Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Aug. 09, 2019
Document and Entity Information
Entity Registrant Name	GENCO SHIPPING & TRADING LTD
Entity Central Index Key	0001326200
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,656,947
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 165,121	$ 197,499
Restricted cash		4,947
Due from charterers, net of a reserve of $1,047 and $669, respectively	15,718	22,306
Prepaid expenses and other current assets	9,200	10,449
Inventories	29,325	29,548
Vessels held for sale		5,702
Total current assets	219,364	270,451
Noncurrent assets:
Vessels, net of accumulated depreciation of $265,147 and $244,549, respectively	1,320,149	1,344,870
Deferred drydock, net of accumulated amortization of $15,175 and $13,553, respectively	11,629	9,544
Fixed assets, net of accumulated depreciation and amortization of $1,575 and $1,281, respectively	4,077	2,290
Operating lease right-of-use asset	8,910
Restricted cash	315	315
Total noncurrent assets	1,345,080	1,357,019
Total assets	1,564,444	1,627,470
Current liabilities:
Accounts payable and accrued expenses	33,151	29,143
Current portion of long-term debt	65,640	66,320
Deferred revenue	8,263	6,404
Current operating lease liabilities	1,634
Total current liabilities:	108,688	101,867
Noncurrent liabilities:
Long-term operating lease obligations	10,675
Deferred rent		3,468
Long-term debt, net of deferred financing costs of $15,015 and $16,272, respectively	433,030	468,828
Total noncurrent liabilities	443,705	472,296
Total liabilities	552,393	574,163
Commitments and contingencies (Note 14)
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 41,656,947 and 41,644,470 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	416	416
Additional paid-in capital	1,741,184	1,740,163
Retained deficit	(729,549)	(687,272)
Total equity	1,012,051	1,053,307
Total liabilities and equity	$ 1,564,444	$ 1,627,470

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Due from charterers, reserve	$ 1,047	$ 669
Noncurrent assets:
Vessels, accumulated depreciation	265,147	244,529
Deferred drydock, accumulated amortization	15,175	13,553
Fixed assets, accumulated depreciation and amortization	1,575	1,281
Deferred financing costs, noncurrent	$ 15,015	$ 16,272
Genco Shipping & Trading Limited shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,656,947	41,644,470
Common stock, shares outstanding (in shares)	41,656,947	41,644,470

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 83,550	$ 86,157	$ 177,014	$ 163,073
Operating expenses:
Voyage expenses	41,800	25,983	84,822	47,075
Vessel operating expenses	24,358	23,720	47,549	47,487
Charter hire expenses	4,849	509	7,267	509
General and administrative expenses (inclusive of nonvested stock amortization expense of $569, $638, $1,021 and $1,131, respectively)	5,799	6,510	12,109	11,727
Technical management fees	1,885	1,950	3,825	3,898
Depreciation and amortization	18,271	16,450	36,348	33,336
Impairment of vessel assets	13,897	184	13,897	56,586
Gain on sale of vessels			(611)
Total operating expenses	110,859	75,306	205,206	200,618
Operating (loss) income	(27,309)	10,851	(28,192)	(37,545)
Other (expense) income:
Other income	107	144	437	59
Interest income	1,073	887	2,400	1,681
Interest expense	(8,124)	(8,469)	(16,699)	(16,593)
Impairment of right-of-use asset	(223)		(223)
Loss on debt extinguishment		(4,533)		(4,533)
Other expense	(7,167)	(11,971)	(14,085)	(19,386)
Net loss	$ (34,476)	$ (1,120)	$ (42,277)	$ (56,931)
Net loss per share-basic	$ (0.83)	$ (0.03)	$ (1.01)	$ (1.62)
Net loss per share-diluted	$ (0.83)	$ (0.03)	$ (1.01)	$ (1.62)
Weighted average common shares outstanding - basic (in shares)	41,742,301	35,516,058	41,734,248	35,049,615
Weighted average common shares outstanding - diluted	41,742,301	35,516,058	41,734,248	35,049,615
Voyage
Revenues:
Revenues	$ 83,550	$ 86,157	$ 177,014	$ 163,073

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Operations
Nonvested stock amortization expenses	$ 569	$ 638	$ 1,021	$ 1,131

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Statements of Comprehensive Loss
Net loss	$ (34,476)	$ (1,120)	$ (42,277)	$ (56,931)
Other comprehensive income	0	0	0	0
Comprehensive loss	$ (34,476)	$ (1,120)	$ (42,277)	$ (56,931)

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at the beginning at Dec. 31, 2017	$ 345	$ 1,628,355	$ (654,332)	$ 974,368
Increase (Decrease) in Shareholders' Equity
Net loss			(55,813)	(55,813)
Nonvested stock amortization		493		493
Balance at the end at Mar. 31, 2018	345	1,628,848	(710,145)	919,048
Increase (Decrease) in Shareholders' Equity
Net loss			(1,118)	(1,118)
Issuance of 7,015,000 shares of common stock	70	109,605		109,675
Nonvested stock amortization		638		638
Balance at the end at Jun. 30, 2018	415	1,739,091	(711,263)	1,028,243
Balance at the beginning at Dec. 31, 2018	416	1,740,163	(687,272)	1,053,307
Increase (Decrease) in Shareholders' Equity
Net loss			(7,801)	(7,801)
Nonvested stock amortization		452		452
Balance at the end at Mar. 31, 2019	416	1,740,615	(695,073)	1,045,958
Increase (Decrease) in Shareholders' Equity
Net loss			(34,476)	(34,476)
Nonvested stock amortization		569		569
Balance at the end at Jun. 30, 2019	$ 416	$ 1,741,184	$ (729,549)	$ 1,012,051

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2019 shares
Condensed Consolidated Statements of Equity
Issuance of 12,477 shares of RSUs (in shares)	12,477

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (42,277)	$ (56,931)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	36,348	33,336
Amortization of deferred financing costs	1,867	1,239
Payment of PIK interest		(5,341)
Noncash operating lease expense	577
Amortization of nonvested stock compensation expense	1,021	1,131
Impairment of right-of-use asset	223
Impairment of vessel assets	13,897	56,586
Gain on sale of vessels	(611)
Loss on debt extinguishment		4,533
Insurance proceeds for protection and indemnity claims	389	187
Insurance proceeds for loss of hire claims		58
Change in assets and liabilities:
Decrease (increase) in due from charterers	6,588	(2,201)
Decrease (increase) in prepaid expenses and other current assets	165	(2,910)
Decrease (increase) in inventories	223	(7,731)
Decrease in other noncurrent assets		514
Increase in accounts payable and accrued expenses	828	2,284
Increase in deferred revenue	1,859	1,185
Decrease in operating lease liabilities	(786)
Increase in deferred rent		539
Deferred drydock costs incurred	(5,488)	(1,459)
Net cash provided by operating activities	14,823	25,019
Cash flows from investing activities:
Purchase of vessels, including deposits	(7,754)	(747)
Purchase of scrubbers (capitalized in Vessels)	(10,370)
Purchase of other fixed assets	(2,494)	(491)
Net proceeds from sale of vessels	6,309
Insurance proceeds for hull and machinery claims	612	3,107
Net cash (used in) provided by investing activities	(13,697)	1,869
Cash flows from financing activities:
Payment of debt extinguishment costs		(2,962)
Proceeds from issuance of common stock		110,249
Payment of common stock issuance costs	(105)	(48)
Payment of deferred financing costs	(611)	(9,679)
Net cash (used in) provided by financing activities	(38,451)	38,477
Net (decrease) increase in cash, cash equivalents and restricted cash	(37,325)	65,365
Cash, cash equivalents and restricted cash at beginning of period	202,761	204,946
Cash, cash equivalents and restricted cash at end of period	165,436	270,311
Secured Debt \| $108 Million Credit Facility
Cash flows from financing activities:
Repayment of secured debt	(3,160)	0
Secured Debt \| $495 Million Credit Facility
Cash flows from financing activities:
Repayment of secured debt	(34,575)	0
Secured Debt \| $460 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility		460,000
Secured Debt \| $400 Million Credit Facility
Adjustments to reconcile net loss to net cash provided by operating activities:
Payment of PIK interest		(5,341)
Cash flows from financing activities:
Repayment of secured debt		(399,600)
Secured Debt \| 2014 Term Loan Facilities
Cash flows from financing activities:
Repayment of secured debt	0	(25,544)
Line of Credit Facility \| $98 Million Credit Facility
Cash flows from financing activities:
Repayments of Credit Facility	$ 0	$ (93,939)

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 28, 2019	Dec. 31, 2018	Sep. 30, 2018	Aug. 14, 2018	Jun. 30, 2018	May 31, 2018	Nov. 10, 2016	Nov. 04, 2015
Secured Debt \| $108 Million Credit Facility
Maximum borrowing capacity	$ 108,000		$ 108,000	$ 108,000	$ 108,000
Secured Debt \| $495 Million Credit Facility
Maximum borrowing capacity	$ 495,000	$ 495,000	$ 495,000
Secured Debt \| $460 Million Credit Facility
Maximum borrowing capacity						$ 460,000	$ 460,000
Secured Debt \| $400 Million Credit Facility
Maximum borrowing capacity						400,000		$ 400,000
Line of Credit Facility \| $98 Million Credit Facility
Maximum borrowing capacity						$ 98,000			$ 98,000

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2019

GENERAL INFORMATION

GENERAL INFORMATION

1 - GENERAL INFORMATION

The accompanying condensed consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands, and as of June 30, 2019, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.”

