| DEBT
|
|
|
|
|
|
|
|
|
|
Wholly Owned Subsidiaries | Vessels Acquired | Dwt | Delivery Date | Year Built | |||||
Genco Reliance Limited | Genco Reliance | 29,952 | 12/6/04 | 1999 | |||||
Genco Vigour Limited | Genco Vigour | 73,941 | 12/15/04 | 1999 | |||||
Genco Explorer Limited | Genco Explorer | 29,952 | 12/17/04 | 1999 | |||||
Genco Carrier Limited | Genco Carrier | 47,180 | 12/28/04 | 1998 | |||||
Genco Sugar Limited | Genco Sugar | 29,952 | 12/30/04 | 1998 | |||||
Genco Pioneer Limited | Genco Pioneer | 29,952 | 1/4/05 | 1999 | |||||
Genco Progress Limited | Genco Progress | 29,952 | 1/12/05 | 1999 | |||||
Genco Wisdom Limited | Genco Wisdom | 47,180 | 1/13/05 | 1997 | |||||
Genco Success Limited | Genco Success | 47,186 | 1/31/05 | 1997 | |||||
Genco Beauty Limited | Genco Beauty | 73,941 | 2/7/05 | 1999 | |||||
Genco Knight Limited | Genco Knight | 73,941 | 2/16/05 | 1999 | |||||
Genco Leader Limited | Genco Leader | 73,941 | 2/16/05 | 1999 | |||||
Genco Marine Limited | Genco Marine | 45,222 | 3/29/05 | 1996 | |||||
Genco Prosperity Limited | Genco Prosperity | 47,180 | 4/4/05 | 1997 | |||||
Genco Muse Limited | Genco Muse | 48,913 | 10/14/05 | 2001 | |||||
Genco Acheron Limited | Genco Acheron | 72,495 | 11/7/06 | 1999 | |||||
Genco Surprise Limited | Genco Surprise | 72,495 | 11/17/06 | 1998 | |||||
Genco Augustus Limited | Genco Augustus | 180,151 | 8/17/07 | 2007 | |||||
Genco Tiberius Limited | Genco Tiberius | 175,874 | 8/28/07 | 2007 | |||||
Genco London Limited | Genco London | 177,833 | 9/28/07 | 2007 | |||||
Genco Titus Limited | Genco Titus | 177,729 | 11/15/07 | 2007 | |||||
Genco Challenger Limited | Genco Challenger | 28,428 | 12/14/07 | 2003 | |||||
Genco Charger Limited | Genco Charger | 28,398 | 12/14/07 | 2005 | |||||
Genco Warrior Limited | Genco Warrior | 55,435 | 12/17/07 | 2005 | |||||
Genco Predator Limited | Genco Predator | 55,407 | 12/20/07 | 2005 | |||||
Genco Hunter Limited | Genco Hunter | 58,729 | 12/20/07 | 2007 | |||||
Genco Champion Limited | Genco Champion | 28,445 | 1/2/08 | 2006 | |||||
Genco Constantine Limited | Genco Constantine | 180,183 | 2/21/08 | 2008 | |||||
Genco Raptor LLC | Genco Raptor | 76,499 | 6/23/08 | 2007 | |||||
Genco Cavalier LLC | Genco Cavalier | 53,617 | 7/17/08 | 2007 | |||||
Genco Thunder LLC | Genco Thunder | 76,588 | 9/25/08 | 2007 | |||||
Genco Hadrian Limited | Genco Hadrian | 169,694 | 12/29/08 | 2008 | |||||
Genco Commodus Limited | Genco Commodus | 169,025 | 7/22/09 | 2009 | |||||
Genco Maximus Limited | Genco Maximus | 169,025 | 9/18/09 | 2009 | |||||
Genco Claudius Limited | Genco Claudius | 169,025 | 12/30/09 | 2010 | |||||
Genco Bay Limited | Genco Bay | 34,296 | 8/24/10 | 2010 | |||||
Genco Ocean Limited | Genco Ocean | 34,409 | 7/26/10 | 2010 | |||||
Genco Avra Limited | Genco Avra | 34,391 | 5/12/11 | 2011 | |||||
Genco Mare Limited | Genco Mare | 34,428 | 7/20/11 | 2011 | |||||
Genco Spirit Limited | Genco Spirit | 34,432 | 11/10/11 | 2011 | |||||
Genco Aquitaine Limited | Genco Aquitaine | 57,981 | 8/18/10 | 2009 |
Wholly Owned Subsidiaries | Vessels Acquired | Dwt | Delivery Date | Year Built | |||||
Genco Ardennes Limited | Genco Ardennes | 57,981 | 8/31/10 | 2009 | |||||
Genco Auvergne Limited | Genco Auvergne | 57,981 | 8/16/10 | 2009 | |||||
Genco Bourgogne Limited | Genco Bourgogne | 57,981 | 8/24/10 | 2010 | |||||
Genco Brittany Limited | Genco Brittany | 57,981 | 9/23/10 | 2010 | |||||
Genco Languedoc Limited | Genco Languedoc | 57,981 | 9/29/10 | 2010 | |||||
Genco Loire Limited | Genco Loire | 53,416 | 8/4/10 | 2009 | |||||
Genco Lorraine Limited | Genco Lorraine | 53,416 | 7/29/10 | 2009 | |||||
Genco Normandy Limited | Genco Normandy | 53,596 | 8/10/10 | 2007 | |||||
Genco Picardy Limited | Genco Picardy | 55,257 | 8/16/10 | 2005 | |||||
Genco Provence Limited | Genco Provence | 55,317 | 8/23/10 | 2004 | |||||
Genco Pyrenees Limited | Genco Pyrenees | 57,981 | 8/10/10 | 2010 | |||||
Genco Rhone Limited | Genco Rhone | 58,018 | 3/29/11 | 2011 |
