three and six months ended June 30, 2019.  Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale. 

 

At June 30, 2019, the Company determined that the expected estimated future undiscounted cash flows for the Genco Champion, a 2006-built Handysize vessel, and the Genco Charger, a 2005-built Handysize vessel, did not exceed the net book value of these vessels as of June 30, 2019.  As such, the Company adjusted the value of these vessels to their respective fair market values as of June 30, 2019.  This resulted in an impairment loss of $9,496 during the three and six months ended June 30, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the vessel sale. 

Loss (gain) on sale of vessels

Loss (gain) on sale of vessels

During the six months ended June 30, 2020, the Company recorded a net loss of $486 related to the sale of vessels. The net loss of $486 recorded during the six months ended June 30, 2020 related primarily to the sale of the Genco Charger and Genco Thunder. During the six months ended June 30, 2019, the Company recorded a net gain of $611 related to the sale of vessels. The net gain of $611 recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were no vessels sold during the three months ended June 30, 2020 and 2019.

Recent accounting pronouncements

Recent accounting pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, “Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-03”),” which change the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within that year. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this

ASU. The Company has evaluated the impact of the adoption of ASU 2018-03 and has determined that there is no effect on its condensed consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 was effective on January 1, 2020, with early adoption permitted.  The Company adopted ASU 2016-13 during the first quarter of 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption on its condensed consolidated financial statements and related disclosures. 

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of restricted cash and cash equivalents

June 30, 

December 31, 

    

2020

    

2019

 

Cash and cash equivalents

 

$

127,722

 

$

155,889

Restricted cash - current

14,855

6,045

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

142,892

 

$

162,249

v3.20.2
CASH FLOW INFORMATION (Tables)
6 Months Ended
Jun. 30, 2020
CASH FLOW INFORMATION  
Schedule of cash flow information related to operating leases

For the Six Months Ended

June 30, 

2020

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating lease

$

1,115

$

1,115

v3.20.2
NET LOSS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2020
NET LOSS PER SHARE  
Components of denominator for calculation of basic and diluted net (loss) earnings per share

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

    

2019

    

2020

    

2019

 

Common shares outstanding, basic:

Weighted-average common shares outstanding, basic

41,900,901

 

41,742,301

41,883,629

 

41,734,248

Common shares outstanding, diluted:

Weighted-average common shares outstanding, basic

41,900,901

 

41,742,301

41,883,629

 

41,734,248

Dilutive effect of warrants

 

 

Dilutive effect of stock options

Dilutive effect of restricted stock awards

 

 

Weighted-average common shares outstanding, diluted

41,900,901

 

41,742,301

41,883,629

 

41,734,248

v3.20.2
DEBT (Tables)
6 Months Ended
Jun. 30, 2020
DEBT  
Schedule of components of Long-term debt

June 30, 

December 31, 

    

2020

    

2019

 

Principal amount

 

$

494,474

 

$

495,824

Less: Unamortized debt financing costs

 

(11,648)

 

(13,094)

Less: Current portion

 

(79,522)

 

(69,747)

Long-term debt, net

 

$

403,304

 

$

412,983

June 30, 2020

December 31, 2019

Unamortized

Unamortized

Debt Issuance

Debt Issuance

    

Principal

    

Cost

    

Principal

    

Cost

 

$495 Million Credit Facility

$

373,654

$

9,941

$

395,724

$

11,642

$133 Million Credit Facility

120,820

1,707

100,100

1,452

Total debt

$

494,474

 

$

11,648

$

495,824

 

$

13,094

Schedule of effective interest rate and the range of interest rates on the debt

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

2019

2020

  

2019

Effective Interest Rate

3.62

%  

5.43

%  

4.22

%  

  

5.50

%  

Range of Interest Rates (excluding unused commitment fees)

2.67 % to 4.57

%  

4.90 % to 5.50

%  

2.67 % to 5.05

%  

  

