Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 09, 2018
Document and Entity Information
Entity Registrant Name	GENCO SHIPPING & TRADING LTD
Entity Central Index Key	0001326200
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,532,004
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 172,775	$ 174,479
Restricted cash	5,447	7,234
Due from charterers, net of a reserve of $272 and $246, respectively	13,286	12,855
Prepaid expenses and other current assets	9,878	7,338
Inventories	19,894	15,333
Total current assets	221,280	217,239
Noncurrent assets:
Vessels, net of accumulated depreciation of $199,511 and $213,431, respectively	1,195,115	1,265,577
Deferred drydock, net of accumulated amortization of $10,065 and $9,540 respectively	12,242	13,382
Fixed assets, net of accumulated depreciation and amortization of $1,019 and $1,003, respectively	953	1,014
Other noncurrent assets		514
Restricted cash	22,977	23,233
Total noncurrent assets	1,231,287	1,303,720
Total assets	1,452,567	1,520,959
Current liabilities:
Accounts payable and accrued expenses	24,339	23,230
Current portion of long-term debt	24,308	24,497
Deferred revenue	5,104	4,722
Total current liabilities:	53,751	52,449
Noncurrent liabilities:
Long-term lease obligations	2,768	2,588
Long-term debt, net of deferred financing costs of $8,459 and $9,032, respectively	477,000	490,895
Total noncurrent liabilities	479,768	493,483
Total liabilities	533,519	545,932
Commitments and contingencies
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,532,004 shares at March 31, 2018 and December 31, 2017	345	345
Additional paid-in capital	1,628,848	1,628,355
Retained deficit	(710,145)	(653,673)
Total equity	919,048	975,027
Total liabilities and equity	$ 1,452,567	$ 1,520,959

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Due from charterers, reserve	$ 272	$ 246
Noncurrent assets:
Vessels, accumulated depreciation	199,511	213,431
Deferred drydock, accumulated amortization	10,065	9,540
Fixed assets, accumulated depreciation and amortization	1,019	1,003
Deferred financing costs, noncurrent	$ 8,459	$ 9,032
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)	34,532,004	34,532,004
Common stock, shares outstanding (in shares)	34,532,004	34,532,004

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Revenues	$ 76,916	$ 38,249
Operating expenses:
Voyage expenses	21,093	3,241
Vessel operating expenses	23,767	24,884
General and administrative expenses (inclusive of nonvested stock amortization expense of $493 and $711, respectively)	5,218	4,909
Technical management fees	1,948	1,981
Depreciation and amortization	16,886	18,173
Impairment of vessel assets	56,402	0
Gain on sale of vessels	0	(6,369)
Total operating expenses	125,314	46,819
Operating loss	(48,398)	(8,570)
Other (expense) income:
Other expense	(85)	(65)
Interest income	794	173
Interest expense	(8,124)	(7,138)
Other expense	(7,415)	(7,030)
Loss before income taxes	(55,813)	(15,600)
Net loss	$ (55,813)	$ (15,600)
Net loss per share-basic	$ (1.61)	$ (0.47)
Net loss per share-diluted	$ (1.61)	$ (0.47)
Weighted average common shares outstanding - Basic (in shares)	34,577,990	33,495,738
Weighted average common shares outstanding - diluted	34,577,990	33,495,738
Voyage
Revenues:
Revenues	$ 76,916	$ 38,249

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements of Operations
Nonvested stock amortization expenses	$ 493	$ 711

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements of Comprehensive Loss
Net loss	$ (55,813)	$ (15,600)
Other comprehensive income	0	0
Comprehensive loss	$ (55,813)	$ (15,600)

Consolidated Statements of Equity - USD ($) $ in Thousands	Series A Preferred Stock Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at the beginning at Dec. 31, 2016	$ 120,789	$ 74	$ 1,503,784	$ (594,948)	$ 1,029,699
Increase (Decrease) in Shareholders' Equity
Net loss				(15,600)	(15,600)
Conversion of 27,061,856 shares of Series A Preferred Stock	$ (120,789)	270	120,519
Nonvested stock amortization			711		711
Balance at the end at Mar. 31, 2017		344	1,625,014	(610,548)	1,014,810
Balance at the beginning at Dec. 31, 2017					975,027
Balance at the beginning at Dec. 31, 2017		345	1,628,355	(654,332)	974,368
Increase (Decrease) in Shareholders' Equity
Net loss				(55,813)	(55,813)
Nonvested stock amortization			493		493
Balance at the end at Mar. 31, 2018		$ 345	$ 1,628,848	$ (710,145)	$ 919,048

Consolidated Statements of Equity (Parenthetical) - shares		3 Months Ended
	Jan. 04, 2017	Mar. 31, 2017
Series A Preferred Stock
Conversion of shares (in shares)	27,061,856	27,061,856

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (55,813)	$ (15,600)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,886	18,173
Amortization of deferred financing costs	573	573
PIK interest, net		1,503
Amortization of nonvested stock compensation expense	493	711
Impairment of vessel assets	56,402	0
Gain on sale of vessels	0	(6,369)
Insurance proceeds for protection and indemnity claims	68	180
Insurance proceeds for loss of hire claims		21
Change in assets and liabilities:
(Increase) decrease in due from charterers	(1,079)	1,313
Increase in prepaid expenses and other current assets	(3,740)	(2,650)
(Increase) decrease in inventories	(4,561)	1,382
Decrease in other noncurrent assets	514
Increase (decrease) in accounts payable and accrued expenses	1,094	(3,184)
(Decrease) increase in deferred revenue	(110)	28
Increase in lease obligations	180	180
Deferred drydock costs incurred	(1,446)	(2,828)
Net cash provided by (used in) operating activities	9,461	(6,567)
Cash flows from investing activities:
Purchase of vessels, including deposits		(35)
Purchase of other fixed assets	(158)	(21)
Net proceeds from sale of vessels		12,597
Insurance proceeds for hull and machinery claims	1,607	584
Net cash provided by investing activities	1,449	13,125
Cash flows from financing activities:
Payment of Series A Preferred Stock issuance costs		(950)
Net cash used in financing activities	(14,657)	(1,731)
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,747)	4,827
Cash, cash equivalents and restricted cash at beginning of period	204,946	169,068
Cash, cash equivalents and restricted cash at end of period	201,199	173,895
Secured Debt \| $400 Million Credit Facility
Cash flows from financing activities:
Repayments on Term Loan Facility	(11,434)	(100)
Line of Credit Facility \| $98 Million Credit Facility
Cash flows from financing activities:
Repayments of Credit Facility	$ (2,542)	$ 0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Nov. 10, 2016	Nov. 04, 2015
$400 Million Credit Facility \| Secured Debt
Maximum borrowing capacity	$ 400,000	$ 400,000	$ 400,000
$98 Million Credit Facility \| Line of Credit Facility
Maximum borrowing capacity	$ 98,000	$ 98,000		$ 98,000

GENERAL INFORMATION

3 Months Ended

Mar. 31, 2018

GENERAL INFORMATION

GENERAL INFORMATION

Genco Shipping & Trading Limited

(U.S. Dollars in Thousands, Except Per Share and Share Data)

Notes to Condensed Consolidated Financial Statements (unaudited)

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. GS&T is incorporated under the laws of the Marshall Islands, and as of March 31, 2018, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited; and the ship-owning subsidiaries as set forth below under “Other General Information.” As of March 31, 2018, Genco Ship Management LLC is the sole owner of all of the outstanding limited liability company interests of Genco Management (USA) LLC (“Genco (USA)”).

On November 15, 2016, the Company entered into stock purchase agreements (the “Purchase Agreements”) effective as of October 4, 2016 with funds or related entities managed Centerbridge Partners, L.P. or its affiliates (“Centerbridge”), Strategic Value Partners, LLC (“SVP”) and Apollo Global Management, LLC (“Apollo”). Pursuant to the Purchase Agreements, the Company completed the private placement of 27,061,856 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rata basis. The Company received net proceeds of $120,789 after deducting placement agents’ fees and expenses. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share, which were purchased by certain investors in a private placement (the “Conversion Proposal”). As a result of shareholder approval of the Conversion Proposal, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017.

Other General Information

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of March 31, 2018:


Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date		Year Built

Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
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	169,025	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,098	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,001	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
Genco Ardennes Limited	Genco Ardennes	58,018	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	58,020	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	58,018	8/24/10		2010
Genco Brittany Limited	Genco Brittany	58,018	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	58,018	9/29/10		2010
Genco Loire Limited	Genco Loire	53,430	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,417	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	58,018	8/10/10		2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11		2011
Baltic Lion Limited	Baltic Lion	179,185	4/8/15	(1)	2012
Baltic Tiger Limited	Genco Tiger	179,185	4/8/15	(1)	2011
Baltic Leopard Limited	Baltic Leopard	53,446	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,350	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,473	5/14/10	(2)	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	(2)	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	(2)	2010
Baltic Wind Limited	Baltic Wind	34,408	8/4/10	(2)	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	(2)	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	(2)	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	(2)	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	(2)	2009
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	(2)	2014
Baltic Wasp Limited	Baltic Wasp	63,389	1/2/15	(2)	2015
Baltic Scorpion Limited	Baltic Scorpion	63,462	8/6/15		2015
Baltic Mantis Limited	Baltic Mantis	63,470	10/9/15		2015

(1)

The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading Limited (“Baltic Trading”).

(2)

The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2018

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, including Baltic Trading. 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, 2017 (the “2017 10-K”). The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2018.

Segment reporting

The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. 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:


	March 31,		December 31,		March 31,		December 31,
	2018		2017		2017		2016
Cash and cash equivalents	$	172,775	$	174,479	$	138,873	$	133,400
Restricted cash - current		5,447		7,234		7,871		8,242
Restricted cash - noncurrent		22,977		23,233		27,151		27,426

Cash, cash equivalents and restricted cash	$	201,199	$	204,946	$	173,895	$	169,068

Inventories

Inventories consists of consumable bunkers and lubricants, which are stated at the lower of cost or market value, if required. During the three months ended March 31, 2018, the Company opted to break out these inventory assets that were previously classified as Prepaid expenses and other current assets into its own financial statement line item in the Condensed Consolidated Balance Sheets to provide a greater level of detail in the face of the financial statements. Inventories have been increasing as the result of the employment of vessels on spot market voyage charters, which result in higher bunker inventories. This change was made retrospectively for comparability purposes, and there was no effect on the Total current assets as of March 31, 2018 and December 31, 2017 in the Condensed Consolidated Balance Sheets.

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended March 31, 2018 and 2017 was $15,673 and $16,706, respectively.

Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the ship noted in lwt.

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of March 31, 2018 and December 31, 2017, the Company had an accrual of $457 and $327, respectively, related to these estimated customer claims.

Revenue recognition

Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market.

Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees.

Pursuant to the new revenue recognition guidance as disclosed in Note 12 — Voyage Revenue, which was adopted during the three months ended March 31, 2018, revenue for spot market voyage charters is now recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port.

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 12 — Voyage Revenue for further discussion of the accounting for fuel expenses for spot market voyage charters as a result of the new revenue recognition guidance adopted during the three months ended March 31, 2018. 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 or market adjustments to re-value the bunker fuel on a quarterly basis, as required. These differences in bunkers, including any lower of cost or market adjustments, resulted in a net gain (loss) of $855 and ($504) during the three months ended March 31, 2018 and 2017, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

United States Gross Transportation Tax

The Company did not qualify for the Section 883 exemption during the year ended December 31, 2017 and believes that it will not qualify for the Section 883 exemption during the year ended December 31, 2018. In the absence of the exemption, 50% of the Company’s gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) will be subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the three months ended March 31, 2018 and 2017, the Company has recorded estimated U.S. gross transportation tax of $213 and $36, respectively, which has been recorded in Voyage expenses in the Condensed Consolidated Statements of Operation.

