GENCO SHIPPING & TRADING LTD, 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Feb. 27, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-33393    
Entity Registrant Name GENCO SHIPPING & TRADING LIMITED    
Entity Incorporation, State or Country Code 1T    
Entity Tax Identification Number 98-0439758    
Entity Address, Address Line One 299 Park Avenue    
Entity Address, Address Line Two 12th Floor    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10171    
City Area Code 646    
Local Phone Number 443-8550    
Title of 12(b) Security Common Stock, par value $.01 per share    
Trading Symbol GNK    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 588.3
Entity Common Stock, Shares Outstanding   42,730,455  
Auditor Name Deloitte & Touche LLP    
Auditor Firm ID 34    
Auditor Location New York, New York    
Entity Central Index Key 0001326200    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 46,542 $ 58,142
Restricted cash   5,643
Due from charterers, net of a reserve of $3,257 and $2,141, respectively 17,815 25,333
Prepaid expenses and other current assets 10,154 8,399
Inventories 26,749 21,601
Fair value of derivative instruments 572 6,312
Vessels held for sale 55,440  
Total current assets 157,272 125,430
Noncurrent assets:    
Vessels, net of accumulated depreciation of $296,452 and $303,098, respectively 945,114 1,002,810
Deferred drydock, net of accumulated amortization of $23,047 and $15,456 respectively 29,502 32,254
Fixed assets, net of accumulated depreciation and amortization of $8,063 and $6,254, respectively 7,071 8,556
Operating lease right-of-use assets 2,628 4,078
Restricted cash 315 315
Fair value of derivative instruments   423
Total noncurrent assets 984,630 1,048,436
Total assets 1,141,902 1,173,866
Current liabilities:    
Accounts payable and accrued expenses 24,245 29,475
Deferred revenue 8,746 4,958
Current operating lease liabilities 2,295 2,107
Total current liabilities: 35,286 36,540
Noncurrent liabilities:    
Long-term operating lease liabilities 1,801 4,096
Long-term debt, net of deferred financing costs of $9,831 and $6,079, respectively 190,169 164,921
Total noncurrent liabilities 191,970 169,017
Total liabilities 227,256 205,557
Commitments and contingencies (Note 17)
Equity:    
Common stock, par value $0.01; 500,000,000 shares authorized; 42,546,959 and 42,327,181 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 425 423
Additional paid-in capital 1,553,421 1,588,777
Accumulated other comprehensive income 527 6,480
Accumulated deficit (641,117) (628,247)
Total Genco Shipping & Trading Limited shareholders' equity 913,256 967,433
Noncontrolling interest 1,390 876
Total equity 914,646 968,309
Total liabilities and equity $ 1,141,902 $ 1,173,866
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Due from charterers, reserve $ 3,257 $ 2,141
Noncurrent assets:    
Vessels, accumulated depreciation 296,452 303,098
Deferred drydock, accumulated amortization 23,047 15,456
Fixed assets, accumulated depreciation and amortization 8,063 6,254
Deferred financing costs, noncurrent $ 9,831 $ 6,079
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) 42,546,959 42,327,181
Common stock, shares outstanding (in shares) 42,546,959 42,327,181
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Total revenues $ 383,825 $ 536,934 $ 547,129
Operating expenses:      
Voyage expenses 142,971 153,889 146,182
Vessel operating expenses 97,093 99,469 82,089
Charter hire expenses 9,135 27,130 36,370
General and administrative expenses (inclusive of nonvested stock amortization expense of $5,530, $3,242 and $2,267, respectively) 28,268 25,708 24,454
Technical management fees 4,021 3,310 5,612
Depreciation and amortization 66,465 60,190 56,231
Impairment of vessel assets 41,719    
Gain on sale of vessels     (4,924)
Total operating expenses 389,672 369,696 346,014
Operating (loss) income (5,847) 167,238 201,115
Other income (expense):      
Other (expense) income (396) 178 541
Interest income 2,667 1,042 154
Interest expense (8,780) (9,094) (15,357)
Loss on debt extinguishment     (4,408)
Other expense, net (6,509) (7,874) (19,070)
Net (loss) income (12,356) 159,364 182,045
Less: Net income attributable to noncontrolling interest 514 788 38
Net (loss) income attributable to Genco Shipping & Trading Limited $ (12,870) $ 158,576 $ 182,007
Net (loss) earnings per share-basic $ (0.30) $ 3.74 $ 4.33
Net (loss) earnings per share-diluted $ (0.30) $ 3.70 $ 4.27
Weighted average common shares outstanding-basic 42,766,262 42,412,722 42,060,996
Weighted average common shares outstanding-diluted 42,766,262 42,915,496 42,588,871
Voyage revenues      
Revenues:      
Total revenues $ 383,825 $ 536,934 $ 547,129
v3.24.0.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Consolidated Statements of Operations      
Nonvested stock amortization expense $ 5,530 $ 3,242 $ 2,267
v3.24.0.1
Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income      
Net (loss) income $ (12,356) $ 159,364 $ 182,045
Other comprehensive (loss) income (5,953) 5,655 825
Comprehensive (loss) income (18,309) 165,019 182,870
Less: Comprehensive income attributable to noncontrolling interest 514 788 38
Comprehensive (loss) income attributable to Genco Shipping & Trading Limited $ (18,823) $ 164,231 $ 182,832
v3.24.0.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Genco Shipping & Trading Limited Shareholders' Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Noncontrolling Interest
Total
Balance at Dec. 31, 2020 $ 744,994 $ 418 $ 1,713,406   $ (968,830)   $ 744,994
Increase (Decrease) in Shareholders' Equity              
Net (loss) income 182,007       182,007 $ 38 182,045
Other comprehensive (loss) income 825     $ 825     825
Issuance of shares due to vesting of RSUs and exercise of options   1 (1)        
Cash dividends declared (13,506)   (13,506)       (13,506)
Nonvested stock amortization 2,267   2,267       2,267
Non-controlling interest initial investment           50 50
Balance at Dec. 31, 2021 916,587 419 1,702,166 825 (786,823) 88 916,675
Increase (Decrease) in Shareholders' Equity              
Net (loss) income 158,576       158,576 788 159,364
Other comprehensive (loss) income 5,655     5,655     5,655
Issuance of shares due to vesting of RSUs and exercise of options   4 (4)        
Cash dividends declared (116,627)   (116,627)       (116,627)
Nonvested stock amortization 3,242   3,242       3,242
Balance at Dec. 31, 2022 967,433 423 1,588,777 6,480 (628,247) 876 968,309
Increase (Decrease) in Shareholders' Equity              
Net (loss) income (12,870)       (12,870) 514 (12,356)
Other comprehensive (loss) income (5,953)     (5,953)     (5,953)
Issuance of shares due to vesting of RSUs and exercise of options   2 (2)        
Cash dividends declared (40,884)   (40,884)       (40,884)
Nonvested stock amortization 5,530   5,530       5,530
Balance at Dec. 31, 2023 $ 913,256 $ 425 $ 1,553,421 $ 527 $ (641,117) $ 1,390 $ 914,646
v3.24.0.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Consolidated Statements of Equity      
Dividends declared per share $ 0.95 $ 2.74 $ 0.32
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income $ (12,356) $ 159,364 $ 182,045
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 66,465 60,190 56,231
Amortization of deferred financing costs 1,779 1,694 3,536
Amortization of fair market value of time charters acquired     (4,263)
Right-of-use asset amortization 1,450 1,417 1,387
Amortization of nonvested stock compensation expense 5,530 3,242 2,267
Impairment of vessel assets 41,719    
Gain on sale of vessels     (4,924)
Loss on debt extinguishment     4,408
Amortization of premium on derivatives 210 86 197
Interest rate cap premium payment     (240)
Insurance proceeds for protection and indemnity claims 269 829 988
Insurance proceeds for loss of hire claims 506    
Change in assets and liabilities:      
Decrease (increase) in due from charterers 7,518 (5,217) (7,125)
Increase in prepaid expenses and other current assets (4,767) (317) (783)
(Increase) decrease in inventories (5,148) 2,962 (2,980)
(Decrease) increase in accounts payable and accrued expenses (2,205) (2,134) 5,405
Increase (decrease) in deferred revenue 3,788 (5,123) 1,660
Decrease in operating lease liabilities (2,107) (1,858) (1,765)
Deferred drydock costs incurred (10,867) (25,812) (4,925)
Net cash provided by operating activities 91,784 189,323 231,119
Cash flows from investing activities:      
Purchase of vessels and ballast water treatment systems, including deposits (91,305) (52,473) (115,680)
Purchase of scrubbers (capitalized in Vessels)     (199)
Purchase of other fixed assets (2,707) (3,566) (1,585)
Net proceeds from sale of vessels     49,473
Insurance proceeds for hull and machinery claims 2,388 1,024 418
Net cash used in investing activities (91,624) (55,015) (67,573)
Cash flows from financing activities:      
Investment by non-controlling interest     50
Cash dividends paid (40,910) (115,728) (13,463)
Payment of deferred financing costs (5,493) (11) (6,053)
Net cash used in financing activities (17,403) (190,739) (222,694)
Net decrease in cash, cash equivalents and restricted cash (17,243) (56,431) (59,148)
Cash, cash equivalents and restricted cash at beginning of period 64,100 120,531 179,679
Cash, cash equivalents and restricted cash at end of period 46,857 64,100 120,531
$500 Million Revolver      
Cash flows from financing activities:      
Proceeds from secured debt 209,750    
Repayments of secured debt (9,750)    
$450 Million Credit Facility      
Cash flows from financing activities:      
Proceeds from secured debt 65,000   350,000
Repayments of secured debt $ (236,000) $ (75,000) (104,000)
$133 Million Credit Facility      
Cash flows from financing activities:      
Repayments of secured debt     (114,940)
$495 Million Credit Facility      
Cash flows from financing activities:      
Repayments of secured debt     $ (334,288)
v3.24.0.1
GENERAL INFORMATION
 12 Months Ended
Dec. 31, 2023
GENERAL INFORMATION  
GENERAL INFORMATION

1 – GENERAL INFORMATION

​

The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2023, 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 Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.”

​

During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned 50% by the Company and 50% by Synergy as of December 31, 2023 and 2022, and was formed to provide ship management services to the Company’s vessels. As of December 31, 2023 and 2022, the cumulative investments GSSM received from the Company and Synergy totaled $50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM.

​

Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM.

​

Other General Information

​

As of December 31, 2023, 2022 and 2021, the Company’s fleet consisted of 46, 44 and 42 vessels, respectively.

​

Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2023:

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​

​

​

​

​

​

​

​

​

Wholly Owned Subsidiaries

    

Vessel Acquired

    

Dwt

    

Delivery Date

    

Year Built

 

​

​

​

​

​

​

​

​

​

​

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 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 Constantine Limited

 

Genco Constantine

 

180,183

 

2/21/08

 

2008

​

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 Aquitaine Limited

 

Genco Aquitaine

 

57,981

 

8/18/10

 

2009

​

Genco Ardennes Limited

 

Genco Ardennes

 

58,014

 

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

 

58,014

 

9/23/10

 

2010

​

Genco Languedoc Limited

 

Genco Languedoc

 

58,018

 

9/29/10

 

2010

​

Genco Picardy Limited

 

Genco Picardy

 

55,255

 

8/16/10

 

2005

​

Genco Pyrenees Limited

 

Genco Pyrenees

 

58,018

 

8/10/10

 

2010

​

Genco Rhone Limited

 

Genco Rhone

 

58,018

 

3/29/11

 

2011

​

Genco Weatherly Limited

​

Genco Weatherly

​

61,556

​

7/26/18

​

2014

​

Genco Columbia Limited

​

Genco Columbia

​

60,294

​

9/10/18

​

2016

​

Genco Endeavour Limited

​

Genco Endeavour

​

181,057

​

8/15/18

​

2015

​

Genco Resolute Limited

​

Genco Resolute

​

181,060

​

8/14/18

​

2015

​

Genco Defender Limited

​

Genco Defender

​

180,021

​

9/6/18

​

2016

​

Genco Liberty Limited

​

Genco Liberty

​

180,032

​

9/11/18

​

2016

​

Genco Magic Limited

​

Genco Magic

​

63,443

​

12/23/20

​

2014

​

Genco Vigilant Limited

​

Genco Vigilant

​

63,498

​

1/28/21

​

2015

​

Genco Freedom Limited

​

Genco Freedom

​

63,667

​

2/2/21

​

2015

​

Genco Enterprise Limited

​

Genco Enterprise

​

63,472

​

8/23/21

​

2016

​

Genco Madeleine Limited

​

Genco Madeleine

​

63,163

​

8/23/21

​

2014

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Genco Mayflower Limited

​

Genco Mayflower

​

63,304

​

8/24/21

​

2017

​

Genco Constellation Limited

​

Genco Constellation

​

63,310

​

9/3/21

​

2017

​

Genco Laddey Limited

​

Genco Laddey

​

61,303

​

1/6/22

​

2022

​

Genco Mary Limited

​

Genco Mary

​

61,304

​

1/6/22

​

2022

​

Genco Reliance Limited

​

Genco Reliance

​

181,146

​

11/21/23

​

2016

​

Genco Ranger Limited

​

Genco Ranger

​

180,882

​

11/27/23

​

2016

​

Baltic Lion Limited

​

Genco Lion

​

179,185

​

4/8/15

(1)

2012

​

Baltic Tiger Limited

​

Genco Tiger

​

179,185

​

4/8/15

(1)

2011

​

Baltic Bear Limited

 

Baltic Bear

 

177,717

 

5/14/10

​

2010

​

Baltic Wolf Limited

 

Baltic Wolf

 

177,752

 

10/14/10

​

2010

​

Baltic Hornet Limited

 

Baltic Hornet

 

63,574

 

10/29/14

​

2014

​

Baltic Wasp Limited

 

Baltic Wasp

 

63,389

 

1/2/2015

​

2015

​

Baltic Scorpion Limited

 

Baltic Scorpion

 

63,462

 

8/6/15

​

2015

​

Baltic Mantis Limited

 

Baltic Mantis

 

63,467

 

10/9/15

​

2015

​

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(1)The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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Principles of consolidation

​

The accompanying 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 and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.

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Accounting estimates

​

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates.

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Business geographics

​

The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable.

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Segment reporting

​

The Company reports financial information and evaluates its operations by voyage 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 operation 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, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

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Cash, cash equivalents and restricted cash

​

The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:

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​

​

​

​

​

​

December 31, 

​

December 31, 

​

​

    

2023

    

2022

 

Cash and cash equivalents

 

$

46,542

 

$

58,142

​

Restricted cash – current

​

​

—

​

​

5,643

​

Restricted cash – noncurrent

​

 

315

​

 

315

​

​

​

​

​

​

​

​

​

Cash, cash equivalents and restricted cash

 

$

46,857

 

$

64,100

​

​

​

​

​

​

​

​

​

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Due from charterers, net

​

Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2023 and 2022, the Company had a reserve of $3,257 and $2,141, respectively, against the due from charterers balance and an additional accrual of $540 and $592, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements.

​

Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.

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Bunker swap and forward fuel purchase agreements

​

From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy.

​

During the years ended December 31, 2023, 2022 and 2021, the Company recorded $202, $1,631 and $439 of realized gains in other (expense) income, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded ($96), $3 and $34 of unrealized (losses) gains in other (expense) income, respectively.

​

The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of December 31, 2023 and 2022 was $1 and $168, respectively, and are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of December 31, 2023 and 2022 was $0 and $71, respectively, and are recorded in accounts payable and accrued expenses in the Consolidated Balance Sheets.

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Inventories

​

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

 

Fair value of financial instruments

​

The estimated fair values of the Company’s financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2023 and 2022 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 9 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt.

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Vessel acquisitions

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When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition.

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When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter.

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Vessels, net

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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 that 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 years ended December 31, 2023, 2022 and 2021 was $50,525, $50,092 and $49,417, respectively.

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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. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (“lwt”). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from $310 per lwt to $400 per lwt prospectively based on the average of the 15-year average scrap value of steel.

During the year ended December 31, 2023, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,513. The decrease in depreciation expense resulted in a $0.11 decrease to the basic and diluted net loss per share during the year ended December 31, 2023. The basic and diluted net loss per share for the year ended December 31, 2023 would have been $0.41 per share if there were no change in the estimated scrap value.

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During the year ended December 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,647. The decrease in depreciation expense resulted in a $0.11 increase to the basic and diluted net earnings per share during the year ended December 31, 2022. The basic and diluted net earnings per share for the year ended December 31, 2022 would have been $3.63 per share and $3.59 per share, respectively, if there were no change in the estimated scrap value.

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Deferred drydocking costs

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The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the drydock.

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Amortization expense for drydocking for the years ended December 31, 2023, 2022 and 2021 was $13,253, $7,832 and $5,055, respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred, with the exception of other capitalized costs incurred related to vessel assets and vessel equipment.

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Fixed assets, net

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Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives:

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Description

    

Useful lives

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​

​

​

​

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Leasehold improvements

 

Lesser of the estimated useful life of the asset or life of the lease

Furniture, fixtures & other equipment

 

5 years

Vessel equipment

 

2-15 years

Computer equipment

 

3 years

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Depreciation and amortization expense for fixed assets for the years ended December 31, 2023, 2022 and 2021 was $2,687, $2,266 and $1,759, respectively.

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Deferred revenue

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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. Refer to “Revenue recognition” below for a description of the Company’s revenue recognition policy.

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Deferred financing costs

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Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statements of Operations.

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Nonvested stock awards

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The Company follows Accounting Standards Codification (“ASC”) Subtopic 718-10, “Compensation — Stock Compensation” (“ASC 718-10”), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital in the Consolidated Statements of Equity.

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Dividends declared

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If the Company has an accumulated deficit, dividends declared will be recognized as a reduction of additional paid-in capital (“APIC”) in the Consolidated Statements of Equity until the APIC is reduced to zero. Once APIC is reduced to zero, dividends declared will be recognized as an increase in accumulated deficit.