On June 19, 2018, the Company closed an equity offering of 7,015,000 shares of common stock at an offering price of $16.50 per share. The Company received net proceeds of $109,648 after deducting underwriters’ discounts and commissions and other expenses.

Other General Information

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of June 30, 2019:


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 Challenger Limited	Genco Challenger	28,428	12/14/07		2003
Genco Charger Limited	Genco Charger	28,398	12/14/07		2005
Genco Warrior Limited	Genco Warrior	55,435	12/17/07		2005
Genco Predator Limited	Genco Predator	55,407	12/20/07		2005
Genco Hunter Limited	Genco Hunter	58,729	12/20/07		2007
Genco Champion Limited	Genco Champion	28,445	1/2/08		2006
Genco Constantine Limited	Genco Constantine	180,183	2/21/08		2008
Genco Raptor LLC	Genco Raptor	76,499	6/23/08		2007
Genco Thunder LLC	Genco Thunder	76,588	9/25/08		2007
Genco Hadrian Limited	Genco Hadrian	169,025	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,098	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,001	12/30/09		2010
Genco Bay Limited	Genco Bay	34,296	8/24/10		2010
Genco Ocean Limited	Genco Ocean	34,409	7/26/10		2010
Genco Avra Limited	Genco Avra	34,391	5/12/11		2011
Genco Mare Limited	Genco Mare	34,428	7/20/11		2011
Genco Spirit Limited	Genco Spirit	34,432	11/10/11		2011
Genco Aquitaine Limited	Genco Aquitaine	57,981	8/18/10		2009
Genco Ardennes Limited	Genco Ardennes	58,018	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	58,020	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	58,018	8/24/10		2010
Genco Brittany Limited	Genco Brittany	58,018	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	58,018	9/29/10		2010
Genco Loire Limited	Genco Loire	53,430	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,417	7/29/10		2009
Genco Normandy Limited	Genco Normandy	53,596	8/10/10		2007
Genco Picardy Limited	Genco Picardy	55,257	8/16/10		2005
Genco Provence Limited	Genco Provence	55,317	8/23/10		2004
Genco Pyrenees Limited	Genco Pyrenees	58,018	8/10/10		2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11		2011
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	181,060	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
Baltic Lion Limited	Baltic Lion	179,185	4/8/15	(1)	2012
Baltic Tiger Limited	Genco Tiger	179,185	4/8/15	(1)	2011
Baltic Leopard Limited	Baltic Leopard	53,446	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,350	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,473	5/14/10	(2)	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	(2)	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	(2)	2010
Baltic Wind Limited	Baltic Wind	34,408	8/4/10	(2)	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	(2)	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	(2)	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	(2)	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	(2)	2009
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	(2)	2014
Baltic Wasp Limited	Baltic Wasp	63,389	1/2/15	(2)	2015
Baltic Scorpion Limited	Baltic Scorpion	63,462	8/6/15		2015
Baltic Mantis Limited	Baltic Mantis	63,470	10/9/15		2015

(1)

The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.

(2)

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

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

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 (the “2018 10-K”). The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2019.

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

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 operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. Refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:


	June 30,		December 31,		June 30,		December 31,
	2019		2018		2018		2017
Cash and cash equivalents	$	165,121	$	197,499	$	269,996	$	174,479
Restricted cash - current		—		4,947		—		7,234
Restricted cash - noncurrent		315		315		315		23,233

Cash, cash equivalents and restricted cash	$	165,436	$	202,761	$	270,311	$	204,946

Vessels held for sale

On November 23, 2018, the Company reached an agreement to sell the Genco Vigour, and the relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2018. This vessel was sold on January 28, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further information.

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, including the purchase of exhaust gas cleaning systems (“scrubbers”) and ballast water treatment systems. 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 three months ended June 30, 2019 and 2018 was $16,697 and $15,246, respectively. Depreciation expense for vessels for the six months ended June 30, 2019 and 2018 was $33,185 and $30,919, respectively.

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

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims, mainly due to time charter performance issues. As of June 30, 2019 and December 31, 2018, the Company had an accrual of $532 and $345, respectively, related to these estimated customer claims.

Revenue recognition

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

The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each 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.

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 Accounting Standards Codification (“ASC”) 842 — Leases, refer to Note 12 — Voyage Revenue for further discussion.

The Company recognizes revenue for spot market voyage charters 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, in accordance with ASC 606 — Revenue from Contracts with Customers (“ASC 606”). Refer to Note 12 — Voyage Revenue for further discussion.

At June 30, 2019 and December 31, 2018, the Company did not have any of its vessels in vessel pools. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees.

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenue for further discussion of the accounting for fuel expenses for spot market voyage charters. 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 gain (loss) of $113 and $1,034 during the three months ended June 30, 2019 and 2018, respectively, and ($237) and $1,889 during the six months ended June 30, 2019 and 2018, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Charter hire expenses

During the second quarter of 2018, the Company began chartering-in third-party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The company recorded $4,849 and $509 of charter hire expenses during the three months ended June 30, 2019 and 2018, respectively, and $7,267 and $509 of charter hire expenses during the six months ended June 30, 2019 and 2018, respectively.

Impairment of vessel assets

During the three months ended June 30, 2019 and 2018, the Company recorded $13,897 and $184, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2019 and 2018, the Company recorded $13,897 and $56,586, respectively, related to the impairment of vessel assets in accordance with ASC 360.

On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the three and six months ended June 30, 2019. Refer to Note 17 — Subsequent Events for further detail regarding the sale.

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

On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the three and six months ended June 30, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale.

On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2018. This resulted in an impairment loss of $56,402 during the six months ended June 30, 2018.

Gain on sale of vessels

During the six months ended June 30, 2019, the Company recorded a net gain of $611 related to the sale of vessels. The net gain of $611 recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were no vessels sold during the three and six months ended June 30, 2018.

Recent accounting pronouncements

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

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which replaces the existing guidance in ASC 840 – Leases (“ASC 840”). This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU was effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors were required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” which provides clarifications and improvements to ASC 842, including allowing entities to elect an additional transition method with which to adopt ASC 842. The approved transition method enables entities to apply the transition requirements at the effective date of ASC 842 (rather than at the beginning of the earliest comparative period presented as currently required) with the effect of the initial application of ASC 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. As a result, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, Lease (Topic 840) (“ASC 840”), including the disclosure requirements of ASC 840. The Company adopted ASC 842 on January 1, 2019 using this transition method.

The new guidance provides a number of optional practical expedients in the transition. The Company has elected the package of practical expedients, which among other things, allows the carryforward of the historical lease classification. Further, upon implementation of the new guidance, the Company has elected the practical expedients to combine lease and non-lease components, and to not recognize right-of-use assets and lease liabilities for short-term leases. Upon adoption of ASC 842 on January 1, 2019, the Company recorded a right-of-use asset of $9,710 and an operating lease liability of $13,095 in the Condensed Consolidated Balance Sheets. Refer to Note 13 — Leases for further information regarding our operating lease agreement and the effect of the adoption of ASC 842 from a lessee perspective.

Pursuant to ASC 842, the Company has identified revenue from its time charter agreements as lease revenue. Refer to Note 12— Voyage revenue for additional information regarding the adoption of ASC 842 from a lessor perspective.