Impairment of vessel assets

During the three months ended March 31, 2018 and 2017, the Company recorded $56,402 and $0, respectively, related to the impairment of vessel assets in accordance with Accounting Standards Codification (“ASC”) 360 — “Property, Plant and Equipment” (“ASC 360”).

On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels; the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we have adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2018. This resulted in an impairment loss of $56,402 during the three months ended March 31, 2018.

Gain on sale of vessels

During the three months ended March 31, 2018 and 2017, the Company recorded a net gain of $0 and $6,369, respectively, related to the sale of vessels. The net gain of $6,369 recorded during the three months ended March 31, 2017 related primarily to the sale of the Genco Wisdom, the Genco Reliance, the Genco Carrier and the Genco Success.

Recent accounting pronouncements

In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Account” (“ASU 2017-09”). This ASU provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification account. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. ASU 2017-09 must be applied prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 during the first quarter of 2018 and there was no effect on its consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flow. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. ASU 2016-18 must be adopted retrospectively. The Company early adopted ASU 2016-18 during the fourth quarter of 2017. The retrospective application of ASU 2016-18 resulted in restricted cash being reclassified as a component of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. This ASU shall be applied retrospectively to all periods presented, but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. The Company adopted ASU 2016-15 during the first quarter of 2018. The retrospective application of ASU 2016-15 resulted in insurance proceeds for protection and indemnity claims and loss of hire claims to be separately disclosed in the cash flows from operating activities and resulted in insurance proceeds for hull and machinery claims to be separately disclosed in the cash flows from investing activities. These amounts were previously recorded in the cash flows from operating activities as the change in prepaid expenses and other current assets. Additionally, as part of ASU 2016-15, any cash payments for debt prepayment or debt extinguishment costs (including third-party costs, premiums paid and other fees paid to lenders) must be classified as cash outflows for financing activities. Lastly, for any debt instruments that contain interest payable in-kind, any cash payments attributable to the payment of in-kind interest will be classified as cash outflows for operating activities. Refer to the Condensed Consolidated Statements of Cash Flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements and related disclosures.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2016-01 during the first quarter of 2018 and there was no impact on the Company’s consolidated financial statements as the Company currently does not have any equity investments.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption (the “modified retrospective transition method”). In May 2016 and, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients.” This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. The requirements of this standard include an increase in required disclosures. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not retrospectively adjusted. The adoption of ASU 2014-09 did not have a financial impact on the recognition of revenue generated from time charter agreements, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenue for further discussion of the financial impact on the Company’s consolidated financial statements.

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2018
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 - CASH FLOW INFORMATION For the three months ended March 31, 2018, 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 $64 for the Purchase of other fixed assets. For the three months ended March 31, 2017, 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 $1 for the Purchase of vessels, including deposits, $31 for the Purchase of other fixed assets and $41 for the Net proceeds from sale of vessels. Additionally, for the three months ended March 31, 2017, 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 $153 associated with the Payment of Series A Preferred Stock issuance costs. During the three months ended March 31, 2018 and 2017, cash paid for interest was $7,530 and $6,728, respectively. During the three months ended March 31, 2018 and 2017, there was no cash paid for estimated income taxes. On February 27, 2018, the Company issued 37,346 restricted stock units and options to purchase 122,608 shares of the Company’s stock at an exercise price of $13.69 to certain individuals. The fair value of these restricted stock units and stock options were $512 and $926, respectively. On May 17, 2017, the Company issued 25,197 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255. On March 23, 2017, the Company issued 292,398 restricted stock units and options to purchase 133,000 shares of the Company’s stock at an exercise price of $11.13 per share to John C. Wobensmith, Chief Executive Officer and President. The fair value of these restricted stock units and stock options were $3,254 and $853, respectively. Refer to Note 14 — Stock-Based Compensation for further information regarding the aforementioned grants.

VESSEL ACQUISITIONS AND DISPOSITIONS	3 Months Ended
VESSEL ACQUISITIONS AND DISPOSITIONS	Mar. 31, 2018
VESSEL ACQUISITIONS AND DISPOSITIONS
VESSEL ACQUISITIONS AND DISPOSITIONS	4 - VESSEL ACQUISITIONS AND DISPOSITIONS On December 19, 2016, the Board of Directors unanimously approved selling the Genco Prosperity, a 1997-built Handymax vessel, and on December 21, 2016, the Company reached an agreement to sell the Genco Prosperity to a third party for $3,050 less a 3.5% broker commission payable to a third party. The sale was completed on May 16, 2017. On December 5, 2016, the Board of Directors unanimously approved selling the Genco Success, a 1997-built Handymax vessel, and on December 15, 2016, the Company reached an agreement to sell the Genco Success to a third party for $2,800 less a 3.0% broker commission payable to a third party. The sale was completed on March 19, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Carrier, a 1998-built Handymax vessel, and on January 25, 2017, the Company reached an agreement to sell the Genco Carrier to a third party for $3,560 less a $92 broker commission payable to a third party. The sale was completed on February 16, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Reliance, a 1999-built Handysize vessel, and on January 12, 2017, the Company reached an agreement to sell the Genco Reliance to a third party for $3,500 less a 3.5% broker commission payable to a third party. The sale was completed on February 9, 2017. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Wisdom, a 1997-built Handymax vessel. On December 21, 2016, the Company reached an agreement to sell the Genco Wisdom to a third party for $3,250 less a 3.5% broker commission payable to a third party. The sale was completed on January 9, 2017. Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet.

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2018

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 14 — 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. Of the 264,367 and 381,924 nonvested shares outstanding, including RSUs, and the 255,608 and 133,000 stock options outstanding at March 31, 2018 and 2017, respectively, (refer to Note 14 — Stock-Based Compensation), all are anti-dilutive. 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 14 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term which commenced on the day following the Effective Date and are exercisable for one tenth of a share of the Company’s common stock. Of the 0 and 713,122 of unvested MIP Warrants outstanding at March 31, 2018 and 2017, respectively, and 3,936,761 of equity warrants outstanding at March 31, 2018 and 2017, all are 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
	March 31,
	2018	2017

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	34,577,990	33,495,738

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	34,577,990	33,495,738

Dilutive effect of warrants	—	—

Dilutive effect of stock options	—	—

Dilutive effect of restricted stock awards	—	—

Weighted-average common shares outstanding, diluted	34,577,990	33,495,738

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 - RELATED PARTY TRANSACTIONS During the three months ended March 31, 2018 and 2017, the Company did not identify any related party transactions.

DEBT

3 Months Ended

Mar. 31, 2018

DEBT

DEBT

7 – DEBT

Long-term debt, net consists of the following:


	March 31,		December 31,
	2018		2017
Principal amount	$	504,426	$	519,083
PIK interest		5,341		5,341
Less: Unamortized debt financing costs		(8,459)		(9,032)
Less: Current portion		(24,308)		(24,497)

Long-term debt, net	$	477,000	$	490,895


	March 31, 2018				December 31, 2017
			Unamortized				Unamortized
			Debt Financing				Debt Financing
	Principal		Cost		Principal		Cost
$400 Million Credit Facility	$	388,166	$	5,929	$	399,600	$	6,332
$98 Million Credit Facility		91,397		1,247		93,939		1,370
2014 Term Loan Facilities		24,863		1,283		25,544		1,330
PIK interest		5,341		—		5,341		—

Total debt	$	509,767	$	8,459	$	524,424	$	9,032

As of March 31, 2018 and December 31, 2017, $8,459 and $9,032 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Amortization expense for deferred financing costs was $573 and $573 for the three months ended March 31, 2018 and 2017, respectively. This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

$400 Million Credit Facility

On November 10, 2016, the Company entered into a senior secured term loan facility, the $400 Million Credit Facility, in an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial and BNP Paribas. On November 15, 2016, the proceeds under the $400 Million Credit Facility were used to refinance six of the Company’s prior credit facilities. The $400 Million Credit Facility is collateralized by 45 of the Company’s vessels and at December 31, 2016, required the Company to sell five remaining unencumbered vessels, which were sold during the year ended December 31, 2017. Refer to Note 4 — Vessel Acquisitions and Dispositions.

On November 14, 2016, the Company borrowed the maximum available amount of $400,000. As of March 31, 2018, there was no availability under the $400 Million Credit Facility. Total debt repayments of $11,434 and $100 were made during the three months ended March 31, 2018 and 2017, respectively, under the $400 Million Credit Facility. As of March 31, 2018 and December 31, 2017, the total outstanding net debt balance, including PIK interest as defined below, was $387,578 and $398,609, respectively.

The $400 Million Credit Facility has a final maturity date of November 15, 2021, and the principal borrowed under the facility will bear interest at the London Interbank Offered Rate (“LIBOR”) for an interest period of three months plus a margin of 3.75%. The Company has the option to pay 1.50% of such rate in-kind (“PIK interest”) through December 31, 2018, of which will be payable on the maturity date of the facility. The Company opted to make the PIK interest election through September 29, 2017 and as of March 31, 2018 and December 31, 2017, has recorded $5,341 of PIK interest which has been recorded in Long-term debt in the Condensed Consolidated Balance Sheet. The $400 Million Credit Facility originally had scheduled amortization payments of (i) $100 per quarter through December 31, 2018, (ii) $7,610 per quarter from March 31, 2019 through December 31, 2020, (iii) $18,571 per quarter from March 31, 2021 through September 30, 2021 and (iv) $282,605 upon final maturity on November 15, 2021, which did not include PIK interest. Pursuant to the credit facility agreement, upon the payment of any excess cash flow to the lenders (see below), the scheduled repayments shall be adjusted to reflect the reduction of future amortization amounts.

There is no collateral maintenance testing for the $400 Million Credit Facility prior to June 30, 2018. Thereafter, there will be required collateral maintenance testing with a gradually increasing threshold calculated as the value of the collateral under the facility as a percentage of the loan outstanding as follows: 105% from June 30, 2018 to December 30, 2018, 115% from December 31, 2018 to December 30, 2020 and 135% thereafter.

The $400 Million Credit Facility requires the Company to comply with a number of covenants substantially similar to those in the Company’s other credit facilities, including financial covenants related to debt to total book capitalization, minimum working capital, minimum liquidity, and dividends; collateral maintenance requirements (as described above); and other customary covenants. The Company is required to maintain a ratio of total indebtedness to total capitalization of not greater than 0.70 to 1.00 at all times. Minimum working capital as defined in the $400 Million Credit Facility is not to be less than $0 at all times. The $400 Million Credit Facility has minimum liquidity requirements at all times for all vessels in its fleet of (i) $250 per vessel to and including December 31, 2018, (ii) $400 per vessel from January 1, 2019 to and including December 31, 2019 and (iii) $700 per vessel from January 1, 2020 and thereafter. The Company is prohibited from paying dividends without lender consent through December 31, 2020. The Company may establish non-recourse subsidiaries to incur indebtedness or make investments, but it will be restricted from incurring indebtedness or making investments (other than through non-recourse subsidiaries). Excess cash from the collateralized vessels under the $400 Million Credit Facility are subject to a cash sweep. The cash flow sweep is 100% of excess cash flow through December 31, 2018, 75% through December 31, 2020 and the lesser of 50% of excess cash flow or an amount that would reflect a 15-year average vessel age repayment profile thereafter; provided no prepayment under the cash sweep is required from the first $10,000 in aggregate of the prepayments otherwise required under the cash sweep. During the three months ended March 31, 2018, the Company repaid $11,334 for the excess cash flow sweep based on the cash balance at December 31, 2017. As of March 31, 2018, the excess cash flow sweep was $4,094 and this amount will be due to the lender within 45 days of the end of the reporting period. As such, it had been included in the current portion of the outstanding debt for this facility.