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Revenue recognition

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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. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

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Time charters

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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”).

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The Company records time charter revenues, including spot market-related time charters, 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 for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. 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. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 — Revenue from Contracts with Customers (“ASC 606”) because (i) the vessel is an identifiable asset; (ii) the Company does not have

substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use.

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The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 — Leases (Topic 842) (“ASC 842”). Refer to Note 13 — Voyage Revenues for further discussion.

 

Spot market voyage charters

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In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The contract generally has a “demurrage” or “despatch” clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2023, 2022 and 2021 is not a material percentage of the Company’s revenues.

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Revenue for spot market voyage charters is 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.

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Voyage expense recognition

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In time charters and spot market-related time charters, 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 and spot market-related time charters. Refer to Note 13 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss (gain) of $168, ($2,931) and ($1,889) during the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

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Loss on debt extinguishment

 

During the year ended December 31, 2021, the Company recorded $4,408 related to the loss on the extinguishment of debt in accordance with ASC 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $495 Million Credit Facility and the $133 Million Credit Facility with the $450 Million Credit Facility on August 31, 2021 as described in Note 7 — Debt.

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Vessel operating expenses

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Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred.

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Charter hire expenses

 

The costs to charter-in third party vessels, which primarily include the daily charter hire rate net of commissions, are recorded as Charter hire expenses. The Company recorded $9,135, $27,130 and $36,370 of charter hire expenses during the years ended December 31, 2023, 2022 and 2021, respectively.

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Technical management fees

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Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies.

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Impairment of long-lived assets

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During the year ended December 31, 2023, the Company recorded $41,719 related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). During the years ended December 31, 2022 and 2021, the Company did not incur any impairment of vessel assets in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets.

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When the Company performs its analysis of the anticipated undiscounted future net cash flows, the Company utilizes various assumptions based on historical trends. Specifically, the Company utilizes the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing.  For periods of time during which the Company’s vessels are not fixed on time charters or spot market voyage charters, the Company utilizes an estimated daily time charter equivalent for the vessels’ unfixed days based on the most recent ten year historical one-year time charter average.  In addition, the Company considers the current market rate environment and, if necessary, will adjust its estimates of future undiscounted cash flows to reflect the current rate environment. The projected undiscounted future net cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, reduced by brokerage and address commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking and special survey expenditures) and required capital expenditures adjusted annually for inflation, assuming fleet utilization of 98%. The salvage value used in the impairment test is estimated to be $400 per light weight ton, consistent with the Company’s depreciation policy during 2023.

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The Company is currently considering the acquisition of modern, high specification Capesize vessels and management continues to evaluate other acquisition opportunities in the market. In order to partially fund the potential purchase of these modern vessels, management has begun to evaluate the sale of its older and smaller Capesize vessels that will be scheduled for their third special survey in 2024 in order to opportunistically renew our fleet going forward. Such review led management to assess its probability weighted undiscounted cash flows for such vessels, and this resulted in the Company recording such impairment charges in the third quarter of 2023. On September 30, 2023, the Company determined that the expected estimated future undiscounted cash flows for three of its Capesize vessels, the Genco Claudius, Genco Commodus and Genco Maximus, did not exceed the net book value of these vessels as of September 30, 2023. This resulted in an impairment loss of $28,102 during the year ended December 31, 2023.

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On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $18,500 less a 1.0% commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a

third party for $18,000 less a 1.0% commission payable to a third party. Therefore, the vessel values for the Genco Commodus, Genco Claudius and Genco Maximus were adjusted to their net sales price of $19,305, $18,315 and $17,820, respectively, as of December 31, 2023. This resulted in an additional impairment loss of $13,617 during the year ended December 31, 2023. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. Refer to Note 18 — Subsequent Events for further discussion.

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Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of certain aforementioned vessels. 

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Gain on sale of vessels

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During the years ended December 31, 2023 and 2022, the Company did not complete the sale of any vessels. During the year ended December 31, 2021, the Company recorded net gains of $4,924, related to the sale of vessels. The net gains recognized during the year ended December 31, 2021 related primarily to the sale of the Genco Provence, partially offset by losses related to the sale of the Baltic Panther, the Baltic Hare, the Baltic Cougar, the Baltic Leopard and the Genco Lorraine, as well as net losses associated with the exchange of the Baltic Cove, Baltic Fox, Genco Spirit, Genco Avra and Genco Mare. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels.

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United States Gross Transportation Tax

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Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements.

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The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below.

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The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of the Company’s stock (which the Company sometimes refers to as “5% shareholders”), together own 50% or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50 percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock.

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Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2023, 2022 and 2021. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year.

Management believes that during the years ended December 31, 2023, 2022 and 2021, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those years.

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If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”).

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During the years ended December 31, 2023, 2022 and 2021, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax.

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Income taxes

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To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate. In addition, the Company may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50% to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in “United States Gross Transportation Tax” above) and otherwise 0% to the United States.

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The Company’s U.S. source shipping income would be considered effectively connected income only if:

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●the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and

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●substantially all of the Company’s U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.

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The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company’s expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income.

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The Company established Genco Shipping Pte. Ltd. (“GSPL”), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise (“MSI-AIS”) status under Section 13F of the Singapore Income Tax Act (“SITA”) by the Maritime and Port Authority of Singapore. The award is for an initial period of 10 years, commencing on August 15, 2018, and is subject to a review of performance at the end of the initial five year period.  The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate income tax rate (currently 17%). During the years ended December 31, 2023 and 2022, GSPL recorded $31 and $64 of income tax in Other (expense) income in the Consolidated Statement of Operations, respectively. During the year ended December 31, 2021, there was no income tax recorded by GSPL.

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During 2018, the Company established Genco Shipping A/S, which is a Danish-incorporated corporation which is based in Copenhagen and considered to be a resident for tax purposes in Denmark. Genco Shipping A/S was subject to corporate taxes in Denmark a rate of 22% during 2023, 2022 and 2021. During the years ended December 31, 2023, 2022 and 2021, Genco Shipping A/S recorded $205, $1,209 and $2, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.

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GSSM was subject to corporate taxes in Singapore during 2023, 2022 and 2021 at a rate of 17%. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $238, $350 and $26, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.

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Concentration of credit risk

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Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned all of its voyage revenues from 110, 123 and 139 customers during the years ended December 31, 2023, 2022 and 2021.

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For the year ended December 31, 2023, there were two customers that individually accounted for more than 10% voyage revenues: Rio Tinto Shipping (Asia) Pte. Ltd. and Oldendorff Carriers, including its subsidiaries, which represented 16.1% and 10.9% of voyage revenues, respectively. For the years ended December 31, 2022 and 2021, there were no customers that individually accounted for more than 10% of voyage revenues.

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As of December 31, 2023 and 2022, the Company maintains all of its cash and cash equivalents with eight and six financial institutions, respectively. None of the Company’s cash and cash equivalents balance is covered by insurance in the event of default by these financial institutions.

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Recent accounting pronouncements

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In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the existing segment reporting guidance (ASC Topic 280 — Segment Reporting (“ASC 280”)) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, companies with a single reporting segment will have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

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The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of this standard on its financial statement disclosures.
v3.24.0.1
CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2023
CASH FLOW INFORMATION  
CASH FLOW INFORMATION

3 - CASH FLOW INFORMATION

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For the year ended December 31, 2023, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $374 for the Purchase of vessels and ballast water treatment systems, including deposits and $161 for the Purchase of other fixed assets. For the year ended December 31, 2023, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $1,030 for Cash dividends payable and $38 for the Payment of deferred financing costs. Additionally, for the year ended December 31, 2023, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items in Prepaid expenses and other current assets consisting of $151 for the Purchase of vessels and ballast water treatment systems, including deposits.

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For the year ended December 31, 2022, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,394 for the Purchase of vessels and ballast water treatment systems, including deposits and $1,178 for the Purchase of other fixed assets. For the year ended December 31, 2022, the Company had non-cash financing activities not included in

the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $1,056 for Cash dividends payable.

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For the year ended December 31, 2021, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $1,643 for the Purchase of vessels and ballast water treatment systems, including deposits, $6 for the Purchase of scrubbers, and $1,160 for the Purchase of other fixed assets. For the year ended December 31, 2021, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $157 for Cash dividends payable and $9 associated with the Payment of deferred financing costs.

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During the years ended December 31, 2023, 2022 and 2021, cash paid for interest, net of amounts capitalized, was $13,626, $9,329 and $11,749, respectively, which was offset by $6,972, $1,936 and $0 received as a result of the interest rate cap agreements, respectively. Refer to Note 7 — Debt.

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During the years ended December 31, 2023, 2022 and 2021, any cash paid for income taxes was insignificant.

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During the year ended December 31, 2023, the Company made a reclassification of $55,440 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Genco Commodus, Genco Claudius and Genco Maximus prior to December 31, 2023. Refer to Note 4 — Vessel Acquisitions and Dispositions.

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During the year ended December 31, 2022, the Company reclassified $18,543 from Deposits on vessels to Vessels, net of accumulated depreciation upon the delivery of the Genco Mary and the Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions.

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All stock options exercised during the years ended December 31, 2023, 2022 and 2021 were cashless. Refer to Note 16 — Stock-Based Compensation for further information.

On June 16, 2023, the Company granted 3,917 restricted stock units and 3,917 performance-based restricted stock units to an individual. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $56 and $64, respectively.

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On May 16, 2023, the Company granted 43,729 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $600.

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On April 14, 2023, the Company granted 75,920 restricted stock units and 75,920 performance-based restricted stock units to certain individuals. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $1,237 and $1,451, respectively.

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On April 3, 2023, the Company granted 1,630 restricted stock units to an individual. The aggregate fair value of these restricted stock units was $25.

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On March 10, 2023, the Company granted 2,948 restricted stock units to an individual. The aggregate fair value of these restricted stock units was $50.

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On February 21, 2023, the Company granted 68,758 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $1,250.

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On December 23, 2022, the Company issued 270,097 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $4,200.

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On May 16, 2022, the Company issued 27,331 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $600.

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On February 23, 2022, the Company issued 201,934 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $3,950.

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On May 13, 2021, the Company issued 33,525 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $515.

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On May 4, 2021, the Company issued 18,428 restricted stock units to a member of the Board of Directors. The aggregate fair value of these restricted stock units was $300.

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On February 23, 2021, the Company issued 103,599 restricted stock units and options to purchase 118,552 shares of the Company’s stock at an exercise price of $9.91 to certain individuals. The fair value of these restricted stock units and stock options were $1,027 and $513, respectively.

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Refer to Note 16 — Stock-Based Compensation for further information regarding the aforementioned grants.

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v3.24.0.1
VESSEL ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2023
VESSEL ACQUISITIONS AND DISPOSITIONS  
VESSEL ACQUISITIONS AND DISPOSITIONS

4 - VESSEL ACQUISITIONS AND DISPOSITIONS

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Vessel Acquisitions

​

On October 10, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Ranger for a purchase price of $43,100. Additionally, on November 14, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Reliance for a purchase price of $43,000. The Genco Ranger and Genco Reliance were delivered on November 27, 2023 and November 21, 2023, respectively. The Company utilized a combination of cash on hand as well as a $65,000 draw down on the $450 Million Credit Facility to finance the purchases.

​

On July 2, 2021, the Company entered into an agreement to purchase two 2017-built, 63,000 dwt Ultramax vessels for a purchase price of $24,563 each, that were renamed the Genco Mayflower and Genco Constellation, and one 2014-built, 63,000 dwt Ultramax vessel for a purchase price of $21,875, that was renamed the Genco Madeleine. The Genco Mayflower, the Genco Constellation and the Genco Madeleine were delivered on August 24, 2021, September 3, 2021 and August 23, 2021, respectively. The Company used cash on hand to finance the purchase.

​

These three vessels had existing below market time charters at the time of the acquisition during the third quarter of 2021; therefore, the Company recorded the fair market value of time charters acquired of $4,263 which was amortized as an increase to voyage revenues during the remaining term of each respective time charter. During the year ended December 31, 2021, $4,263 was amortized into voyage revenues.

​

On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29,170 each, that were renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The Company used cash on hand to finance the purchase. The remaining purchase price of $40,838 was paid during the first quarter of 2022 upon delivery of the vessels.

​

Capitalized interest expense associated with these newbuilding contracts for the year ended December 31, 2023, 2022 and 2021 was $0, $5 and $292, respectively.

​

On April 20, 2021, the Company entered into an agreement to purchase a 2016-built, 64,000 dwt Ultramax vessel for a purchase price of $20,200, that was renamed the Genco Enterprise. The vessel was delivered to the Company on August 23, 2021, and the Company used cash on hand to finance the purchase.

​

Vessel Exchange

​

On December 17, 2020, the Company entered into an agreement to acquire three Ultramax vessels in exchange for six Handysize vessels for a fair value of $46,000 less a 1.0% commission payable to a third party. The Genco Magic, a 2014-built Ultramax vessel, and the Genco Vigilant and the Genco Freedom, both 2015-built Ultramax vessels, were

delivered to the Company on December 23, 2020, January 28, 2021 and February 20, 2021, respectively. The Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, were delivered to the buyers on December 29, 2020, January 30, 2021 and February 2, 2021, respectively. The Genco Spirit, the Genco Avra and the Genco Mare, all 2011-built Handysize vessels, were delivered to the buyers on February 15, 2021, February 21, 2021 and February 24, 2021, respectively.

​

Vessel Dispositions

​

On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. The sale was completed on February 7, 2024. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $18,500 less a 1.0% commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a third party for $18,000 less a 1.0% commission payable to a third party. Refer to Note 18 — Subsequent Events.

​

On July 16, 2021, the Company entered into an agreement to sell the Genco Provence, a 2004-built Supramax vessel, to a third party for $13,250 less a 2.5% commission payable to a third party. The sale was completed on November 2, 2021.

​

On January 25, 2021, the Company entered into an agreement to sell the Baltic Leopard, a 2009-built Supramax vessel, to a third party for $8,000 less a 2.0% commission payable to a third party. The sale was completed on April 8, 2021.

​

On January 22, 2021, the Company entered into an agreement to sell the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $7,950 less a 2.5% commission payable to a third party. The sale was completed on July 6, 2021.

​

During November 2020, the Company entered into agreements to sell the Baltic Cougar, the Baltic Hare and the Baltic Panther. These vessels were classified as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The sale of the Baltic Hare, the Baltic Panther and the Baltic Cougar were completed on January 15, 2021, January 4, 2021 and February 24, 2021, respectively.

​

As of December 31, 2022, the Company recorded $5,643 of current restricted cash in the Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. Pursuant to the $450 Million Credit Facility, the net proceeds received from the sale remained classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360-day period, the Company will be required to use the proceeds as a loan prepayment. On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend this period with regard to net proceeds from the sale of the Genco Provence until October 28, 2023. Furthermore, on October 16, 2023, the Company entered into an agreement with the lenders to further extend this period until January 26, 2024. This restricted cash was released on November 29, 2023 upon the amendment of the existing $450 Million Credit Facility with the $500 Million Revolver. Refer also to Note 7 — Debt.

​

Refer to the “Impairment of long-lived assets” and the “Gain on sale of vessels” sections in Note 2 — Summary of Significant Accounting Policies for discussion of impairment expense and the gain on sale of vessels recorded during the years ended December 31, 2023, 2022 and 2021.
v3.24.0.1
NET (LOSS) EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2023
NET (LOSS) EARNINGS PER SHARE  
NET (LOSS) EARNINGS PER SHARE

5 – NET (LOSS) EARNINGS PER SHARE

​

The computation of basic net (loss) earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net (loss) earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 16 — Stock-Based Compensation), for

which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.

​

There were 368,190 stock options, 79,838 performance-based restricted stock units and 563,705 restricted stock units excluded from the computation of diluted net loss per share during the year ended December 31, 2023 because they were anti-dilutive (refer to Note 16 — Stock-Based Compensation).

​

The Company’s diluted net (loss) earnings 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”) if the impact is dilutive under the treasury stock method. The equity warrants had a seven-year term that commenced on the day following the Effective Date and were exercisable for one tenth of a share of the Company’s common stock. There were 3,936,761 equity warrants excluded from the computation of diluted earnings per share during the year ended December 31, 2021 because they were anti-dilutive. These equity warrants expired at 5:00 p.m. on July 9, 2021 without exercise.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

 

2023

    

2022

  

2021

​

 

​

​

​

​

​

​

​

​

​

Common shares outstanding, basic:

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, basic

​

42,766,262

 

42,412,722

​

42,060,996

​

​

​

​

​

​

​

​

​

​

​

Common shares outstanding, diluted:

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, basic

​

42,766,262

 

42,412,722

​

42,060,996

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of stock options

​

—

​

314,143

​

313,684

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of performance-based restricted stock units

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of restricted stock units

​

—

 

188,631

​

214,191

​

​

​

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, diluted

​

42,766,262

 

42,915,496

​

42,588,871

​

​

​
v3.24.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

6 - RELATED PARTY TRANSACTIONS

​

During the years ended December 31, 2023, 2022 and 2021, the Company did not have any related party transactions.

​
v3.24.0.1
DEBT
 12 Months Ended
Dec. 31, 2023
DEBT  
DEBT

7 - DEBT

​

Long-term debt consists of the following:

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

​

    

2023

    

2022

 

Principal amount

 

$

200,000

 

$

171,000

​

Less: Unamortized deferred financing costs

​

 

(9,831)

​

 

(6,079)

​

Less: Current portion

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

Long-term debt, net

 

$

190,169

 

$

164,921

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

​

​

​

​

Unamortized

​

​

​

​

Unamortized

​

​

​

​

​

​

Debt Issuance

​

​

​

​

Debt Issuance

​

​

    

Principal

    

Cost

    

Principal

    

Cost

 

$450 Million Credit Facility

​

$

—

​

$

—

​

$

171,000

​

$

6,079

​

$500 Million Revolver

​

​

200,000

​

​

9,831

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total debt

​

$

200,000

 

$

9,831

​

$

171,000

 

$

6,079

​

​

As of December 31, 2023 and 2022, $9,831 and $6,079 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets. Amortization expense for deferred financing costs for the years ended December 31, 2023, 2022 and 2021 was $1,779, $1,694 and $3,536, respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations.