4.90 % to 5.76

%  

v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of fair values and carrying values of the Company's financial instruments

June 30, 2020

December 31, 2019

    

Carrying

    

    

Carrying

    

 

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

$

127,722

$

127,722

$

155,889

$

155,889

Restricted cash

 

15,170

 

15,170

 

6,360

 

6,360

Principal amount of floating rate debt

 

494,474

 

494,474

 

495,824

 

495,824

v3.20.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
6 Months Ended
Jun. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
Schedule of accounts payable and accrued expenses

    

June 30, 

    

December 31, 

    

2020

    

2019

 

Accounts payable

$

11,206

$

26,040

Accrued general and administrative expenses

 

2,849

 

4,105

Accrued vessel operating expenses

 

10,016

 

19,459

Total accounts payable and accrued expenses

$

24,071

$

49,604

v3.20.2
VOYAGE REVENUES (Tables)
6 Months Ended
Jun. 30, 2020
VOYAGE REVENUES  
Schedule of voyage revenue

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

2020

    

2019

Lease revenue

$

11,983

$

25,852

$

31,134

$

49,242

Spot market voyage revenue

62,223

57,698

141,408

127,772

Total voyage revenues

$

74,206

$

83,550

$

172,542

$

177,014

v3.20.2
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2020
2014 MIP Plan | Warrants  
Stock Awards  
Summary of warrant activity and warrants outstanding

The following table summarizes certain information about the warrants outstanding as of June 30, 2020:

Warrants Outstanding and Exercisable,

June 30, 2020

Weighted

Weighted

Average

Average

Remaining

Number of

Exercise

Contractual

Warrants

    

Price

    

Life

 

8,557,461

$

281.82

0.10

2015 EIP Plan | Stock Options  
Stock Awards  
Schedule of nonvested stock amortization expense

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

2019

2020

    

2019

 

General and administrative expenses

$

192

$

229

$

397

$

411

Schedule of stock option activity

Weighted

Weighted

Number

Average

Average

of

Exercise

Fair

    

Options

    

Price

    

Value

    

Outstanding at January 1, 2020 - Unvested

 

322,279

 

$

9.41

4.72

Granted

 

344,568

7.06

2.01

Exercisable

 

(119,923)

9.87

5.05

Exercised

 

Forfeited

 

(3,378)

8.07

3.76

Outstanding at June 30, 2020 - Unvested

 

543,546

 

$

7.83

$

2.94

The following table summarizes certain information about the options outstanding as of June 30, 2020:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2020

June 30, 2020

Weighted

Weighted

 

Weighted

Average

 

Weighted

Average

Weighted

Average

Exercise Price of

 

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

8.86

 

543,546

$

7.83

5.22

293,792

$

10.78

3.51

2015 EIP Plan | Restricted Stock Units  
Stock Awards  
Schedule of nonvested stock amortization expense

    

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2020

2019

    

2020

    

2019

 

General and administrative expenses

$

284

$

340

$

560

$

610

Summary of nonvested restricted stock units

Weighted

Number of

Average Grant

RSUs

Date Price

Outstanding at January 1, 2020

162,096

$

9.26

Granted

178,385

7.00

Vested

(50,672)

9.45

Forfeited

(1,490)

8.39

Outstanding at June 30, 2020

288,319

$

7.83

The total fair value of the RSUs that vested during the six months ended June 30, 2020 and 2019 was $352 and $230, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2020:

Unvested RSUs

Vested RSUs

June 30, 2020

June 30, 2020

Weighted

Weighted

Average

Weighted

Average

Remaining

Average

Number of

Grant Date

Contractual

Number of

Grant Date

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

288,319

$

7.83

2.04

472,895

$

11.25

v3.20.2
GENERAL INFORMATION (Details)
6 Months Ended
Jun. 30, 2020
segment
item
t
Segment reporting  
Number of reportable segments | segment 1
Drybulk Vessels  
Segment reporting  
Number of vessels in fleet 53
Capacity of vessels | t 4,837,000
Average age of vessels 10 years
Capesize Drybulk Carriers  
Segment reporting  
Number of vessels in fleet 17
Ultramax Drybulk Carriers  
Segment reporting  
Number of vessels in fleet 6
Supramax Drybulk Carriers  
Segment reporting  
Number of vessels in fleet 20
Handysize Drybulk Carriers  
Segment reporting  
Number of vessels in fleet 10
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Restricted Cash        
Cash and cash equivalents $ 127,722 $ 155,889    
Restricted cash - current 14,855 6,045    
Restricted cash - noncurrent 315 315    
Cash, cash equivalents and restricted cash $ 142,892 $ 162,249 $ 165,436 $ 202,761
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Voyage expense recognition        
Net loss (gain) on purchase and sale of bunker fuel and net realizable value adjustments $ 958 $ (113) $ 1,800 $ 237
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Oct. 10, 2019
USD ($)
Aug. 02, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2020
item
Feb. 24, 2020
item
Impairment of long-lived assets                
Impairment of vessel assets     $ 0 $ 13,897 $ 112,814 $ 13,897    
Net proceeds from sale of vessels         14,726 6,309    
Genco Picardy, Genco Predator, Genco Provence and Genco Warrior                
Impairment of long-lived assets                
Number impaired vessel assets | item             4  
Impairment of vessel assets         27,046      
Baltic Hare, Baltic Fox, Baltic Wind, Baltic Cove, Baltic Breeze, Genco Ocean, Genco Bay, Genco Avra, Genco Mare and Genco Spirit                
Impairment of long-lived assets                
Number of vessels to be disposed | item               10
Impairment of vessel assets         $ 85,768      
Baltic Wind, Baltic Breeze and Genco Bay                
Impairment of long-lived assets                
Number of vessels to be disposed | item             3  
Genco Challenger                
Impairment of long-lived assets                
Impairment of vessel assets       4,401   4,401    
Sale of assets $ 5,250 $ 5,250            
Broker commission (as a percent) 2.00% 2.00%            
Adjusted net sales price of vessel       5,145   5,145    
Genco Champion and Genco Charger                
Impairment of long-lived assets                
Impairment of vessel assets       $ 9,496   $ 9,496    
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
item
Jun. 30, 2019
item
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Gain on sale of vessels        
(Loss) gain on sale of vessels     $ (486) $ 611
Number of vessels sold | item 0 0    
Genco Charger and Genco Thunder        
Gain on sale of vessels        
(Loss) gain on sale of vessels     $ (486)  
Genco Vigour        
Gain on sale of vessels        
(Loss) gain on sale of vessels       $ 611
v3.20.2
CASH FLOW INFORMATION - Non-cash (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Non-cash investing and financing activities    
Cash paid for interest $ 10,457 $ 14,946
Cash paid for estimated income taxes 0 0
Reclassification from vessels to vessels held for sale 23,252  
Accounts payable and accrued expenses    
Non-cash investing and financing activities    
Purchase of scrubbers 33 4,104
Purchases of vessels and ballast water treatment systems 1,726 2,383
Purchase of other fixed assets 490 $ 77
Non-cash financing activities net proceeds from sale of assets 13  
Non-cash financing activities cash dividends paid 103  
Non-cash financing activities for deferred financing costs $ 179  
v3.20.2
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended
Feb. 25, 2020
May 15, 2019
Mar. 04, 2019
Jun. 30, 2020
Restricted Stock Units        
Non-cash investing and financing activities        
Granted (in shares) 173,749 29,580 106,079 178,385
Aggregate fair value $ 1,227 $ 255 $ 890  
Stock Options        
Non-cash investing and financing activities        
Options to purchase (in shares) 344,568   240,540 344,568