At March 31, 2018 and December 31, 2017, the Company has deposited $10,949 and $11,180, respectively, that has been reflected as noncurrent restricted cash which represents restricted pledged liquidity amounts pursuant to the $400 Million Credit Facility and $124 and $0, respectively, that has been reflected as current restricted cash.

As of March 31, 2018, the Company believed it was in compliance with all of the financial covenants under the $400 Million Credit Facility.

$98 Million Credit Facility

On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a newly formed direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”).

The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015. As of March 31, 2018, there was no availability under the $98 Million Credit Facility. Total debt repayments of $2,542 and $0 were made during the three months ended March 31, 2018 and 2017, respectively, under the $98 Million Credit Facility. As of March 31, 2018 and December 31, 2017, the total outstanding net debt balance was $90,150 and $92,569, respectively.

Borrowings under the facility are available for working capital purposes. The facility has a final maturity date of September 30, 2020, and the principal borrowed under the facility will bear interest at LIBOR for an interest period of three months plus a margin of 6.125% per annum. The facility has no fixed amortization payments for the first two years and fixed amortization payments of $2,500 per quarter thereafter. To the extent the value of the collateral under the facility is 182% or less of the loan amount outstanding, the Borrowers are to prepay the loan from earnings received from operation of the thirteen collateral vessels after deduction of the following amounts: costs, fees, expenses, interest, and fixed principal repayments under the facility; operating expenses relating to the thirteen vessels; and the Borrowers’ pro rata share of general and administrative expenses based on the number of vessels they own.

The Facility Agreement requires the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants. The Company is prohibited from paying dividends under this facility until December 31, 2018. Following December 31, 2018, the amount of dividends the Company may pay is limited based on the amount of the repayment of at least $25 million of the loan under such facility, as well as the ratio of the value of vessels and certain other collateral pledged under such facility. The Facility Agreement includes usual and customary events of default and remedies for facilities of this nature.

Borrowings under the facility are secured by first priority mortgage on the vessels owned by the Borrowers, namely the Genco Constantine, the Genco Augustus, the Genco London, the Genco Titus, the Genco Tiberius, the Genco Hadrian, the Genco Knight, the Genco Beauty, the Genco Vigour, the Genco Predator, the Genco Cavalier, the Genco Champion, and the Genco Charger, and related collateral. Pursuant to the Facility Agreement and a separate Guarantee executed by the Company, the Company and Holdco are acting as guarantors of the obligations of the Borrowers and each other under the Facility Agreement and its related documentation.

On November 15, 2016, the Company entered into an Amending and Restating Agreement which amended and restated the credit agreements and the guarantee for the $98 Million Credit Facility (the “Restated $98 Million Credit Facility”). The Restated $98 Million Credit Facility provides for the following: reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility, except the minimum liquidity amount for the collateral vessels under this facility is $750 per vessel, which is reflected as restricted cash; netting of certain amounts against the measurements of the collateral maintenance covenant, which remains in place with a 140% value to loan threshold; a portion of amounts required to be maintained under the minimum liquidity covenant for this facility may, under certain circumstances, be used to prepay the facility to maintain compliance with the collateral maintenance covenant; elimination of the original maximum leverage ratio and minimum net worth covenants; and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to those provided for in the $400 Million Credit Facility. The minimum working capital and the total indebtedness to total capitalization are the same as the $400 Million Credit Facility.

As of March 31, 2018 and December 31, 2017, the Company had deposited $5,323 and $7,234, respectively, that has been reflected as current restricted cash. As of March 31, 2018 and December 31, 2017, the Company had deposited $11,713 and $11,738, respectively, that has been reflected as noncurrent restricted cash. These amounts include certain restricted deposits associated with the Debt Service Account, Capex Account and minimum liquidity amount as defined in the $98 Million Credit Facility.

As of March 31, 2018, the Company believed it was in compliance with all of the financial covenants under the Restated $98 Million Credit Facility.

2014 Term Loan Facilities

On October 8, 2014, Baltic Trading and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary acquired, namely the Baltic Hornet and Baltic Wasp, respectively. Amounts borrowed under the 2014 Term Loan Facilities may not be reborrowed. The 2014 Term Loan Facilities have a ten-year term, and the facility amount is to be the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery. The 2014 Term Loan Facilities are insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which was recorded in deferred financing fees. Borrowings under the 2014 Term Loan Facilities bear interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum. Borrowings are to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity. Principal repayments commenced six months after the actual delivery date for each respective vessel.

Borrowings under the 2014 Term Loan Facilities are secured by liens on the vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company guarantees the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities.

As of March 31, 2018, the Company had utilized its maximum borrowing capacity, and there was no further availability. Total debt repayments of $681 were made during the three months ended March 31, 2018 and 2017 under the 2014 Term Loan Facilities. At March 31, 2018 and December 31, 2017, the total outstanding net debt balance was $23,580 and $24,214, respectively.

On November 15, 2016, the Company entered into Supplemental Agreements with lenders under our 2014 Term Loan Facilities which, among other things, amended the Company’s collateral maintenance covenants under the 2014 Term Loan Facilities to provide that such covenants will not be tested through December 30, 2017 and the minimum collateral value to loan ratio will be 100% from December 31, 2017, 105% from June 30, 2018, 115% from December 31, 2018 and 135% from December 31, 2019. These Supplemental Agreements also provided for certain other amendments to the 2014 Term Loan Facilities, which included reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to the $400 Million Credit Facility. Additionally, the minimum working capital required is the same as under the $400 Million Credit Facility. Lastly, the maximum leverage requirement is equivalent to the debt to total capitalization requirement in the $400 Million Credit Facility.

As of March 31, 2018, the Company believed it was in compliance with all of the financial covenants under the 2014 Term Loan Facilities.

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
	March 31,
	2018		2017
Effective Interest Rate	5.83	%	5.01	%
Range of Interest Rates (excluding unused commitment fees)	3.83 % to 8.43	%	3.36 % to 7.27	%

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2018

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 at March 31, 2018 and December 31, 2017 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.


	March 31, 2018				December 31, 2017
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	172,775	$	172,775	$	174,479	$	174,479
Restricted cash		28,424		28,424		30,467		30,467
Floating rate debt		509,767		509,767		524,424		524,424

The carrying value of the borrowings under the $400 Million Credit Facility, $98 Million Credit Facility and the 2014 Term Loan Facilities approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. Refer to Note 7 — Debt for further information regarding the Company’s credit facilities. The carrying amounts of the Company’s other financial instruments at March 31, 2018 and December 31, 2017 (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 Level 2 inputs. During the three months ended March 31, 2018, the vessels assets for nine of the Company’s vessels were written down as part of the impairment recorded during the three months ended March 31, 2018. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies. The Company did not have any Level 3 financial assets or liabilities as of March 31, 2018 and December 31, 2017.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2018

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:


	March 31,		December 31,
	2018		2017
Vessel stores	$	691	$	642
Capitalized contract costs		483		—
Prepaid items		3,880		1,452
Insurance receivable		2,618		3,498
Other		2,206		1,746
Total prepaid expenses and other current assets	$	9,878	$	7,338

FIXED ASSETS

3 Months Ended

Mar. 31, 2018

FIXED ASSETS

FIXED ASSETS

10 - FIXED ASSETS

Fixed assets, net consists of the following:


	March 31,		December 31,
	2018		2017
Fixed assets, at cost:
Vessel equipment	$	1,330	$	1,375
Furniture and fixtures		462		462
Computer equipment		180		180
Total costs		1,972		2,017
Less: accumulated depreciation and amortization		(1,019)		(1,003)
Total fixed assets, net	$	953	$	1,014

Depreciation and amortization expense for fixed assets for the three months ended March 31, 2018 and 2017 was $71 and $68, respectively.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2018

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:


	March 31,		December 31,
	2018		2017
Accounts payable	$	12,004	$	9,863
Accrued general and administrative expenses		1,780		2,978
Accrued vessel operating expenses		10,555		10,389
Total accounts payable and accrued expenses	$	24,339	$	23,230

VOYAGE REVENUE

3 Months Ended

Mar. 31, 2018

VOYAGE REVENUE

VOYAGE REVENUE

12 – VOYAGE REVENUE

Total voyage revenue includes revenue earned on fixed rate time charters, spot market voyage charters, spot market-related time charters and vessel pools, as well as the sale of bunkers consumed during short-term time charters. For the three months ended March 31, 2018 and 2017, the Company earned $76,916 and $38,249 of voyage revenue, respectively. Included in voyage revenue for the three months ended March 31, 2018 and 2017 was $0 and $1,383 of net profit sharing revenue, respectively.

On January 1, 2018 the Company adopted the revenue recognition guidance under ASU 2014-09 (refer to Note 2 — Summary of Significant Accounting Policies) using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. The financial results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior period amounts are not adjusted and will be continued to be reported under previous guidance.

As a result of the adoption of the new revenue recognition guidance on January 1, 2018, the Company recorded a net increase to the opening retained deficit of $659 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. 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. The fuel consumption during this period is capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and is 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. Refer also to Note 9 — Prepaid Expenses and Other Current and Noncurrent Assets.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Balance Sheet:


	As of March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Assets
Current assets:
Due from charterers	$	13,286	$	14,126	$	(840)
Prepaid expenses and other current assets		9,878		9,395		483

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	24,339	$	24,348	$	(9)
Deferred revenue		5,104		4,578		526

Equity:
Retained deficit	$	(710,145)	$	(709,271)	$	(874)

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Operations:


	For the Three Months Ended March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Voyage revenues	$	76,916	$	77,132	$	(216)

Voyage expenses		21,093		21,094		(1)

Net loss		(55,813)		(55,598)		(215)

Net loss per share-basic	$	(1.61)	$	(1.61)	$	-
Net loss per share-diluted	$	(1.61)	$	(1.61)	$	-

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Cash Flows:


	For the Three Months Ended March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Cash flows from operating activities:
Change in assets and liabilities:
Increase in due from charterers	$	(1,079)	$	(1,271)	$	192
Increase in prepaid expenses and other current assets		(3,740)		(3,732)		(8)
Increase in accounts payable and accrued expenses		1,094		1,097		(3)
Decrease in deferred revenue		(110)		(144)		34

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Condensed Consolidated Balance Sheet:


			New
	Balance at		Revenue		Balance at
	December 31,		Standard		January 1,
	2017		Adjustment		2018
Assets
Current assets:
Due from charterers	$	12,855	$	(647)	$	12,208
Prepaid expenses and other current assets		7,338		475		7,813

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	23,230	$	(6)	$	23,224
Deferred revenue		4,722		493		5,215

Equity:
Retained deficit	$	(653,673)	$	(659)	$	(654,332)

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13 - COMMITMENTS AND CONTINGENCIES Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for additional office space in New York, New York. The term of the sub-sublease commenced June 1, 2011, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments were $82 per month until May 31, 2015 and thereafter will be $90 per month until the end of the seven-year term. Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space. The Company has also entered into a direct lease with the over-landlord of such office space that will commence immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provides for a free base rental period from May 1, 2018 to September 30, 2018. Following the expiration of the free base rental period, the monthly base rental payments will be $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitutes one lease agreement. As a result of the straight-line rent calculation generated by the free rent period and the tenant work credit, the monthly straight-line rental expense for the term from the Effective Date to September 30, 2025 is $150. The Company had a long-term lease obligation at March 31, 2018 and December 31, 2017 of $2,768 and $2,588, respectively. Rent expense pertaining to this lease for the three months ended March 31, 2018 and 2017 was $452 during both periods. Future minimum rental payments on the above lease for the next five years and thereafter are as follows: $647 for the remainder of 2018, $2,230 annually for 2019, 2020, 2021 and 2022, and a total of $6,671 for the remaining term of the lease.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

14 - STOCK-BASED COMPENSATION

2014 Management Incentive Plan

On the Effective Date, pursuant to the Chapter 11 Plan, the Company adopted the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). An aggregate of 966,806 shares of Common Stock were available for award under the MIP. Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values. The number of shares of common stock available under the Plan represented approximately 1.8% of the shares of post-emergence Common Stock outstanding as of the Effective Date on a fully-diluted basis. Awards under the MIP were available to eligible employees, non-employee directors and/or officers of the Company and its subsidiaries (collectively, “Eligible Individuals”). Under the MIP, a committee appointed by the Board from time to time (or, in the absence of such a committee, the Board) (in either case, the “Plan Committee”) may grant a variety of stock-based incentive awards, as the Plan Committee deems appropriate, to Eligible Individuals. The MIP Warrants are exercisable on a cashless basis and contain customary anti-dilution protection in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction.