CASH FLOW INFORMATION	6 Months Ended
CASH FLOW INFORMATION	Jun. 30, 2019
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 - CASH FLOW INFORMATION For the six months ended June 30, 2019, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,383 for the Purchase of vessels, including deposits, $4,104 for the Purchase of scrubbers and $77 for the Purchase of other fixed assets. For the six months ended June 30, 2018 the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $135 for the Purchase of vessels, including deposits, and $97 for the Purchase of other fixed assets. For the six months ended June 30, 2018, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included Accounts payable and accrued expenses consisting of $162 for the Payment of deferred financing fees and $526 for the Payment of common stock issuance costs. During the six months ended June 30, 2019 and 2018, cash paid for interest was $14,946 and $14,061, respectively. During the six months ended June 30, 2019 and 2018, there was no cash paid for estimated income taxes. On May 15, 2019, the Company issued 29,580 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255. On March 4, 2019, the Company issued 106,079 restricted stock units and options to purchase 240,540 shares of the Company’s stock at an exercise price of $8.39 to certain individuals. The fair value of these restricted stock units and stock options were $890 and $904, respectively. On May 15, 2018, the Company issued 14,268 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255. On February 27, 2018, the Company issued 37,346 restricted stock units and options to purchase 122,608 shares of the Company’s stock at an exercise price of $13.69 to certain individuals. The fair value of these restricted stock units and stock options were $512 and $926, respectively. Refer to Note 15 — Stock-Based Compensation for further information regarding the aforementioned grants.

VESSEL ACQUISITIONS AND DISPOSITIONS	6 Months Ended
VESSEL ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2019
VESSEL ACQUISITIONS AND DISPOSITIONS
VESSEL ACQUISITIONS AND DISPOSITIONS	4 - VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Acquisitions On June 6, 2018, the Company entered into an agreement for the en bloc purchase of four drybulk vessels, including two Capesize drybulk vessels and two Ultramax drybulk vessels for approximately $141,000. Each vessel was built with a fuel-saving “eco” engine. The Genco Resolute, a 2015-built Capesize vessel, was delivered on August 14, 2018 and the Genco Endeavour, a 2015-built Capesize vessel, was delivered on August 15, 2018. The Genco Weatherly, a 2014-built Ultramax vessel, was delivered on July 26, 2018 and the Genco Columbia, a 2016-built Ultramax vessel, was delivered on September 10, 2018. The Company utilized a combination of cash on hand and proceeds from the $108 Million Credit Facility to finance the purchase. On July 12, 2018, the Company entered into agreements to purchase two 2016-built Capesize drybulk vessels for an aggregate purchase price of $98,000. The Genco Defender was delivered on September 6, 2018, and the Genco Liberty was delivered on September 11, 2018. The Company utilized a combination of cash on hand and proceeds from the $108 Million Credit Facility to finance the purchase. Vessel Dispositions On November 23, 2018, the Company entered into an agreement to sell the Genco Vigour, a 1999-built Panamax vessel, to a third party for $6,550 less a 2.0% broker commission payable to a third party. The sale was completed on January 28, 2019. The vessel assets were classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2018. On November 21, 2018, the Company entered into an agreement to sell the Genco Knight, a 1999-built Panamax vessel, to a third party for $6,200 less a 3.0% broker commission payable to a third party. The sale was completed on December 26, 2018. On November 15, 2018, the Company entered into an agreement to sell the Genco Beauty, a 1999-built Panamax vessel, to a third party for $6,560 less a 3.0% broker commission payable to a third party. The sale was completed on December 17, 2018. On October 31, 2018, the Company entered into an agreement to sell the Genco Muse, a 2001-built Handymax vessel, to a third party for $6,660 less a 2.0% broker commission payable to a third party. The sale was completed on December 5, 2018. On August 30, 2018, the Company entered into an agreement to sell the Genco Cavalier, a 2007-built Supramax vessel, to a third party for $10,000 less a 2.5% broker commission payable to a third party. The sale was completed on October 16, 2018. The Genco Cavalier served as collateral under the $495 Million Credit Facility; therefore, $4,947 of the net proceeds received from the sale remained classified as restricted cash for 180 days following the sale date which was reflected as current restricted cash in the Condensed Consolidated Balance Sheets as of December 31, 2018. That amount could be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel was not added as collateral within such 180 day period, the Company was required to use the proceeds as a loan prepayment. On April 15, 2019, the Company utilized these proceeds as a loan prepayment under the $495 Million Credit Facility, refer to Note 7 — Debt. On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, to a third party for $5,300 less a 3.0% broker commission payable to a third party. On August 7, 2018, the Company completed the sale of the Genco Surprise. On June 27, 2018, the Company reached agreements to sell the Genco Explorer and the Genco Progress, both 1999-built Handysize vessels, to a third party for $5,600 each less a 3.0% broker commission payable to a third party. The sale of the Genco Progress was completed on September 13, 2018 and the sale of the Genco Explorer was completed on November 13, 2018. With the exception of the Genco Cavalier, the aforementioned six vessels that were sold during the year ended December 31, 2018 and the Genco Vigour which was sold during the six months ended June 30, 2019 do not serve as collateral under any of the Company’s credit facilities; therefore the Company was not required to pay down any indebtedness with the proceeds from the sales. Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet.

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2019

NET LOSS PER SHARE

NET LOSS PER SHARE

5 - NET LOSS PER SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 15 — 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 258,084 restricted stock units and 496,148 stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2019 because they were anti-dilutive. There were 253,438 shares of restricted stock and restricted stock units and 255,608 stock options excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2018 because they were anti-dilutive (refer to Note 15 — Stock-Based Compensation).

The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 15 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants have a 7-year term that commenced on the day following the Effective Date and are exercisable for one tenth of a share of the Company’s common stock. There were no unvested MIP Warrants and 3,936,761 equity warrants excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2019 and 2018 because they were anti-dilutive.

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


	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2019	2018	2019	2018

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	41,742,301	35,516,058	41,734,248	35,049,615

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	41,742,301	35,516,058	41,734,248	35,049,615

Dilutive effect of warrants	—	—	—	—

Dilutive effect of stock options	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—

Weighted-average common shares outstanding, diluted	41,742,301	35,516,058	41,734,248	35,049,615

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 - RELATED PARTY TRANSACTIONS During the three and six months ended June 30, 2019 and 2018, the Company did not identify any related party transactions.

DEBT

6 Months Ended

Jun. 30, 2019

DEBT

DEBT

7 – DEBT

Long-term debt, net consists of the following:


	June 30,		December 31,
	2019		2018
Principal amount	$	513,685	$	551,420
Less: Unamortized debt financing costs		(15,015)		(16,272)
Less: Current portion		(65,640)		(66,320)

Long-term debt, net	$	433,030	$	468,828


	June 30, 2019				December 31, 2018
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$495 Million Credit Facility	$	410,425	$	13,361	$	445,000	$	14,423
$108 Million Credit Facility		103,260		1,654		106,420		1,849

Total debt	$	513,685	$	15,015	$	551,420	$	16,272

As of June 30, 2019 and December 31, 2018, $15,015 and $16,272 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Amortization expense for deferred financing costs was $952 and $666 for the three months ended June 30, 2019 and 2018, respectively, and $1,867 and $1,239 for the six months ended June 30, 2019 and 2018, respectively. This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

Effective June 5, 2018, the portion of the unamortized deferred financing costs for the $400 Million Credit Facility and 2014 Term Loan Facilities that was identified as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $495 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 Agenty, 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 credit facility. On June 5, 2018, proceeds of $460,000 under this facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities, as defined below) into one facility, and pay down the debt on seven of the Company’s oldest vessels, which have been identified for sale.

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 provides 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 April 15, 2019, the Company utilized $4,947 of the proceeds from the sale of the Genco Cavalier that was classified as restricted cash as of December 31, 2018 as a loan prepayment under the $495 Million Credit Facility. Under the terms of the $495 Million Credit Facility, the amount received from the proceeds of the sale of a collateralized vessel can be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. However, since a replacement vessel was not added as collateral within the 180 day period stipulated in the $495 Million Credit Facility, the Company was required to utilize the proceeds as a loan prepayment.

On May 10, 2019, the Company prepaid $15,000 for the amortization payment originally scheduled for June 30, 2019. As the prepayment amount exceed the revised scheduled quarterly amortization payment of $14,864 (as explained below), the $136 excess will be applied to the next scheduled quarterly amortization payment due on September 30, 2019.

As of June 30, 2019, there was $34,628 of availability under the $495 Million Credit Facility. Total debt repayments of $19,575 and $34,575 were made during the three and six months ended June 30, 2019 under the $495 Million Credit Facility, respectively. There were no debt repayments made under the $495 Million Credit Facility during the three and six months ended June 30, 2018. As of June 30, 2019 and December 31, 2018, the total outstanding net debt balance was $397,064 and $430,577, respectively.

The $495 Million Credit Facility provides for the following key terms in relation to the $460,000 tranche:

·

The final maturity date is May 31, 2023.