Exercise price $ 7.06   $ 8.39 $ 7.06
Aggregate fair value $ 693   $ 904  
v3.20.2
CASH FLOW INFORMATION - Lease payments (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flow payments $ 1,115 $ 1,115
v3.20.2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details)
$ in Thousands
3 Months Ended
Jul. 31, 2020
USD ($)
Jul. 07, 2020
USD ($)
Jun. 05, 2020
Jun. 04, 2020
Mar. 05, 2020
USD ($)
Feb. 24, 2020
USD ($)
Dec. 11, 2019
USD ($)
Nov. 15, 2019
USD ($)
Oct. 21, 2019
USD ($)
Oct. 21, 2019
item
Oct. 10, 2019
USD ($)
Aug. 02, 2019
USD ($)
Jan. 28, 2019
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
item
Dec. 31, 2019
USD ($)
VESSEL ACQUISITIONS                                  
Number of vessels sold | item                             0 0  
Restricted cash, current                             $ 14,855   $ 6,045
Secured Debt | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Collateral vessel replacement period     360 days 180 days                          
Genco Bay | Forecast                                  
VESSEL ACQUISITIONS                                  
Sale of assets                           $ 7,900      
Broker commission (as a percent)                           2.00%      
Baltic Breeze | Subsequent Event                                  
VESSEL ACQUISITIONS                                  
Sale of assets $ 7,900                                
Broker commission (as a percent) 2.00%                                
Baltic Breeze | Secured Debt | Subsequent Event | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Restricted cash, current $ 4,797                                
Period for which sales proceeds from vessels will remain as restricted cash 360 days                                
Baltic Wind | Subsequent Event                                  
VESSEL ACQUISITIONS                                  
Sale of assets   $ 7,750                              
Broker commission (as a percent)   2.00%                              
Baltic Wind | Secured Debt | Subsequent Event | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Restricted cash, current   $ 4,575                              
Period for which sales proceeds from vessels will remain as restricted cash   360 days                              
Genco Thunder                                  
VESSEL ACQUISITIONS                                  
Sale of assets         $ 10,400                        
Broker commission (as a percent)         2.00%                        
Genco Thunder | Secured Debt | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Restricted cash, current         $ 5,339                        
Period for which sales proceeds from vessels will remain as restricted cash         360 days                        
Genco Charger                                  
VESSEL ACQUISITIONS                                  
Sale of assets           $ 5,150                      
Broker commission (as a percent)           1.00%                      
Genco Charger | Secured Debt | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Restricted cash, current           $ 3,471                      
Period for which sales proceeds from vessels will remain as restricted cash           360 days                      
Genco Raptor                                  
VESSEL ACQUISITIONS                                  
Sale of assets             $ 10,200                    
Broker commission (as a percent)             2.00%                    
Genco Raptor | Secured Debt | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Restricted cash, current             $ 6,045                   $ 6,045
Period for which sales proceeds from vessels will remain as restricted cash             360 days                    
Genco Champion                                  
VESSEL ACQUISITIONS                                  
Sale of assets                 $ 6,600                
Broker commission (as a percent)                 3.00%                
Genco Challenger                                  
VESSEL ACQUISITIONS                                  
Sale of assets                     $ 5,250 $ 5,250          
Broker commission (as a percent)                     2.00% 2.00%          
Genco Champion and Genco Challenger | Secured Debt | $495 Million Credit Facility                                  
VESSEL ACQUISITIONS                                  