On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant can be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in three tranches for 238,066, 246,701 and 370,979 shares and have exercise prices of $259.10 (the “$259.10 Warrants”), $287.30 (the “$287.30 Warrants”) and $341.90 (the “$341.90 Warrants”) per whole share, respectively. The fair value of each warrant upon emergence from bankruptcy was $7.22 for the $259.10 Warrants, $6.63 for the $287.30 Warrants and $5.63 for the $341.90 Warrants. The warrant values were based upon a calculation using the Black-Scholes-Merton option pricing formula. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, cost of capital interest rate and expected life of the instrument. The Company has determined that the warrants should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes-Merton option pricing formula against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. The Black-Scholes-Merton option pricing formula used a volatility of 43.91% (representing the six-year volatility of a peer group), a risk-free interest rate of 1.85% and a dividend rate of 0%. The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. The warrants vested 33.33% on each of the first three anniversaries of the grant date, with accelerated vesting upon a change in control of the Company.

For the three months ended March 31, 2018 and 2017, the Company recognized amortization expense of the fair value of these warrants, which is included in General and administrative expenses, as follows:


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	—	$	372

As of March 31, 2018, 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 March 31, 2018:

Warrants Outstanding and Unvested,

Warrants Outstanding and Exercisable,

March 31, 2018

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Warrants

Price

Life

Warrants

Price

Life

$

303.12

—

$

—

8,557,461

$

303.12

2.36

As of March 31, 2018 and December 31, 2017, a total of 8,557,461 of warrants were outstanding.

The nonvested stock awards granted under the MIP vested ratably on each of the three anniversaries of August 7, 2014. As of March 31, 2018, all nonvested stock awards granted under the MIP were vested.

There were no shares that vested under the MIP during the three months ended March 31, 2018 and 2017. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three months ended March 31, 2018 and 2017, the Company recognized nonvested stock amortization expense for the MIP restricted shares, which is included in General and administrative expenses, as follows:


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	—	$	152

The Company amortized these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2018, there was $0 of unrecognized compensation cost.

2015 Equity Incentive Plan

On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 400,000 shares of common stock (the “2015 Plan”). Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. As of March 31, 2018, the Company has awarded restricted stock units, restricted stock and stock options under the 2015 Plan.

On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increases the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; sets the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modifies the change in control definition. The Company’s shareholder’s approved the increase in the number of shares at the Company’s 2017 Annual Meeting of Shareholders on May 17, 2017.

Stock Options

On March 23, 2017, the Company issued options to purchase 133,000 of the Company’s shares of common stock to John C. Wobensmith, Chief Executive Officer and President, with an exercise price of $11.13 per share. One-third of the options become exercisable on each of the first three anniversaries of October 15, 2016, with accelerated vesting upon 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 Black-Scholes-Merton pricing formula, resulting in a value of $6.41 per share, or $853 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 79.80% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate), a risk-free interest rate of 1.68%, a dividend yield of 0%, and expected life of 3.78 years (determined using the simplified method as outlined in Staff Accounting Bulletin 14 – Share-Based Payment (“SAB Topic 14”) due to lack of historical exercise data).

On February 27, 2018, the Company issued options to purchase 122,608 of the Company’s shares of common stock to certain individuals with an exercise price of $13.69 per share. One-third of the options become exercisable on each of the first three anniversaries of February 27, 2018, 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 Black-Scholes-Merton pricing formula, resulting in a value of $7.55 per share, or $926 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 71.94% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate), a risk-free interest rate of 2.53%, a dividend yield of 0%, and expected life of 4.00 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

For the three months ended March 31, 2018 and 2017, 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
	March 31,
	2018		2017
General and administrative expenses	$	123	$	20

Amortization of the unamortized stock-based compensation balance of $1,143 as of March 31, 2018 is expected to be expensed $608, $392, $127 and $16 during the remainder of 2018 and during the years ended December 31, 2019, 2020 and 2021, respectively. The following table summarizes the unvested option activity for the three months ended March 31, 2018:


		Weighted		Weighted
	Number of	Average Exercise		Average Fair
	Options	Price		Value
Outstanding at January 1, 2018 - Unvested	88,667	$	11.13	$	6.41
Granted	122,608		13.69		7.55
Exercisable	—		—		—
Exercised	—		—		—
Forfeited	—		—		—

Outstanding at March 31, 2018 - Unvested	211,275	$	12.62	$	7.07

The following table summarizes certain information about the options outstanding as of March 31, 2018:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

March 31, 2018

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

Price

Life

Warrants

Price

Life

$

12.36

211,275

$

12.62

5.52

44,333

$

11.13

4.98

As of March 31, 2018 and December 31, 2017, a total of 255,608 and 133,000 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 March 31, 2018 and December 31, 2017, 118,838 and 118,838 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 his contract and the amended 2015 Plan described above. On May 17, 2017, 18,234 shares of common stock were issued to Eugene Davis, the former Chairman of the Audit Committee, in respect of vested RSUs following his departure from the Board.

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. 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 three months ended March 31, 2018:


		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2018	220,129	$	11.01
Granted	37,436		13.69
Vested	—		—
Forfeited	—		—

Outstanding at March 31, 2018	257,565	$	11.40

There were no RSUs that vested during the three months ended March 31, 2018 and 2017. 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 March 31, 2018:


Unvested RSUs				Vested RSUs
March 31, 2018				March 31, 2018
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
257,565	$	11.40	1.60	171,572	$	11.39

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2018, unrecognized compensation cost of $1,542 related to RSUs will be recognized over a weighted-average period of 1.60 years.

For the three months ended March 31, 2018 and 2017, 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
	March 31,
	2018		2017
General and administrative expenses	$	366	$	159

Restricted Stock

Under the 2015 Plan, grants of restricted common stock issued to executives ordinarily vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s nonvested stock awards for the three months ended March 31, 2018 which were issued under the 2015 Plan:


		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1, 2018	6,802	$	5.20
Granted	—		—
Vested	—		—
Forfeited	—		—

Outstanding at March 31, 2018	6,802	$	5.20

There were no shares that vested under the 2015 Plan during the three months ended March 31, 2018 and 2017. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three months ended March 31, 2018 and 2017, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General and administrative expenses, as follows:


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	3	$	8

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2018, unrecognized compensation cost of $8 related to nonvested stock will be recognized over a weighted-average period of 0.63 years.

LEGAL PROCEEDINGS	3 Months Ended
LEGAL PROCEEDINGS	Mar. 31, 2018
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	15 - LEGAL PROCEEDINGS In April 2015, six class action complaints were filed in the Supreme Court of the State of New York, County of New York. On May 26, 2015, the six actions were consolidated under the caption In Re Baltic Trading Ltd. Stockholder Litigation, Index No. 651241/2015, and a consolidated class action complaint was filed on June 10, 2015 (the “Consolidated Complaint”). The Consolidated Complaint is purported to be brought by and on behalf of Baltic Trading’s shareholders and alleges that the then-proposed July 2015 merger did not fairly compensate Baltic Trading’s shareholders and undervalued Baltic Trading. The Consolidated Complaint names as defendants the Company, Baltic Trading, the individual members of Baltic Trading’s board, and the Company’s merger subsidiary. The claims generally allege (i) breaches of fiduciary duties of good faith, due care, disclosure to shareholders, and loyalty, including for failing to maximize shareholder value, and (ii) aiding and abetting those breaches. Among other relief, the complaints seek an injunction against the merger, declaratory judgments that the individual defendants breached fiduciary duties, rescission of the merger agreement, and unspecified damages. On July 9, 2015, plaintiffs in that action moved to enjoin the merger vote, scheduled to take place on July 17, 2015. The motion to enjoin the vote was denied on July 15, 2015. Plaintiffs sought an emergency injunction and temporary restraining order from the New York State Appellate Division, First Department the following day, on July 16, 2015. The Appellate Division denied the request, and the vote, and subsequent merger, proceeded as scheduled on July 17, 2015. Plaintiffs thereafter withdrew that appeal. On June 30, 2015, defendants had moved to dismiss the Consolidated Complaint in its entirety. Plaintiffs subsequently served an Amended Consolidated Complaint, and defendants directed their motion to dismiss to that amended complaint. The motion to dismiss was granted and the Amended Consolidated Complaint was dismissed with prejudice on August 29, 2016. By a Decision and Order dated April 26, 2018, the New York State Appellate Division, First Department affirmed the dismissal of the amended complaint. The plaintiffs have the ability to file a motion for leave to appeal to the New York State Court of Appeals. Based on currently available information, the Company cannot reasonably estimate the loss, if any, in the event of an unfavorable outcome in any of these matters. However, the Company does not believe that it is probable that the resolution of these matters will have a material effect on the Company, its financial condition, results of operations or cash flows. 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 besides those noted above.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16 – SUBSEQUENT EVENTS On May 8, 2018, the Company entered into a commitment letter for a five-year senior secured credit facility for an amount up to $460,000. Proceeds from the new credit facility are intended to be used to refinance all of our existing credit facilities into one facility and pay down the debt on seven of our oldest vessels, which have been identified for sale. The final maturity date of the facility is to be five years following closing. Borrowings under the facility will bear interest at LIBOR plus 325 basis points through December 31, 2018 and LIBOR plus a range of 300 to 350 basis points thereafter, dependent upon our ratio of total net indebtedness to the last twelve months EBITDA. The mandated lead arrangers and bookrunners for this facility are Nordea Bank AB (publ), New York Branch, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S. Under the terms of the proposed new facility, amortization is to be based on a repayment profile in which the loan will be repaid to nil when the average age of the vessels serving as collateral from time to time reaches 17 years, following an initial non-amortization period ending December 31, 2018; the first scheduled quarterly amortization payment on December 31, 2018 is expected to be approximately $15,000; the amortization amount is to be recalculated based on changes in collateral vessels upon our request; acquisitions and additional indebtedness will no longer be prohibited per the terms of our current credit facilities but will be subject to compliance with financial covenants, a collateral maintenance test, and other customary conditions; dividends may be paid after December 31, 2018 (or potentially earlier if the Company elects to accelerate its first amortization payment due December 31, 2018) subject to customary conditions and a limitation of 50% of consolidated net income for any period during which the collateral maintenance test ratio is 200% or less; and collateral vessels can be sold or disposed of without prepayment of the loan if replaced with a new vessel within 120 days having an equal or greater appraised value if we are in compliance with the collateral maintenance test. Key covenants are to include minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30 million and 7.5% of total indebtedness; minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero; debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the facility. Collateral is to include the current vessels in our fleet other than the seven vessels identified for sale; collateral vessel earnings and insurance; and time charters in excess of 24 months in respect of the collateral vessels. The proposed new facility is subject to completion of definitive documentation and fulfillment of customary conditions precedent.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2018

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, including Baltic Trading. 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, 2017 (the “2017 10-K”). The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2018.