​

On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize our existing $450 Million Credit Facility to implement the $500 Million Revolver as noted below.

​

In conjunction with the debt modification effective November 29, 2023 as discussed herein, the unamortized deferred financing costs for the $450 Million Credit Facility that was accounted for as a debt modification is being amortized over the life of the $500 Million Revolver in accordance with ASC 470-50.

​

On August 31, 2021, the $495 Million Credit Facility and the $133 Million Credit Facility were refinanced with the $450 Million Credit Facility as noted below.

​

Effective August 31, 2021, the portion of the unamortized deferred financing costs for the $495 Million Credit Facility and the $133 Million Credit Facility that was accounted for as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $450 Million Credit Facility in accordance with ASC 470-50.

​

$500 Million Revolver

​

On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing $450 Million Credit Facility. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of our asset base as well as general corporate purposes (the “$500 Million Revolver”).

Key terms of the $500 Million Revolver are as follows:

​

●Maximum loan capacity has been increased to $500,000.

​

●The entire facility consists of a revolving credit facility.

​

●Borrowings bear interest of 1.85% to 2.15% plus the Secured Overnight Financing Rate (“SOFR”), based on our ratio of total net indebtedness to EBITDA.

​

●The interest rate of our borrowings may be further increased or decreased by a margin of up to 0.05% based on our performance regarding emissions targets.

​

●The maturity date is November 2028.

​

●The facility has a repayment profile of 20 years with total quarterly commitment reductions of approximately $15,000 per quarter.

​

●Key covenants are substantially the same as those in the $450 Million Credit Facility.

​

●The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend.

​

●Collateral package includes 45 of the 46 vessels in the Company’s fleet as of December 31, 2023 and the Company has the ability to utilize the Genco Reliance or future vessels the Company may own as collateral.

​

●Commitment fees are 40% of the applicable interest rate margin for unutilized commitments.

​

As of December 31, 2023, there was $294,795 of availability under the $500 Million Revolver. Total debt repayments of $9,750 were made during the year ended December 31, 2023 under the $500 Million Revolver. As of December 31, 2023, the total outstanding debt, net of unamortized deferred financing costs, was $190,169.

​

As of December 31, 2023, the Company was in compliance with all of the financial covenants under the $500 Million Revolver.

 

The following table sets forth the scheduled repayment of the outstanding principal debt of $200,000 as of December 31, 2023 under the $500 Million Revolver:

​

​

​

​

​

​

Year Ending December 31, 

    

Total

​

​

​

​

​

​

2028

​

$

200,000

​

​

​

​

​

​

Total debt

​

$

200,000

​

​

$450 Million Credit Facility

​

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s $495 Million Credit Facility and its $133 Million Credit Facility. On August 31, 2021, proceeds of $350,000 under the $450 Million Credit Facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $495 Million Credit Facility and the $133 Million Credit Facility, as described below) into one facility. $150,000 was drawn down under the term loan facility and $200,000 was drawn down under the revolving credit facility.

​

The key terms associated with the $450 Million Credit Facility are as follows:

​

●The final maturity date was August 3, 2026.

​

●Borrowings were subject to a limit of the ratio of the principal amount of debt outstanding to the collateral (“LTV”) of 55%.

​

●There was a non-committed accordion term loan facility whereby additional borrowings of up to $150,000 may be incurred if additional eligible collateral is provided; such additional borrowings were subject to an LTV ratio of 60% for collateral vessels less than five years old or 55% for collateral vessels at least five years old but not older than seven years.

​

●Borrowings originally bore interest at the London Inter-Bank Offered Rate (“LIBOR”) plus a margin of 2.15% to 2.75% based on the Company’s quarterly total net leverage ratio (the ratio of total indebtedness to consolidated EBITDA), which could be increased or decreased by a margin of up to 0.05% based on the Company’s performance regarding emissions targets. On May 30, 2023, the Company entered in an amendment to the $450 Million Credit Facility to transition from the use of LIBOR to calculate interest based on SOFR effective June 30, 2023, plus the applicable margin referred to above.

​

●Scheduled quarterly commitment reductions were $11,720 per quarter followed by a balloon payment of $215,600.

​

●Collateral included thirty-nine of our current vessels, leaving five vessels unencumbered.

​

●Commitment fees were 40% of the applicable margin for unutilized commitments.

​

●The Company could sell or dispose of collateral vessels without loan prepayment if a replacement vessel or vessels meeting certain requirements are included as collateral within 360 days.

​

●The Company is subject to customary financial covenants, including a collateral maintenance covenant requiring the aggregate appraised value of collateral vessels to be at least 140% of the principal amount of loans outstanding, a minimum liquidity covenant requiring our unrestricted cash and cash equivalents to be the greater of $500 per vessel or 5% of total indebtedness, a minimum working capital covenant requiring consolidated current assets (excluding restricted cash) minus current liabilities (excluding the current portion of debt) to be not less than zero, and a debt to capitalization covenant requiring the ratio of total net indebtedness to total capitalization to be not more than 70%.

​

●The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend. Other restrictions in the dividend covenants of the Company’s prior credit facilities were eliminated.

​

On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of LIBOR to calculate interest to SOFR effective June 30, 2023. Borrowings bore interest at SOFR plus the applicable margin effective June 30, 2023.

​

On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend the 360-day period that the net proceeds received from the sale of the Genco Provence may be held as restricted cash to finance a qualifying replacement vessel until October 28, 2023. Furthermore, on October 16, 2023, the Company entered into an agreement with the lenders to further extend this period until January 26, 2024. This restricted cash was released on November 29, 2023 upon the amendment of the existing $450 Million Credit Facility with the $500 Million Revolver. Refer also to Note 4 — Vessel Acquisitions and Dispositions.

​

Total debt repayments of $236,000, $75,000 and $104,000 were made during the years ended December 31, 2023, 2022 and 2021, respectively, under the $450 Million Credit Facility.

​

On November 29, 2023, the Company entered into a fourth amendment to the $450 Million Credit Facility; refer to the “$500 Million Revolver” section above. As of December 31, 2023 and 2022, the total outstanding debt, net of unamortized deferred financing costs, was $0 and $164,921, respectively.

​

$133 Million Credit Facility

​

On August 14, 2018, the Company entered into a five-year senior secured credit facility (the “$108 Million Credit Facility”) with Crédit Agricole Corporate & Investment Bank (“CACIB”), as Structurer and Bookrunner, CACIB and Skandinaviska Enskilda Banken AB (Publ) as Mandate Lead Arrangers, CACIB as Administrative Agent and as Security Agent, and the other lenders party thereto from time to time.

​

On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility which provided for a revolving credit facility of up to $25,000 (the “Revolver”) for general corporate and working capital purposes (as so amended, the $133 Million Credit Facility”). On June 15, 2020, the Company drew down $24,000 under the Revolver.

​

On August 31, 2021, the $133 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. As of December 31, 2023 and 2022, the total outstanding net debt balance under this facility was $0.

​

In relation to the $108,000 tranche of the $133 Million Credit Facility, borrowings bore interest at LIBOR plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA.

​

In relation to the $25,000 Revolver tranche of the $133 Million Credit Facility, borrowings bore interest at LIBOR plus 3.00%.

​

Total debt repayments of $114,940 were made during the year ended December 31, 2021 under the $133 Million Credit Facility.

​

$495 Million Credit Facility

​

On May 31, 2018, the Company entered into a five-year senior secured credit facility for an aggregate amount of up to $460,000 with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agency, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. Deutsche Bank AG Filiale Deutschlandgeschäft, and CTBC Bank Co. Ltd. are Co-Arrangers under this facility.

​

On February 28, 2019, the Company entered into an Amendment and Restatement Agreement (the “Amendment”) for this credit facility (the “$495 Million Credit Facility”) with Nordea Bank AB (publ), New York Branch  (“Nordea”), as Administrative Agent and Security Agent, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers.  The Amendment provided for an additional tranche up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels.  On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $9,300, $12,200 and $11,250, respectively, under the $35 Million tranche of the $495 Million Credit Facility.

​

On December 17, 2020, the Company entered into an amendment to the $495 Million Credit Facility that allowed the Company to enter into a vessel transaction in which the Company agreed to acquire three Ultramax vessels in exchange for six of the Company’s Handysize vessels. Refer to Note 4 — Vessel Acquisitions and Dispositions.

​

On August 31, 2021, the $495 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. As of December 31, 2023 and 2022, the total outstanding net debt balance under this facility was $0.

​

In relation to the $460,000 tranche of the $495 Million Credit Facility, borrowings bore interest at LIBOR plus 3.25% through December 31, 2018 and LIBOR plus a range of 3.00% and 3.50% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA.

​

In relation to the $35,000 tranche of the $495 Million Credit Facility, borrowings bore interest at LIBOR plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months’ EBITDA.

​

Total debt repayments of $334,288 were made during the year ended December 31, 2021 under the $495 Million Credit Facility.

​

Interest rates

​

The following tables set forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the costs associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following tables also include the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

2023

​

2022

​

2021

​

Effective Interest Rate

​

8.29

%  

4.63

%  

3.22

%  

Range of Interest Rates (excluding unused commitment fees)

​

6.43 % to 7.58

%  

2.26 % to 6.54

%  

2.24 % to 3.48

%  

​

Letter of credit

​

In conjunction with the Company entering into a long-term office space lease (See Note 14 — Leases), the Company was required to provide a letter of credit to the landlord in lieu of a security deposit. As of September 21, 2005, the Company obtained an annually renewable unsecured letter of credit with DnB NOR Bank at a fee of 1% per annum. During September 2015, the Company replaced the unsecured letter of credit with DnB NOR Bank with an unsecured letter of credit with Nordea Bank Finland Plc, New York and Cayman Island Branches (“Nordea”) in the same amount at a fee of 1.375% per annum. The letter of credit outstanding was $300 as of December 31, 2023 and 2022 at a fee of 1.375% per annum. The letter of credit is cancelable on each renewal date provided the landlord is given 30 days' minimum notice. As of December 31, 2023 and 2022, the letter of credit outstanding has been securitized by $315 that was paid by the Company to Nordea during the year ended December 31, 2015. These amounts have been recorded as restricted cash included in total noncurrent assets in the Consolidated Balance Sheets as of December 31, 2023 and 2022.
v3.24.0.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

8 – DERIVATIVE INSTRUMENTS

​

The Company is exposed to interest rate risk on its floating rate debt. As of December 31, 2023 and 2022, the Company had one and three interest rate cap agreements outstanding, respectively, to manage interest costs and the risk associated with variable interest rates. The three interest rate cap agreements that we held were initially designated and qualified as cash flow hedges. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in Accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings. One of the Company’s $50,000 interest rate cap agreements expired on March 10, 2023 and the Company’s $100,000 interest rate cap agreement expired on December 29, 2023.

​

During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated as a hedge. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of de-designation will be recognized over the remaining original hedge period. During the years ended December 31, 2023 and 2022, the Company recorded a loss (gain) of $66 and ($94) in interest expense for the portion of the interest rate caps not designated as a hedging instrument.

​

The following table summarizes the interest rate cap agreement in place as of December 31, 2023.

​

​

​

​

​

​

​

​

​

​

​

​

Interest Rate Cap Detail

​

​

Notional Amount Outstanding

​

​

​

​

​

​

​

​

​

​

December 31, 

Trade date

​

Cap Rate

​

Start Date

​

End Date

    

​

2023

​

​

​

​

​

​

​

​

​

​

​

March 25, 2021

​

0.75

%

​

April 29, 2021

​

March 28, 2024

​

$

50,000

​

​

​

​

​

​

​

​

​

$

50,000

​

The Company records the fair value of the interest rate caps as Fair value of derivative instruments in the current and non-current asset section on its Consolidated Balance Sheets. The Company has elected to use the income approach to value the interest rate derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically SOFR cash and swap rates, implied volatility, basis swap adjustments, and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for most fair value measurements. The valuation of the interest rate caps was transitioned to the use of SOFR rates on June 30, 2023 upon the transition of the calculation of the interest expense under the Company’s debt from LIBOR to SOFR (see Note 7 — Debt).

​

The Company recorded a $5,953 unrealized loss for the year ended December 31, 2023 in AOCI. The estimated income that is currently recorded in AOCI as of December 31, 2023 that is expected to be reclassified into earnings within the next twelve months is $527.

​

​

​

​

​

​

​

​

​

​

​

​

The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

​

​

​

2023

    

2022

​

2021

​

​

​

Interest Expense

​

Interest Expense

​

Interest Expense

​

Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded

​

$

8,780

​

$

9,094

​

$

15,357

​

​

​

​

​

​

​

​

​

​

​

​

The effects of fair value and cash flow hedging

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:

​

​

​

​

​

​

​

​

​

​

Interest contracts:

​

​

​

​

​

​

​

​

​

​

Amount of gain or (loss) reclassified from AOCI to income

​

$

(6,871)

​

$

(2,056)

​

$

—

​

Premium excluded and recognized on an amortized basis

​

​

143

​

​

180

​

​

197

​

Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring

​

​

—

​

​

—

​

​

—

​

​

The following table shows the interest rate cap assets as of December 31, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

December 31, 

​

​

​

Balance Sheet Location

​

​

2023

​

​

2022

​

Derivatives designated as hedging instruments

​

Interest rate caps

​

Fair value of derivative instruments - current

​

$

515

​

$

6,112

​

​

​

​

​

​

​

​

​

​

​

Interest rate caps

​

Fair value of derivative instruments - noncurrent

​

$

—

​

$

381

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated as hedging instruments

​

Interest rate caps

​

Fair value of derivative instruments - current

​

$

57

​

$

200

​

​

​

​

​

​

​

​

​

​

​

Interest rate caps

​

Fair value of derivative instruments - noncurrent

​

$

—

​

$

42

​

​

The components of AOCI included in the accompanying Consolidated Balance Sheet consists of net unrealized losses on cash flow hedges as of December 31, 2023.

​

​

​

​

​

​

AOCI — January 1, 2023

​

$

6,480

​

​

​

​

​

​

Amount recognized in OCI on derivative, intrinsic

​

 

(6,275)

​

Amount recognized in OCI on derivative, excluded

​

 

322

​

Amount reclassified from OCI into income

​

 

—

​

​

​

​

​

​

AOCI — December 31, 2023

​

$

527

​

​
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
FAIR VALUE OF FINANCIAL INSTRUMENTS

9 - FAIR VALUE OF FINANCIAL INSTRUMENTS

​

The fair values and carrying values of the Company’s financial instruments as of December 31, 2023 and 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

    

Carrying

    

​

​

    

Carrying

    

​

​

 

​

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

​

$

46,542

​

$

46,542

​

$

58,142

​

$

58,142

​

Restricted cash

​

 

315

​

 

315

​

 

5,958

​

 

5,958

​

Principal amount of floating rate debt

​

 

200,000

​

 

200,000

​

 

171,000

​

 

171,000

​

​

The carrying value of the borrowings under the $500 Million Revolver as of December 31, 2023 and the $450 Million Credit Facility as of December 31, 2022, which exclude the impact of deferred financing costs, 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 as of December 31, 2023 and 2022 (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 consolidated 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 assumptions (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. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 8 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the year ended December 31, 2023, the vessel assets for three of the Company’s vessels were written down as part of the impairment recorded during the period. There was no vessel impairment recorded during the years ended December 31, 2022 and 2021. Refer to “Impairment of long-lived assets” section in Note 2 — Summary of Significant Accounting Policies.  

​

The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input.  Nonrecurring fair value measurements may include impairment tests of the Company’s

operating lease right-of use asset if there are indicators of impairment.  During the years ended December 31, 2023, 2022 and 2021, there were no indicators of impairment of the operating lease right-of-use assets. 

​

The Company did not have any Level 3 financial assets or liabilities as of December 31, 2023 and 2022.
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

10 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

​

Prepaid expenses and other current assets consist of the following:

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Vessel stores

​

$

152

​

$

142

​

Deferred contract costs (see Note 13)

​

​

1,938

​

​

2,474

​

Prepaid items

​

 

4,808

​

 

3,098

​

Insurance receivable

​

 

1,402

​

 

1,180

​

Advance to agents

​

​

1,183

​

​

463

​

Other

​

 

671

​

 

1,042

​

Total prepaid expenses and other current assets

​

$

10,154

​

$

8,399

​

​
v3.24.0.1
FIXED ASSETS
 12 Months Ended
Dec. 31, 2023
FIXED ASSETS  
FIXED ASSETS

11 - FIXED ASSETS

​

Fixed assets consist of the following:

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Fixed assets, at cost:

​

​

​

​

​

​

​

Vessel equipment

​

$

11,781

​

$

11,670

​

Furniture and fixtures

​

 

477

​

 

449

​

Leasehold improvements

​

​

1,588

​

​

1,584

​

Computer equipment

​

 

1,288

​

 

1,107

​

Total costs

​

 

15,134

​

 

14,810

​

Less: accumulated depreciation and amortization

​

 

(8,063)

​

 

(6,254)

​

Total fixed assets, net

​

$

7,071

​

$

8,556

​

​
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

​

Accounts payable and accrued expenses consist of the following:

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Accounts payable

​

$

10,650

​

$

16,162

​

Accrued general and administrative expenses

​

 

5,700

​

 

6,171

​

Accrued vessel operating expenses

​

 

7,895

​

 

7,142

​

Total accounts payable and accrued expenses

​

$

24,245

​

$

29,475

​

​
v3.24.0.1
VOYAGE REVENUES
 12 Months Ended
Dec. 31, 2023
VOYAGE REVENUES  
VOYAGE REVENUES

13 – VOYAGE REVENUES

​

Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2023, 2022 and 2021, the Company earned $383,825, $536,934 and $547,129 of voyage revenues, respectively.