Number of vessels sold | item                   2              
Vessel sale proceeds utilized as a loan repayment               $ 6,880                  
Collateral vessel replacement period               180 days                  
Genco Vigour                                  
VESSEL ACQUISITIONS                                  
Sale of assets                         $ 6,550        
Broker commission (as a percent)                         2.00%        
v3.20.2
NET LOSS PER SHARE (Details) - shares
3 Months Ended 6 Months Ended
Jul. 10, 2014
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Common shares outstanding, basic:          
Weighted average common shares outstanding-basic   41,900,901 41,742,301 41,883,629 41,734,248
Common shares outstanding, diluted:          
Weighted average common shares outstanding-basic   41,900,901 41,742,301 41,883,629 41,734,248
Weighted-average common shares outstanding, diluted (in shares)   41,900,901 41,742,301 41,883,629 41,734,248
Restricted Stock Units          
Anti-dilutive shares (in shares)   288,319 258,084 288,319 258,084
Stock Options          
Anti-dilutive shares (in shares)   837,338 496,148 837,338 496,148
MIP Warrants          
Anti-dilutive shares (in shares)   0 0 0 0
Equity Warrants          
Anti-dilutive shares (in shares)   3,936,761 3,936,761 3,936,761 3,936,761
Equity warrant term 7 years        
Equity Warrants          
Number of shares of new stock in which each warrant or right can be converted 0.10        
v3.20.2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
RELATED PARTY TRANSACTIONS        
Related party transactions $ 0 $ 0 $ 0 $ 0
v3.20.2
DEBT - Components of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Line of Credit Facility    
Principal amount $ 494,474 $ 495,824
Less: Unamortized debt financing costs (11,648) (13,094)
Less: Current portion (79,522) (69,747)
Long-term debt, net 403,304 412,983
Secured Debt | $495 Million Credit Facility    
Line of Credit Facility    
Principal amount 373,654 395,724
Less: Unamortized debt financing costs (9,941) (11,642)
Secured Debt | $133 Million Credit Facility    
Line of Credit Facility    
Principal amount 120,820 100,100
Less: Unamortized debt financing costs $ (1,707) $ (1,452)
v3.20.2
DEBT - Expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
DEBT    
Deferred financing costs, noncurrent $ 11,648 $ 13,094
v3.20.2
DEBT - $495 Million Credit Facility (Details) - Secured Debt
$ in Thousands
3 Months Ended 6 Months Ended 10 Months Ended
Jun. 05, 2020
Jun. 04, 2020
Mar. 12, 2020
USD ($)
Sep. 23, 2019
USD ($)
Aug. 28, 2019
USD ($)
Feb. 28, 2019
USD ($)
item
May 31, 2018
USD ($)
item
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
$495 Million Credit Facility                        
Line of Credit Facility                        
Maximum borrowing capacity               $ 495,000   $ 495,000   $ 495,000
Remaining borrowing capacity               0   0   0
Drawdowns during the period                   11,250    
Repayment of secured debt               $ 16,661 $ 19,575 33,321 $ 34,575  
Collateral vessel replacement period 360 days 180 days                    
$460 Million Credit Facility                        
Line of Credit Facility                        
Maximum borrowing capacity             $ 460,000          
Term of facilities             5 years          
Number of oldest vessels identified for sale for which debt will be paid down | item             7          
$35,000 Scrubber Tranche                        
Line of Credit Facility                        
Maximum borrowing capacity           $ 35,000            
Number of Capesize vessels for which the scrubber installation will be financed | item           17            
Drawdowns during the period     $ 11,250 $ 12,200 $ 9,300             $ 32,750
Amount of periodic payment                   $ 2,339    
v3.20.2
DEBT - $133 Million Credit Facility (Details) - Secured Debt
3 Months Ended 6 Months Ended
Jun. 15, 2020
USD ($)
Jun. 11, 2020
USD ($)
Aug. 14, 2018
USD ($)
item
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
$108 Million Credit Facility              
Line of Credit Facility              
Maximum borrowing capacity     $ 108,000,000        
Term of facilities     5 years        
$108 Million Credit Facility | Agreement To Purchase Ultramax And Capesize Vessels              
Line of Credit Facility              
Number of vessels committed to be acquired under purchase agreement | item     6        