Segment reporting

The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities, refer to Note 7 — Debt. 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:


	March 31,		December 31,		March 31,		December 31,
	2018		2017		2017		2016
Cash and cash equivalents	$	172,775	$	174,479	$	138,873	$	133,400
Restricted cash - current		5,447		7,234		7,871		8,242
Restricted cash - noncurrent		22,977		23,233		27,151		27,426

Cash, cash equivalents and restricted cash	$	201,199	$	204,946	$	173,895	$	169,068

Inventories

Inventories consists of consumable bunkers and lubricants, which are stated at the lower of cost or market value, if required. During the three months ended March 31, 2018, the Company opted to break out these inventory assets that were previously classified as Prepaid expenses and other current assets into its own financial statement line item in the Condensed Consolidated Balance Sheets to provide a greater level of detail in the face of the financial statements. Inventories have been increasing as the result of the employment of vessels on spot market voyage charters, which result in higher bunker inventories. This change was made retrospectively for comparability purposes, and there was no effect on the Total current assets as of March 31, 2018 and December 31, 2017 in the Condensed Consolidated Balance Sheets.

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended March 31, 2018 and 2017 was $15,673 and $16,706, respectively.

Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the ship noted in lwt.

Revenue recognition

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of March 31, 2018 and December 31, 2017, the Company had an accrual of $457 and $327, respectively, related to these estimated customer claims.

Revenue recognition

Since the Company’s inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market.

Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees.

Pursuant to the new revenue recognition guidance as disclosed in Note 12 — Voyage Revenue, which was adopted during the three months ended March 31, 2018, revenue for spot market voyage charters is now recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port.

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 12 — Voyage Revenue for further discussion of the accounting for fuel expenses for spot market voyage charters as a result of the new revenue recognition guidance adopted during the three months ended March 31, 2018. 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 or market adjustments to re-value the bunker fuel on a quarterly basis, as required. These differences in bunkers, including any lower of cost or market adjustments, resulted in a net gain (loss) of $855 and ($504) during the three months ended March 31, 2018 and 2017, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

United States Gross Transportation Tax

The Company did not qualify for the Section 883 exemption during the year ended December 31, 2017 and believes that it will not qualify for the Section 883 exemption during the year ended December 31, 2018. In the absence of the exemption, 50% of the Company’s gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) will be subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). During the three months ended March 31, 2018 and 2017, the Company has recorded estimated U.S. gross transportation tax of $213 and $36, respectively, which has been recorded in Voyage expenses in the Condensed Consolidated Statements of Operation.

Impairment of vessel assets

During the three months ended March 31, 2018 and 2017, the Company recorded $56,402 and $0, respectively, related to the impairment of vessel assets in accordance with Accounting Standards Codification (“ASC”) 360 — “Property, Plant and Equipment” (“ASC 360”).

On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels; the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we have adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2018. This resulted in an impairment loss of $56,402 during the three months ended March 31, 2018.

Gain on sale of vessels

During the three months ended March 31, 2018 and 2017, the Company recorded a net gain of $0 and $6,369, respectively, related to the sale of vessels. The net gain of $6,369 recorded during the three months ended March 31, 2017 related primarily to the sale of the Genco Wisdom, the Genco Reliance, the Genco Carrier and the Genco Success.

Recent accounting pronouncements

In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Account” (“ASU 2017-09”). This ASU provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification account. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. ASU 2017-09 must be applied prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 during the first quarter of 2018 and there was no effect on its consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flow. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. ASU 2016-18 must be adopted retrospectively. The Company early adopted ASU 2016-18 during the fourth quarter of 2017. The retrospective application of ASU 2016-18 resulted in restricted cash being reclassified as a component of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. This ASU shall be applied retrospectively to all periods presented, but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. The Company adopted ASU 2016-15 during the first quarter of 2018. The retrospective application of ASU 2016-15 resulted in insurance proceeds for protection and indemnity claims and loss of hire claims to be separately disclosed in the cash flows from operating activities and resulted in insurance proceeds for hull and machinery claims to be separately disclosed in the cash flows from investing activities. These amounts were previously recorded in the cash flows from operating activities as the change in prepaid expenses and other current assets. Additionally, as part of ASU 2016-15, any cash payments for debt prepayment or debt extinguishment costs (including third-party costs, premiums paid and other fees paid to lenders) must be classified as cash outflows for financing activities. Lastly, for any debt instruments that contain interest payable in-kind, any cash payments attributable to the payment of in-kind interest will be classified as cash outflows for operating activities. Refer to the Condensed Consolidated Statements of Cash Flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements and related disclosures.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2016-01 during the first quarter of 2018 and there was no impact on the Company’s consolidated financial statements as the Company currently does not have any equity investments.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption (the “modified retrospective transition method”). In May 2016 and, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients.” This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. The requirements of this standard include an increase in required disclosures. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not retrospectively adjusted. The adoption of ASU 2014-09 did not have a financial impact on the recognition of revenue generated from time charter agreements, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenue for further discussion of the financial impact on the Company’s consolidated financial statements.

GENERAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2018

GENERAL INFORMATION

Schedule of wholly owned ship-owning subsidiaries

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of March 31, 2018:


Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date		Year Built

Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
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	169,025	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,098	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,001	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
Genco Ardennes Limited	Genco Ardennes	58,018	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	58,020	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	58,018	8/24/10		2010
Genco Brittany Limited	Genco Brittany	58,018	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	58,018	9/29/10		2010
Genco Loire Limited	Genco Loire	53,430	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,417	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	58,018	8/10/10		2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11		2011
Baltic Lion Limited	Baltic Lion	179,185	4/8/15	(1)	2012
Baltic Tiger Limited	Genco Tiger	179,185	4/8/15	(1)	2011
Baltic Leopard Limited	Baltic Leopard	53,446	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,350	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,473	5/14/10	(2)	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	(2)	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	(2)	2010
Baltic Wind Limited	Baltic Wind	34,408	8/4/10	(2)	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	(2)	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	(2)	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	(2)	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	(2)	2009
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	(2)	2014
Baltic Wasp Limited	Baltic Wasp	63,389	1/2/15	(2)	2015
Baltic Scorpion Limited	Baltic Scorpion	63,462	8/6/15		2015
Baltic Mantis Limited	Baltic Mantis	63,470	10/9/15		2015

(1)

The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading Limited (“Baltic Trading”).

(2)

The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of restricted cash and cash equivalents


	March 31,		December 31,		March 31,		December 31,
	2018		2017		2017		2016
Cash and cash equivalents	$	172,775	$	174,479	$	138,873	$	133,400
Restricted cash - current		5,447		7,234		7,871		8,242
Restricted cash - noncurrent		22,977		23,233		27,151		27,426

Cash, cash equivalents and restricted cash	$	201,199	$	204,946	$	173,895	$	169,068

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2018

NET LOSS PER SHARE

Components of denominator for calculation of basic and diluted net loss per share


	For the Three Months Ended
	March 31,
	2018	2017

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	34,577,990	33,495,738

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	34,577,990	33,495,738

Dilutive effect of warrants	—	—

Dilutive effect of stock options	—	—

Dilutive effect of restricted stock awards	—	—

Weighted-average common shares outstanding, diluted	34,577,990	33,495,738

DEBT (Tables)

3 Months Ended

Mar. 31, 2018

DEBT

Schedule of components of Long-term debt


	March 31,		December 31,
	2018		2017
Principal amount	$	504,426	$	519,083
PIK interest		5,341		5,341
Less: Unamortized debt financing costs		(8,459)		(9,032)
Less: Current portion		(24,308)		(24,497)

Long-term debt, net	$	477,000	$	490,895

Schedule of long-term debt


	March 31, 2018				December 31, 2017
			Unamortized				Unamortized
			Debt Financing				Debt Financing
	Principal		Cost		Principal		Cost
$400 Million Credit Facility	$	388,166	$	5,929	$	399,600	$	6,332
$98 Million Credit Facility		91,397		1,247		93,939		1,370
2014 Term Loan Facilities		24,863		1,283		25,544		1,330
PIK interest		5,341		—		5,341		—

Total debt	$	509,767	$	8,459	$	524,424	$	9,032

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


	For the Three Months Ended
	March 31,
	2018		2017
Effective Interest Rate	5.83	%	5.01	%
Range of Interest Rates (excluding unused commitment fees)	3.83 % to 8.43	%	3.36 % to 7.27	%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair values and carrying values of the Company's financial instruments


	March 31, 2018				December 31, 2017
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	172,775	$	172,775	$	174,479	$	174,479
Restricted cash		28,424		28,424		30,467		30,467
Floating rate debt		509,767		509,767		524,424		524,424

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2018

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	March 31,		December 31,
	2018		2017
Vessel stores	$	691	$	642
Capitalized contract costs		483		—
Prepaid items		3,880		1,452
Insurance receivable		2,618		3,498
Other		2,206		1,746
Total prepaid expenses and other current assets	$	9,878	$	7,338

FIXED ASSETS (Tables)

3 Months Ended

Mar. 31, 2018

FIXED ASSETS

Schedule of fixed assets


	March 31,		December 31,
	2018		2017
Fixed assets, at cost:
Vessel equipment	$	1,330	$	1,375
Furniture and fixtures		462		462
Computer equipment		180		180
Total costs		1,972		2,017
Less: accumulated depreciation and amortization		(1,019)		(1,003)
Total fixed assets, net	$	953	$	1,014

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2018

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

Schedule of accounts payable and accrued expenses


	March 31,		December 31,
	2018		2017
Accounts payable	$	12,004	$	9,863
Accrued general and administrative expenses		1,780		2,978
Accrued vessel operating expenses		10,555		10,389
Total accounts payable and accrued expenses	$	24,339	$	23,230

VOYAGE REVENUE (Tables)

3 Months Ended

Mar. 31, 2018

VOYAGE REVENUE

Schedule of effect of adoption of new revenue recognition guidance

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Balance Sheet:


	As of March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Assets
Current assets:
Due from charterers	$	13,286	$	14,126	$	(840)
Prepaid expenses and other current assets		9,878		9,395		483

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	24,339	$	24,348	$	(9)
Deferred revenue		5,104		4,578		526

Equity:
Retained deficit	$	(710,145)	$	(709,271)	$	(874)

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Operations:


	For the Three Months Ended March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Voyage revenues	$	76,916	$	77,132	$	(216)

Voyage expenses		21,093		21,094		(1)

Net loss		(55,813)		(55,598)		(215)

Net loss per share-basic	$	(1.61)	$	(1.61)	$	-
Net loss per share-diluted	$	(1.61)	$	(1.61)	$	-

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Cash Flows:


	For the Three Months Ended March 31, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Cash flows from operating activities:
Change in assets and liabilities:
Increase in due from charterers	$	(1,079)	$	(1,271)	$	192
Increase in prepaid expenses and other current assets		(3,740)		(3,732)		(8)
Increase in accounts payable and accrued expenses		1,094		1,097		(3)
Decrease in deferred revenue		(110)		(144)		34

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Condensed Consolidated Balance Sheet:


			New
	Balance at		Revenue		Balance at
	December 31,		Standard		January 1,
	2017		Adjustment		2018
Assets
Current assets:
Due from charterers	$	12,855	$	(647)	$	12,208
Prepaid expenses and other current assets		7,338		475		7,813

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	23,230	$	(6)	$	23,224
Deferred revenue		4,722		493		5,215

Equity:
Retained deficit	$	(653,673)	$	(659)	$	(654,332)