·

Borrowings bear interest at London Interbank Offered Rate (“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. Original scheduled amortization payments were $15,000 per quarter commencing on December 31, 2018, with a final payment of $190,000 due on the maturity date. As a result of the $4,947 loan prepayment on April 15, 2019 as described above, scheduled amortization were recalculated in accordance with the terms of the facility. Scheduled amortization payments will be $14,864 per quarter commencing June 30, 2019, with a final payment of $187,601 due on the maturity date.

·

Scheduled amortization payments may be recalculated upon the Company’s request based on changes in collateral vessels, prepayments of the loan made as a result of a collateral vessel disposition as part of the Company’s fleet renewal program, or voluntary prepayments, subject in each case to a minimum repayment profile under which the loan will be repaid to nil when the average age of the vessels serving as collateral from time to time reaches 17 years. Mandatory prepayments are applied to remaining amortization payments pro rata, while voluntary prepayments are applied to remaining amortization payments in order of maturity.

·

Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants, a collateral maintenance test, and other customary conditions.

The $495 Million Credit Facility provides for the following key terms in relation to the $35,000 tranche:

·

The final maturity date is May 31, 2023.

·

Borrowings under the tranche may be incurred pursuant to multiple drawings on or prior to March 30, 2020 in minimum amounts of $5,000 and may be used to finance up to 90% of the scrubber costs noted above.

·

Borrowings under the tranche will bear 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.

·

The tranche is subject to equal consecutive quarterly repayments commencing on the last day of the fiscal quarter ending March 31, 2020 in an amount reflecting a repayment profile whereby the loans shall have been repaid after four years calculated from March 31, 2020. Assuming that the full $35,000 is borrowed, each quarterly repayment amount was originally scheduled to be equal to $2,500. However, as a result of the $4,947 loan prepayment on April 15, 2019, the availability under the $35,000 tranche was reduced to $34,628. Assuming that the full $34,628 is borrowed, scheduled quarterly repayments would be approximately $2,473 commencing March 31, 2020.

The $495 Million Credit Facility provides for the following key terms:

·

Dividends may be paid subject to customary conditions and a limitation of 50% of consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter, the full commitment of up to $35,000 for the scrubber tranche is assumed to be drawn.

·

Collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral within 180 days of such sale or disposition. In addition:

·

we must be in compliance with the collateral maintenance test;

·

the replacement vessels must become collateral for the loan; and either

·

the replacement vessels must have an equal or greater appraised value that the collateral vessels for which they are substituted, or

·

ratio of the aggregate appraised value of the collateral vessels (including replacement vessels) to the outstanding loan amount after the collateral disposition (accounting for any prepayments of the loan by the time the replacement vessels become collateral vessels) must equal or exceed the aggregate appraised value of the collateral vessels to the outstanding loan before the collateral disposition.

·

Key financial covenants include:

·

minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness (no restricted cash is required);

·

minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero;

·

debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and

·

collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $495 Million Credit Facility.

·

Collateral includes the current vessels in the Company’s fleet other than the seven oldest vessels in the fleet which have been identified for sale, collateral vessel earnings and insurance, and time charters in excess of 24 months in respect of the collateral vessels.

As of June 30, 2019, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility.

$108 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. The Company has used proceeds from the $108 Million Credit Facility to finance a portion of the purchase price for the six vessels, including four Capesize Vessels and two Ultramax vessels, which were delivered to the Company during the three months ended September 30, 2018 (refer to Note 4 — Vessel Acquisitions and Dispositions). These six vessels also serve as collateral under the $108 Million Credit Facility. The Company drew down a total of $108,000 during the three months ended September 30, 2018, which represents 45% of the appraised value of the six vessels.

As of June 30, 2019, there was no availability under the $108 Million Credit Facility. Total debt repayments of $1,580 and $3,160 were made during the three and six months ended June 30, 2019 under the $108 Million Credit Facility, respectively. There were no debt repayments made during the three and six months ended June 30, 2018 under the $108 Million Credit Facility. As of June 30, 2019 and December 31, 2018, the total outstanding net debt balance was $101,606 and $104,571, respectively.

The $108 Million Credit Facility provides for the following key terms:

·

The final maturity date of the $108 Million Credit Facility is August 14, 2023.

·

Borrowings under the $108 Million Credit Facility bear 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.

·

Scheduled amortization payments under the $108 Million Credit Facility reflect a repayment profile whereby the facility shall have been repaid to nil when the average vessel aged of the collateral vessels reaches 20 years. Based on this, the required repayments are $1,580 per quarter commencing on December 31, 2018, with a final balloon payment on the maturity date.

·

Mandatory prepayments are to be applied to remaining amortization payments pro rata, while voluntary prepayments are to be applied to remaining amortization payments in order of maturity.

·

Dividends may be paid subject to customary conditions and a limitation of 50% of consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter.

·

Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants (including a collateral maintenance test) and other customary conditions.

·

Key financial covenants are substantially similar to those under the Company’s $495 Million Credit Facility and include:

·

minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30,000 and 7.5% of total indebtedness;

·

minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero;

·

debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and

·

collateral maintenance, with the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under the $108 Million Credit Facility.

As of June 30, 2019, the Company was in compliance with all of the financial covenants under the $108 Million Credit Facility.

$400 Million Credit Facility

On November 10, 2016, the Company entered into a senior secured term loan facility, the $400 Million Credit Facility, in an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial and BNP Paribas. On November 15, 2016, the proceeds under the $400 Million Credit Facility were used to refinance six of the Company’s prior credit facilities. The $400 Million Credit Facility was collateralized by 45 of the Company’s vessels and at December 31, 2016, required the Company to sell five remaining unencumbered vessels, which were sold during the year ended December 31, 2017. On November 14, 2016, the Company borrowed the maximum available amount of $400,000.

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

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

The $400 Million Credit Facility required the Company to comply with a number of covenants substantially similar to those in the Company’s other credit facilities, including financial covenants related to debt to total book capitalization, minimum working capital, minimum liquidity, and dividends; collateral maintenance requirements (as described above); and other customary covenants. The Company was required to maintain a ratio of total indebtedness to total capitalization of not greater than 0.70 to 1.00 at all times. Minimum working capital as defined in the $400 Million Credit Facility was not to be less than $0 at all times. The $400 Million Credit Facility had minimum liquidity requirements at all times for all vessels in its fleet of (i) $250 per vessel to and including December 31, 2018, (ii) $400 per vessel from January 1, 2019 to and including December 31, 2019 and (iii) $700 per vessel from January 1, 2020 and thereafter. The Company was prohibited from paying dividends without lender consent through December 31, 2020. The Company was able establish non-recourse subsidiaries to incur indebtedness or make investments, but it was restricted from incurring indebtedness or making investments (other than through non-recourse subsidiaries). Excess cash from the collateralized vessels under the $400 Million Credit Facility was subject to a cash sweep. The cash flow sweep was 100% of excess cash flow through December 31, 2018, 75% through December 31, 2020 and the lesser of 50% of excess cash flow or an amount that would reflect a 15-year average vessel age repayment profile thereafter; provided no prepayment under the cash sweep was required from the first $10,000 in aggregate of the prepayments otherwise required under the cash sweep. During the three and six months ended June 30, 2018, the Company repaid $4,094 and $15,428, respectively, for the excess cash flow sweep.

There were no debt repayments made during the three and six months ended June 30, 2019 under the $400 Million Credit Facility. Total debt repayments of $393,507 and $404,941 (both which include $5,341 of PIK interest) were made during the three and six months ended June 30, 2018, respectively, under the $400 Million Credit Facility.

On June 5, 2018, the $400 Million Credit Facility was refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above.

$98 Million Credit Facility

On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”). The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015.

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

The Facility Agreement required the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants. The Company was prohibited from paying dividends under this facility until December 31, 2018. Following December 31, 2018, the amount of dividends the Company could pay was limited based on the amount of the repayment of at least $25,000 of the loan under such facility, as well as the ratio of the value of vessels and certain other collateral pledged under such facility. The Facility Agreement included usual and customary events of default and remedies for facilities of this nature.

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

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

There were no debt repayments made during the three and six months ended June 30, 2019 under the $98 Million Credit Facility. Total debt repayments of $91,397 and $93,939 made during the three and six months ended June 30, 2018, respectively, under the $98 Million Credit Facility.

On June 5, 2018, the $98 Million Credit Facility was refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above.

2014 Term Loan Facilities

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

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

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

There were no debt repayments made during the three and six months ended June 30, 2019 under the 2014 Term Loan Facilities. Total debt repayments of $24,863 and $25,544 were made during the three and six months ended June 30, 2018, respectively, under the 2014 Term Loan Facilities.