$133 Million Credit Facility              
Line of Credit Facility              
Maximum borrowing capacity       $ 133,000,000   $ 133,000,000  
Drawdowns during the period           24,000,000  
Remaining borrowing capacity       1,000,000   1,000,000  
Repayment of secured debt       $ 1,700,000 $ 1,580,000 $ 3,280,000 $ 3,160,000
Revolver              
Line of Credit Facility              
Maximum borrowing capacity   $ 25,000,000          
Minimum amounts of borrowings   1,000          
Consecutive quarterly commitment reductions   $ 1,900,000          
Threshold percentage of ratio of outstanding loan to aggregate appraised value of collateral vessels.   60.00%          
Drawdowns during the period $ 24,000,000            
Revolver | LIBOR              
Line of Credit Facility              
Applicable margin over reference rate for interest payable   3.00%          
v3.20.2
DEBT - Interest Rates (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest rates on debt        
Effective Interest Rate (as a percent) 3.62% 5.43% 4.22% 5.50%
Minimum        
Interest rates on debt        
Range of interest rates (excluding unused commitment fees) 2.67% 4.90% 2.67% 4.90%
Maximum        
Interest rates on debt        
Range of interest rates (excluding unused commitment fees) 4.57% 5.50% 5.05% 5.76%
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Fair value of financial instruments    
Principal amount of floating rate debt $ 494,474 $ 495,824
Carrying Value    
Fair value of financial instruments    
Cash and cash equivalents 127,722 155,889
Restricted cash 15,170 6,360
Principal amount of floating rate debt 494,474 495,824
Fair value    
Fair value of financial instruments    
Cash and cash equivalents 127,722 155,889
Restricted cash 15,170 6,360
Principal amount of floating rate debt $ 494,474 $ 495,824
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
item
Jun. 30, 2020
USD ($)
item
Jun. 30, 2019
USD ($)
item
Dec. 31, 2019
USD ($)
Fair value of financial instruments          
Impairment of operating lease right of use asset   $ 223,000   $ 223,000  
Fair Value, Measurements, Nonrecurring          
Fair value of financial instruments          
Number of vessels written down as part of impairment 0 3 14 3  
Impairment of operating lease right of use asset $ 0   $ 0    
Fair Value, Measurements, Nonrecurring | Level 3          
Fair value of financial instruments          
Financial assets 0   0   $ 0
Financial liabilities $ 0   $ 0   $ 0
v3.20.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.    
Accounts payable $ 11,206 $ 26,040
Accrued general and administrative expenses 2,849 4,105
Accrued vessel operating expenses 10,016 19,459
Total accounts payable and accrued expenses $ 24,071 $ 49,604
v3.20.2
VOYAGE REVENUES (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income statement        
Lease, Practical Expedient, Lessor Single Lease Component true   true  
Lease revenue $ 11,983 $ 25,852 $ 31,134 $ 49,242
Voyage Revenue 62,223 57,698 141,408 127,772
Total voyage revenues 74,206 83,550 172,542 177,014
Voyage        
Income statement        
Total voyage revenues $ 74,206 $ 83,550 $ 172,542 $ 177,014
v3.20.2
LEASES - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
LEASES        
Sublease income $ 306 $ 0 $ 612 $ 0
v3.20.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Dec. 21, 2018
item
Dec. 31, 2018
USD ($)
item
Dec. 31, 2019
USD ($)
item
Jun. 30, 2020
USD ($)
Purchase commitment        
Vessel assets     $ 1,273,861 $ 1,109,341
Purchase Agreements for BWTS        
Purchase commitment        
Number of vessels to receive ballast water treatments systems | item   42    
Vessel assets     $ 12,783 16,049
Purchase Agreement of BWTS for Capesize Vessels        
Purchase commitment        
BWTS purchase price   $ 900    
Purchase Agreement of BWTS for Supramax Vessels        
Purchase commitment        
BWTS purchase price   600    
Purchase Agreement of BWTS for Handysize Vessels        
Purchase commitment        
BWTS purchase price   $ 500    
Scrubber Installation Agreements        
Purchase commitment        
Number of Capesize vessels to receive scrubber installations | item 17      
Number of completed scrubber installations | item     16  
Vessel assets     $ 41,270 $ 42,621
v3.20.2
STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan - Warrants
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2019