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

2014 MIP Plan

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	—	$	152

2015 EIP Plan | Stock Options

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	123	$	20

Schedule of stock option activity


		Weighted		Weighted
	Number of	Average Exercise		Average Fair
	Options	Price		Value
Outstanding at January 1, 2018 - Unvested	88,667	$	11.13	$	6.41
Granted	122,608		13.69		7.55
Exercisable	—		—		—
Exercised	—		—		—
Forfeited	—		—		—

Outstanding at March 31, 2018 - Unvested	211,275	$	12.62	$	7.07

The following table summarizes certain information about the options outstanding as of March 31, 2018:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

March 31, 2018

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

Price

Life

Warrants

Price

Life

$

12.36

211,275

$

12.62

5.52

44,333

$

11.13

4.98

2015 EIP Plan | Restricted Stock Units

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	366	$	159

Summary of nonvested restricted stock units


		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2018	220,129	$	11.01
Granted	37,436		13.69
Vested	—		—
Forfeited	—		—

Outstanding at March 31, 2018	257,565	$	11.40

There were no RSUs that vested during the three months ended March 31, 2018 and 2017. 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 March 31, 2018:


Unvested RSUs				Vested RSUs
March 31, 2018				March 31, 2018
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
257,565	$	11.40	1.60	171,572	$	11.39

2015 EIP Plan | Restricted Stock

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	3	$	8

Summary of nonvested stock awards


		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1, 2018	6,802	$	5.20
Granted	—		—
Vested	—		—
Forfeited	—		—

Outstanding at March 31, 2018	6,802	$	5.20

Warrants | 2014 MIP Plan

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended
	March 31,
	2018		2017
General and administrative expenses	$	—	$	372

Summary of warrant activity and warrants outstanding

The following table summarizes certain information about the warrants outstanding as of March 31, 2018:

Warrants Outstanding and Unvested,

Warrants Outstanding and Exercisable,

March 31, 2018

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Warrants

Price

Life

Warrants

Price

Life

$

303.12

—

$

—

8,557,461

$

303.12

2.36

GENERAL INFORMATION (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 04, 2017	Nov. 15, 2016	Mar. 31, 2017
Summary of Significant Accounting Policies
Common stock authorized for conversion of preferred stock	27,061,856
Line of Credit Facility
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock outstanding (in shares)	27,061,856
Preferred stock converted into common stock	27,061,856		27,061,856
Private placement
Summary of Significant Accounting Policies
Issuance of stock (in shares)		27,061,856
Issuance of stock excluding services (in shares)		25,773,196
Share price (in dollars per share)		$ 4.85
Additional shares issued as commitment fee (in shares)		1,288,660
Net proceeds		$ 120,789

GENERAL INFORMATION - Vessel Details (Details)	Mar. 31, 2018 item
Genco Vigour Limited \| Genco Vigour
Vessels
Capacity of vessels	73,941
Genco Explorer Limited \| Genco Explorer
Vessels
Capacity of vessels	29,952
Genco Progress Limited \| Genco Progress
Vessels
Capacity of vessels	29,952
Genco Beauty Limited \| Genco Beauty
Vessels
Capacity of vessels	73,941
Genco Knight Limited \| Genco Knight
Vessels
Capacity of vessels	73,941
Genco Muse Limited \| Genco Muse
Vessels
Capacity of vessels	48,913
Genco Surprise Limited \| Genco Surprise
Vessels
Capacity of vessels	72,495
Genco Augustus Limited \| Genco Augustus
Vessels
Capacity of vessels	180,151
Genco Tiberius Limited \| Genco Tiberius
Vessels
Capacity of vessels	175,874
Genco London Limited \| Genco London
Vessels
Capacity of vessels	177,833
Genco Titus Limited \| Genco Titus
Vessels
Capacity of vessels	177,729
Genco Challenger Limited \| Genco Challenger
Vessels
Capacity of vessels	28,428
Genco Charger Limited \| Genco Charger
Vessels
Capacity of vessels	28,398
Genco Warrior Limited \| Genco Warrior
Vessels
Capacity of vessels	55,435
Genco Predator Limited \| Genco Predator
Vessels
Capacity of vessels	55,407
Genco Hunter Limited \| Genco Hunter
Vessels
Capacity of vessels	58,729
Genco Champion Limited \| Genco Champion
Vessels
Capacity of vessels	28,445
Genco Constantine Limited \| Genco Constantine
Vessels
Capacity of vessels	180,183
Genco Raptor LLC \| Genco Raptor
Vessels
Capacity of vessels	76,499
Genco Cavalier LLC \| Genco Cavalier
Vessels
Capacity of vessels	53,617
Genco Thunder LLC \| Genco Thunder
Vessels
Capacity of vessels	76,588
Genco Hadrian Limited \| Genco Hadrian
Vessels
Capacity of vessels	169,025
Genco Commodus Limited \| Genco Commodus
Vessels
Capacity of vessels	169,098
Genco Maximus Limited \| Genco Maximus
Vessels
Capacity of vessels	169,025
Genco Claudius Limited \| Genco Claudius
Vessels
Capacity of vessels	169,001
Genco Bay Limited \| Genco Bay
Vessels
Capacity of vessels	34,296
Genco Ocean Limited \| Genco Ocean
Vessels
Capacity of vessels	34,409
Genco Avra Limited \| Genco Avra
Vessels
Capacity of vessels	34,391
Genco Mare Limited \| Genco Mare
Vessels
Capacity of vessels	34,428
Genco Spirit Limited \| Genco Spirit
Vessels
Capacity of vessels	34,432
Genco Aquitaine Limited \| Genco Aquitaine
Vessels
Capacity of vessels	57,981
Genco Ardennes Limited \| Genco Ardennes
Vessels
Capacity of vessels	58,018
Genco Auvergne Limited \| Genco Auvergne
Vessels
Capacity of vessels	58,020
Genco Bourgogne Limited \| Genco Bourgogne
Vessels
Capacity of vessels	58,018
Genco Brittany Limited \| Genco Brittany
Vessels
Capacity of vessels	58,018
Genco Languedoc Limited \| Genco Languedoc
Vessels
Capacity of vessels	58,018
Genco Loire Limited \| Genco Loire
Vessels
Capacity of vessels	53,430
Genco Lorraine Limited \| Genco Lorraine
Vessels
Capacity of vessels	53,417
Genco Normandy Limited \| Genco Normandy
Vessels
Capacity of vessels	53,596
Genco Picardy Limited \| Genco Picardy
Vessels
Capacity of vessels	55,257
Genco Provence Limited \| Genco Provence
Vessels
Capacity of vessels	55,317
Genco Pyrenees Limited \| Genco Pyrenees
Vessels
Capacity of vessels	58,018
Genco Rhone Limited \| Genco Rhone
Vessels
Capacity of vessels	58,018
Baltic Lion Limited \| Baltic Lion
Vessels
Capacity of vessels	179,185
Baltic Tiger Limited \| Genco Tiger
Vessels
Capacity of vessels	179,185
Baltic Leopard Limited \| Baltic Leopard
Vessels
Capacity of vessels	53,446
Baltic Panther Limited \| Baltic Panther
Vessels
Capacity of vessels	53,350
Baltic Cougar Limited \| Baltic Cougar
Vessels
Capacity of vessels	53,432
Baltic Jaguar Limited \| Baltic Jaguar
Vessels
Capacity of vessels	53,473
Baltic Bear Limited \| Baltic Bear
Vessels
Capacity of vessels	177,717
Baltic Wolf Limited \| Baltic Wolf
Vessels
Capacity of vessels	177,752
Baltic Wind Limited \| Baltic Wind
Vessels
Capacity of vessels	34,408
Baltic Cove Limited \| Baltic Cove
Vessels
Capacity of vessels	34,403
Baltic Breeze Limited \| Baltic Breeze
Vessels
Capacity of vessels	34,386
Baltic Fox Limited \| Baltic Fox
Vessels
Capacity of vessels	31,883
Baltic Hare Limited \| Baltic Hare
Vessels
Capacity of vessels	31,887
Baltic Hornet Limited \| Baltic Hornet
Vessels
Capacity of vessels	63,574
Baltic Wasp Limited \| Baltic Wasp
Vessels
Capacity of vessels	63,389
Baltic Scorpion Limited \| Baltic Scorpion
Vessels
Capacity of vessels	63,462
Baltic Mantis Limited \| Baltic Mantis
Vessels
Capacity of vessels	63,470

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details)	3 Months Ended
	Mar. 31, 2018 segment
Segment reporting
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash
Cash and cash equivalents	$ 172,775	$ 174,479	$ 138,873	$ 133,400
Restricted cash - current	5,447	7,234	7,871	8,242
Restricted cash - noncurrent	22,977	23,233	27,151	27,426
Cash, cash equivalents and restricted cash	$ 201,199	$ 204,946	$ 173,895	$ 169,068

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / item	Mar. 31, 2017 USD ($)
Vessels, net
Estimated useful life	25 years
Depreciation and amortization	$ 16,886	$ 18,173
Estimated scrap value (in dollars per lightweight ton) \| $ / item	310
Vessels
Vessels, net
Depreciation and amortization	$ 15,673	$ 16,706

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue and Voyage Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Deferred revenue and revenue recognition
Accrual related to estimated customer claims	$ 457		$ 327
Voyage expense recognition
Net gain (loss) on purchase and sale of bunker fuel and LCM adjustments	$ 855	$ (504)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of gross shipping income attributable to transportation beginning or ending in the U.S. will be subject to a 4% tax without allowance for deductions	50.00%
Percentage of tax without allowance for deductions on gross shipping income attributable to transportation beginning or ending in the U.S.	4.00%
Gross transportation tax	$ 213	$ 36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Feb. 27, 2018 item
Impairment of long-lived assets
Impairment of vessel assets	$ 56,402	$ 0
Genco Cavalier, Genco Loire, Genco Lorraine, Genco Muse, Genco Normandy, Baltic Cougar, Baltic Jaguar, Baltic Leopard and Baltic Panther
Impairment of long-lived assets
Impairment of vessel assets	$ 56,402
Number impaired vessel assets \| item			9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain on sale of vessels
Gain on sale of vessels	$ 0	$ 6,369
Genco Wisdom, Genco Reliance, Genco Carrier, and Genco Success
Gain on sale of vessels
Gain on sale of vessels		$ 6,369

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Non-cash investing and financing activities
Cash paid for interest	$ 7,530	$ 6,728
Cash paid for estimated income taxes	0	0
Accounts payable and accrued expenses
Non-cash investing and financing activities
Non-cash investing activities purchase of other fixed assets	$ 64	31
Non-cash investing activities purchase of vessels, including deposits		1
Net proceeds from sale of vessels		41
Payment of Series A Preferred Stock issuance costs		$ 153

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Feb. 27, 2018	May 17, 2017	Mar. 23, 2017	Mar. 31, 2018
Restricted Stock Units \| Directors
Non-cash investing and financing activities
Granted (in shares)		25,197
Aggregate fair value		$ 255
2015 EIP Plan \| Restricted Stock Units
Non-cash investing and financing activities
Granted (in shares)	37,346			37,436
Aggregate fair value	$ 512
2015 EIP Plan \| Restricted Stock Units \| John C. Wobensmith
Non-cash investing and financing activities
Granted (in shares)			292,398
Aggregate fair value			$ 3,254
2015 EIP Plan \| Stock Options
Non-cash investing and financing activities
Options to purchase (in shares)	122,608			122,608
Exercise price	$ 13.69			$ 13.69
Aggregate fair value	$ 926
2015 EIP Plan \| Stock Options \| John C. Wobensmith
Non-cash investing and financing activities
Options to purchase (in shares)			133,000
Exercise price			$ 11.13
Aggregate fair value			$ 853