On June 5, 2018, the 2014 Term Loan Facilities were refinanced with the $495 Million Credit Facility; refer to the “$495 Million Credit Facility” section above.

Interest rates

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Effective Interest Rate	5.43	%	6.25	%	5.50	%	6.04	%
Range of Interest Rates (excluding unused commitment fees)	4.90 % to 5.50	%	4.06 % to 8.43	%	4.90 % to 5.76	%	3.83 % to 8.43	%

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

8 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values and carrying values of the Company’s financial instruments at June 30, 2019 and December 31, 2018 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.


	June 30, 2019				December 31, 2018
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	165,121	$	165,121	$	197,499	$	197,499
Restricted cash		315		315		5,262		5,262
Floating rate debt		513,685		513,685		551,420		551,420

The carrying value of the borrowings under the $495 Million Credit Facility and the $108 Million Credit Facility as of June 30, 2019 and December 31, 2018 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 $495 Million Credit Facility was utilized to refinance the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities on June 5, 2018 and was subsequently amended on February 28, 2019. The carrying amounts of the Company’s other financial instruments at June 30, 2019 and December 31, 2018 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

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

·

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

·

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

·

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

Cash and cash equivalents and restricted cash are considered Level 1 items, as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the three and six months ended June 30, 2019, the vessel assets for three of the Company’s vessels were written down as part of the impairment recorded during the three and six months ended June 30, 2019. During the three and six months ended June 30, 2018, the vessels assets for one and ten of the Company’s vessels, respectively, were written down as part of the impairment recorded during the three and six months ended June 30, 2018, respectively. Refer to “Impairment of vessel assets” section in Note 2 — Summary of Significant Accounting Policies. Nonrecurring fair value measurements also include impairment tests conducted by the Company during the three and six months ended June 30, 2019 of its operating lease right-of use asset. The fair value determination for the operating lease right-of-use asset was based on third party quotes, which is considered a Level 2 input. During the three and six months ended June 30, 2019, the operating lease right-of-use asset was written down as part of the impairment of right-of-use asset recorded during the three and six months ended June 30, 2019. Refer to Note 13 — Leases. The Company did not have any Level 3 financial assets or liabilities as of June 30, 2019 and December 31, 2018.

- Definition

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

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT AND ASSETS

6 Months Ended

Jun. 30, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:


	June 30,		December 31,
	2019		2018
Vessel stores	$	671	$	597
Capitalized contract costs		1,365		2,289
Prepaid items		4,274		3,426
Insurance receivable		701		851
Advance to agents		596		1,109
Other		1,593		2,177
Total prepaid expenses and other current assets	$	9,200	$	10,449

FIXED ASSETS

6 Months Ended

Jun. 30, 2019

FIXED ASSETS

FIXED ASSETS

10 - FIXED ASSETS

Fixed assets, net consists of the following:


	June 30,		December 31,
	2019		2018
Fixed assets, at cost:
Vessel equipment	$	4,869	$	2,873
Furniture and fixtures		467		462
Leasehold improvements		41		—
Computer equipment		275		236
Total costs		5,652		3,571
Less: accumulated depreciation and amortization		(1,575)		(1,281)
Total fixed assets, net	$	4,077	$	2,290

Depreciation and amortization expense for fixed assets for the three months ended June 30, 2019 and 2018 was $212 and $73, respectively. Depreciation and amortization expense for fixed assets for the six months ended June 30, 2019 and 2018 was $367 and $144, respectively.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2019

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:


	June 30,		December 31,
	2019		2018
Accounts payable	$	13,344	$	15,110
Accrued general and administrative expenses		2,445		4,298
Accrued vessel operating expenses		17,362		9,735
Total accounts payable and accrued expenses	$	33,151	$	29,143

VOYAGE REVENUE

6 Months Ended

Jun. 30, 2019

VOYAGE REVENUE

VOYAGE REVENUE

12 – VOYAGE REVENUE

Total voyage revenue includes revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2019 and 2018, the Company earned $83,550 and $86,157 of voyage revenue, respectively. For the six months ended June 30, 2019 and 2018, the Company earned $177,014 and $163,073 of voyage revenue, respectively.

Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606. 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 during this period is capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Refer also to Note 9 — Prepaid Expenses and Other Current 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 Condensed Consolidated Statements of Operation. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Lease revenue	$	25,852	$	43,987	$	49,242	$	86,841
Spot market voyage revenue		57,698		42,170		127,772		76,232
Total voyage revenues	$	83,550	$	86,157	$	177,014	$	163,073

LEASES

6 Months Ended

Jun. 30, 2019

LEASES

LEASES

13 - 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, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments were $82 per month until May 31, 2015 and thereafter were $90 per month until the end of the seven-year term. Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space. The Company has also entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provided for a free base rental period from May 1, 2018 to September 30, 2018. Following the expiration of the free base rental period, the monthly base rental payments are $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement.

The Company adopted ASC 842 using the transition method on January 1, 2019 (refer to Note 2 — Summary of Significant Accounting Policies) and has identified this lease as an operating lease. Variable rent expense, such as utilities and escalation expenses, are excluded from the determination of the operating lease liability, as the Company has deemed these insignificant.

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 is 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 will be $102 per month until September 29, 2025. The sublease income for the portion of the leased space is less than the lease payments due for the space, which has been identified as an indicator of impairment under ASC 360. As such, the right-of-use asset for the subleased portion of the space was written down to its fair value which resulted in $223 of impairment charges which has been recorded in Impairment of right-of-asset in the Condensed Consolidated Statements of Operation. Sublease income will be recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operation. There was no sublease income recorded during the three and six months ended June 30, 2019.

Total operating lease costs recorded during the three and six months ended June 30, 2019 were $454 and $906, respectively, which was recorded in General and administrative expenses in the Condensed Consolidated Statements of Operation.

Supplemental Condensed Consolidated Balance Sheet information related to the Company’s operating leases as of June 30, 2019 are as follows:


	June 30,
	2019
Operating Lease:
Operating lease right-of-use asset	$	8,910

Current operating lease liabilities	$	1,634
Long-term operating lease liabilities		10,675
Total operating lease liabilities	$	12,309

Weighted average remaining lease term (years)		6.26
Weighted average discount rate		5.15	%

Maturities of operating lease liabilities as of June 30, 2019 are as follows:


	June 30,
	2019
Remainder of 2019	$	1,115
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		14,475
Less imputed interest		(2,166)
Present value of lease liabilities	$	12,309

Maturities of operating lease liabilities as of December 31, 2018 are as follows:


	December 31,
	2018
2019	$	2,230
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		15,590

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


	For the Six
	Months Ended
	June 30,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating lease	$	1,115

Under the previous leasing guidance under ASC 840, the Company had deferred rent at December 31, 2018 of $3,468. Rent expense pertaining to this lease for the three and six months ended June 30, 2018 under ASC 840 was $452 and $904, respectively.

During the second quarter of 2018, the Company began chartering-in third-party vessels. Under ASC 842, the Company is the lessee in these agreements. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the three and six months ended June 30, 2019, 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 three and six months ended June 30, 2019 and 2018 for these charter-in agreements.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14 – COMMITMENTS AND CONTINGENCIES During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 47 of its vessels. The cost of these systems will vary based on the size and specifications of each vessel and whether the systems will be installed in China during the vessels’ scheduled drydockings. Based on the contractual purchase price of the BWTS and the estimated installation fees, the Company estimates the cost of the systems to be approximately $0.8 million for Capesize vessels, $0.5 million for Panamax vessels, $0.5 million for Supramax vessels and $0.5 million for Handysize vessels. These costs will be capitalized and depreciated over the remainder of the life of the vessel. The Company recorded $8,859 and $1,804 in Vessel assets in the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018, respectively, related to BWTS additions. On December 21, 2018, the Company entered into agreements to install scrubbers on its 17 Capesize vessels. The Company anticipates scrubber installation on the 17 Capesize vessels to be completed during 2019 and estimate that the cost of each scrubber, including installation, will be approximately $2.25 million per vessel, which may vary according to the specifications of our vessels and technical aspects of the installation, among other variables. These costs will be capitalized and depreciated over the remainder of the life of the vessel. The Company recorded $14,474 and $428 in Vessel assets in the Condensed Consolidated Balance Sheet as of June 30, 2019 and December 31, 2018, respectively, related to scrubber additions. The Company has entered into an amendment to the $495 Million Credit Facility to provide financing to cover a portion of these expenses, refer to Note 7 — Debt for further information.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2019

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

15 - STOCK-BASED COMPENSATION

2014 Management Incentive Plan

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

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

For the three and six months ended June 30, 2019 and 2018, there was no amortization expense of the fair value of these warrants. As of June 30, 2019, there was no unamortized stock-based compensation for the warrants and all warrants were vested.