USD ($)
Feb. 25, 2020
$ / shares
Dec. 31, 2019
shares
Aug. 07, 2014
item
shares
Stock Awards              
Number of tranches | item             3
Amortization expense | $ $ 0 $ 0 $ 0 $ 0      
Weighted Average Fair Value              
Warrants outstanding | shares 8,557,461   8,557,461     8,557,461  
Exercisable (in dollars per share) | $ / shares $ 281.82   $ 281.82        
Weighted average remaining contractual life, exercisable     1 month 6 days        
Unrecognized compensation cost related to nonvested stock awards              
Unrecognized compensation cost | $ $ 0   $ 0        
$240.89 Warrants              
Stock Awards              
Aggregate number of shares of common stock available for awards | shares             238,066
Exercise price per share, as adjusted by dividends | $ / shares         $ 240.89221    
$267.11 Warrants              
Stock Awards              
Aggregate number of shares of common stock available for awards | shares             246,701
Exercise price per share, as adjusted by dividends | $ / shares         267.11051    
$317.87 Warrants              
Stock Awards              
Aggregate number of shares of common stock available for awards | shares             370,979
Exercise price per share, as adjusted by dividends | $ / shares         $ 317.87359    
v3.20.2
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - Stock Options - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Feb. 25, 2020
Mar. 04, 2019
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Stock options              
Vesting percentage of awards 33.33%            
Vesting period 3 years            
Unrecognized compensation cost              
Unamortized compensation cost     $ 879   $ 879    
Future amortization of stock based compensation              
Remainder of 2020     389   389    
2021     367   367    
2022     111   111    
2023     $ 12   $ 12    
Number of Options              
Outstanding at beginning of period (in shares)         322,279    
Granted (in shares) 344,568 240,540     344,568    
Exercisable (in shares)         (119,923)    
Forfeited (in shares)         (3,378)    
Outstanding at end of period (in shares)     543,546   543,546    
Weighted Average Exercise Price              
Outstanding at beginning of period (in dollars per share)         $ 9.41    
Granted (in dollars per share) $ 7.06 $ 8.39     7.06    
Exercisable (in dollars per share)         9.87    
Forfeited (in dollars per share)         8.07    
Outstanding at end of period (in dollars per share)     $ 7.83   7.83    
Weighted Average Fair Value              
Outstanding at beginning of period (in dollars per share)         4.72    
Granted (in dollars per share) $ 2.01       2.01    
Exercisable (in dollars per share)         5.05    
Forfeited (in dollars per share)         3.76    
Outstanding at end of period (in dollars per share)     2.94   2.94    
Weighted Average Exercise Price Of Outstanding Options     $ 8.86   $ 8.86    
Options Outstanding, Weighted Average Remaining Contractual Life         5 years 2 months 19 days    
Options Exercisable, Number of options     293,792   293,792    
Options Exercisable, Weighted Average Exercise Price     $ 10.78   $ 10.78    
Options Exercisable, Weighted Average Remaining Contractual Life         3 years 6 months 3 days    
Aggregate fair value $ 693 $ 904          
Stock options outstanding - nonvested and exercisable     837,338   837,338   496,148
Assumptions and Methodology              
Weighted average volatility rate (as a percent) 53.91%            
Risk-free interest rate ( as a percent) 1.41%            
Dividend rate ( as a percent) 7.13%            
Expected life (in years) 4 years            
General and Administrative Expense              
Stock options              
Amortization expense     $ 192 $ 229 $ 397 $ 411  
v3.20.2
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Feb. 25, 2020
May 15, 2019
Mar. 04, 2019
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Stock Awards                
Number of common shares outstanding in respect of RSUs       373,588   373,588   326,247
Number of Shares                
Balance at the beginning of the period (in shares)           162,096    
Granted (in shares) 173,749 29,580 106,079     178,385    
Vested (in shares)           (50,672)    
Forfeited (in shares)           (1,490)    
Balance at the end of the period (in shares)       288,319   288,319    