​

Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage, which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606.  Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used, therefore revenue from spot market voyage charters is not within the scope of ASC 842. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered in. The fuel consumption and any port expenses incurred prior to arrival at the load port during this period is deferred and recorded in Prepaid expenses and other current assets as deferred contract costs in the Consolidated Balance Sheets 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. Similarly, for any third party vessels that are chartered in, the charter hire expenses during this period are deferred and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. Refer also to Note 10 — Prepaid Expenses and Other Current Assets.

​

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

​

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

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended

​

​

​

​

December 31, 

​

​

​

2023

​

2022

​

2021

​

Lease revenue

​

$

150,719

​

$

229,787

​

$

160,242

​

Spot market voyage revenue

​

​

233,106

​

​

307,147

​

​

386,887

​

Total voyage revenues

​

$

383,825

​

$

536,934

​

$

547,129

​

​
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
LEASES  
LEASES

14 – LEASES

​

Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011 and ended on May 1, 2018. The Company entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement.

​

The Company entered into a lease for office space in Singapore effective January 17, 2019 for a three-year term, which was initially extended effective January 17, 2022 for a two-year term. This lease was further extended effective January 17, 2024 for a two-year term.

​

Lastly, the Company entered into a lease for office space in Copenhagen effective May 1, 2019 which ended January 31, 2023. During June 2022, a lease was signed for a new office space in Copenhagen effective January 1, 2023 for a minimum period ending January 1, 2025.

​

The Company adopted ASC 842 using the transition method on January 1, 2019 and has identified the aforementioned leases as operating leases. Variable rent expense, such as utilities and escalation expenses, are excluded

from the determination of the operating lease liability and the Company has deemed these insignificant. The Company used its incremental borrowing rate as the discount rate under ASC 842 since the rate implicit in the lease cannot be readily determined.

​

On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income is $102 per month until September 29, 2025. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Consolidated Statements of Operations. There was $1,223 of sublease income recorded during each of the years ended December 31, 2023, 2022 and 2021, respectively.

​

There was $1,721, $1,789 and $1,852 of operating lease costs recorded during the years ended December 31, 2023, 2022 and 2021, respectively, which was recorded in General and administrative expenses in the Consolidated Statements of Operations.

​

Supplemental Consolidated Balance Sheet information related to the Company’s operating leases as of December 31, 2023 is as follows:

​

​

​

​

​

​

​

​

December 31, 

 

​

​

2023

 

Operating Lease:

​

​

​

​

Operating lease right-of-use assets

​

$

2,628

​

​

​

​

​

​

Current operating lease liabilities

​

$

2,295

​

Long-term operating lease liabilities

​

 

1,801

​

Total operating lease liabilities

​

$

4,096

​

​

​

​

​

​

Weighted average remaining lease term (years)

​

​

1.75

​

Weighted average discount rate

​

​

5.15

%

​

​

Maturities of operating lease liabilities as of December 31, 2023 are as follows:

​

​

​

​

​

​

​

​

December 31, 

 

​

​

2023

 

2024

​

$

2,453

​

2025

​

​

1,839

​

Total lease payments

​

​

4,292

​

Less imputed interest

​

​

(196)

​

Present value of lease liabilities

​

$

4,096

​

​

Consolidated Cash Flow information related to leases are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended

​

​

​

December 31, 

​

​

​

2023

​

2022

​

2021

 

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

​

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

2,378

​

$

2,230

​

$

2,230

​

​

The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842.  The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases.  During the years ended December 31, 2023, 2022 and 2021, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.  Refer to Note 2 — Summary of Significant Accounting Policies for the charter hire expenses recorded during the years ended December 31, 2023, 2022 and 2021 for these charter-in agreements.
v3.24.0.1
SAVINGS PLAN
 12 Months Ended
Dec. 31, 2023
SAVINGS PLAN  
SAVINGS PLAN

15 - SAVINGS PLAN

​

In August 2005, the Company established a 401(k) plan that is available to U.S. based full-time employees who meet the plan’s eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415. Any matching contribution the Company makes vests immediately. For the years ended December 31, 2023, 2022 and 2021, the Company’s matching contributions to this plan were $650, $482 and $440, respectively.

v3.24.0.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

16 - STOCK-BASED COMPENSATION

​

​

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.

​

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

​

On March 19, 2021, the Board of Directors approved an amendment and restatement of the 2015 Equity Incentive Plan (the “Amended 2015 Plan”). This amendment and restatement increased the number of shares available for awards under the plan from 2,750,000 to 4,750,000, subject to shareholder approval. The Company’s shareholders approved the increase in the number of shares at the Company’s 2021 Annual Meeting of Shareholders on May 13, 2021.

​

As of December 31, 2023, the Company has awarded restricted stock units, performance-based restricted stock units, restricted stock and stock options under the Amended 2015 Plan.

​

Stock Options

 

On March 4, 2019, the Company issued options to purchase 240,540 of the Company’s shares of common stock to certain individuals with an exercise price of $8.065 per share, as adjusted for the special dividend declared on November 5, 2019. One third of the options become exercisable on each of the first three anniversaries of March 4, 2019, 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 $3.76 per share, or $904 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 55.23% (representing the Company’s historical volatility), a risk-free interest rate of 2.49%, 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).

​

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

​

On February 23, 2021, the Company issued options to purchase 118,552 of the Company’s shares of common stock to certain individuals with an exercise price of $9.91 per share. One third of the options become exercisable on each of the first three anniversaries of February 23, 2021, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Cox-Ross-Rubinstein pricing formula, resulting in a value of $4.33 per share, or $513 in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of 60.91% (representing the Company’s historical volatility), a risk-free interest rate of 0.41%, a dividend yield of 0.98%, and expected life of 4 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

​

For the years ended December 31, 2023, 2022 and 2021, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

 

2023

​

2022

​

2021

​

General and administrative expenses

​

$

83

​

$

278

​

$

635

​

​

Amortization of the unamortized stock-based compensation balance of $6 as of December 31, 2023 is expected to be amortized during the year ended December 31, 2024.  The following table summarizes the stock option activity for the years ended December 31, 2023, 2022 and 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

2023

​

2022

​

2021

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

​

​

Number

​

Average

​

Average

​

Number

​

Average

​

Average

​

Number

​

Average

​

Average

​

​

​

​

of

​

Exercise

​

Fair

​

of

​

Exercise

​

Fair

​

of

​

Exercise

​

Fair

​

​

​

    

Options

    

Price

    

Value

    

Options

    

Price

    

Value

    

Options

    

Price

    

Value

​

​

Outstanding as of January 1

 

415,227

 

$

7.91

​

$

2.78

​

916,287

 

$

9.02

​

$

4.08

​

837,338

 

$

8.86

​

$

4.02

​

​

Granted

 

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

118,552

​

​

9.91

​

​

4.33

​

​

Exercised

 

(47,037)

​

​

7.70

​

​

2.53

​

(501,060)

​

​

9.94

​

​

5.16

​

(39,603)

​

​

8.37

​

​

3.46

​

​

Forfeited

 

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding as of December 31

 

368,190

 

$

7.93

​

$

2.82

​

415,227

 

$

7.91

​

$

2.78

​

916,287

 

$

9.02

​

$

4.08

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Exercisable as of December 31

 

337,654

 

$

7.76

​

$

2.68

​

221,336

 

$

7.63

​

$

2.63

​

488,969

 

$

9.88

​

$

5.04

​

​

​

The following table summarizes certain information about the options outstanding as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Options Outstanding and Unvested,

​

Options Outstanding and Exercisable,

​

​

​

​

December 31, 2023

​

December 31, 2023

​

Weighted

​

​

​

​

​

​

Weighted

​

​

​

 

​

​

Weighted

​

Average

 

​

​

Weighted

​

Average

​

​

​

Weighted

​

Average

​

Exercise Price of

 

​

​

Average

​

Remaining

​

​

​

Average

​

Remaining

​

Outstanding

​

Number of

​

Exercise

​

Contractual

​

Number of

​

Exercise

​

Contractual

​

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

7.93

​

30,536

​

$

9.91

​

3.15

​

337,654

​

$

7.76

​

2.25

​

​

As of December 31, 2023 and 2022, a total of 368,190 and 415,227 stock options were outstanding, respectively.

​

Restricted Stock Units

​

The Company has granted restricted stock units (“RSUs”) 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 December 31, 2023 and 2022, 808,880 and 612,300 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the Amended 2015 Plan described above.

​

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

members of the Board of Directors. The RSUs that have been issued to other individuals vest in equal installments on each of the anniversaries of the determined vesting date, over the three or five year vesting periods, as applicable.

​

The table below summarizes the Company’s unvested RSUs for the years ended December 31, 2023, 2022 and 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

2023

​

2022

​

2021

​

​

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Number of

​

Average Grant

​

Number of

​

Average Grant

​

Number of

​

Average Grant

​

​

    

RSUs

​

Date Price

​

RSUs

​

Date Price

​

RSUs

    

Date Price

 

Outstanding as of January 1

​

641,972

​

$

15.74

​

306,887

​

$

9.65

​

298,834

​

$

7.49

​

Granted

​

214,497

​

​

16.26

​

533,969

​

​

17.55

​

159,492

​

​

11.93

​

Vested

​

(243,442)

​

​

14.36

​

(198,884)

​

​

11.23

​

(151,439)

​

​

7.79

​

Forfeited

​

(49,322)

​

​

16.42

​

—

​

​

—

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding as of December 31

​

563,705

​

$

16.47

​

641,972

​

$

15.74

​

306,887

​

$

9.65

​

​

The total fair value of the RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $4,260, $4,006 and $1,838, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

​

The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

Unvested RSUs

​

Vested RSUs

​

December 31, 2023

​

December 31, 2023

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

Weighted

​

Average

​

​

​

Weighted

​

​

​

Average

​

Remaining

​

​

​

Average

​

Number of

​

Grant Date

​

Contractual

​

Number of

​

Grant Date

​

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

563,705

​

$

16.47

​

1.38

​

290,782

​

$

12.38

​

​

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2023, unrecognized compensation cost of $4,204 related to RSUs will be recognized over a weighted-average period of 1.38 years.

​

For the years ended December 31, 2023, 2022 and 2021, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

 

2023

​

2022

​

2021

​

General and administrative expenses

​

$

5,050

​

$

2,964

​

$

1,632

​

​

​

​

​

​

​

​

​

​

Performance-Based Restricted Stock Units

​

The Company has granted performance-based restricted stock units (“PRSUs”) under the 2015 Plan to certain employees of the Company, some of which are contingent upon the Company’s relative total shareholder return (“TSR”) and some of which are contingent upon the Company’s return on invested capital (”ROIC”) for a three-year performance period ending December 31, 2025.

​

TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 20 trading-day period from the beginning to the end of the performance period, including

reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards, which are subject to market conditions, is being amortized over the service period.

​

The grant date fair value of the ROIC awards was estimated using the closing share price of the Company’s stock on the date of grant. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual ROIC performance during the performance period. As such ROIC awards are subject to performance conditions and compensation cost is recognized over the service period based on the amounts of awards that the Company believes is probable that will vest, net of anticipated forfeitures. To the extent the Company’s estimate changes, the Company will recognize a cumulative catch up in subsequent reporting periods.

​

The PRSUs, if earned, will ordinarily vest during the first quarter of 2026 and the recipient will receive a share of common stock for each earned PRSU. If 100% of the target metric is achieved, the recipient will earn 100% of the target amount of the PRSUs originally granted, which would amount to 79,838 PRSUs. However, based on actual performance, the number of PRSUs earned will change based on the ranges described above. As of December 31, 2023, unrecognized compensation cost of $1,118 related to PRSUs will be recognized over a weighted-average period of 2.00 years.

​

Significant inputs used in the estimation of the fair value of these awards granted during the year ended December 31, 2023 are as follows:

​

​

​

​

​

Significant Input

​

December 31, 2023

​

Closing share price of our common stock

​

$14.36 to $16.30

​

Risk-free rate of return

​

3.81% to 4.38%

​

Expected volatility of our common stock

​

53.38% to 54.53%

​

Holding period discount

    

0%

    

Simulation term (in years)

    

2.54 to 2.72

    

Range of target

    

0% to 200%

    

​

​

For the years ended December 31, 2023, 2022 and 2021, the Company recognized nonvested stock amortization expense for the PRSUs, which is included in General and administrative expenses as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

2023

​

2022

​

2021

General and administrative expenses

​

$

397

​

$

—

​

$

—

​
v3.24.0.1
LEGAL PROCEEDINGS
 12 Months Ended
Dec. 31, 2023
LEGAL PROCEEDINGS  
LEGAL PROCEEDINGS

17 - LEGAL PROCEEDINGS

​

On December 14, 2022, a sub-charterer of the Genco Constellation asserted a claim for monetary losses in connection with alleged delays of the loading of their cargo, short loading, or both at the port of Longkou, China. Hizone Group Co. Ltd (“Hizone”) had sub-chartered the vessel from SCM Corporation Limited, which had subchartered the vessel from BG Shipping Co. Limited, which in turn had chartered the vessel from us. A dispute arose due to the need to restow the cargo to ensure the safety of the crew and the vessel. Following the vessel’s arrival at Tema Harbour in Ghana, Hizone petitioned the Superior Court of Judicature to have the vessel arrested in connection with a claim alleging damages. The petition was granted on December 14, 2022 and although Genco offered security to release the vessel shortly thereafter, the vessel was only released at the end of February 2023. Moreover, Hizone petitioned the Superior Court of Judicature to have the vessel arrested again on February 2, 2023 on an allegedly different claim. The vessel was not generating revenue while it was subject to arrest. The Company vigorously defended them while continuing to seek reimbursement of damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees. The Company obtained security from BG Shipping Co. Limited and proceeded with arbitration. During the first quarter of 2024, the Company settled all disputes and claims pertaining to

this matter by entering into settlement agreements with the opposing parties. Under the settlement terms, which are currently being implemented, the Company will be reimbursed for damages the Company sustained because of the arrest of the Genco Constellation (including contractual revenue and affiliated expenses) as well as for the ensuing legal and security fees and costs the Company have incurred in order to defend against the claims brought by the other parties.

​

From time to time, the Company may be subject to other 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 such legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

18 - SUBSEQUENT EVENTS

​

On February 21, 2024, the Company’s Board of Directors awarded grants of 168,411 RSUs to certain individuals under the 2015 Plan.  The awards generally vest ratably on each of the three year anniversaries of February 23, 2024. Additionally, on February 21, 2024, the Company’s Board of Directors awarded grants of 99,065 PRSUs to certain individuals for a three-year performance period ending December 31, 2026. The PRSUs, if earned, will vest during the first quarter of 2027.

​

On February 21, 2024, the Company announced a regular quarterly dividend of $0.41 per share to be paid on or about March 13, 2024, to shareholders of record as of March 6, 2024.  The aggregate amount of the dividend is expected to be approximately $17.8 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

​

On February 7, 2024, the Company completed the sale of the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. The vessel asset for the Genco Commodus has been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2023 at its estimated net realizable value. This vessel served as collateral under the $500 Million Revolver.

​

On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. The Company continues to market these vessels for sale in what it believes are favorable market conditions that may allow it to sell the vessels at prices above those previously agreed with the former buyers. Refer to Note 4 — Vessel Acquisitions and Dispositions.

​

​
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Principles of consolidation

Principles of consolidation

​

The accompanying 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 and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates

Accounting estimates

​

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates.
Business geographics

Business geographics

​

The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable.
Segment reporting

​

Segment reporting

​

The Company reports financial information and evaluates its operations by voyage 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 operation 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, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

​

The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

​

    

2023

    

2022

 

Cash and cash equivalents

 

$

46,542

 

$

58,142

​

Restricted cash – current

​

​

—

​

​

5,643

​

Restricted cash – noncurrent

​

 

315

​

 

315

​

​

​

​

​

​

​

​

​

Cash, cash equivalents and restricted cash

 

$

46,857

 

$

64,100

​

​

​

​

​

​

​

​

​

​
Due from charterers, net

Due from charterers, net

​

Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2023 and 2022, the Company had a reserve of $3,257 and $2,141, respectively, against the due from charterers balance and an additional accrual of $540 and $592, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements.

​

Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.
Bunker swaps and forward fuel purchase agreements

Bunker swap and forward fuel purchase agreements

​

From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy.

​

During the years ended December 31, 2023, 2022 and 2021, the Company recorded $202, $1,631 and $439 of realized gains in other (expense) income, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded ($96), $3 and $34 of unrealized (losses) gains in other (expense) income, respectively.

​

The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of December 31, 2023 and 2022 was $1 and $168, respectively, and are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of December 31, 2023 and 2022 was $0 and $71, respectively, and are recorded in accounts payable and accrued expenses in the Consolidated Balance Sheets.
Inventories

Inventories

​

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

Fair value of financial instruments

Fair value of financial instruments

​

The estimated fair values of the Company’s financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2023 and 2022 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 9 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt.
Vessel acquisitions

Vessel acquisitions

​

When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition.

​

When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter.
Vessels, net

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 that 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 years ended December 31, 2023, 2022 and 2021 was $50,525, $50,092 and $49,417, 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. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (“lwt”). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from $310 per lwt to $400 per lwt prospectively based on the average of the 15-year average scrap value of steel.

During the year ended December 31, 2023, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,513. The decrease in depreciation expense resulted in a $0.11 decrease to the basic and diluted net loss per share during the year ended December 31, 2023. The basic and diluted net loss per share for the year ended December 31, 2023 would have been $0.41 per share if there were no change in the estimated scrap value.