The following table summarizes certain information about the warrants outstanding as of June 30, 2019:

Warrants Outstanding and Unvested,

Warrants Outstanding and Exercisable,

June 30, 2019

Weighted

Average

Weighted

Average

Remaining

Average

Remaining

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Warrants

Price

Life

Warrants

Price

Life

—

$

—

8,557,461

$

303.12

1.11

As of June 30, 2019 and December 31, 2018, a total of 8,557,461 of warrants were outstanding.

2015 Equity Incentive Plan

On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 400,000 shares of common stock (the “2015 Plan”). Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. As of June 30, 2019, the Company has awarded restricted stock units, restricted stock and stock options under the 2015 Plan.

On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement 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 shareholder’s approved the increase in the number of shares at the Company’s 2017 Annual Meeting of Shareholders on May 17, 2017.

Stock Options

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

On February 27, 2018, the Company issued options to purchase 122,608 of the Company’s shares of common stock to certain individuals with an exercise price of $13.69 per share. One third of the options become exercisable on each of the first three anniversaries of February 27, 2018, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $7.55 per share, or $926 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 71.94% (representing a blend of the Company’s historical volatility and a peer-based volatility estimate due to limited trading history post recapitalization of the Company in November 2016), a risk-free interest rate of 2.53%, a dividend yield of 0%, and expected life of 4.00 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

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 $8.39 per share. 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).

For the three and six months ended June 30, 2019 and 2018, the Company recognized amortization expense of the fair value of these options, which is included in General and administrative expenses, as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	229	$	214	$	411	$	337

Amortization of the unamortized stock-based compensation balance of $1,030 as of June 30, 2019 is expected to be expensed $440, $431, $142 and $17 during the remainder of 2019 and during the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarizes the unvested option activity for the six months ended June 30, 2019:


	Number of	Average Exercise		Average Fair
	Options	Price		Value
Outstanding at January 1, 2019 - Unvested	166,942	$	13.01	$	7.25
Granted	240,540		8.39		3.76
Exercisable	(40,869)		13.69		7.55
Exercised	—		—		—
Forfeited	—		—		—

Outstanding at June 30, 2019 - Unvested	366,613	$	9.90	$	4.93

The following table summarizes certain information about the options outstanding as of June 30, 2019

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2019

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

Price

Life

Options

Price

Life

$

10.43

366,613

$

9.90

5.22

129,535

$

11.94

3.07

As of June 30, 2019 and December 31, 2018, a total of 496,148 and 255,608 stock options were outstanding, respectively.

Restricted Stock Units

The Company has issued restricted stock units (“RSUs”) under the 2015 Plan to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of June 30, 2019 and December 31, 2018, 228,781 and 216,304 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares of common stock will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the amended 2015 Plan described above.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. The RSUs that have been issued to other individuals vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the six months ended June 30, 2019:


		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2019	149,170	$	12.42
Granted	135,659		8.44
Vested	(26,745)		15.92
Forfeited	—		—

Outstanding at June 30, 2019	258,084	$	9.96

The total fair value of the RSUs that vested during the six months ended June 30, 2019 and 2018 was $230 and $450, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2019:


Unvested RSUs				Vested RSUs
June 30, 2019				June 30, 2019
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
258,084	$	9.96	1.47	320,980	$	11.59

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2019, unrecognized compensation cost of $1,209 related to RSUs will be recognized over a weighted-average period of 1.47 years.

For the three and six months ended June 30, 2019 and 2018, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	340	$	421	$	610	$	788

Restricted Stock

Under the 2015 Plan, grants of restricted common stock issued to executives ordinarily vest ratably on each of the three anniversaries of the determined vesting date. As of June 30, 2019, all restricted stock awards under the 2015 Plan were vested.

There were no shares that vested under the 2015 Plan during the six months ended June 30, 2019 and 2018. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2019 and 2018, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General and administrative expenses, as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	—	$	3	$	—	$	6

The Company amortized these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2019, there was no unrecognized compensation cost.

LEGAL PROCEEDINGS	6 Months Ended
LEGAL PROCEEDINGS	Jun. 30, 2019
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	16 - LEGAL PROCEEDINGS In April 2015, six class action complaints were filed in the Supreme Court of the State of New York, County of New York. On May 26, 2015, the six actions were consolidated under the caption In Re Baltic Trading Ltd. Stockholder Litigation, Index No. 651241/2015, and a consolidated class action complaint was filed on June 10, 2015 (the “Consolidated Complaint”). The Consolidated Complaint was purported to be brought by and on behalf of Baltic Trading’s shareholders and alleges that the then-proposed July 2015 merger did not fairly compensate Baltic Trading’s shareholders and undervalued Baltic Trading. The Consolidated Complaint named as defendants the Company, Baltic Trading, the individual members of Baltic Trading’s board, and the Company’s merger subsidiary. The claims generally alleged (i) breaches of fiduciary duties of good faith, due care, disclosure to shareholders, and loyalty, including for failing to maximize shareholder value, and (ii) aiding and abetting those breaches. Among other relief, the complaints sought an injunction against the merger, declaratory judgments that the individual defendants breached fiduciary duties, rescission of the merger agreement, and unspecified damages. On July 9, 2015, plaintiffs in that action moved to enjoin the merger vote, scheduled to take place on July 17, 2015. The motion to enjoin the vote was denied on July 15, 2015. Plaintiffs sought an emergency injunction and temporary restraining order from the New York State Appellate Division, First Department the following day, on July 16, 2015. The Appellate Division denied the request, and the vote, and subsequent merger, proceeded as scheduled on July 17, 2015. Plaintiffs thereafter withdrew that appeal. On June 30, 2015, defendants had moved to dismiss the Consolidated Complaint in its entirety. Plaintiffs subsequently served an Amended Consolidated Complaint, and defendants directed their motion to dismiss to that amended complaint. The motion to dismiss was granted and the Amended Consolidated Complaint was dismissed with prejudice on August 29, 2016. By a Decision and Order dated April 26, 2018, the New York State Appellate Division, First Department affirmed the dismissal of the amended complaint. The time for plaintiffs to file a motion for leave to appeal to the New York State Court of Appeals has expired. From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows besides those noted above.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17 – SUBSEQUENT EVENTS On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2019. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the second quarter of 2019. On July 5, 2019, the Company prepaid $15,000 for the amortization payment originally scheduled for September 30, 2019. The prepayment amount exceeded the revised scheduled quarterly amortization payment due on September 30, 2019 of $14,728, which was adjusted as discussed in Note 7 — Debt. Accordingly, the $272 excess will be applied to the next scheduled quarterly amortization payment due on December 31, 2019.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

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

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 (the “2018 10-K”). The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2019.

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

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 operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

Restricted cash

Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. Refer to Note 7 — Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:


	June 30,		December 31,		June 30,		December 31,
	2019		2018		2018		2017
Cash and cash equivalents	$	165,121	$	197,499	$	269,996	$	174,479
Restricted cash - current		—		4,947		—		7,234
Restricted cash - noncurrent		315		315		315		23,233

Cash, cash equivalents and restricted cash	$	165,436	$	202,761	$	270,311	$	204,946

Vessels held for sale

On November 23, 2018, the Company reached an agreement to sell the Genco Vigour, and the relevant vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2018. This vessel was sold on January 28, 2019. Refer to Note 4 — Vessel Acquisitions and Dispositions for further information.

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, including the purchase of exhaust gas cleaning systems (“scrubbers”) and ballast water treatment systems. 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 three months ended June 30, 2019 and 2018 was $16,697 and $15,246, respectively. Depreciation expense for vessels for the six months ended June 30, 2019 and 2018 was $33,185 and $30,919, respectively.

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

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims, mainly due to time charter performance issues. As of June 30, 2019 and December 31, 2018, the Company had an accrual of $532 and $345, respectively, related to these estimated customer claims.

Revenue recognition

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

The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each 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.

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 Accounting Standards Codification (“ASC”) 842 — Leases, refer to Note 12 — Voyage Revenue for further discussion.

The Company recognizes revenue for spot market voyage charters 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, in accordance with ASC 606 — Revenue from Contracts with Customers (“ASC 606”). Refer to Note 12 — Voyage Revenue for further discussion.

At June 30, 2019 and December 31, 2018, the Company did not have any of its vessels in vessel pools. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees.