Baltic Trading’s Wholly Owned Subsidiaries | Vessel | Dwt | Delivery Date | Year Built | |||||
Baltic Leopard Limited | Baltic Leopard | 53,447 | 4/8/10 | 2009 | |||||
Baltic Panther Limited | Baltic Panther | 53,351 | 4/29/10 | 2009 | |||||
Baltic Cougar Limited | Baltic Cougar | 53,432 | 5/28/10 | 2009 | |||||
Baltic Jaguar Limited | Baltic Jaguar | 53,474 | 5/14/10 | 2009 | |||||
Baltic Bear Limited | Baltic Bear | 177,717 | 5/14/10 | 2010 | |||||
Baltic Wolf Limited | Baltic Wolf | 177,752 | 10/14/10 | 2010 | |||||
Baltic Wind Limited | Baltic Wind | 34,409 | 8/4/10 | 2009 | |||||
Baltic Cove Limited | Baltic Cove | 34,403 | 8/23/10 | 2010 | |||||
Baltic Breeze Limited | Baltic Breeze | 34,386 | 10/12/10 | 2010 | |||||
Baltic Fox Limited | Baltic Fox | 31,883 | 9/6/2013 | 2010 | |||||
Baltic Hare Limited | Baltic Hare | 31,887 | 9/5/2013 | 2009 | |||||
Baltic Lion Limited | Baltic Lion | 179,185 | Q4 2013 (1) | 2012 | |||||
Baltic Tiger Limited | Baltic Tiger | 179,185 | Q4 2013 (1) | 2011 |
|
|
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Voyage revenue from external customers | ||||||||||||||||
GS&T | $ | 49,503 | $ | 47,312 | $ | 121,755 | $ | 154,552 | ||||||||
Baltic Trading | 9,102 | 6,291 | 21,467 | 20,188 | ||||||||||||
Total operating segments | 58,605 | 53,603 | 143,222 | 174,740 | ||||||||||||
Eliminating revenue | — | — | — | — | ||||||||||||
Total consolidated voyage revenue from external customers | $ | 58,605 | $ | 53,603 | $ | 143,222 | $ | 174,740 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Intersegment revenue | ||||||||||||||||
GS&T | $ | 1,187 | $ | 703 | $ | 2,563 | $ | 2,109 | ||||||||
Baltic Trading | — | — | — | — | ||||||||||||
Total operating segments | 1,187 | 703 | 2,563 | 2,109 | ||||||||||||
Eliminating revenue | (1,187 | ) | (703 | ) | (2,563 | ) | (2,109 | ) | ||||||||
Total consolidated intersegment revenue | $ | — | $ | — | $ | — | $ | — |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss | ||||||||||||||||
GS&T | $ | (34,277 | ) | $ | (36,969 | ) | $ | (125,422 | ) | $ | (94,779 | ) | ||||
Baltic Trading | (2,270 | ) | (4,822 | ) | (11,979 | ) | (12,942 | ) | ||||||||
Total operating segments | (36,547 | ) | (41,791 | ) | (137,401 | ) | (107,721 | ) | ||||||||
Eliminating net income | 429 | 246 | 465 | 1,194 | ||||||||||||
Total consolidated net loss | $ | (36,976 | ) | $ | (42,037 | ) | $ | (137,866 | ) | $ | (108,915 | ) |
September 30, 2013 | December 31, 2012 | |||||||
Total assets | ||||||||
GS&T | $ | 2,384,172 | $ | 2,482,486 | ||||
Baltic Trading | 457,397 | 364,370 | ||||||
Total operating segments | 2,841,569 | 2,846,856 | ||||||
Eliminating assets | (3,845 | ) | (3,485 | ) | ||||
Total consolidated assets | $ | 2,837,724 | $ | 2,843,371 |
|
|
|
|
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Common shares outstanding, basic: | ||||||||||||||||
Weighted-average common shares outstanding, basic | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 | ||||||||||||
Common shares outstanding, diluted: | ||||||||||||||||
Weighted-average common shares outstanding, basic | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 | ||||||||||||
Dilutive effect of convertible notes | — | — | — | — | ||||||||||||
Dilutive effect of restricted stock awards | — | — | — | — | ||||||||||||
Weighted-average common shares outstanding, diluted | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss attributable to GS&T | $ | (35,034 | ) | $ | (38,449 | ) | $ | (128,566 | ) | $ | (99,289 | ) | ||||
Interest expense related to convertible notes, if dilutive | — | — | — | — | ||||||||||||
Net loss attributable to GS&T for the computation of diluted net loss per share | $ | (35,034 | ) | $ | (38,449 | ) | $ | (128,566 | ) | $ | (99,289 | ) |
|
|
September 30, 2013 | December 31, 2012 | |||||||
2007 Credit Facility | $ | 1,055,912 | $ | 1,055,912 | ||||
$100 Million Term Loan Facility | 75,484 | 75,484 | ||||||
$253 Million Term Loan Facility | 180,793 | 180,793 | ||||||
2010 Baltic Trading Credit Facility | 102,250 | 101,250 | ||||||