​

During the year ended December 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $4,647. The decrease in depreciation expense resulted in a $0.11 increase to the basic and diluted net earnings per share during the year ended December 31, 2022. The basic and diluted net earnings per share for the year ended December 31, 2022 would have been $3.63 per share and $3.59 per share, respectively, if there were no change in the estimated scrap value.

Deferred drydocking costs

Deferred drydocking costs

​

The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the drydock.

​

Amortization expense for drydocking for the years ended December 31, 2023, 2022 and 2021 was $13,253, $7,832 and $5,055, respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred, with the exception of other capitalized costs incurred related to vessel assets and vessel equipment.
Fixed assets, net

Fixed assets, net

​

Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives:

​

​

​

​

​

​

​

Description

    

Useful lives

​

​

​

​

​

​

Leasehold improvements

 

Lesser of the estimated useful life of the asset or life of the lease

Furniture, fixtures & other equipment

 

5 years

Vessel equipment

 

2-15 years

Computer equipment

 

3 years

​

Depreciation and amortization expense for fixed assets for the years ended December 31, 2023, 2022 and 2021 was $2,687, $2,266 and $1,759, respectively.

Deferred revenue

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. Refer to “Revenue recognition” below for a description of the Company’s revenue recognition policy.
Deferred financing costs

Deferred financing costs

​

Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company’s Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statements of Operations.

Nonvested stock awards

Nonvested stock awards

​

The Company follows Accounting Standards Codification (“ASC”) Subtopic 718-10, “Compensation — Stock Compensation” (“ASC 718-10”), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital in the Consolidated Statements of Equity.
Dividends declared

Dividends declared

​

If the Company has an accumulated deficit, dividends declared will be recognized as a reduction of additional paid-in capital (“APIC”) in the Consolidated Statements of Equity until the APIC is reduced to zero. Once APIC is reduced to zero, dividends declared will be recognized as an increase in accumulated deficit.

Revenue recognition

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. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

​

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”).

​

The Company records time charter revenues, including spot market-related time charters, 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 for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. 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. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 — Revenue from Contracts with Customers (“ASC 606”) because (i) the vessel is an identifiable asset; (ii) the Company does not have

substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use.

​

The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 — Leases (Topic 842) (“ASC 842”). Refer to Note 13 — Voyage Revenues for further discussion.

 

Spot market voyage charters

​

In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The contract generally has a “demurrage” or “despatch” clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2023, 2022 and 2021 is not a material percentage of the Company’s revenues.

​

Revenue for spot market voyage charters is 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

Voyage expense recognition

​

In time charters and spot market-related time charters, 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 and spot market-related time charters. Refer to Note 13 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss (gain) of $168, ($2,931) and ($1,889) during the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Loss on debt extinguishment

Loss on debt extinguishment

 

During the year ended December 31, 2021, the Company recorded $4,408 related to the loss on the extinguishment of debt in accordance with ASC 470-50 — “Debt – Modifications and Extinguishments” (“ASC 470-50”). This loss was recognized as a result of the refinancing of the $495 Million Credit Facility and the $133 Million Credit Facility with the $450 Million Credit Facility on August 31, 2021 as described in Note 7 — Debt.
Vessel operating expenses

Vessel operating expenses

​

Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred.
Charter hire expenses

Charter hire expenses

 

The costs to charter-in third party vessels, which primarily include the daily charter hire rate net of commissions, are recorded as Charter hire expenses. The Company recorded $9,135, $27,130 and $36,370 of charter hire expenses during the years ended December 31, 2023, 2022 and 2021, respectively.

Technical management fees

Technical management fees

​

Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies.

Impairment of long-lived assets

Impairment of long-lived assets

​

During the year ended December 31, 2023, the Company recorded $41,719 related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). During the years ended December 31, 2022 and 2021, the Company did not incur any impairment of vessel assets in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets.

​

When the Company performs its analysis of the anticipated undiscounted future net cash flows, the Company utilizes various assumptions based on historical trends. Specifically, the Company utilizes the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing.  For periods of time during which the Company’s vessels are not fixed on time charters or spot market voyage charters, the Company utilizes an estimated daily time charter equivalent for the vessels’ unfixed days based on the most recent ten year historical one-year time charter average.  In addition, the Company considers the current market rate environment and, if necessary, will adjust its estimates of future undiscounted cash flows to reflect the current rate environment. The projected undiscounted future net cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, reduced by brokerage and address commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking and special survey expenditures) and required capital expenditures adjusted annually for inflation, assuming fleet utilization of 98%. The salvage value used in the impairment test is estimated to be $400 per light weight ton, consistent with the Company’s depreciation policy during 2023.

​

The Company is currently considering the acquisition of modern, high specification Capesize vessels and management continues to evaluate other acquisition opportunities in the market. In order to partially fund the potential purchase of these modern vessels, management has begun to evaluate the sale of its older and smaller Capesize vessels that will be scheduled for their third special survey in 2024 in order to opportunistically renew our fleet going forward. Such review led management to assess its probability weighted undiscounted cash flows for such vessels, and this resulted in the Company recording such impairment charges in the third quarter of 2023. On September 30, 2023, the Company determined that the expected estimated future undiscounted cash flows for three of its Capesize vessels, the Genco Claudius, Genco Commodus and Genco Maximus, did not exceed the net book value of these vessels as of September 30, 2023. This resulted in an impairment loss of $28,102 during the year ended December 31, 2023.

​

On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $18,500 less a 1.0% commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a

third party for $18,000 less a 1.0% commission payable to a third party. Therefore, the vessel values for the Genco Commodus, Genco Claudius and Genco Maximus were adjusted to their net sales price of $19,305, $18,315 and $17,820, respectively, as of December 31, 2023. This resulted in an additional impairment loss of $13,617 during the year ended December 31, 2023. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. Refer to Note 18 — Subsequent Events for further discussion.

​

Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of certain aforementioned vessels. 
(Gain) loss on sale of vessels

Gain on sale of vessels

​

During the years ended December 31, 2023 and 2022, the Company did not complete the sale of any vessels. During the year ended December 31, 2021, the Company recorded net gains of $4,924, related to the sale of vessels. The net gains recognized during the year ended December 31, 2021 related primarily to the sale of the Genco Provence, partially offset by losses related to the sale of the Baltic Panther, the Baltic Hare, the Baltic Cougar, the Baltic Leopard and the Genco Lorraine, as well as net losses associated with the exchange of the Baltic Cove, Baltic Fox, Genco Spirit, Genco Avra and Genco Mare. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels.
United States Gross Transportation Tax

United States Gross Transportation Tax

​

Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements.

​

The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the “Income taxes” section below.

​

The Company will qualify for the Section 883 exemption if, among other things, (i) the Company’s stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the “CFC test”). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of the Company’s stock (which the Company sometimes refers to as “5% shareholders”), together own 50% or more of the Company’s stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50 percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a “controlled foreign corporation” and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock.

​

Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2023, 2022 and 2021. In order to meet the publicly traded requirement, the Company’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year.

Management believes that during the years ended December 31, 2023, 2022 and 2021, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those years.

​

If the Company does not qualify for the Section 883 exemption, the Company’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”).

​

During the years ended December 31, 2023, 2022 and 2021, the Company qualified for Section 883 exemption and, therefore, did not record any U.S. gross transportation tax.

Income taxes

Income taxes

​

To the extent the Company’s U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21% rate. In addition, the Company may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50% to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in “United States Gross Transportation Tax” above) and otherwise 0% to the United States.

​

The Company’s U.S. source shipping income would be considered effectively connected income only if:

​

●the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and

​

●substantially all of the Company’s U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.

​

The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company’s expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income.

​

The Company established Genco Shipping Pte. Ltd. (“GSPL”), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise (“MSI-AIS”) status under Section 13F of the Singapore Income Tax Act (“SITA”) by the Maritime and Port Authority of Singapore. The award is for an initial period of 10 years, commencing on August 15, 2018, and is subject to a review of performance at the end of the initial five year period.  The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate income tax rate (currently 17%). During the years ended December 31, 2023 and 2022, GSPL recorded $31 and $64 of income tax in Other (expense) income in the Consolidated Statement of Operations, respectively. During the year ended December 31, 2021, there was no income tax recorded by GSPL.

​

During 2018, the Company established Genco Shipping A/S, which is a Danish-incorporated corporation which is based in Copenhagen and considered to be a resident for tax purposes in Denmark. Genco Shipping A/S was subject to corporate taxes in Denmark a rate of 22% during 2023, 2022 and 2021. During the years ended December 31, 2023, 2022 and 2021, Genco Shipping A/S recorded $205, $1,209 and $2, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.

​

GSSM was subject to corporate taxes in Singapore during 2023, 2022 and 2021 at a rate of 17%. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $238, $350 and $26, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.
Concentration of credit risk

Concentration of credit risk

​

Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned all of its voyage revenues from 110, 123 and 139 customers during the years ended December 31, 2023, 2022 and 2021.

​

For the year ended December 31, 2023, there were two customers that individually accounted for more than 10% voyage revenues: Rio Tinto Shipping (Asia) Pte. Ltd. and Oldendorff Carriers, including its subsidiaries, which represented 16.1% and 10.9% of voyage revenues, respectively. For the years ended December 31, 2022 and 2021, there were no customers that individually accounted for more than 10% of voyage revenues.

​

As of December 31, 2023 and 2022, the Company maintains all of its cash and cash equivalents with eight and six financial institutions, respectively. None of the Company’s cash and cash equivalents balance is covered by insurance in the event of default by these financial institutions.
Recent accounting pronouncements

​

Recent accounting pronouncements

​

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the existing segment reporting guidance (ASC Topic 280 — Segment Reporting (“ASC 280”)) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, companies with a single reporting segment will have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

​

The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of this standard on its financial statement disclosures.
v3.24.0.1
GENERAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
GENERAL INFORMATION  
Schedule of wholly owned ship-owning subsidiaries

Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

Wholly Owned Subsidiaries

    

Vessel Acquired

    

Dwt

    

Delivery Date

    

Year Built

 

​

​

​

​

​

​

​

​

​

​

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 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 Constantine Limited

 

Genco Constantine

 

180,183

 

2/21/08

 

2008

​

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 Aquitaine Limited

 

Genco Aquitaine

 

57,981

 

8/18/10

 

2009

​

Genco Ardennes Limited

 

Genco Ardennes

 

58,014

 

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

 

58,014

 

9/23/10

 

2010

​

Genco Languedoc Limited

 

Genco Languedoc

 

58,018

 

9/29/10

 

2010

​

Genco Picardy Limited

 

Genco Picardy

 

55,255

 

8/16/10

 

2005

​

Genco Pyrenees Limited

 

Genco Pyrenees

 

58,018

 

8/10/10

 

2010

​

Genco Rhone Limited

 

Genco Rhone

 

58,018

 

3/29/11

 

2011

​

Genco Weatherly Limited

​

Genco Weatherly

​

61,556

​

7/26/18

​

2014

​

Genco Columbia Limited

​

Genco Columbia

​

60,294

​

9/10/18

​

2016

​

Genco Endeavour Limited

​

Genco Endeavour

​

181,057

​

8/15/18

​

2015

​

Genco Resolute Limited

​

Genco Resolute

​

181,060

​

8/14/18

​

2015

​

Genco Defender Limited

​

Genco Defender

​

180,021

​

9/6/18

​

2016

​

Genco Liberty Limited

​

Genco Liberty

​

180,032

​

9/11/18

​

2016

​

Genco Magic Limited

​

Genco Magic

​

63,443

​

12/23/20

​

2014

​

Genco Vigilant Limited

​

Genco Vigilant

​

63,498

​

1/28/21

​

2015

​

Genco Freedom Limited

​

Genco Freedom

​

63,667

​

2/2/21

​

2015

​

Genco Enterprise Limited

​

Genco Enterprise

​

63,472

​

8/23/21

​

2016

​

Genco Madeleine Limited

​

Genco Madeleine

​

63,163

​

8/23/21

​

2014

​

Genco Mayflower Limited

​

Genco Mayflower

​

63,304

​

8/24/21

​

2017

​

Genco Constellation Limited

​

Genco Constellation

​

63,310

​

9/3/21

​

2017

​

Genco Laddey Limited

​

Genco Laddey

​

61,303

​

1/6/22

​

2022

​

Genco Mary Limited

​

Genco Mary

​

61,304

​

1/6/22

​

2022

​

Genco Reliance Limited

​

Genco Reliance

​

181,146

​

11/21/23

​

2016

​

Genco Ranger Limited

​

Genco Ranger

​

180,882

​

11/27/23

​

2016

​

Baltic Lion Limited

​

Genco Lion

​

179,185

​

4/8/15

(1)

2012

​

Baltic Tiger Limited

​

Genco Tiger

​

179,185

​

4/8/15

(1)

2011

​

Baltic Bear Limited

 

Baltic Bear

 

177,717

 

5/14/10

​

2010

​

Baltic Wolf Limited

 

Baltic Wolf

 

177,752

 

10/14/10

​

2010

​

Baltic Hornet Limited

 

Baltic Hornet

 

63,574

 

10/29/14

​

2014

​

Baltic Wasp Limited

 

Baltic Wasp

 

63,389

 

1/2/2015

​

2015

​

Baltic Scorpion Limited

 

Baltic Scorpion

 

63,462

 

8/6/15

​

2015

​

Baltic Mantis Limited

 

Baltic Mantis

 

63,467

 

10/9/15

​

2015

​

​

(1)The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies  
Schedule of restricted cash and cash equivalents

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

​

    

2023

    

2022

 

Cash and cash equivalents

 

$

46,542

 

$

58,142

​

Restricted cash – current

​

​

—

​

​

5,643

​

Restricted cash – noncurrent

​

 

315

​

 

315

​

​

​

​

​

​

​

​

​

Cash, cash equivalents and restricted cash

 

$

46,857

 

$

64,100

​

​

​

​

​

​

​

​

​
Estimated Useful Lives of Fixed Assets  
Summary of Significant Accounting Policies  
Schedule of fixed assets, net

​

​

​

​

​

​

​

Description

    

Useful lives

​

​

​

​

​

​

Leasehold improvements

 

Lesser of the estimated useful life of the asset or life of the lease

Furniture, fixtures & other equipment

 

5 years

Vessel equipment

 

2-15 years

Computer equipment

 

3 years
v3.24.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
NET (LOSS) EARNINGS PER SHARE  
Components of denominator for the calculation of basic and diluted earnings (loss) per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

 

2023

    

2022

  

2021

​

 

​

​

​

​

​

​

​

​

​

Common shares outstanding, basic:

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, basic

​

42,766,262

 

42,412,722

​

42,060,996

​

​

​

​

​

​

​

​

​

​

​

Common shares outstanding, diluted:

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, basic

​

42,766,262

 

42,412,722

​

42,060,996

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of stock options

​

—

​

314,143

​

313,684

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of performance-based restricted stock units

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

Dilutive effect of restricted stock units

​

—

 

188,631

​

214,191

​

​

​

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding, diluted

​

42,766,262

 

42,915,496

​

42,588,871

​

​

​
v3.24.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
DEBT  
Schedule of components of Long-term debt

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

​

    

2023

    

2022

 

Principal amount

 

$

200,000

 

$

171,000

​

Less: Unamortized deferred financing costs

​

 

(9,831)

​

 

(6,079)

​

Less: Current portion

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

Long-term debt, net

 

$

190,169

 

$

164,921

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

​

​

​

​

Unamortized

​

​

​

​

Unamortized

​

​

​

​

​

​

Debt Issuance

​

​

​

​

Debt Issuance

​

​

    

Principal

    

Cost

    

Principal

    

Cost

 

$450 Million Credit Facility

​

$

—

​

$

—

​

$

171,000

​

$

6,079

​

$500 Million Revolver

​

​

200,000

​

​

9,831

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total debt

​

$

200,000

 

$

9,831

​

$

171,000

 

$

6,079

​
Scheduled repayment of outstanding debt

​

​

​

​

​

​

Year Ending December 31, 

    

Total

​

​

​

​

​

​

2028

​

$

200,000

​

​

​

​

​

​

Total debt

​

$

200,000

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

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

2023

​

2022

​

2021

​

Effective Interest Rate

​

8.29

%  

4.63

%  

3.22

%  

Range of Interest Rates (excluding unused commitment fees)

​

6.43 % to 7.58

%  

2.26 % to 6.54

%  

2.24 % to 3.48

%  
v3.24.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
DERIVATIVE INSTRUMENTS  
Schedule of interest cap agreements

​

​

​

​

​

​

​

​

​

​

​

​

Interest Rate Cap Detail

​

​

Notional Amount Outstanding

​

​

​

​

​

​

​

​

​

​

December 31, 

Trade date

​

Cap Rate

​

Start Date

​

End Date

    

​

2023

​

​

​

​

​

​

​

​

​

​

​

March 25, 2021

​

0.75

%

​

April 29, 2021

​

March 28, 2024

​

$

50,000

​

​

​

​

​

​

​

​

​

$

50,000
Schedule of the effect of fair value and cash flow hedge accounting on the statement of operations

​

​

​

​

​

​

​

​

​

​

​

​

The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

​

​

​

2023

    

2022

​

2021

​

​

​

Interest Expense

​

Interest Expense

​

Interest Expense

​

Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded

​

$

8,780

​

$

9,094

​

$

15,357

​

​

​

​

​

​

​

​

​

​

​

​

The effects of fair value and cash flow hedging

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:

​

​

​

​

​

​

​

​

​

​

Interest contracts:

​

​

​

​

​

​

​

​

​

​

Amount of gain or (loss) reclassified from AOCI to income

​

$

(6,871)

​

$

(2,056)

​

$

—

​

Premium excluded and recognized on an amortized basis

​

​

143

​

​

180

​

​

197

​

Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring

​

​

—

​

​

—

​

​

—

​
Schedule of interest rate cap assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