VESSEL ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Thousands	May 16, 2017	Mar. 19, 2017	Feb. 16, 2017	Feb. 09, 2017	Jan. 09, 2017
Genco Prosperity
VESSEL ACQUISITIONS
Sale of assets	$ 3,050
Broker commission (as a percent)	3.50%
Genco Success
VESSEL ACQUISITIONS
Sale of assets		$ 2,800
Broker commission (as a percent)		3.00%
Genco Carrier
VESSEL ACQUISITIONS
Sale of assets			$ 3,560
Brokerage commission			$ 92
Genco Reliance
VESSEL ACQUISITIONS
Sale of assets				$ 3,500
Broker commission (as a percent)				3.50%
Genco Wisdom
VESSEL ACQUISITIONS
Sale of assets					$ 3,250
Broker commission (as a percent)					3.50%

NET LOSS PER SHARE (Details) - shares		3 Months Ended
NET LOSS PER SHARE (Details) - shares	Jul. 10, 2014	Mar. 31, 2018	Mar. 31, 2017
Common shares outstanding, basic:
Weighted average common shares outstanding - Basic (in shares)		34,577,990	33,495,738
Common shares outstanding, diluted:
Weighted average common shares outstanding - Basic (in shares)		34,577,990	33,495,738
Weighted-average common shares outstanding, diluted (in shares)		34,577,990	33,495,738
Nonvested Awards, including Restricted Units
Anti-dilutive shares (in shares)		264,367	381,924
Stock Options
Anti-dilutive shares (in shares)		255,608	133,000
Warrants
Anti-dilutive shares (in shares)		0	713,122
Equity Warrants
Anti-dilutive shares (in shares)		3,936,761	3,936,761
Warrants
Nonvested shares outstanding		0	713,122
Equity Warrants
Nonvested shares outstanding		3,936,761	3,936,761
Equity warrant term	7 years
Number of shares of new stock in which each warrant or right can be converted	0.10
Nonvested Awards, including Restricted Units
Nonvested shares outstanding		264,367	381,924
Stock Options
Stock options outstanding - nonvested and exercisable		255,608	133,000

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
RELATED PARTY TRANSACTIONS
Related party transactions	$ 0	$ 0

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Nov. 10, 2016	Nov. 04, 2015
Line of Credit Facility
Principal amount	$ 504,426	$ 519,083
Principal, including PIK interest	509,767	524,424
PIK interest	5,341	5,341
Less: Unamortized debt financing costs	(8,459)	(9,032)
Less: Current portion	(24,308)	(24,497)
Long-term debt, net	477,000	490,895
Secured Debt \| $400 Million Credit Facility
Line of Credit Facility
Principal amount	388,166	399,600
PIK interest	5,341
Less: Unamortized debt financing costs	(5,929)	(6,332)
Maximum borrowing capacity	400,000	400,000	$ 400,000
Secured Debt \| 2014 Term Loan Facilities
Line of Credit Facility
Principal amount	24,863	25,544
Less: Unamortized debt financing costs	(1,283)	(1,330)
Line of Credit Facility \| $98 Million Credit Facility
Line of Credit Facility
Principal amount	91,397	93,939
Less: Unamortized debt financing costs	(1,247)	(1,370)
Maximum borrowing capacity	$ 98,000	$ 98,000		$ 98,000

DEBT - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Line of Credit Facility
Deferred financing costs, noncurrent	$ 8,459		$ 9,032
Amortization of deferred financing costs	573	$ 573
Interest Expense
Line of Credit Facility
Amortization of deferred financing costs	$ 573	$ 573

DEBT - $400 Million Credit Facility (Details) $ in Thousands				3 Months Ended		12 Months Ended
	Nov. 15, 2016 item	Nov. 14, 2016 USD ($)	Nov. 10, 2016 USD ($) item	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)
Line of Credit Facility
PIK interest				$ 5,341		$ 5,341
Restricted cash, non-current				22,977	$ 27,151	23,233	$ 27,426
Restricted cash, current				5,447	7,871	7,234	$ 8,242
Secured Debt \| $400 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity			$ 400,000	400,000		$ 400,000
Number of prior credit facilities refinanced \| item	6
Number of vessels mortgaged \| item			45
Number of vessels sold \| item						5
Drawdowns during the period		$ 400,000
Remaining borrowing capacity				0
Repayments of Secured Debt				11,434	$ 100
Principal including PIK interest				387,578		$ 398,609
PIK interest				5,341
PIK interest (as a percent)			1.50%
Maximum total indebtedness to total capitalization			0.70
Minimum working capital required			$ 0
Repayments for the excess cash flow sweep				11,334
Excess cash flow sweep				$ 4,094
Excess cash flow sweep period				45 days
Restricted cash, non-current				$ 10,949		11,180
Restricted cash, current				$ 124		$ 0
Secured Debt \| $400 Million Credit Facility \| Through December 31, 2018
Line of Credit Facility
Amortization payments per quarter			100
Minimum cash balance required per vessel owned			$ 250
Cash flow sweep (as a percent)			100.00%
Secured Debt \| $400 Million Credit Facility \| From March 31, 2019 through December 31, 2020
Line of Credit Facility
Amortization payments per quarter			$ 7,610
Secured Debt \| $400 Million Credit Facility \| From March 31, 2021 through September 30, 2021
Line of Credit Facility
Amortization payments per quarter			18,571
Secured Debt \| $400 Million Credit Facility \| Period Upon Final Maturity On November 15 2021
Line of Credit Facility
Amortization payments per quarter			$ 282,605
Secured Debt \| $400 Million Credit Facility \| From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)			105.00%
Secured Debt \| $400 Million Credit Facility \| From December 31, 2018 to December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			115.00%
Cash flow sweep (as a percent)			75.00%
Prepayment under cash sweep required			$ 0
Threshold initial aggregate prepayments limit for prepayment under cash sweep			$ 10,000
Secured Debt \| $400 Million Credit Facility \| After December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			135.00%
Secured Debt \| $400 Million Credit Facility \| After December 31, 2020
Line of Credit Facility
Cash flow sweep option one (as a percent)			50.00%
Vessel age repayment period			15 years
Secured Debt \| $400 Million Credit Facility \| From January 1, 2019 To December 31, 2019
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 400
Secured Debt \| $400 Million Credit Facility \| After January 1, 2020
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 700
Secured Debt \| $400 Million Credit Facility \| LIBOR
Line of Credit Facility
Reference rate			three-month LIBOR
Applicable margin over reference rate (as a percent)			3.75%

DEBT - $98M Credit Facility (Details) $ in Thousands			3 Months Ended
DEBT - $98M Credit Facility (Details) $ in Thousands	Nov. 10, 2015 USD ($)	Nov. 04, 2015 USD ($) subsidiary item	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 15, 2016 USD ($)
Line of Credit Facility
Restricted cash, current			$ 5,447	$ 7,871	$ 7,234	$ 8,242
Restricted cash, non-current			22,977	27,151	23,233	$ 27,426
Line of Credit Facility \| $98 Million Credit Facility
Line of Credit Facility
Number of wholly owned subsidiaries \| subsidiary		13
Maximum borrowing capacity		$ 98,000	98,000		98,000
Drawdowns during the period	$ 98,271
Remaining borrowing capacity			0
Repayment of line of credit facility			2,542	$ 0
Long-term debt			90,150		92,569
Fixed amortization payment for the first two years		$ 0
Period without fixed amortization schedule		2 years
Amount of periodic payment		$ 2,500
Maximum collateral required for prepayment of loan (as a percent)		182.00%
Number of collateral vessels \| item		13
Minimum cash required to be maintained by each collateralized vessel							$ 750
Collateral security maintenance test (as a percent)							140.00%
Restricted cash, current			5,323		7,234
Restricted cash, non-current			$ 11,713		$ 11,738
Line of Credit Facility \| $98 Million Credit Facility \| LIBOR
Line of Credit Facility
Reference rate		three-month LIBOR
Applicable margin over reference rate for interest payable		6.125%
Line of Credit Facility \| $98 Million Credit Facility \| Minimum
Line of Credit Facility
Loan repayment requirement to have the ability to pay dividends after December 31, 2018		$ 25,000

DEBT - 2014 Term Loan (Details) - Secured Debt - 2014 Term Loan Facilities $ in Thousands		3 Months Ended
	Oct. 08, 2014 USD ($) installment	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Nov. 15, 2016
Line of Credit Facility
Term of facilities	10 years
Maximum facility amount of delivered cost per vessel (as a percent)	60.00%
Maximum facility amount of delivered cost per vessel	$ 16,800
Maximum facility amount of fair market value per vessel at delivery (as a percent)	60.00%
Percentage of outstanding principal plus interest insured	95.00%
Number of semi-annual installments in which the credit facility is to be repaid \| installment	20
Amount due per installment (as a percent)	4.16%
Balloon payment of facility amount due at maturity (as a percent)	16.67%
Remaining borrowing capacity		$ 0
Repayments of Secured Debt		681	$ 681
Long-term debt		$ 23,580		$ 24,214
LIBOR
Line of Credit Facility
Reference rate	three or six-month LIBOR
Applicable margin over reference rate (as a percent)	2.50%
Baltic Hornet
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
Baltic Wasp
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
From December 31, 2017 To June 29, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)					100.00%
From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)					105.00%
From December 31, 2018 To December 30, 2019
Line of Credit Facility
Collateral security maintenance test (as a percent)					115.00%
From December 31, 2019 To End Date of Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)					135.00%

DEBT - Interest Rates (Details)	3 Months Ended
DEBT - Interest Rates (Details)	Mar. 31, 2018	Mar. 31, 2017
Interest rates on debt
Effective Interest Rate (as a percent)	5.83%	5.01%
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	3.83%	3.36%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	8.43%	7.27%

FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Nov. 10, 2016	Nov. 04, 2015
Fair value of financial instruments
Floating rate debt	$ 509,767	$ 524,424
Secured Debt \| $400 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility	400,000	400,000	$ 400,000
Line of Credit Facility \| $98 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility	98,000	98,000		$ 98,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	172,775	174,479
Restricted cash	28,424	30,467
Floating rate debt	509,767	524,424
Fair value
Fair value of financial instruments
Cash and cash equivalents	172,775	174,479
Restricted cash	28,424	30,467
Floating rate debt	$ 509,767	$ 524,424

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details)	3 Months Ended
	Mar. 31, 2018 item
Fair Value, Measurements, Nonrecurring
Fair value of financial instruments
Number of vessels written down as part of impairment	9

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 02, 2018	Dec. 31, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Vessel Stores	$ 691		$ 642
Capitalized contract costs	483
Prepaid items	3,880		1,452
Insurance receivable	2,618		3,498
Other	2,206		1,746
Total prepaid expenses and other current assets	$ 9,878	$ 7,813	$ 7,338

FIXED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
FIXED ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
FIXED ASSETS
Total costs	$ 1,972		$ 2,017
Less: accumulated depreciation and amortization	(1,019)		(1,003)
Total fixed assets, net	953		1,014
Depreciation and amortization	16,886	$ 18,173
Detail of Fixed Assets, Excluding Vessels
FIXED ASSETS
Depreciation and amortization	71	$ 68
Vessel equipment
FIXED ASSETS
Total costs	1,330		1,375
Furniture and fixtures
FIXED ASSETS
Total costs	462		462
Computer equipment
FIXED ASSETS
Total costs	$ 180		$ 180

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 02, 2018	Dec. 31, 2017
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 12,004		$ 9,863
Accrued general and administrative expenses	1,780		2,978
Accrued vessel operating expenses	10,555		10,389
Total accounts payable and accrued expenses	$ 24,339	$ 23,224	$ 23,230