2013 Baltic Trading Credit Facility | 22,000 | — | ||||||
Less: Current portion | (1,313,689 | ) | — | |||||
Long-term debt | $ | 122,750 | $ | 1,413,439 |
· | The requirement that certain additional vessels acquired by Baltic Trading be mortgages as collateral under the 2010 Baltic Trading Credit Facility was eliminated. |
· | Restrictions on the incurrence of indebtedness by Baltic Trading and its subsidiaries were amended to apply only to those subsidiaries acting as guarantors under the 2010 Baltic Trading Credit Facility. |
· | The total commitment under this facility was reduced to $110,000 and will be further reduced in three consecutive semi-annual reductions of $5,000 commencing on May 30, 2015. |
· | Borrowings bear interest at an applicable margin over LIBOR of 3.00% per annum if the ratio of the maximum facility amount of the aggregate appraised value of vessels mortgaged under the facility is 55% or less, measured quarterly; otherwise, the applicable margin is 3.35% per annum. |
· | Financial covenants corresponding to the liquidity and leverage under the 2013 Baltic Trading Credit Facility (as defined below) have been incorporated into the 2010 Baltic Trading Credit Facility. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Effective Interest Rate | 4.69 | % | 4.65 | % | 4.72 | % | 4.60 | % | ||||||||
Range of Interest Rates (excluding impact of swaps and unused commitment fees) | 3.18% to 4.31 | % | 3.22% to 4.50 | % | 3.18% to 4.38 | % | 3.22% to 4.63 | % |
|
September 30, 2013 | December 31, 2012 | |||||||
Carrying amount of the equity component (additional paid-in capital) | $ | 24,375 | $ | 24,375 | ||||
Principal amount of the 2010 Notes | 125,000 | 125,000 | ||||||
Unamortized discount of the liability component | 10,429 | 14,082 | ||||||
Net carrying amount of the liability component | 114,571 | 110,918 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Effective interest rate on liability component | 10.0 | % | 10.0 | % | 10.0 | % | 10.0 | % | ||||||||
Cash interest expense recognized | $ | 1,575 | $ | 1,580 | $ | 4,687 | $ | 4,696 | ||||||||
Non-cash interest expense recognized | 1,265 | 1,158 | 3,653 | 3,345 | ||||||||||||
Non-cash deferred financing amortization costs included in interest expense | 181 | 181 | 537 | 540 |
|
September 30, 2013 | December 31, 2012 | ||||||||||||||
Interest Rate Swap Detail | Notional | Notional | |||||||||||||
Trade | Fixed | Start Date | End date | Amount | Amount | ||||||||||
Date | Rate | of Swap | of Swap | Outstanding | Outstanding | ||||||||||
9/6/05 | 4.485 | % | 9/14/05 | 7/29/15 | $ | 106,233 | $ | 106,233 | |||||||
3/29/06 | 5.25 | % | 1/2/07 | 1/1/14 | 50,000 | 50,000 | |||||||||
3/24/06 | 5.075 | % | 1/2/08 | 1/2/13 | — | 50,000 | |||||||||
1/9/09 | 2.05 | % | 1/22/09 | 1/22/14 | 100,000 | 100,000 | |||||||||
2/11/09 | 2.45 | % | 2/23/09 | 2/23/14 | 50,000 | 50,000 | |||||||||
$ | 306,233 | $ | 356,233 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance | Fair Value | Balance | Fair Value | |||||||||||||||
Sheet Location | September 30, 2013 | December 31, 2012 | Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Interest rate contracts | Fair value of derivative instruments (Current Assets) | $ | — | $ | — | Fair value of derivative instruments (Current Liabilities) | $ | 9,292 | $ | 7 | ||||||||
Interest rate contracts | Fair value of derivative instruments (Noncurrent Assets) | — | — | Fair value of derivative instruments (Noncurrent Liabilities) | — | 16,045 | ||||||||||||
Total derivatives designated as hedging instruments | — | — | 9,292 | 16,052 | ||||||||||||||
Total Derivatives | $ | — | $ | — | $ | 9,292 | $ | 16,052 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2013 | Portion) | 2013 | Portion) | 2013 | |||||||||
Interest rate contracts | $ | (439 | ) | Interest Expense | $ | (2,515 | ) | Other Income (Expense) | $ | 2 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2012 | Portion) | 2012 | Portion) | 2012 | |||||||||