December 31, 

​

​

​

Balance Sheet Location

​

​

2023

​

​

2022

​

Derivatives designated as hedging instruments

​

Interest rate caps

​

Fair value of derivative instruments - current

​

$

515

​

$

6,112

​

​

​

​

​

​

​

​

​

​

​

Interest rate caps

​

Fair value of derivative instruments - noncurrent

​

$

—

​

$

381

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated as hedging instruments

​

Interest rate caps

​

Fair value of derivative instruments - current

​

$

57

​

$

200

​

​

​

​

​

​

​

​

​

​

​

Interest rate caps

​

Fair value of derivative instruments - noncurrent

​

$

—

​

$

42

​
Components of AOCI

​

​

​

​

​

​

AOCI — January 1, 2023

​

$

6,480

​

​

​

​

​

​

Amount recognized in OCI on derivative, intrinsic

​

 

(6,275)

​

Amount recognized in OCI on derivative, excluded

​

 

322

​

Amount reclassified from OCI into income

​

 

—

​

​

​

​

​

​

AOCI — December 31, 2023

​

$

527

​

​
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of fair values and carrying values of the Company's financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

​

    

Carrying

    

​

​

    

Carrying

    

​

​

 

​

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

​

$

46,542

​

$

46,542

​

$

58,142

​

$

58,142

​

Restricted cash

​

 

315

​

 

315

​

 

5,958

​

 

5,958

​

Principal amount of floating rate debt

​

 

200,000

​

 

200,000

​

 

171,000

​

 

171,000

​
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS  
Schedule of prepaid expenses and other current assets

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Vessel stores

​

$

152

​

$

142

​

Deferred contract costs (see Note 13)

​

​

1,938

​

​

2,474

​

Prepaid items

​

 

4,808

​

 

3,098

​

Insurance receivable

​

 

1,402

​

 

1,180

​

Advance to agents

​

​

1,183

​

​

463

​

Other

​

 

671

​

 

1,042

​

Total prepaid expenses and other current assets

​

$

10,154

​

$

8,399

​

​
v3.24.0.1
FIXED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Detail of Fixed Assets, Excluding Vessels  
FIXED ASSETS  
Schedule of fixed assets

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Fixed assets, at cost:

​

​

​

​

​

​

​

Vessel equipment

​

$

11,781

​

$

11,670

​

Furniture and fixtures

​

 

477

​

 

449

​

Leasehold improvements

​

​

1,588

​

​

1,584

​

Computer equipment

​

 

1,288

​

 

1,107

​

Total costs

​

 

15,134

​

 

14,810

​

Less: accumulated depreciation and amortization

​

 

(8,063)

​

 

(6,254)

​

Total fixed assets, net

​

$

7,071

​

$

8,556

​

​
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
Schedule of accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

​

    

2023

    

2022

 

Accounts payable

​

$

10,650

​

$

16,162

​

Accrued general and administrative expenses

​

 

5,700

​

 

6,171

​

Accrued vessel operating expenses

​

 

7,895

​

 

7,142

​

Total accounts payable and accrued expenses

​

$

24,245

​

$

29,475

​

​
v3.24.0.1
VOYAGE REVENUES (Tables)
 12 Months Ended
Dec. 31, 2023
VOYAGE REVENUES  
Schedule of voyage revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended

​

​

​

​

December 31, 

​

​

​

2023

​

2022

​

2021

​

Lease revenue

​

$

150,719

​

$

229,787

​

$

160,242

​

Spot market voyage revenue

​

​

233,106

​

​

307,147

​

​

386,887

​

Total voyage revenues

​

$

383,825

​

$

536,934

​

$

547,129

​

​
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
LEASES  
Schedule of balance sheet information related to operating leases

​

​

​

​

​

​

​

​

December 31, 

 

​

​

2023

 

Operating Lease:

​

​

​

​

Operating lease right-of-use assets

​

$

2,628

​

​

​

​

​

​

Current operating lease liabilities

​

$

2,295

​

Long-term operating lease liabilities

​

 

1,801

​

Total operating lease liabilities

​

$

4,096

​

​

​

​

​

​

Weighted average remaining lease term (years)

​

​

1.75

​

Weighted average discount rate

​

​

5.15

%
Schedule of maturities of operating lease liabilities

​

​

​

​

​

​

​

​

December 31, 

 

​

​

2023

 

2024

​

$

2,453

​

2025

​

​

1,839

​

Total lease payments

​

​

4,292

​

Less imputed interest

​

​

(196)

​

Present value of lease liabilities

​

$

4,096

​
Schedule of cash flow information related to operating leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended

​

​

​

December 31, 

​

​

​

2023

​

2022

​

2021

 

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

​

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

2,378

​

$

2,230

​

$

2,230

​
v3.24.0.1
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan
 12 Months Ended
Dec. 31, 2023
Employee Stock Option [Member]  
STOCK-BASED COMPENSATION  
Schedule of nonvested stock amortization expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

 

2023

​

2022

​

2021

​

General and administrative expenses

​

$

83

​

$

278

​

$

635

​
Schedule of stock option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

2023

​

2022

​

2021

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

​

​

Number

​

Average

​

Average

​

Number

​

Average

​

Average

​

Number

​

Average

​

Average

​

​

​

​

of

​

Exercise

​

Fair

​

of

​

Exercise

​

Fair

​

of

​

Exercise

​

Fair

​

​

​

    

Options

    

Price

    

Value

    

Options

    

Price

    

Value

    

Options

    

Price

    

Value

​

​

Outstanding as of January 1

 

415,227

 

$

7.91

​

$

2.78

​

916,287

 

$

9.02

​

$

4.08

​

837,338

 

$

8.86

​

$

4.02

​

​

Granted

 

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

118,552

​

​

9.91

​

​

4.33

​

​

Exercised

 

(47,037)

​

​

7.70

​

​

2.53

​

(501,060)

​

​

9.94

​

​

5.16

​

(39,603)

​

​

8.37

​

​

3.46

​

​

Forfeited

 

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding as of December 31

 

368,190

 

$

7.93

​

$

2.82

​

415,227

 

$

7.91

​

$

2.78

​

916,287

 

$

9.02

​

$

4.08

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Exercisable as of December 31

 

337,654

 

$

7.76

​

$

2.68

​

221,336

 

$

7.63

​

$

2.63

​

488,969

 

$

9.88

​

$

5.04

​

​

​

The following table summarizes certain information about the options outstanding as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Options Outstanding and Unvested,

​

Options Outstanding and Exercisable,

​

​

​

​

December 31, 2023

​

December 31, 2023

​

Weighted

​

​

​

​

​

​

Weighted

​

​

​

 

​

​

Weighted

​

Average

 

​

​

Weighted

​

Average

​

​

​

Weighted

​

Average

​

Exercise Price of

 

​

​

Average

​

Remaining

​

​

​

Average

​

Remaining

​

Outstanding

​

Number of

​

Exercise

​

Contractual

​

Number of

​

Exercise

​

Contractual

​

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

7.93

​

30,536

​

$

9.91

​

3.15

​

337,654

​

$

7.76

​

2.25

​
Restricted Stock Units  
STOCK-BASED COMPENSATION  
Schedule of nonvested stock amortization expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

 

2023

​

2022

​

2021

​

General and administrative expenses

​

$

5,050

​

$

2,964

​

$

1,632

​
Summary of nonvested restricted stock units

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

2023

​

2022

​

2021

​

​

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Number of

​

Average Grant

​

Number of

​

Average Grant

​

Number of

​

Average Grant

​

​

    

RSUs

​

Date Price

​

RSUs

​

Date Price

​

RSUs

    

Date Price

 

Outstanding as of January 1

​

641,972

​

$

15.74

​

306,887

​

$

9.65

​

298,834

​

$

7.49

​

Granted

​

214,497

​

​

16.26

​

533,969

​

​

17.55

​

159,492

​

​

11.93

​

Vested

​

(243,442)

​

​

14.36

​

(198,884)

​

​

11.23

​

(151,439)

​

​

7.79

​

Forfeited

​

(49,322)

​

​

16.42

​

—

​

​

—

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding as of December 31

​

563,705

​

$

16.47

​

641,972

​

$

15.74

​

306,887

​

$

9.65

​

The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

Unvested RSUs

​

Vested RSUs

​

December 31, 2023

​

December 31, 2023

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

Weighted

​

Average

​

​

​

Weighted

​

​

​

Average

​

Remaining

​

​

​

Average

​

Number of

​

Grant Date

​

Contractual

​

Number of

​

Grant Date

​

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

563,705

​

$

16.47

​

1.38

​

290,782

​

$

12.38

​
Performance based restricted stock units  
STOCK-BASED COMPENSATION  
Schedule of nonvested stock amortization expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

2023

​

2022

​

2021

General and administrative expenses

​

$

397

​

$

—

​

$

—

​
Schedule of significant inputs used in the estimation of the fair value of awards granted

​

​

​

​

​

Significant Input

​

December 31, 2023

​

Closing share price of our common stock

​

$14.36 to $16.30

​

Risk-free rate of return

​

3.81% to 4.38%

​

Expected volatility of our common stock

​

53.38% to 54.53%

​

Holding period discount

    

0%

    

Simulation term (in years)

    

2.54 to 2.72

    

Range of target

    