VOYAGE REVENUE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 02, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue from Time Charters
Revenues	$ 76,916	$ 38,249
Voyage Expenses	21,093	3,241
Net loss	$ (55,813)	$ (15,600)
Net loss per share-basic	$ (1.61)	$ (0.47)
Net loss per share-diluted	$ (1.61)	$ (0.47)
Current Assets:
Due from charterers	$ 13,286		$ 12,208		$ 12,855
Prepaid expenses and other current assets	9,878		7,813		7,338
Current liabilities:
Accounts payable and accrued expenses	24,339		23,224		23,230
Deferred revenue	5,104		5,215		4,722
Equity
Retained deficit	(710,145)		$ (654,332)		$ (653,673)
Change in assets and liabilities:
Increase in due from charterers	(1,079)	$ 1,313
Increase in prepaid expenses and other current assets	(3,740)	(2,650)
Increase in accounts payable and accrued expenses	1,094	(3,184)
Decrease in deferred revenue	(110)	28
Voyage
Revenue from Time Charters
Revenues	76,916	38,249
Profit Sharing
Revenue from Time Charters
Revenues	0	$ 1,383
Accounting Standards Update 2014-09 \| Calculated under Revenue Guidance in Effect before Topic 606
Revenue from Time Charters
Voyage Expenses	21,094
Net loss	$ (55,598)
Net loss per share-basic	$ (1.61)
Net loss per share-diluted	$ (1.61)
Current Assets:
Due from charterers	$ 14,126
Prepaid expenses and other current assets	9,395
Current liabilities:
Accounts payable and accrued expenses	24,348
Deferred revenue	4,578
Equity
Retained deficit	(709,271)
Change in assets and liabilities:
Increase in due from charterers	(1,271)
Increase in prepaid expenses and other current assets	(3,732)
Increase in accounts payable and accrued expenses	1,097
Decrease in deferred revenue	(144)
Accounting Standards Update 2014-09 \| Calculated under Revenue Guidance in Effect before Topic 606 \| Voyage
Revenue from Time Charters
Revenues	77,132
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Revenue from Time Charters
Voyage Expenses	(1)
Net loss	(215)
Current Assets:
Due from charterers	(840)			$ (647)
Prepaid expenses and other current assets	483			475
Current liabilities:
Accounts payable and accrued expenses	(9)			(6)
Deferred revenue	526			493
Equity
Retained deficit	(874)			$ (659)
Change in assets and liabilities:
Increase in due from charterers	192
Increase in prepaid expenses and other current assets	(8)
Increase in accounts payable and accrued expenses	(3)
Decrease in deferred revenue	34
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Voyage
Revenue from Time Charters
Revenues	$ (216)

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 04, 2011	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and contingencies
Long-term lease obligations		$ 2,768		$ 2,588
Lease agreement entered into April 2011
Commitments and contingencies
Lease term	7 years
Obligation of sublessor towards the cost of alterations of office space	$ 472
Long-term lease obligations		2,768		$ 2,588
Rent expense		452	$ 452
Future minimum rental payments
Remainder of 2018		647
2019		2,230
2020		2,230
2021		2,230
2022		2,230
Remaining term of the lease		6,671
Lease agreement entered into April 2011 \| Period from October 1, 2018 to April 30, 2023
Commitments and contingencies
Monthly rental payment		186
Lease agreement entered into April 2011 \| Period from May 1, 2023 to September 30, 2025
Commitments and contingencies
Monthly rental payment		204
Lease agreement entered into April 2011 \| Period During July 9, 2014 To September 30, 2025
Commitments and contingencies
Monthly straight-line rental expense		150
Sub Sublease Agreement \| Period November 1, 2011 until May 31, 2015
Commitments and contingencies
Monthly rental payment		82
Sub Sublease Agreement \| Period after May 31, 2015 until April 30, 2018
Commitments and contingencies
Monthly rental payment		$ 90

STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 07, 2014 USD ($) item $ / shares shares	Jul. 09, 2014 item shares	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) shares	Dec. 31, 2017 shares	Jul. 07, 2016 $ / shares
Stock Awards
Aggregate number of shares of common stock available for awards		966,806
Percentage of Common Stock outstanding ( In percent)		1.80%
Vesting period of awards	3 years
Number of Shares
Vested (in shares)			0	0
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost \| $			$ 0
General and Administrative Expense
Stock Awards
Amortization expense \| $				$ 152
Warrants
Stock Awards
Number of tranches \| item	3
Number of tiers of MIP Warrants \| item		3
Volatility rate ( as a percent)	43.91%
Volatility rate term	6 years
Risk-free interest rate ( as a percent)	1.85%
Dividend rate ( as a percent)	0.00%
Total fair value of outstanding awards upon emergence from bankruptcy \| $	$ 54,436
Percentage of warrant vest for anniversaries of the grant date	33.33%
Vesting period of awards	3 years
Weighted Average Fair Value
Weighted average exercise price (in dollars per share)			303.12
Number of warrants			8,557,461
Exercisable (in dollars per share) \| $ / shares			$ 303.12
Weighted average remaining contractual life, exercisable			2 years 4 months 10 days
Additional disclosures
Warrants outstanding (in shares)			8,557,461		8,557,461
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost \| $			$ 0
Warrants \| General and Administrative Expense
Stock Awards
Amortization expense \| $				$ 372
Warrants \| $259.10 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards	238,066
Exercise price per share \| $ / shares						$ 259.10
Fair value of warrant (in dollars per share) \| $ / shares	$ 7.22
Warrants \| $287.30 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards	246,701
Exercise price per share \| $ / shares						287.30
Fair value of warrant (in dollars per share) \| $ / shares	$ 6.63
Warrants \| $341.90 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards	370,979
Exercise price per share \| $ / shares						$ 341.90
Fair value of warrant (in dollars per share) \| $ / shares	$ 5.63

STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 27, 2018	Mar. 23, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 26, 2015
Nonemployee Directors
Stock options
Maximum annual limit for grants (in shares)		500,000
Other Individuals
Stock options
Maximum annual limit for grants (in shares)		1,000,000
Stock Options
Weighted Average Fair Value
Stock options outstanding - nonvested and exercisable			255,608	133,000
2015 EIP Plan
Stock options
Aggregate number of shares of common stock available for awards		2,750,000				400,000
2015 EIP Plan \| Stock Options
Stock options
Vesting percentage of awards	33.00%
Vesting period	3 years
Unrecognized compensation cost
Unamortized compensation cost			$ 1,143
Future amortization of stock based compensation
Remainder of 2018			608
2019			392
2020			127
2021			$ 16
Number of Options
Outstanding at beginning of period (in shares)			88,667
Granted (in shares)	122,608		122,608
Outstanding at end of period (in shares)			211,275
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)			$ 11.13
Granted (in dollars per share)	$ 13.69		13.69
Outstanding at end of period (in dollars per share)			12.62
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)			6.41
Granted (in dollars per share)	$ 7.55		7.55
Outstanding at end of period (in dollars per share)			7.07
Weighted Average Exercise Price Of Outstanding Options			$ 12.36
Options Outstanding, Weighted Average Remaining Contractual Life			5 years 6 months 7 days
Options Exercisable, Number of options			44,333
Options Exercisable, Weighted Average Exercise Price			$ 11.13
Options Exercisable, Weighted Average Remaining Contractual Life			4 years 11 months 23 days
Aggregate fair value	$ 926
Stock options outstanding - nonvested and exercisable			255,608		133,000
Assumptions and Methodology
Weighted average volatility rate (as a percent)	71.94%
Risk-free interest rate ( as a percent)	2.53%
Dividend rate ( as a percent)	0.00%
Expected life (in years)	4 years
2015 EIP Plan \| Stock Options \| General and Administrative Expense
Stock options
Amortization expense			$ 123	$ 20
2015 EIP Plan \| Stock Options \| John C. Wobensmith
Stock options
Vesting percentage of awards		33.33%
Vesting period		3 years
Number of Options
Granted (in shares)		133,000
Weighted Average Exercise Price
Granted (in dollars per share)		$ 11.13
Weighted Average Fair Value
Granted (in dollars per share)		$ 6.41
Aggregate fair value		$ 853
Assumptions and Methodology
Weighted average volatility rate (as a percent)		79.80%
Risk-free interest rate ( as a percent)		1.68%
Dividend rate ( as a percent)		0.00%
Expected life (in years)		3 years 9 months 11 days

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 27, 2018	May 17, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Directors
Number of Shares
Granted (in shares)		25,197
2015 EIP Plan
Number of Shares
Balance at the beginning of the period (in shares)			220,129
Granted (in shares)	37,346		37,436
Vested (in shares)			0	0
Balance at the end of the period (in shares)			257,565
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)			$ 11.01
Granted (in dollars per share)			13.69
Balance at the end of the period (in dollars per share)			$ 11.40
Weighted-average remaining contractual life			1 year 7 months 6 days
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost			$ 1,542
Weighted-average period for recognition of unrecognized compensation cost			1 year 7 months 6 days
2015 EIP Plan \| General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense			$ 366	$ 159
2015 EIP Plan \| Vested RSUs
Number of Shares
Number of shares vested			171,572
Weighted Average Fair Value
Vested (in dollars per share)			$ 11.39
2015 EIP Plan \| Directors
Stock Awards
Number of common shares outstanding in respect of RSUs			118,838		118,838
2015 EIP Plan \| Other Individuals
Stock Awards
Vesting period of awards			3 years
2015 EIP Plan \| Eugene Davis
Number of Shares
Number of common shares issued in respect of RSUs		18,234

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock (Details) - 2015 EIP Plan - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock Awards
Vesting period of awards	3 years
Number of Shares
Balance at the beginning of the period (in shares)	6,802
Vested (in shares)	0	0
Balance at the end of the period (in shares)	6,802
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)	$ 5.20
Balance at the end of the period (in dollars per share)	$ 5.20
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost	$ 8
Weighted-average period for recognition of unrecognized compensation cost	7 months 17 days
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense	$ 3	$ 8

LEGAL PROCEEDINGS - Claims and Complaints (Details) - complaint		1 Months Ended
	May 26, 2015	Apr. 30, 2015
LEGAL PROCEEDINGS
Number of claims filed		6
Number of complaints consolidated	6

SUBSEQUENT EVENTS (Details) - Subsequent Event - Secured Debt - $460,000 Senior Secured Credit Facility $ in Thousands	Dec. 31, 2018 USD ($)	May 08, 2018 USD ($) item
Subsequent Events
Debt term		5 years
Face amount of term loan facility		$ 460,000
Number of credit facilities upon refinance of existing credit facilities \| item		1
Number of oldest vessels identified for sale for which debt will be paid down \| item		7
Repaid value of loan when certain debt terms are met		$ 0
Average age of collateral vessels for repayment of loan		17 years
Percentage limit of consolidated net income for which dividends can be paid		50.00%
Collateral vessel replacement period		120 years
Key covenant - Unrestricted cash and cash equivalents minimum		$ 30,000
Key covenant – Percentage of unrestricted cash to total indebtedness		7.50%
Key covenant – Minimum working capital balance		$ 0
Key covenant – Maximum ratio of total indebtedness to total capitalization		70.00%
Key covenant – Minimum time charters period		24 months
Forecast
Subsequent Events
Amortization payments per quarter	$ 15,000
LIBOR \| Through December 31, 2018
Subsequent Events
Applicable margin over reference rate (as a percent)		3.25%
Minimum
Subsequent Events
Collateral security maintenance test (as a percent)		135.00%
Minimum \| LIBOR \| Period after December 31, 2018
Subsequent Events
Applicable margin over reference rate (as a percent)		3.00%
Maximum
Subsequent Events
Collateral security maintenance test (as a percent)		200.00%
Maximum \| LIBOR \| Period after December 31, 2018
Subsequent Events
Applicable margin over reference rate (as a percent)		3.50%