Interest rate contracts | $ | (1,434 | ) | Interest Expense | $ | (2,959 | ) | Other Income (Expense) | $ | 30 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2013 | Portion) | 2013 | Portion) | 2013 | |||||||||
Interest rate contracts | $ | (668 | ) | Interest Expense | $ | (7,431 | ) | Other Income (Expense) | $ | (3 | ) |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2012 | Portion) | 2012 | Portion) | 2012 | |||||||||
Interest rate contracts | $ | (3,999 | ) | Interest Expense | $ | (10,392 | ) | Other Income (Expense) | $ | 76 |
|
Net Unrealized Gain (Loss) on Cash Flow Hedges | Net Unrealized Gain on Investments | Total | ||||||||||
AOCI — January 1, 2013 | $ | (16,057 | ) | $ | 4,216 | $ | (11,841 | ) | ||||
OCI before reclassifications | 14,194 | 20,841 | 35,035 | |||||||||
Amounts reclassified from AOCI | (7,431 | ) | — | (7,431 | ) | |||||||
Net current-period OCI | 6,763 | 20,841 | 27,604 | |||||||||
AOCI — September 30, 2013 | $ | (9,294 | ) | $ | 25,057 | $ | 15,763 |
Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement Where Net Loss is Presented | |||
Gains and losses on cash flow hedges | |||||
Interest rate contracts | $ | 7,431 | Interest expense | ||
Total reclassifications for the period | $ | 7,431 |
|
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 109,492 | $ | 109,492 | $ | 72,600 | $ | 72,600 | ||||||||
Restricted cash | 10,150 | 10,150 | 10,150 | 10,150 | ||||||||||||
Floating rate debt | 1,436,439 | See below | 1,413,439 | 1,413,439 | ||||||||||||
2010 Notes | 114,571 | 63,438 | 110,918 | 44,375 |
· | 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. |
September 30, 2013 | ||||||||||||
Total | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Investments | $ | 41,829 | $ | 41,829 | $ | — | ||||||
Derivative instruments — liability position | 9,292 | — | 9,292 |
December 31, 2012 | ||||||||||||
Total | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Investments | $ | 20,988 | $ | 20,988 | $ | — | ||||||
Derivative instruments — liability position | 16,052 | — | 16,052 |
|
September 30, 2013 | December 31, 2012 | |||||||
Lubricant inventory, fuel oil and diesel oil inventory and other stores | $ | 10,989 | $ | 10,322 | ||||
Prepaid items | 3,953 | 5,067 | ||||||
Insurance receivable | 1,352 | 1,817 | ||||||
Other | 2,096 | 940 | ||||||
Total prepaid expenses and other current assets | $ | 18,390 | $ | 18,146 |
|
September 30, 2013 | December 31, 2012 | |||||||
2007 Credit Facility | $ | 29,568 | $ | 29,568 | ||||
$100 Million Term Loan Facility | 1,783 | 1,783 | ||||||
$253 Million Term Loan Facility | 4,708 | 4,708 | ||||||
2010 Notes | 3,637 | 3,637 | ||||||
2010 Baltic Trading Credit Facility | 3,339 | 3,027 | ||||||
2013 Baltic Trading Credit Facility | 507 | — | ||||||
Total deferred financing costs | 43,542 | 42,723 | ||||||
Less: accumulated amortization | 20,025 | 13,162 | ||||||
Total | $ | 23,517 | $ | 29,561 |
|
September 30, 2013 | December 31, 2012 | |||||||
Fixed assets, at cost: | ||||||||
Vessel equipment | $ | 3,622 | $ | 3,043 | ||||
Leasehold improvements | 3,823 | 3,823 | ||||||
Furniture and fixtures | 997 | 997 | ||||||
Computer equipment | 754 | 706 | ||||||
Total costs | 9,196 | 8,569 | ||||||
Less: accumulated depreciation and amortization | 3,998 | 3,311 | ||||||
Total | $ | 5,198 | $ | 5,258 |
|
September 30, 2013 | December 31, 2012 | |||||||
Accounts payable | $ | 4,617 | $ | 4,477 | ||||
Accrued general and administrative expenses | 10,190 | 8,803 | ||||||
Accrued vessel operating expenses | 9,688 | 10,387 | ||||||
Total | $ | 24,495 | $ | 23,667 |
|
|
|
Number of Shares | Weighted Average Grant Date Price | |||||||
Outstanding at January 1, 2013 | 1,108,762 | $ | 9.47 | |||||
Granted | 200,634 | 1.57 | ||||||
Vested | (70,000 | ) | 2.86 | |||||
Forfeited | (21,500 | ) | 5.53 | |||||
Outstanding at September 30, 2013 | 1,217,896 | $ | 8.61 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
General, administrative, and management fees | $ | 749 | $ | 1,069 | $ | 2,314 | $ | 3,214 |