0% to 200%

    
v3.24.0.1
GENERAL INFORMATION (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
item
Dec. 31, 2021
item
Vessels      
Number of vessels in fleet | item 46 44 42
GSSM | Variable Interest Entity      
Vessels      
Ownership percentage 50.00% 50.00%  
Investments used directly for operations $ 50 $ 50  
GSSM | Synergy      
Vessels      
Ownership by synergy 50.00% 50.00%  
Investments used directly for operations $ 50 $ 50  
v3.24.0.1
GENERAL INFORMATION - Vessel Details (Details)
Dec. 31, 2023
item
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 Warrior Limited | Genco Warrior  
Vessels  
Capacity of vessels 55,435
Genco Predator Limited | Genco Predator  
Vessels  
Capacity of vessels 55,407
Genco Reliance Limited | Genco Reliance  
Vessels  
Capacity of vessels 181,146
Genco Ranger Limited | Genco Ranger  
Vessels  
Capacity of vessels 180,882
Genco Hunter Limited | Genco Hunter  
Vessels  
Capacity of vessels 58,729
Genco Constantine Limited | Genco Constantine  
Vessels  
Capacity of vessels 180,183
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 Aquitaine Limited | Genco Aquitaine  
Vessels  
Capacity of vessels 57,981
Genco Ardennes Limited | Genco Ardennes  
Vessels  
Capacity of vessels 58,014
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 58,014
Genco Languedoc Limited | Genco Languedoc  
Vessels  
Capacity of vessels 58,018
Genco Picardy Limited | Genco Picardy  
Vessels  
Capacity of vessels 55,255
Genco Pyrenees Limited | Genco Pyrenees  
Vessels  
Capacity of vessels 58,018
Genco Rhone Limited | Genco Rhone  
Vessels  
Capacity of vessels 58,018
Genco Weatherly Limited | Genco Weatherly  
Vessels  
Capacity of vessels 61,556
Genco Columbia Limited | Genco Columbia  
Vessels  
Capacity of vessels 60,294
Genco Endeavour Limited | Genco Endeavour  
Vessels  
Capacity of vessels 181,057
Genco Resolute Limited | Genco Resolute  
Vessels  
Capacity of vessels 181,060
Genco Defender Limited | Genco Defender  
Vessels  
Capacity of vessels 180,021
Genco Liberty Limited | Genco Liberty  
Vessels  
Capacity of vessels 180,032
Genco Magic | Genco Magic  
Vessels  
Capacity of vessels 63,443
Genco Vigilant Limited | Genco Vigilant  
Vessels  
Capacity of vessels 63,498
Genco Freedom Limited | Genco Freedom  
Vessels  
Capacity of vessels 63,667
Genco Enterprise Limited | Genco Enterprise  
Vessels  
Capacity of vessels 63,472
Genco Madeleine Limited | Genco Madeleine  
Vessels  
Capacity of vessels 63,163
Genco Mayflower Limited | Genco Mayflower  
Vessels  
Capacity of vessels 63,304
Genco Constellation Limited | Genco Constellation  
Vessels  
Capacity of vessels 63,310
Genco Laddey Limited | Genco Laddey  
Vessels  
Capacity of vessels 61,303
Genco Mary Limited | Genco Mary  
Vessels  
Capacity of vessels 61,304
Baltic Lion Limited | Genco Lion  
Vessels  
Capacity of vessels 179,185
Baltic Tiger Limited | Genco Tiger  
Vessels  
Capacity of vessels 179,185
Baltic Bear Limited | Baltic Bear  
Vessels  
Capacity of vessels 177,717
Baltic Wolf Limited | Baltic Wolf  
Vessels  
Capacity of vessels 177,752
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 63,467
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment reporting  
Number of reportable segments 1
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, cash equivalents and restricted cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restricted Cash        
Cash and cash equivalents $ 46,542 $ 58,142    
Restricted cash - current   5,643    
Restricted cash - noncurrent 315 315    
Cash, cash equivalents and restricted cash $ 46,857 $ 64,100 $ 120,531 $ 179,679
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Due from Charters, net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
Due from charterers, reserve $ 3,257 $ 2,141
Accrual related to estimated customer claims $ 540 $ 592
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bunker swaps and Forward Purchase Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Summary of Significant Accounting Policies      
Fair value of derivative instruments $ 572 $ 6,312  
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current  
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities, Current Accounts Payable and Accrued Liabilities, Current  
Bunker Swap and Forward Fuel Purchase Agreements      
Summary of Significant Accounting Policies      
Fair value of derivative instruments $ 1 $ 168  
Fair value of liability position 0 71  
Other income (expense) | Bunker Swap and Forward Fuel Purchase Agreements      
Summary of Significant Accounting Policies      
Realized (losses) gains 202 1,631 $ 439
Unrealized (losses) gains $ (96) $ 3 $ 34
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 01, 2022
$ / item
Dec. 31, 2023
USD ($)
$ / shares
$ / item
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / item
Vessels, net        
Estimated useful life   25 years    
Depreciation and amortization | $   $ 66,465 $ 60,190 $ 56,231
Estimated scrap value (in dollars per lightweight ton) | $ / item 400 400   310
Estimated life of average scrap value of steel 15 years      
Decrease in depreciation expense | $   $ 4,513 $ 4,647  
(Decrease) increase in basic net earnings per share   $ (0.11) $ 0.11  
(Decrease) increase in diluted net earnings per share   (0.10) 0.11  
Basic net earnings per share if no change to estimated scrap value   0.41 3.63  
Diluted net earnings per share if no change to estimated scrap value   $ 0.40 $ 3.59  
Vessels        
Vessels, net        
Depreciation and amortization | $   $ 50,525 $ 50,092 $ 49,417
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Drydocking and Fixed Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred drydocking costs      
Amortization expense for drydocking $ 13,253 $ 7,832 $ 5,055
Fixed assets, net      
Depreciation and amortization $ 66,465 60,190 56,231
Minimum      
Deferred drydocking costs      
Period for which vessels are required to be drydocked for major repairs and maintenance 30 months    
Maximum      
Deferred drydocking costs      
Period for which vessels are required to be drydocked for major repairs and maintenance 60 months    
Furniture and fixtures      
Fixed assets, net      
Useful lives 5 years    
Vessel equipment | Minimum      
Fixed assets, net      
Useful lives 2 years    
Vessel equipment | Maximum      
Fixed assets, net      
Useful lives 15 years    
Computer equipment      
Fixed assets, net      
Useful lives 3 years    
Detail of Fixed Assets, Excluding Vessels      
Fixed assets, net      
Depreciation and amortization $ 2,687 $ 2,266 $ 1,759
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Voyage expense recognition      
Net loss (gain) on purchase and sale of bunker fuel and net realizable value adjustments $ 168 $ (2,931) $ (1,889)
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on Debt Extinguishment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      
Loss on debt extinguishment     $ 4,408
Charter hire expenses $ 9,135 $ 27,130 $ 36,370
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of long-lived assets (Details)
$ in Thousands
 12 Months Ended
Dec. 21, 2023
USD ($)
Nov. 14, 2023
USD ($)
Jan. 01, 2022
$ / item
Jul. 06, 2021
USD ($)
Apr. 08, 2021
USD ($)
Dec. 17, 2020
USD ($)
item
Dec. 31, 2023
USD ($)
$ / item
Dec. 31, 2021
$ / item
Sep. 30, 2023
item
Impairment of long-lived assets                  
Historical one-year time charter average period             10 years    
Time charter average period             1 year    
Estimated useful life             25 years    
Fleet utilization (as a percent)             98.00%    
Estimated scrap value (in dollars per lightweight ton) | $ / item     400       400 310  
Impairment of vessel assets             $ 41,719    
Genco Lorraine                  
Impairment of long-lived assets                  
Sale of assets       $ 7,950          
Broker commission (as a percent)       2.50%          
Baltic Leopard                  
Impairment of long-lived assets                  
Sale of assets         $ 8,000        
Broker commission (as a percent)         2.00%        
Ultramax Vessels | Agreement To Exchange Vessels                  
Impairment of long-lived assets                  
Number of vessels to be exchanged | item           3      
Handysize Vessels | Agreement To Exchange Vessels                  
Impairment of long-lived assets                  
Number of vessels to be exchanged | item           6      
Adjusted total fair market value of vessels           $ 46,000      
Broker commission (as a percent)           1.00%      
Genco Claudius, Genco Commodus and Genco Maximus                  
Impairment of long-lived assets                  
Number impaired vessel assets | item                 3
Impairment of vessel assets             13,617    
Genco Claudius, Genco Commodus and Genco Maximus | Agreement to sell Genco Claudius, Genco Commodus and Genco Maximus                  
Impairment of long-lived assets                  
Impairment of vessel assets             28,102    
Genco Maximus                  
Impairment of long-lived assets                  
Sale of assets $ 18,000                
Broker commission (as a percent) 1.00%                
Net sales price of vessel             17,820    
Genco Claudius                  
Impairment of long-lived assets                  
Sale of assets $ 18,500                
Broker commission (as a percent) 1.00%                
Net sales price of vessel             18,315    
Genco Commodus                  
Impairment of long-lived assets                  
Sale of assets   $ 19,500              
Broker commission (as a percent)   1.00%              
Net sales price of vessel             $ 19,305    
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain on sale of vessels (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Gain on sale of vessels  
Gain on sale of vessels $ 4,924
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 15, 2018
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes        
Gross transportation tax   $ 0 $ 0 $ 0
Ownership percentage held by each shareholder (as a percent)   5.00% 5.00% 5.00%
Federal tax rate (as a percent)   21.00%    
Tax rate on 50% of shipping income if not qualified for Section 883   4.00%    
Tax on branch profits   30.00%    
Percentage of shipping income sourced to United States if attributable to transportation exclusively between United States ports   100.00%    
Percentage of shipping income attributable to transportation that begins or ends in the United States included in United States source shipping income   50.00%    
Percentage of shipping income sourced to United States if no transportation is attributable to United States   0.00%    
Minimum        
Income Taxes        
Combined ownership held by 5% shareholders (as a percent)   50.00%    
Percentage of value of outstanding shares owned by the qualified shareholders of a foreign corporation   50.00%    
Maximum        
Income Taxes        
Combined ownership of shareholders for more than half the days of year (as a percent)   50.00% 50.00% 50.00%
Singapore | Genco Shipping Pte. Ltd. (GSPL)        
Income Taxes        
Federal tax rate (as a percent)   17.00%    
Initial period of the Maritime Sector Incentive award 10 years      
Initial performance review period of the Maritime Sector Incentive award 5 years      
Income tax expense   $ 31 $ 64 $ 0
Singapore | GSSM        
Income Taxes        
Federal tax rate (as a percent)   17.00% 17.00% 17.00%
Income tax expense   $ 238 $ 350 $ 26
Denmark | Genco Shipping A/S        
Income Taxes        
Federal tax rate (as a percent)   22.00% 22.00% 22.00%
Income tax expense   $ 205 $ 1,209 $ 2
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
customer
Institution
Dec. 31, 2022
Institution
customer
Dec. 31, 2021
customer
Concentration Risk      
Number of financial institutions with which the entity maintains its cash and cash equivalents | Institution 8 6  
Cash insured by financial institutions | $ $ 0    
Voyage Revenues | Customer Concentration Risk      
Concentration Risk      
Number of customers 110 123 139
Major Customers 2 0 0
Voyage Revenues | Customer Concentration Risk | Rio Tinto Shipping (Asia) Pte. Ltd      
Concentration Risk      
Concentration risk percentage (as a percent) 16.10%    
Voyage Revenues | Customer Concentration Risk | Oldendorff Carriers and its subsidiaries      
Concentration Risk      
Concentration risk percentage (as a percent) 10.90%    
v3.24.0.1
CASH FLOW INFORMATION - Non-cash (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Non-cash investing and financing activities      
Reclassification from deposits on vessels to vessels, net of accumulated depreciation   $ 18,543  
Reclassification from vessels to vessels held for sale $ 55,440    
Cash paid for interest 13,626 9,329 $ 11,749
Cash received from settlement of interest cap agreements 6,972 1,936 0
Accounts payable and accrued expenses      
Non-cash investing and financing activities      
Purchases of vessels and ballast water treatment systems, including deposits 374 2,394 1,643
Purchase of scrubbers     6
Purchase of other fixed assets 161 1,178 1,160
Non-cash financing activities cash dividends payable 1,030 $ 1,056 157
Non-cash financing activities for financing costs 38   $ 9
Prepaid expenses and other current assets      
Non-cash investing and financing activities      
Purchases of vessels and ballast water treatment systems, including deposits $ 151    
v3.24.0.1
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 16, 2023
May 16, 2023
Apr. 14, 2023
Apr. 03, 2023
Mar. 10, 2023
Feb. 21, 2023
Dec. 23, 2022
May 16, 2022
Feb. 23, 2022
May 13, 2021
May 04, 2021
Feb. 23, 2021
Feb. 25, 2020
Mar. 04, 2019
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Stock Units                                  
Non-cash investing and financing activities                                  
Granted (in shares) 3,917 43,729 75,920 1,630 2,948 68,758 270,097 27,331 201,934 33,525 18,428 103,599     214,497 533,969 159,492
Aggregate fair value $ 56 $ 600 $ 1,237 $ 25 $ 50 $ 1,250 $ 4,200 $ 600 $ 3,950 $ 515 $ 300 $ 1,027          
Employee Stock Option [Member]                                  
Non-cash investing and financing activities                                  
Options to purchase (in shares)                       118,552 344,568 240,540     118,552
Exercise price                       $ 9.91         $ 9.91
Aggregate fair value                       $ 513 $ 693 $ 904      
Performance based restricted stock units                                  
Non-cash investing and financing activities                                  
Granted (in shares) 3,917   75,920                            
Aggregate fair value $ 64   $ 1,451                            
v3.24.0.1
VESSEL ACQUISITIONS AND DISPOSITIONS (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 07, 2024
USD ($)
Dec. 21, 2023
USD ($)
Nov. 14, 2023
USD ($)
item
Nov. 02, 2021
USD ($)
Aug. 31, 2021
USD ($)
Aug. 03, 2021
Jul. 06, 2021
USD ($)
Apr. 08, 2021
USD ($)
Dec. 17, 2020
USD ($)
item
Nov. 14, 2023
USD ($)
item
Mar. 31, 2022
USD ($)
Sep. 30, 2021
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Oct. 10, 2023
USD ($)
item
Jul. 02, 2021
USD ($)
item
May 18, 2021
USD ($)
item
Apr. 20, 2021
USD ($)
item
VESSEL ACQUISITIONS                                      
Amortization of Fair Market Value of Time Charters Acquired                             $ 4,263        
Restricted cash - current                           $ 5,643          
$450 Million Credit Facility                                      
VESSEL ACQUISITIONS                                      
Proceeds from secured debt                   $ 65,000     $ 65,000   350,000        
Secured Debt | $450 Million Credit Facility                                      
VESSEL ACQUISITIONS                                      
Proceeds from secured debt         $ 350,000                            
Collateral vessel replacement period           360 days                          
Genco Mayflower, Genco Constellation and Genco Madeleine                                      
VESSEL ACQUISITIONS                                      
Number of vessels with below market time charters | item                       3              
Time charters acquired                       $ 4,263              
Amortization of Fair Market Value of Time Charters Acquired                             4,263        
Agreement to Purchase Capesize Vessels | Genco Ranger                                      
VESSEL ACQUISITIONS                                      
Capacity of vessels | item                               181,000      
Purchase price per vessel                               $ 43,100      
Agreement to Purchase Capesize Vessels | Genco Reliance                                      
VESSEL ACQUISITIONS                                      
Capacity of vessels | item     181,000             181,000                  
Purchase price per vessel     $ 43,000             $ 43,000                  
Agreement To Purchase Ultramax Newbuild Vessels | Genco Mary and Genco Laddey                                      
VESSEL ACQUISITIONS                                      
Number of vessels purchased under option to be acquired per purchase agreement | item                                   2  
Capacity of vessels | item                                   61,000  
Purchase price per vessel                                   $ 29,170  
Remaining purchase price of vessels paid                     $ 40,838                
Capitalized interest associated with new building contracts                         $ 0 5 $ 292        
Agreement To Purchase Ultramax Vessels | Genco Mayflower and Genco Constellation                                      
VESSEL ACQUISITIONS                                      
Number of vessels purchased under option to be acquired per purchase agreement | item                                 2    
Capacity of vessels | item                                 63,000    
Purchase price per vessel                                 $ 24,563    
Agreement To Purchase Ultramax Vessels | Genco Madeleine                                      
VESSEL ACQUISITIONS                                      
Number of vessels purchased under option to be acquired per purchase agreement | item                                 1    
Capacity of vessels | item                                 63,000    
Purchase price per vessel                                 $ 21,875    
Agreement To Purchase Ultramax Vessels | Genco Enterprise                                      
VESSEL ACQUISITIONS                                      
Capacity of vessels | item                                     64,000
Purchase price per vessel                                     $ 20,200
Ultramax Vessels | Agreement To Exchange Vessels                                      
VESSEL ACQUISITIONS                                      
Number of vessels to be exchanged | item                 3                    
Handysize Vessels | Agreement To Exchange Vessels                                      
VESSEL ACQUISITIONS                                      
Number of vessels to be exchanged | item                 6                    
Adjusted total fair market value of vessels                 $ 46,000                    
Broker commission (as a percent)                 1.00%                    
Genco Provence                                      
VESSEL ACQUISITIONS                                      
Sale of assets       $ 13,250                              
Broker commission (as a percent)       2.50%                              
Genco Provence | Secured Debt | $450 Million Credit Facility                                      
VESSEL ACQUISITIONS                                      
Restricted cash - current                           $ 5,643          
Period for which sales proceeds from vessels will remain as restricted cash       360 days                              
Collateral vessel replacement period       360 days                              
Genco Commodus                                      
VESSEL ACQUISITIONS                                      
Sale of assets     $ 19,500                                
Broker commission (as a percent)     1.00%                                
Genco Commodus | Subsequent Event                                      
VESSEL ACQUISITIONS                                      
Sale of assets $ 19,500                                    
Broker commission (as a percent) 1.00%                                    
Genco Claudius                                      
VESSEL ACQUISITIONS                                      
Sale of assets   $ 18,500                                  
Broker commission (as a percent)   1.00%                                  
Genco Maximus                                      
VESSEL ACQUISITIONS                                      
Sale of assets   $ 18,000                                  
Broker commission (as a percent)   1.00%                                  
Baltic Leopard                                      
VESSEL ACQUISITIONS                                      
Sale of assets               $ 8,000                      
Broker commission (as a percent)               2.00%                      
Genco Lorraine                                      
VESSEL ACQUISITIONS                                      
Sale of assets             $ 7,950                        
Broker commission (as a percent)             2.50%                        
v3.24.0.1
NET (LOSS) EARNINGS PER SHARE (Details) - shares
 12 Months Ended
Jul. 10, 2014
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common shares outstanding, basic:        
Weighted-average common shares outstanding, basic   42,766,262 42,412,722 42,060,996
Common shares outstanding, diluted:        
Weighted-average common shares outstanding, basic   42,766,262 42,412,722 42,060,996
Weighted-average common shares outstanding, diluted   42,766,262 42,915,496 42,588,871
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive shares (in shares)   368,190    
Performance based restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive shares (in shares)   79,838    
Restricted Stock Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive shares (in shares)   563,705    
New Genco Equity Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive shares (in shares)       3,936,761
New Genco Equity Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Equity warrant term 7 years      
Number of shares of new stock in which each warrant or right can be converted 0.10      
Employee Stock Option        
Common shares outstanding, diluted:        
Dilutive effect of share based arrangements     314,143 313,684
Restricted Stock Units        
Common shares outstanding, diluted:        
Dilutive effect of share based arrangements     188,631 214,191
v3.24.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party      
Related Party Transaction      
Related party transactions $ 0 $ 0 $ 0
v3.24.0.1
DEBT - Components of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility    
Principal amount $ 200,000 $ 171,000
Less: Unamortized deferred financing costs (9,831) (6,079)
Secured Debt | $450 Million Credit Facility    
Line of Credit Facility    
Principal amount   171,000
Less: Unamortized deferred financing costs   $ (6,079)
Secured Debt | $500 Million Revolver    
Line of Credit Facility    
Principal amount 200,000  
Less: Unamortized deferred financing costs $ (9,831)  
v3.24.0.1
DEBT - Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]      
Deferred financing costs, noncurrent $ 9,831 $ 6,079  
Amortization of Financing Costs 1,779 1,694 $ 3,536
Interest Expense      
Line of Credit Facility [Line Items]      
Amortization of Financing Costs $ 1,779 $ 1,694 $ 3,536
v3.24.0.1
DEBT - 500 Million Revolver (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Nov. 29, 2023
USD ($)
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
item
Dec. 31, 2021
item
Debt          
Number of vessels in fleet | item 46   46 44 42
Long-term debt, net $ 190,169   $ 190,169 $ 164,921  
Repayment of the outstanding debt          
Total debt $ 200,000   200,000 $ 171,000  
$500 Million Revolver          
Debt          
Repayment of secured debt     $ 9,750    
$500 Million Revolver | Secured Debt          
Debt          
Maximum borrowing capacity   $ 500,000      
Margin increase or decrease based on performance of emissions targets   0.05%      
Average age of collateral vessels for repayment of loan   20 years      
Consecutive quarterly commitment reductions   $ 15,000      
Number of vessels to serve as collateral under debt agreement | item 45        
Number of vessels in fleet | item 46   46    
Commitment fee on unused daily average unutilized commitment (as a percent)   40.00%      
Remaining borrowing capacity $ 294,795   $ 294,795    
Repayment of secured debt     9,750    
Long-term debt, net 190,169   190,169    
Repayment of the outstanding debt          
2028 200,000   200,000    
Total debt $ 200,000   $ 200,000    
Minimum | SOFR | $500 Million Revolver | Secured Debt          
Debt          
Applicable margin over reference rate   1.85%      
Maximum | SOFR | $500 Million Revolver | Secured Debt          
Debt          
Applicable margin over reference rate   2.15%      
v3.24.0.1
DEBT - 450 Million Credit Facility (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 08, 2022
Nov. 02, 2021
Aug. 31, 2021
USD ($)
Aug. 03, 2021
USD ($)
item
Nov. 14, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
$450 Million Credit Facility                
Debt                
Drawdowns during the period         $ 65,000 $ 65,000   $ 350,000
Repayment of secured debt           236,000 $ 75,000 104,000