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters, spot market-related time charters and pool agreements. Refer to Note 12 — Voyage Revenue for further discussion of the accounting for fuel expenses for spot market voyage charters. 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 gain (loss) of $113 and $1,034 during the three months ended June 30, 2019 and 2018, respectively, and ($237) and $1,889 during the six months ended June 30, 2019 and 2018, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Charter hire expenses

During the second quarter of 2018, the Company began chartering-in third-party vessels. The costs to charter-in these vessels, which primarily include the daily charter hire rate net of commissions or net freight revenue, are recorded as Charter hire expenses. The company recorded $4,849 and $509 of charter hire expenses during the three months ended June 30, 2019 and 2018, respectively, and $7,267 and $509 of charter hire expenses during the six months ended June 30, 2019 and 2018, respectively.

Impairment of vessel assets

During the three months ended June 30, 2019 and 2018, the Company recorded $13,897 and $184, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). Additionally, during the six months ended June 30, 2019 and 2018, the Company recorded $13,897 and $56,586, respectively, related to the impairment of vessel assets in accordance with ASC 360.

On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2019, the vessel value for the Genco Challenger was adjusted to its net sales price of $5,145 as of June 30, 2019. This resulted in an impairment loss of $4,401 during the three and six months ended June 30, 2019. Refer to Note 17 — Subsequent Events for further detail regarding the sale.

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

On July 24, 2018, the Company entered into an agreement to sell the Genco Surprise, a 1998-built Panamax vessel, for $5,300 less a 3.0% broker commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessel as of June 30, 2018, the vessel value for the Genco Surprise was adjusted to its net sales price of $5,141 as of June 30, 2018. This resulted in an impairment loss of $184 during the three and six months ended June 30, 2018. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale.

On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels: the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, the Company adjusted the values of these older vessels to their respective fair market values during the three months ended March 31, 2018. This resulted in an impairment loss of $56,402 during the six months ended June 30, 2018.

Gain on sale of vessels

During the six months ended June 30, 2019, the Company recorded a net gain of $611 related to the sale of vessels. The net gain of $611 recorded during the six months ended June 30, 2019 related primarily to the sale of the Genco Vigour. There were no vessels sold during the three and six months ended June 30, 2018.

Recent accounting pronouncements

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

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which replaces the existing guidance in ASC 840 – Leases (“ASC 840”). This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability for leases with lease terms of more than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. This ASU was effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors were required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” which provides clarifications and improvements to ASC 842, including allowing entities to elect an additional transition method with which to adopt ASC 842. The approved transition method enables entities to apply the transition requirements at the effective date of ASC 842 (rather than at the beginning of the earliest comparative period presented as currently required) with the effect of the initial application of ASC 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. As a result, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, Lease (Topic 840) (“ASC 840”), including the disclosure requirements of ASC 840. The Company adopted ASC 842 on January 1, 2019 using this transition method.

The new guidance provides a number of optional practical expedients in the transition. The Company has elected the package of practical expedients, which among other things, allows the carryforward of the historical lease classification. Further, upon implementation of the new guidance, the Company has elected the practical expedients to combine lease and non-lease components, and to not recognize right-of-use assets and lease liabilities for short-term leases. Upon adoption of ASC 842 on January 1, 2019, the Company recorded a right-of-use asset of $9,710 and an operating lease liability of $13,095 in the Condensed Consolidated Balance Sheets. Refer to Note 13 — Leases for further information regarding our operating lease agreement and the effect of the adoption of ASC 842 from a lessee perspective.

Pursuant to ASC 842, the Company has identified revenue from its time charter agreements as lease revenue. Refer to Note 12— Voyage revenue for additional information regarding the adoption of ASC 842 from a lessor perspective.

GENERAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

GENERAL INFORMATION

Schedule of wholly owned ship-owning subsidiaries

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of June 30, 2019:


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 Challenger Limited	Genco Challenger	28,428	12/14/07		2003
Genco Charger Limited	Genco Charger	28,398	12/14/07		2005
Genco Warrior Limited	Genco Warrior	55,435	12/17/07		2005
Genco Predator Limited	Genco Predator	55,407	12/20/07		2005
Genco Hunter Limited	Genco Hunter	58,729	12/20/07		2007
Genco Champion Limited	Genco Champion	28,445	1/2/08		2006
Genco Constantine Limited	Genco Constantine	180,183	2/21/08		2008
Genco Raptor LLC	Genco Raptor	76,499	6/23/08		2007
Genco Thunder LLC	Genco Thunder	76,588	9/25/08		2007
Genco Hadrian Limited	Genco Hadrian	169,025	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,098	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,001	12/30/09		2010
Genco Bay Limited	Genco Bay	34,296	8/24/10		2010
Genco Ocean Limited	Genco Ocean	34,409	7/26/10		2010
Genco Avra Limited	Genco Avra	34,391	5/12/11		2011
Genco Mare Limited	Genco Mare	34,428	7/20/11		2011
Genco Spirit Limited	Genco Spirit	34,432	11/10/11		2011
Genco Aquitaine Limited	Genco Aquitaine	57,981	8/18/10		2009
Genco Ardennes Limited	Genco Ardennes	58,018	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	58,020	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	58,018	8/24/10		2010
Genco Brittany Limited	Genco Brittany	58,018	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	58,018	9/29/10		2010
Genco Loire Limited	Genco Loire	53,430	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,417	7/29/10		2009
Genco Normandy Limited	Genco Normandy	53,596	8/10/10		2007
Genco Picardy Limited	Genco Picardy	55,257	8/16/10		2005
Genco Provence Limited	Genco Provence	55,317	8/23/10		2004
Genco Pyrenees Limited	Genco Pyrenees	58,018	8/10/10		2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11		2011
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	181,060	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
Baltic Lion Limited	Baltic Lion	179,185	4/8/15	(1)	2012
Baltic Tiger Limited	Genco Tiger	179,185	4/8/15	(1)	2011
Baltic Leopard Limited	Baltic Leopard	53,446	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,350	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,473	5/14/10	(2)	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	(2)	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	(2)	2010
Baltic Wind Limited	Baltic Wind	34,408	8/4/10	(2)	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	(2)	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	(2)	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	(2)	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	(2)	2009
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	(2)	2014
Baltic Wasp Limited	Baltic Wasp	63,389	1/2/15	(2)	2015
Baltic Scorpion Limited	Baltic Scorpion	63,462	8/6/15		2015
Baltic Mantis Limited	Baltic Mantis	63,470	10/9/15		2015

(1)

The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.

(2)

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of restricted cash and cash equivalents


	June 30,		December 31,		June 30,		December 31,
	2019		2018		2018		2017
Cash and cash equivalents	$	165,121	$	197,499	$	269,996	$	174,479
Restricted cash - current		—		4,947		—		7,234
Restricted cash - noncurrent		315		315		315		23,233

Cash, cash equivalents and restricted cash	$	165,436	$	202,761	$	270,311	$	204,946

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2019

NET LOSS PER SHARE

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


	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2019	2018	2019	2018

Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	41,742,301	35,516,058	41,734,248	35,049,615

Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	41,742,301	35,516,058	41,734,248	35,049,615

Dilutive effect of warrants	—	—	—	—

Dilutive effect of stock options	—	—	—	—

Dilutive effect of restricted stock awards	—	—	—	—

Weighted-average common shares outstanding, diluted	41,742,301	35,516,058	41,734,248	35,049,615

DEBT (Tables)

6 Months Ended

Jun. 30, 2019

DEBT

Schedule of components of Long-term debt


	June 30,		December 31,
	2019		2018
Principal amount	$	513,685	$	551,420
Less: Unamortized debt financing costs		(15,015)		(16,272)
Less: Current portion		(65,640)		(66,320)

Long-term debt, net	$	433,030	$	468,828

Schedule of long-term debt


	June 30, 2019				December 31, 2018
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$495 Million Credit Facility	$	410,425	$	13,361	$	445,000	$	14,423
$108 Million Credit Facility		103,260		1,654		106,420		1,849

Total debt	$	513,685	$	15,015	$	551,420	$	16,272

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Effective Interest Rate	5.43	%	6.25	%	5.50	%	6.04	%
Range of Interest Rates (excluding unused commitment fees)	4.90 % to 5.50	%	4.06 % to 8.43	%	4.90 % to 5.76	%	3.83 % to 8.43	%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

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


	June 30, 2019				December 31, 2018
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	165,121	$	165,121	$	197,499	$	197,499
Restricted cash		315		315		5,262		5,262
Floating rate debt		513,685		513,685		551,420		551,420

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS.