Weighted Average Fair Value                
Balance at the beginning of the period (in dollars per share)           $ 9.26    
Granted (in dollars per share)           7.00    
Vested (in dollars per share)           9.45    
Forfeited (in dollars per share)           8.39    
Balance at the end of the period (in dollars per share)       $ 7.83   $ 7.83    
Weighted-average remaining contractual life           2 years 14 days    
Additional disclosures                
Total fair value of shares vested           $ 352 $ 230  
Unrecognized compensation cost related to nonvested stock awards                
Unrecognized compensation cost       $ 1,274   $ 1,274    
Weighted-average period for recognition of unrecognized compensation cost           2 years 14 days    
General and Administrative Expense                
Additional disclosures                
Recognized nonvested stock amortization expense       $ 284 $ 340 $ 560 $ 610  
Vested RSUs                
Number of Shares                
Number of shares vested       472,895   472,895    
Weighted Average Fair Value                
Vested (in dollars per share)           $ 11.25    
Other Individuals                
Stock Awards                
Vesting period of awards           3 years    
v3.20.2
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Aug. 05, 2020
Jul. 31, 2020
Jul. 15, 2020
Jul. 07, 2020
Feb. 25, 2020
May 15, 2019
Mar. 04, 2019
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Subsequent Events                          
Dividends declared per share of common stock                 $ 0.02 $ 0.175      
Loss on disposal of vessels                     $ 486 $ (611)  
Restricted Cash and Cash Equivalents, Current                 $ 14,855   $ 14,855   $ 6,045
2015 EIP Plan | Restricted Stock Units                          
Subsequent Events                          
Granted (in shares)         173,749 29,580 106,079       178,385    
Aggregate fair value         $ 1,227 $ 255 $ 890            
Subsequent Event                          
Subsequent Events                          
Dividends declared per share of common stock $ 0.02                        
Aggregate amount of dividend $ 800                        
Subsequent Event | Baltic Breeze                          
Subsequent Events                          
Sale of assets   $ 7,900                      
Broker commission (as a percent)   2.00%                      
Subsequent Event | Baltic Wind                          
Subsequent Events                          
Sale of assets       $ 7,750                  
Broker commission (as a percent)       2.00%                  
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Breeze                          
Subsequent Events                          
Restricted Cash and Cash Equivalents, Current   $ 4,797                      
Period for which sales proceeds from vessels will remain as restricted cash   360 days                      
Subsequent Event | Secured Debt | $495 Million Credit Facility | Baltic Wind                          
Subsequent Events                          
Restricted Cash and Cash Equivalents, Current       $ 4,575                  
Period for which sales proceeds from vessels will remain as restricted cash       360 days                  
Subsequent Event | 2015 EIP Plan | Restricted Stock Units                          
Subsequent Events                          
Granted (in shares)     42,642                    
Aggregate fair value     $ 255                    
Subsequent Event | 2015 EIP Plan | Restricted Stock Units | Maximum                          
Subsequent Events                          
Vesting period     14 months                    
Subsequent Event | Forecast | Baltic Breeze | Minimum                          
Subsequent Events                          
Loss on disposal of vessels               $ 200          
Subsequent Event | Forecast | Baltic Breeze | Maximum                          
Subsequent Events                          
Loss on disposal of vessels               400          
Subsequent Event | Forecast | Baltic Wind | Minimum                          
Subsequent Events                          
Loss on disposal of vessels               200          
Subsequent Event | Forecast | Baltic Wind | Maximum                          
Subsequent Events                          
Loss on disposal of vessels               $ 400