$450 Million Credit Facility | Secured Debt                
Debt                
Maximum borrowing capacity       $ 450,000        
Term of facilities       5 years        
Drawdowns during the period     $ 350,000          
Loan to value ratio       55.00%        
Additional borrowing capacity       $ 150,000        
Consecutive quarterly commitment reductions       11,720        
Balloon payment       $ 215,600        
Number of vessels to serve as collateral under debt agreement | item       39        
Number of Vessels Expected to be Delivered Unencumbered | item       5        
Commitment fee on unused daily average unutilized commitment (as a percent)       40.00%        
Collateral vessel replacement period       360 days        
Key covenant - Unrestricted cash and cash equivalents minimum per vessel       $ 500        
Key covenant - Percentage of unrestricted cash to total indebtedness       5.00%        
Maximum total indebtedness to total capitalization (as a ratio)       0.70        
Repayment of secured debt           236,000 75,000 $ 104,000
Long-term debt           $ 0 $ 164,921  
$450 Million Credit Facility | Secured Debt | Genco Provence                
Debt                
Collateral vessel replacement period   360 days            
Collateral vessel replacement extension period 360 days              
Revolving credit facility | Secured Debt                
Debt                
Maximum borrowing capacity       $ 300,000        
Drawdowns during the period     200,000          
Term loan facility | Secured Debt                
Debt                
Maximum borrowing capacity       $ 150,000        
Drawdowns during the period     $ 150,000          
Collateral Vessels Less Than Five Years Old | $450 Million Credit Facility | Secured Debt                
Debt                
Loan to value ratio       60.00%        
Collateral Vessels At Least Five Years Old But Not Older Than Seven Years | $450 Million Credit Facility | Secured Debt                
Debt                
Loan to value ratio       55.00%        
LIBOR | $450 Million Credit Facility                
Debt                
Margin increase or decrease based on performance of emissions targets       0.05%        
Minimum | $450 Million Credit Facility | Secured Debt                
Debt                
Collateral security maintenance test (as a percent)       140.00%        
Minimum | LIBOR | $450 Million Credit Facility | Secured Debt                
Debt                
Applicable margin over reference rate       2.15%        
Maximum | LIBOR | $450 Million Credit Facility | Secured Debt                
Debt                
Applicable margin over reference rate       2.75%        
v3.24.0.1
DEBT - 133 Million Credit Facility (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 15, 2020
Jun. 11, 2020
Aug. 14, 2018
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
$133 Million Credit Facility            
Line of Credit Facility            
Repayment of secured debt       $ 114,940    
Secured Debt | $133 Million Credit Facility            
Line of Credit Facility            
Maximum borrowing capacity     $ 133,000      
Term of facilities     5 years      
Long-term debt         $ 0 $ 0
Repayment of secured debt       $ 114,940    
Secured Debt | $108 Million Credit Facility            
Line of Credit Facility            
Maximum borrowing capacity     $ 108,000      
Reference rate     LIBOR      
Secured Debt | $108 Million Credit Facility | LIBOR | Through September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate     2.50%      
Secured Debt | Revolver            
Line of Credit Facility            
Maximum borrowing capacity   $ 25,000        
Drawdowns during the period $ 24,000          
Reference rate   LIBOR        
Secured Debt | Revolver | LIBOR            
Line of Credit Facility            
Applicable margin over reference rate   3.00%        
Secured Debt | Minimum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate     2.25%      
Secured Debt | Maximum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate     2.75%      
v3.24.0.1
DEBT - 495 Million Credit Facility (Details)
$ in Thousands
 12 Months Ended
Mar. 12, 2020
USD ($)
Sep. 23, 2019
USD ($)
Aug. 28, 2019
USD ($)
Feb. 28, 2019
USD ($)
item
May 31, 2018
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 17, 2020
item
$495 Million Credit Facility                  
Line of Credit Facility                  
Repayment of secured debt           $ 334,288      
Secured Debt | $495 Million Credit Facility                  
Line of Credit Facility                  
Maximum borrowing capacity       $ 495,000          
Long-term debt             $ 0 $ 0  
Repayment of secured debt           $ 334,288      
Secured Debt | $460 Million Credit Facility                  
Line of Credit Facility                  
Maximum borrowing capacity         $ 460,000        
Term of facilities         5 years        
Secured Debt | $460 Million Credit Facility | LIBOR | Through December 31, 2018                  
Line of Credit Facility                  
Applicable margin over reference rate         3.25%        
Secured Debt | $35,000 Scrubber Tranche                  
Line of Credit Facility                  
Maximum borrowing capacity       $ 35,000          
Number of Capesize vessels for which the scrubber installation will be financed | item       17          
Drawdowns during the period $ 11,250 $ 12,200 $ 9,300            
Reference rate       LIBOR          
Secured Debt | $35,000 Scrubber Tranche | LIBOR | Through September 30, 2019                  
Line of Credit Facility                  
Applicable margin over reference rate       2.50%          
Secured Debt | Minimum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018                  
Line of Credit Facility                  
Applicable margin over reference rate         3.00%        
Secured Debt | Minimum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019                  
Line of Credit Facility                  
Applicable margin over reference rate       2.25%          
Secured Debt | Maximum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018                  
Line of Credit Facility                  
Applicable margin over reference rate         3.50%        
Secured Debt | Maximum | $35,000 Scrubber Tranche | LIBOR | Period After September 30, 2019                  
Line of Credit Facility                  
Applicable margin over reference rate       2.75%          
Agreement To Exchange Vessels | Ultramax Vessels                  
Line of Credit Facility                  
Number of vessels to be exchanged | item                 3
Agreement To Exchange Vessels | Handysize Vessels                  
Line of Credit Facility                  
Number of vessels to be exchanged | item                 6
v3.24.0.1
DEBT - Interest Rates (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 21, 2005
Sep. 30, 2015
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest rates on debt          
Effective Interest Rate (as a percent)     8.29% 4.63% 3.22%
Letter of credit          
Restricted cash - noncurrent     $ 315 $ 315  
Minimum          
Interest rates on debt          
Range of interest rates (excluding unused commitment fees)     6.43% 2.26% 2.24%
Maximum          
Interest rates on debt          
Range of interest rates (excluding unused commitment fees)     7.58% 6.54% 3.48%
Letter of credit          
Letter of credit          
Fee on letter of credit (as a percent) 1.00% 1.375% 1.375% 1.375%  
Amount of letters outstanding     $ 300 $ 300  
Restricted cash - noncurrent     $ 315 $ 315  
Letter of credit | Minimum          
Letter of credit          
Notice period for cancellation of line of credit     30 days    
v3.24.0.1
DERIVATIVE INSTRUMENTS - Agreements (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
derivative
Dec. 31, 2022
USD ($)
derivative
Dec. 31, 2021
USD ($)
Dec. 29, 2023
USD ($)
Mar. 10, 2023
USD ($)
DERIVATIVE INSTRUMENTS          
Notional Amount $ 50,000        
Loss recorded $ 5,953 $ (5,655) $ (825)    
Interest Rate Cap | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships          
DERIVATIVE INSTRUMENTS          
Number of interest rate caps | derivative 1 3      
Loss recorded $ 5,953        
Amount of AOCI expected to be reclassified into earnings over the next 12 months 527        
Interest Rate Cap | Derivatives not designated as hedging instruments          
DERIVATIVE INSTRUMENTS          
Loss (gain) recorded in interest expense $ 66 $ (94)      
Interest Rate Cap - March 28, 2024 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships          
DERIVATIVE INSTRUMENTS          
Cap rate (as a percent) 0.75%        
Notional Amount $ 50,000        
Interest Rate Cap - Expired December 29, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships          
DERIVATIVE INSTRUMENTS          
Notional Amount       $ 100,000  
Interest Rate Cap - Expired March 10, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships          
DERIVATIVE INSTRUMENTS          
Notional Amount         $ 50,000
v3.24.0.1
DERIVATIVE INSTRUMENTS - Fair Value and Cash Flow Hedge (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
DERIVATIVE INSTRUMENTS      
Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 8,780 $ 9,094 $ 15,357
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:      
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income (6,871) (2,056)  
Interest contracts: Premium excluded and recognized on an amortized basis $ 143 $ 180 $ 197
v3.24.0.1
DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
DERIVATIVE INSTRUMENTS    
Fair value of derivative instruments - current $ 572 $ 6,312
Fair value of derivative instruments - noncurrent   423
Interest rate caps | Derivatives designated as hedging instruments    
DERIVATIVE INSTRUMENTS    
Fair value of derivative instruments - current 515 6,112
Fair value of derivative instruments - noncurrent   381
Interest rate caps | Derivatives not designated as hedging instruments    
DERIVATIVE INSTRUMENTS    
Fair value of derivative instruments - current $ 57 200
Fair value of derivative instruments - noncurrent   $ 42
v3.24.0.1
DERIVATIVE INSTRUMENTS - AOCI (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
DERIVATIVE INSTRUMENTS  
Balance at the beginning of the period $ 6,480
Amount recognized in OCI on derivative, intrinsic (6,275)
Amount recognized in OCI on derivative, excluded 322
Balance at the end of the period $ 527
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair value of financial instruments    
Principal amount of floating rate debt $ 200,000 $ 171,000
Carrying Value    
Fair value of financial instruments    
Cash and cash equivalents 46,542 58,142
Restricted cash 315 5,958
Principal amount of floating rate debt 200,000 171,000
Fair value    
Fair value of financial instruments    
Cash and cash equivalents 46,542 58,142
Restricted cash 315 5,958
Principal amount of floating rate debt $ 200,000 $ 171,000
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair value of financial instruments      
Impairment of vessel assets $ 41,719    
Fair Value, Measurements, Nonrecurring      
Fair value of financial instruments      
Number of vessels written down as part of impairment | item 3    
Impairment of vessel assets   $ 0 $ 0
Impairment of operating lease right of use asset $ 0 0 $ 0
Fair Value, Measurements, Nonrecurring | Level 3      
Fair value of financial instruments      
Financial assets 0 0  
Financial liabilities $ 0 $ 0  
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS    
Vessel stores $ 152 $ 142
Deferred contract costs 1,938 2,474
Prepaid items 4,808 3,098
Insurance receivable 1,402 1,180
Advance to agents 1,183 463
Other 671 1,042
Total prepaid expenses and other current assets $ 10,154 $ 8,399
v3.24.0.1
FIXED ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
FIXED ASSETS    
Total costs $ 15,134 $ 14,810
Less: accumulated depreciation and amortization (8,063) (6,254)
Total fixed assets, net 7,071 8,556
Vessel equipment    
FIXED ASSETS    
Total costs 11,781 11,670
Furniture and fixtures    
FIXED ASSETS    
Total costs 477 449
Leasehold improvements    
FIXED ASSETS    
Total costs 1,588 1,584
Computer equipment    
FIXED ASSETS    
Total costs $ 1,288 $ 1,107
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.    
Accounts payable $ 10,650 $ 16,162
Accrued general and administrative expenses 5,700 6,171
Accrued vessel operating expenses 7,895 7,142
Total accounts payable and accrued expenses $ 24,245 $ 29,475
v3.24.0.1
VOYAGE REVENUES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income statement      
Lease, Practical Expedient, Lessor Single Lease Component true    
Lease revenue $ 150,719 $ 229,787 $ 160,242
Spot market voyage revenue 233,106 307,147 386,887
Total revenues 383,825 536,934 547,129
Voyage      
Income statement      
Total revenues $ 383,825 $ 536,934 $ 547,129
v3.24.0.1
LEASES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 17, 2022
Jun. 14, 2019
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 17, 2024
Jan. 17, 2019
Apr. 04, 2011
Leases                
Operating lease costs     $ 1,721 $ 1,789 $ 1,852      
New York                
Leases                
Lease term               7 years
Sublease income     $ 1,223 $ 1,223 $ 1,223      
Singapore                
Leases                
Lease term             3 years  
Lessee, Operating Lease, Existence of Option to Extend [true false] true              
Renewal term 2 years              
Singapore | Subsequent Event                
Leases                
Renewal term           2 years    
Period from July 26, 2019 to September 29, 2025 | New York                
Leases                
Free base rental period of the sublease   4 months 15 days            
Period from December 10, 2019 to September 29, 2025 | New York                
Leases                
Monthly base sublease income   $ 102            
v3.24.0.1
LEASES - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating lease    
Operating lease right-of-use assets $ 2,628 $ 4,078
Current operating lease liabilities 2,295 2,107
Long-term operating lease liabilities 1,801 $ 4,096
Present value of lease liabilities $ 4,096  
Weighted average remaining lease term (years) 1 year 9 months  
Weighted average discount rate 5.15%  
v3.24.0.1
LEASES - Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Lease Liabilities - ASC 842      
2024 $ 2,453    
2025 1,839    
Total lease payments 4,292    
Less: imputed interest (196)    
Present value of lease liabilities 4,096    
Operating cash flows from operating leases $ 2,378 $ 2,230 $ 2,230
v3.24.0.1
SAVINGS PLAN (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SAVINGS PLAN      
Company's matching contributions $ 650 $ 482 $ 440
v3.24.0.1
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 Plan - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 23, 2021
Feb. 25, 2020
Nov. 05, 2019
Mar. 04, 2019
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 19, 2021
Mar. 18, 2021
Mar. 23, 2017
Mar. 22, 2017
Jun. 26, 2015
Stock options                        
Aggregate number of shares of common stock available for awards               4,750,000 2,750,000 2,750,000 400,000 400,000
Non-employee directors                        
Additional disclosures                        
Maximum annual limit for grants (in shares)                   500,000    
Other individuals                        
Additional disclosures                        
Maximum annual limit for grants (in shares)                   1,000,000    
Employee Stock Option                        
Stock options                        
Vesting percentage of awards 33.33% 33.33%   33.33%                
Vesting period 3 years 3 years   3 years                
Unrecognized compensation cost                        
Unamortized compensation cost         $ 6              
Number of Options                        
Outstanding at beginning of period (in shares)         415,227 916,287 837,338          
Granted (in shares) 118,552 344,568   240,540     118,552          
Exercised (in shares)         (47,037) (501,060) (39,603)          
Outstanding at end of period (in shares)         368,190 415,227 916,287          
Weighted Average Exercise Price                        
Outstanding at beginning of period (in dollars per share)         $ 7.91 $ 9.02 $ 8.86          
Granted (in dollars per share) $ 9.91           9.91          
Exercised (in dollars per share)         7.70 9.94 8.37          
Outstanding at end of period (in dollars per share)         7.93 7.91 9.02          
Weighted Average Fair Value                        
Outstanding at beginning of period (in dollars per share)         2.78 4.08 4.02          
Granted (in dollars per share) $ 4.33 $ 2.01   $ 3.76     4.33          
Exercised (in dollars per share)         2.53 5.16 3.46          
Outstanding at end of period (in dollars per share)         $ 2.82 $ 2.78 $ 4.08          
Options outstanding and unvested         30,536              
Weighted Average Exercise Price Of Outstanding and Unvested Options         $ 9.91              
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life         3 years 1 month 24 days              
Options Exercisable, Number of options         337,654 221,336 488,969          
Options Exercisable, Weighted Average Exercise Price         $ 7.76 $ 7.63 $ 9.88          
Options Exercisable, Weighted Average Fair Value (in dollars per share)         $ 2.68 $ 2.63 $ 5.04          
Options Exercisable, Weighted Average Remaining Contractual Life         2 years 3 months              
Aggregate fair value $ 513 $ 693   $ 904                
Assumptions and Methodology                        
Weighted average volatility rate (as a percent) 60.91% 53.91%   55.23%                
Risk-free interest rate ( as a percent) 0.41% 1.41%   2.49%                
Dividend rate ( as a percent) 0.98% 7.13%   0.00%                
Expected life (in years) 4 years 4 years   4 years                
Employee Stock Option | General and Administrative Expense                        
Stock options                        
Amortization expense         $ 83 $ 278 $ 635          
Employee Stock Option | Exercise Price - $8.065                        
Weighted Average Exercise Price                        
Granted (in dollars per share)     $ 8.065                  
Employee Stock Option | Exercise Price - $7.06                        
Weighted Average Exercise Price                        
Granted (in dollars per share)   $ 7.06                    
Employee Stock Option | Exercise Price - $9.91                        
Weighted Average Exercise Price                        
Granted (in dollars per share) $ 9.91                      
v3.24.0.1
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 16, 2023
May 16, 2023
Apr. 14, 2023
Apr. 03, 2023
Mar. 10, 2023
Feb. 21, 2023
Dec. 23, 2022
May 16, 2022
Feb. 23, 2022
May 13, 2021
May 04, 2021
Feb. 23, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
STOCK-BASED COMPENSATION                              
Number of common shares outstanding in respect of RSUs                         808,880 612,300  
Number of Shares                              
Balance at the beginning of the period (in shares)                         641,972 306,887 298,834
Granted (in shares) 3,917 43,729 75,920 1,630 2,948 68,758 270,097 27,331 201,934 33,525 18,428 103,599 214,497 533,969 159,492
Vested (in shares)                         (243,442) (198,884) (151,439)
Forfeited (in shares)                         (49,322)    
Balance at the end of the period (in shares)                         563,705 641,972 306,887
Number of shares vested                         290,782    
Weighted Average Grant Date Price, Vested                         $ 12.38    
Weighted Average Fair Value                              
Balance at the beginning of the period (in dollars per share)                         15.74 $ 9.65 $ 7.49
Granted (in dollars per share)                         16.26 17.55 11.93
Vested (in dollars per share)                         14.36 11.23 7.79
Forfeited (in dollars per share)                         16.42    
Balance at the end of the period (in dollars per share)                         $ 16.47 $ 15.74 $ 9.65
Weighted Average Remaining Contractual Life                         1 year 4 months 17 days    
Additional disclosures                              
Total fair value of shares vested                         $ 4,260 $ 4,006 $ 1,838
Unrecognized compensation cost related to nonvested stock awards                              
Unrecognized compensation cost                         $ 4,204    
Weighted-average period for recognition of unrecognized compensation cost                         1 year 4 months 17 days    
General and Administrative Expense                              
Additional disclosures                              
Recognized nonvested stock amortization expense                         $ 5,050 $ 2,964 $ 1,632
Other Individuals. | Minimum                              
STOCK-BASED COMPENSATION                              
Vesting/Performance period                         3 years    
Other Individuals. | Maximum                              
STOCK-BASED COMPENSATION                              
Vesting/Performance period                         5 years    
v3.24.0.1
STOCK-BASED COMPENSATION - 2015 EIP Performance-Based Restricted Stock Units (Details) - Performance based restricted stock units - 2015 Plan
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 16, 2023
shares
Apr. 14, 2023
shares
Dec. 31, 2023
USD ($)
D
$ / shares
shares
STOCK-BASED COMPENSATION      
Performance period     3 years
Stock price trading days | D     20
Percentage of target metric to be achieved in order to earn percentage of the target amount of the units originally granted     100.00%
Percentage of target amount of units earned if target metric is achieved     100.00%
Maximum number of target units earned if target metric is achieved | shares     79,838
Number of PRSUs      
Granted (in shares) | shares 3,917 75,920  
Weighted Average Grant Date Price      
Risk-free rate of return (minimum)     3.81%
Risk-free rate of return (maximum)     4.38%
Expected volatility of our common stock (minimum)     53.38%
Expected volatility of our common stock (maximum)     54.53%
Holding period discount     0.00%
Unrecognized compensation cost related to nonvested stock awards      
Unrecognized compensation cost | $     $ 1,118
Weighted-average period for recognition of unrecognized compensation cost     2 years
General and Administrative Expense      
Weighted Average Grant Date Price      
Recognized nonvested stock amortization expense | $     $ 397
Minimum      
Weighted Average Grant Date Price      
Closing share price of our common stock (in dollars per share) | $ / shares     $ 14.36
Simulation term (in years)     2 years 6 months 14 days
Range of target - TSR     0.00%
Range of target - ROIC     0.00%
Range of target     0.00%
Maximum      
Weighted Average Grant Date Price      
Closing share price of our common stock (in dollars per share) | $ / shares     $ 16.30
Simulation term (in years)     2 years 8 months 19 days
Range of target - TSR     200.00%
Range of target - ROIC     200.00%
Range of target     200.00%
v3.24.0.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 23, 2024
Feb. 21, 2024
Feb. 07, 2024
Nov. 14, 2023
Jun. 16, 2023
May 16, 2023
Apr. 14, 2023
Apr. 03, 2023
Mar. 10, 2023
Feb. 21, 2023
Dec. 23, 2022
May 16, 2022
Feb. 23, 2022
May 13, 2021
May 04, 2021
Feb. 23, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Subsequent Events                                      
Dividends declared per share of common stock (in dollars per share)                                 $ 0.95 $ 2.74 $ 0.32
Genco Commodus                                      
Subsequent Events                                      
Sale of assets       $ 19,500                              
Broker commission (as a percent)       1.00%                              
Performance based restricted stock units | 2015 EIP Plan                                      
Subsequent Events                                      
Granted (in shares)         3,917   75,920                        
RSU | 2015 EIP Plan                                      
Subsequent Events                                      
Granted (in shares)         3,917 43,729 75,920 1,630 2,948 68,758 270,097 27,331 201,934 33,525 18,428 103,599 214,497 533,969 159,492
Subsequent Event                                      
Subsequent Events                                      
Dividends declared per share of common stock (in dollars per share)   $ 0.41                                  
Aggregate amount of dividend   $ 17,800                                  
Subsequent Event | Genco Commodus                                      
Subsequent Events                                      
Sale of assets     $ 19,500                                
Broker commission (as a percent)     1.00%                                
Subsequent Event | Performance based restricted stock units | 2015 EIP Plan                                      
Subsequent Events                                      
Granted (in shares)   99,065                                  
Vesting period   3 years                                  
Subsequent Event | RSU | 2015 EIP Plan                                      
Subsequent Events                                      
Granted (in shares)   168,411                                  
Vesting period 3 years                                    
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net Income (Loss) $ (12,870) $ 158,576 $ 182,007
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false