Number of Baltic Trading Common Shares | Weighted Average Grant Date Price | |||||||
Outstanding at January 1, 2013 | 664,249 | $ | 7.70 | |||||
Granted | 59,680 | 3.77 | ||||||
Vested | (166,500 | ) | 10.76 | |||||
Forfeited | — | — | ||||||
Outstanding at September 30, 2013 | 557,429 | $ | 6.37 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
General, administrative, and management fees | $ | 341 | $ | 403 | $ | 1,156 | $ | 1,377 |
|
|
|
|
|
Wholly Owned Subsidiaries | Vessels Acquired | Dwt | Delivery Date | Year Built | |||||
Genco Reliance Limited | Genco Reliance | 29,952 | 12/6/04 | 1999 | |||||
Genco Vigour Limited | Genco Vigour | 73,941 | 12/15/04 | 1999 | |||||
Genco Explorer Limited | Genco Explorer | 29,952 | 12/17/04 | 1999 | |||||
Genco Carrier Limited | Genco Carrier | 47,180 | 12/28/04 | 1998 | |||||
Genco Sugar Limited | Genco Sugar | 29,952 | 12/30/04 | 1998 | |||||
Genco Pioneer Limited | Genco Pioneer | 29,952 | 1/4/05 | 1999 | |||||
Genco Progress Limited | Genco Progress | 29,952 | 1/12/05 | 1999 | |||||
Genco Wisdom Limited | Genco Wisdom | 47,180 | 1/13/05 | 1997 | |||||
Genco Success Limited | Genco Success | 47,186 | 1/31/05 | 1997 | |||||
Genco Beauty Limited | Genco Beauty | 73,941 | 2/7/05 | 1999 | |||||
Genco Knight Limited | Genco Knight | 73,941 | 2/16/05 | 1999 | |||||
Genco Leader Limited | Genco Leader | 73,941 | 2/16/05 | 1999 | |||||
Genco Marine Limited | Genco Marine | 45,222 | 3/29/05 | 1996 | |||||
Genco Prosperity Limited | Genco Prosperity | 47,180 | 4/4/05 | 1997 | |||||
Genco Muse Limited | Genco Muse | 48,913 | 10/14/05 | 2001 | |||||
Genco Acheron Limited | Genco Acheron | 72,495 | 11/7/06 | 1999 | |||||
Genco Surprise Limited | Genco Surprise | 72,495 | 11/17/06 | 1998 | |||||
Genco Augustus Limited | Genco Augustus | 180,151 | 8/17/07 | 2007 | |||||
Genco Tiberius Limited | Genco Tiberius | 175,874 | 8/28/07 | 2007 | |||||
Genco London Limited | Genco London | 177,833 | 9/28/07 | 2007 | |||||
Genco Titus Limited | Genco Titus | 177,729 | 11/15/07 | 2007 | |||||
Genco Challenger Limited | Genco Challenger | 28,428 | 12/14/07 | 2003 | |||||
Genco Charger Limited | Genco Charger | 28,398 | 12/14/07 | 2005 | |||||
Genco Warrior Limited | Genco Warrior | 55,435 | 12/17/07 | 2005 | |||||
Genco Predator Limited | Genco Predator | 55,407 | 12/20/07 | 2005 | |||||
Genco Hunter Limited | Genco Hunter | 58,729 | 12/20/07 | 2007 | |||||
Genco Champion Limited | Genco Champion | 28,445 | 1/2/08 | 2006 | |||||
Genco Constantine Limited | Genco Constantine | 180,183 | 2/21/08 | 2008 | |||||
Genco Raptor LLC | Genco Raptor | 76,499 | 6/23/08 | 2007 | |||||
Genco Cavalier LLC | Genco Cavalier | 53,617 | 7/17/08 | 2007 | |||||
Genco Thunder LLC | Genco Thunder | 76,588 | 9/25/08 | 2007 | |||||
Genco Hadrian Limited | Genco Hadrian | 169,694 | 12/29/08 | 2008 | |||||
Genco Commodus Limited | Genco Commodus | 169,025 | 7/22/09 | 2009 | |||||
Genco Maximus Limited | Genco Maximus | 169,025 | 9/18/09 | 2009 | |||||
Genco Claudius Limited | Genco Claudius | 169,025 | 12/30/09 | 2010 | |||||
Genco Bay Limited | Genco Bay | 34,296 | 8/24/10 | 2010 | |||||
Genco Ocean Limited | Genco Ocean | 34,409 | 7/26/10 | 2010 | |||||
Genco Avra Limited | Genco Avra | 34,391 | 5/12/11 | 2011 | |||||
Genco Mare Limited | Genco Mare | 34,428 | 7/20/11 | 2011 | |||||
Genco Spirit Limited | Genco Spirit | 34,432 | 11/10/11 | 2011 | |||||
Genco Aquitaine Limited | Genco Aquitaine | 57,981 | 8/18/10 | 2009 |
Wholly Owned Subsidiaries | Vessels Acquired | Dwt | Delivery Date | Year Built | |||||
Genco Ardennes Limited | Genco Ardennes | 57,981 | 8/31/10 | 2009 | |||||
Genco Auvergne Limited | Genco Auvergne | 57,981 | 8/16/10 | 2009 | |||||
Genco Bourgogne Limited | Genco Bourgogne | 57,981 | 8/24/10 | 2010 | |||||
Genco Brittany Limited | Genco Brittany | 57,981 | 9/23/10 | 2010 | |||||
Genco Languedoc Limited | Genco Languedoc | 57,981 | 9/29/10 | 2010 | |||||
Genco Loire Limited | Genco Loire | 53,416 | 8/4/10 | 2009 | |||||
Genco Lorraine Limited | Genco Lorraine | 53,416 | 7/29/10 | 2009 | |||||
Genco Normandy Limited | Genco Normandy | 53,596 | 8/10/10 | 2007 | |||||
Genco Picardy Limited | Genco Picardy | 55,257 | 8/16/10 | 2005 | |||||
Genco Provence Limited | Genco Provence | 55,317 | 8/23/10 | 2004 | |||||
Genco Pyrenees Limited | Genco Pyrenees | 57,981 | 8/10/10 | 2010 | |||||
Genco Rhone Limited | Genco Rhone | 58,018 | 3/29/11 | 2011 |
Baltic Trading’s Wholly Owned Subsidiaries | Vessel | Dwt | Delivery Date | Year Built | |||||
Baltic Leopard Limited | Baltic Leopard | 53,447 | 4/8/10 | 2009 | |||||
Baltic Panther Limited | Baltic Panther | 53,351 | 4/29/10 | 2009 | |||||
Baltic Cougar Limited | Baltic Cougar | 53,432 | 5/28/10 | 2009 | |||||
Baltic Jaguar Limited | Baltic Jaguar | 53,474 | 5/14/10 | 2009 | |||||
Baltic Bear Limited | Baltic Bear | 177,717 | 5/14/10 | 2010 | |||||
Baltic Wolf Limited | Baltic Wolf | 177,752 | 10/14/10 | 2010 | |||||
Baltic Wind Limited | Baltic Wind | 34,409 | 8/4/10 | 2009 | |||||
Baltic Cove Limited | Baltic Cove | 34,403 | 8/23/10 | 2010 | |||||
Baltic Breeze Limited | Baltic Breeze | 34,386 | 10/12/10 | 2010 | |||||
Baltic Fox Limited | Baltic Fox | 31,883 | 9/6/2013 | 2010 | |||||
Baltic Hare Limited | Baltic Hare | 31,887 | 9/5/2013 | 2009 | |||||
Baltic Lion Limited | Baltic Lion | 179,185 | Q4 2013 (1) | 2012 | |||||
Baltic Tiger Limited | Baltic Tiger | 179,185 | Q4 2013 (1) | 2011 |
|
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Voyage revenue from external customers | ||||||||||||||||
GS&T | $ | 49,503 | $ | 47,312 | $ | 121,755 | $ | 154,552 | ||||||||
Baltic Trading | 9,102 | 6,291 | 21,467 | 20,188 | ||||||||||||
Total operating segments | 58,605 | 53,603 | 143,222 | 174,740 | ||||||||||||
Eliminating revenue | — | — | — | — | ||||||||||||
Total consolidated voyage revenue from external customers | $ | 58,605 | $ | 53,603 | $ | 143,222 | $ | 174,740 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Intersegment revenue | ||||||||||||||||
GS&T | $ | 1,187 | $ | 703 | $ | 2,563 | $ | 2,109 | ||||||||
Baltic Trading | — | — | — | — | ||||||||||||
Total operating segments | 1,187 | 703 | 2,563 | 2,109 | ||||||||||||
Eliminating revenue | (1,187 | ) | (703 | ) | (2,563 | ) | (2,109 | ) | ||||||||
Total consolidated intersegment revenue | $ | — | $ | — | $ | — | $ | — |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss | ||||||||||||||||
GS&T | $ | (34,277 | ) | $ | (36,969 | ) | $ | (125,422 | ) | $ | (94,779 | ) | ||||
Baltic Trading | (2,270 | ) | (4,822 | ) | (11,979 | ) | (12,942 | ) | ||||||||
Total operating segments | (36,547 | ) | (41,791 | ) | (137,401 | ) | (107,721 | ) | ||||||||
Eliminating net income | 429 | 246 | 465 | 1,194 | ||||||||||||
Total consolidated net loss | $ | (36,976 | ) | $ | (42,037 | ) | $ | (137,866 | ) | $ | (108,915 | ) |
September 30, 2013 | December 31, 2012 | |||||||
Total assets | ||||||||
GS&T | $ | 2,384,172 | $ | 2,482,486 | ||||
Baltic Trading | 457,397 | 364,370 | ||||||
Total operating segments | 2,841,569 | 2,846,856 | ||||||
Eliminating assets | (3,845 | ) | (3,485 | ) | ||||
Total consolidated assets | $ | 2,837,724 | $ | 2,843,371 |
|
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Common shares outstanding, basic: | ||||||||||||||||
Weighted-average common shares outstanding, basic | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 | ||||||||||||
Common shares outstanding, diluted: | ||||||||||||||||
Weighted-average common shares outstanding, basic | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 | ||||||||||||
Dilutive effect of convertible notes | — | — | — | — | ||||||||||||
Dilutive effect of restricted stock awards | — | — | — | — | ||||||||||||
Weighted-average common shares outstanding, diluted | 43,231,510 | 42,885,810 | 43,196,895 | 41,290,719 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net loss attributable to GS&T | $ | (35,034 | ) | $ | (38,449 | ) | $ | (128,566 | ) | $ | (99,289 | ) | ||||
Interest expense related to convertible notes, if dilutive | — | — | — | — | ||||||||||||
Net loss attributable to GS&T for the computation of diluted net loss per share | $ | (35,034 | ) | $ | (38,449 | ) | $ | (128,566 | ) | $ | (99,289 | ) |
|
September 30, 2013 | December 31, 2012 | |||||||
2007 Credit Facility | $ | 1,055,912 | $ | 1,055,912 | ||||
$100 Million Term Loan Facility | 75,484 | 75,484 | ||||||
$253 Million Term Loan Facility | 180,793 | 180,793 | ||||||
2010 Baltic Trading Credit Facility | 102,250 | 101,250 | ||||||
2013 Baltic Trading Credit Facility | 22,000 | — | ||||||
Less: Current portion | (1,313,689 | ) | — | |||||
Long-term debt | $ | 122,750 | $ | 1,413,439 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Effective Interest Rate | 4.69 | % | 4.65 | % | 4.72 | % | 4.60 | % | ||||||||
Range of Interest Rates (excluding impact of swaps and unused commitment fees) | 3.18% to 4.31 | % | 3.22% to 4.50 | % | 3.18% to 4.38 | % | 3.22% to 4.63 | % |
|
September 30, 2013 | December 31, 2012 | |||||||
Carrying amount of the equity component (additional paid-in capital) | $ | 24,375 | $ | 24,375 | ||||
Principal amount of the 2010 Notes | 125,000 | 125,000 | ||||||
Unamortized discount of the liability component | 10,429 | 14,082 | ||||||
Net carrying amount of the liability component | 114,571 | 110,918 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Effective interest rate on liability component | 10.0 | % | 10.0 | % | 10.0 | % | 10.0 | % | ||||||||
Cash interest expense recognized | $ | 1,575 | $ | 1,580 | $ | 4,687 | $ | 4,696 | ||||||||
Non-cash interest expense recognized | 1,265 | 1,158 | 3,653 | 3,345 | ||||||||||||
Non-cash deferred financing amortization costs included in interest expense | 181 | 181 | 537 | 540 |
|
September 30, 2013 | December 31, 2012 | ||||||||||||||
Interest Rate Swap Detail | Notional | Notional | |||||||||||||
Trade | Fixed | Start Date | End date | Amount | Amount | ||||||||||
Date | Rate | of Swap | of Swap | Outstanding | Outstanding | ||||||||||
9/6/05 | 4.485 | % | 9/14/05 | 7/29/15 | $ | 106,233 | $ | 106,233 | |||||||
3/29/06 | 5.25 | % | 1/2/07 | 1/1/14 | 50,000 | 50,000 | |||||||||
3/24/06 | 5.075 | % | 1/2/08 | 1/2/13 | — | 50,000 | |||||||||
1/9/09 | 2.05 | % | 1/22/09 | 1/22/14 | 100,000 | 100,000 | |||||||||
2/11/09 | 2.45 | % | 2/23/09 | 2/23/14 | 50,000 | 50,000 | |||||||||
$ | 306,233 | $ | 356,233 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance | Fair Value | Balance | Fair Value | |||||||||||||||
Sheet Location | September 30, 2013 | December 31, 2012 | Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Interest rate contracts | Fair value of derivative instruments (Current Assets) | $ | — | $ | — | Fair value of derivative instruments (Current Liabilities) | $ | 9,292 | $ | 7 | ||||||||
Interest rate contracts | Fair value of derivative instruments (Noncurrent Assets) | — | — | Fair value of derivative instruments (Noncurrent Liabilities) | — | 16,045 | ||||||||||||
Total derivatives designated as hedging instruments | — | — | 9,292 | 16,052 | ||||||||||||||
Total Derivatives | $ | — | $ | — | $ | 9,292 | $ | 16,052 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2013 | Portion) | 2013 | Portion) | 2013 | |||||||||
Interest rate contracts | $ | (439 | ) | Interest Expense | $ | (2,515 | ) | Other Income (Expense) | $ | 2 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2012 | Portion) | 2012 | Portion) | 2012 | |||||||||
Interest rate contracts | $ | (1,434 | ) | Interest Expense | $ | (2,959 | ) | Other Income (Expense) | $ | 30 |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2013 | Portion) | 2013 | Portion) | 2013 | |||||||||
Interest rate contracts | $ | (668 | ) | Interest Expense | $ | (7,431 | ) | Other Income (Expense) | $ | (3 | ) |
Derivatives in Cash Flow Hedging | Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from AOCI into income (Effective | Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||
Relationships | 2012 | Portion) | 2012 | Portion) | 2012 | |||||||||
Interest rate contracts | $ | (3,999 | ) | Interest Expense | $ | (10,392 | ) | Other Income (Expense) | $ | 76 |
|
Net Unrealized Gain (Loss) on Cash Flow Hedges | Net Unrealized Gain on Investments | Total | ||||||||||
AOCI — January 1, 2013 | $ | (16,057 | ) | $ | 4,216 | $ | (11,841 | ) | ||||
OCI before reclassifications | 14,194 | 20,841 | 35,035 | |||||||||
Amounts reclassified from AOCI | (7,431 | ) | — | (7,431 | ) | |||||||
Net current-period OCI | 6,763 | 20,841 | 27,604 | |||||||||
AOCI — September 30, 2013 | $ | (9,294 | ) | $ | 25,057 | $ | 15,763 |
Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement Where Net Loss is Presented | |||
Gains and losses on cash flow hedges | |||||
Interest rate contracts | $ | 7,431 | Interest expense | ||
Total reclassifications for the period | $ | 7,431 |
|
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 109,492 | $ | 109,492 | $ | 72,600 | $ | 72,600 | ||||||||
Restricted cash | 10,150 | 10,150 | 10,150 | 10,150 | ||||||||||||
Floating rate debt | 1,436,439 | See below | 1,413,439 | 1,413,439 | ||||||||||||
2010 Notes | 114,571 | 63,438 | 110,918 | 44,375 |
September 30, 2013 | ||||||||||||
Total | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Investments | $ | 41,829 | $ | 41,829 | $ | — | ||||||
Derivative instruments — liability position | 9,292 | — | 9,292 |
December 31, 2012 | ||||||||||||
Total | Quoted Market Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Investments | $ | 20,988 | $ | 20,988 | $ | — | ||||||
Derivative instruments — liability position | 16,052 | — | 16,052 |
|
September 30, 2013 | December 31, 2012 | |||||||
Lubricant inventory, fuel oil and diesel oil inventory and other stores | $ | 10,989 | $ | 10,322 | ||||
Prepaid items | 3,953 | 5,067 | ||||||
Insurance receivable | 1,352 | 1,817 | ||||||
Other | 2,096 | 940 | ||||||
Total prepaid expenses and other current assets | $ | 18,390 | $ | 18,146 |
|
September 30, 2013 | December 31, 2012 | |||||||
2007 Credit Facility | $ | 29,568 | $ | 29,568 | ||||
$100 Million Term Loan Facility | 1,783 | 1,783 | ||||||
$253 Million Term Loan Facility | 4,708 | 4,708 | ||||||
2010 Notes | 3,637 | 3,637 | ||||||
2010 Baltic Trading Credit Facility | 3,339 | 3,027 | ||||||
2013 Baltic Trading Credit Facility | 507 | — | ||||||
Total deferred financing costs | 43,542 | 42,723 | ||||||
Less: accumulated amortization | 20,025 | 13,162 | ||||||
Total | $ | 23,517 | $ | 29,561 |
|
September 30, 2013 | December 31, 2012 | |||||||
Fixed assets, at cost: | ||||||||
Vessel equipment | $ | 3,622 | $ | 3,043 | ||||
Leasehold improvements | 3,823 | 3,823 | ||||||
Furniture and fixtures | 997 | 997 | ||||||
Computer equipment | 754 | 706 | ||||||
Total costs | 9,196 | 8,569 | ||||||
Less: accumulated depreciation and amortization | 3,998 | 3,311 | ||||||
Total | $ | 5,198 | $ | 5,258 |
|
September 30, 2013 | December 31, 2012 | |||||||
Accounts payable | $ | 4,617 | $ | 4,477 | ||||
Accrued general and administrative expenses | 10,190 | 8,803 | ||||||
Accrued vessel operating expenses | 9,688 | 10,387 | ||||||
Total | $ | 24,495 | $ | 23,667 |
|
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
General, administrative, and management fees | $ | 749 | $ | 1,069 | $ | 2,314 | $ | 3,214 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
General, administrative, and management fees | $ | 341 | $ | 403 | $ | 1,156 | $ | 1,377 |
Number of Shares | Weighted Average Grant Date Price | |||||||
Outstanding at January 1, 2013 | 1,108,762 | $ | 9.47 | |||||
Granted | 200,634 | 1.57 | ||||||
Vested | (70,000 | ) | 2.86 | |||||
Forfeited | (21,500 | ) | 5.53 | |||||
Outstanding at September 30, 2013 | 1,217,896 | $ | 8.61 |
Number of Baltic Trading Common Shares | Weighted Average Grant Date Price | |||||||
Outstanding at January 1, 2013 | 664,249 | $ | 7.70 | |||||
Granted | 59,680 | 3.77 | ||||||
Vested | (166,500 | ) | 10.76 | |||||
Forfeited | — | — | ||||||
Outstanding at September 30, 2013 | 557,429 | $ | 6.37 |
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