Schedule of prepaid expenses and other current assets


	June 30,		December 31,
	2019		2018
Vessel stores	$	671	$	597
Capitalized contract costs		1,365		2,289
Prepaid items		4,274		3,426
Insurance receivable		701		851
Advance to agents		596		1,109
Other		1,593		2,177
Total prepaid expenses and other current assets	$	9,200	$	10,449

FIXED ASSETS (Tables)

6 Months Ended

Jun. 30, 2019

FIXED ASSETS

Schedule of fixed assets


	June 30,		December 31,
	2019		2018
Fixed assets, at cost:
Vessel equipment	$	4,869	$	2,873
Furniture and fixtures		467		462
Leasehold improvements		41		—
Computer equipment		275		236
Total costs		5,652		3,571
Less: accumulated depreciation and amortization		(1,575)		(1,281)
Total fixed assets, net	$	4,077	$	2,290

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2019

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

Schedule of accounts payable and accrued expenses


	June 30,		December 31,
	2019		2018
Accounts payable	$	13,344	$	15,110
Accrued general and administrative expenses		2,445		4,298
Accrued vessel operating expenses		17,362		9,735
Total accounts payable and accrued expenses	$	33,151	$	29,143

VOYAGE REVENUE (Tables)

6 Months Ended

Jun. 30, 2019

VOYAGE REVENUE

Schedule of voyage revenue


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Lease revenue	$	25,852	$	43,987	$	49,242	$	86,841
Spot market voyage revenue		57,698		42,170		127,772		76,232
Total voyage revenues	$	83,550	$	86,157	$	177,014	$	163,073

LEASES (Tables)

6 Months Ended

Jun. 30, 2019

LEASES

Schedule of balance sheet information related to operating leases


	June 30,
	2019
Operating Lease:
Operating lease right-of-use asset	$	8,910

Current operating lease liabilities	$	1,634
Long-term operating lease liabilities		10,675
Total operating lease liabilities	$	12,309

Weighted average remaining lease term (years)		6.26
Weighted average discount rate		5.15	%

Schedule of maturities of operating lease liabilities under ASC 842


	June 30,
	2019
Remainder of 2019	$	1,115
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		14,475
Less imputed interest		(2,166)
Present value of lease liabilities	$	12,309

Schedule of maturities of operating liabilities under ASU 840


	December 31,
	2018
2019	$	2,230
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		15,590

Schedule of cash flow information related to operating leases


	For the Six
	Months Ended
	June 30,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating lease	$	1,115

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2019

2015 EIP Plan | Stock Options

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	229	$	214	$	411	$	337

Schedule of stock option activity


	Number of	Average Exercise		Average Fair
	Options	Price		Value
Outstanding at January 1, 2019 - Unvested	166,942	$	13.01	$	7.25
Granted	240,540		8.39		3.76
Exercisable	(40,869)		13.69		7.55
Exercised	—		—		—
Forfeited	—		—		—

Outstanding at June 30, 2019 - Unvested	366,613	$	9.90	$	4.93

The following table summarizes certain information about the options outstanding as of June 30, 2019

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2019

Weighted

Average

Weighted

Average

Weighted

Average

Exercise Price of

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

Price

Life

Options

Price

Life

$

10.43

366,613

$

9.90

5.22

129,535

$

11.94

3.07

2015 EIP Plan | Restricted Stock Units

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	340	$	421	$	610	$	788

Summary of nonvested restricted stock units


		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2019	149,170	$	12.42
Granted	135,659		8.44
Vested	(26,745)		15.92
Forfeited	—		—

Outstanding at June 30, 2019	258,084	$	9.96

The total fair value of the RSUs that vested during the six months ended June 30, 2019 and 2018 was $230 and $450, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2019:


Unvested RSUs				Vested RSUs
June 30, 2019				June 30, 2019
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
258,084	$	9.96	1.47	320,980	$	11.59

2015 EIP Plan | Restricted Stock

Stock Awards

Schedule of nonvested stock amortization expense


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
General and administrative expenses	$	—	$	3	$	—	$	6

Warrants | 2014 MIP Plan

Stock Awards

Summary of warrant activity and warrants outstanding

The following table summarizes certain information about the warrants outstanding as of June 30, 2019:

Warrants Outstanding and Unvested,

Warrants Outstanding and Exercisable,

June 30, 2019

Weighted

Average

Weighted

Average

Remaining

Average

Remaining

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Warrants

Price

Life

Warrants

Price

Life

—

$

—

8,557,461

$

303.12

1.11

GENERAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jun. 19, 2018	Jun. 30, 2018
Summary of Significant Accounting Policies
Issuance of stock (in shares)		7,015,000
Common Stock
Summary of Significant Accounting Policies
Issuance of stock (in shares)	7,015,000
Share price (in dollars per share)	$ 16.50
Net proceeds proceeds from issuance of common stock	$ 109,648

GENERAL INFORMATION - Vessel Details (Details)	Jun. 30, 2019 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 Challenger Limited \| Genco Challenger
Vessels
Capacity of vessels	28,428
Genco Charger Limited \| Genco Charger
Vessels
Capacity of vessels	28,398
Genco Warrior Limited \| Genco Warrior
Vessels
Capacity of vessels	55,435
Genco Predator Limited \| Genco Predator
Vessels
Capacity of vessels	55,407
Genco Hunter Limited \| Genco Hunter
Vessels
Capacity of vessels	58,729
Genco Champion Limited \| Genco Champion
Vessels
Capacity of vessels	28,445
Genco Constantine Limited \| Genco Constantine
Vessels
Capacity of vessels	180,183
Genco Raptor LLC \| Genco Raptor
Vessels
Capacity of vessels	76,499
Genco Thunder LLC \| Genco Thunder
Vessels
Capacity of vessels	76,588
Genco Hadrian Limited \| Genco Hadrian
Vessels
Capacity of vessels	169,025
Genco Commodus Limited \| Genco Commodus
Vessels
Capacity of vessels	169,098
Genco Maximus Limited \| Genco Maximus
Vessels
Capacity of vessels	169,025
Genco Claudius Limited \| Genco Claudius
Vessels
Capacity of vessels	169,001
Genco Bay Limited \| Genco Bay
Vessels
Capacity of vessels	34,296
Genco Ocean Limited \| Genco Ocean
Vessels
Capacity of vessels	34,409
Genco Avra Limited \| Genco Avra
Vessels
Capacity of vessels	34,391
Genco Mare Limited \| Genco Mare
Vessels
Capacity of vessels	34,428
Genco Spirit Limited \| Genco Spirit
Vessels
Capacity of vessels	34,432
Genco Aquitaine Limited \| Genco Aquitaine
Vessels
Capacity of vessels	57,981
Genco Ardennes Limited \| Genco Ardennes
Vessels
Capacity of vessels	58,018
Genco Auvergne Limited \| Genco Auvergne
Vessels
Capacity of vessels	58,020
Genco Bourgogne Limited \| Genco Bourgogne
Vessels
Capacity of vessels	58,018
Genco Brittany Limited \| Genco Brittany
Vessels
Capacity of vessels	58,018
Genco Languedoc Limited \| Genco Languedoc
Vessels
Capacity of vessels	58,018
Genco Loire Limited \| Genco Loire
Vessels
Capacity of vessels	53,430
Genco Lorraine Limited \| Genco Lorraine
Vessels
Capacity of vessels	53,417
Genco Normandy Limited \| Genco Normandy
Vessels
Capacity of vessels	53,596
Genco Picardy Limited \| Genco Picardy
Vessels
Capacity of vessels	55,257
Genco Provence Limited \| Genco Provence
Vessels
Capacity of vessels	55,317
Genco Pyrenees Limited \| Genco Pyrenees
Vessels
Capacity of vessels	58,018
Genco Rhone Limited \| Genco Rhone
Vessels
Capacity of vessels	58,018
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	181,060
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
Baltic Lion Limited \| Baltic Lion
Vessels
Capacity of vessels	179,185
Baltic Tiger Limited \| Genco Tiger
Vessels
Capacity of vessels	179,185
Baltic Leopard Limited \| Baltic Leopard
Vessels
Capacity of vessels	53,446
Baltic Panther Limited \| Baltic Panther
Vessels
Capacity of vessels	53,350
Baltic Cougar Limited \| Baltic Cougar
Vessels
Capacity of vessels	53,432
Baltic Jaguar Limited \| Baltic Jaguar
Vessels
Capacity of vessels	53,473
Baltic Bear Limited \| Baltic Bear
Vessels
Capacity of vessels	177,717
Baltic Wolf Limited \| Baltic Wolf
Vessels
Capacity of vessels	177,752
Baltic Wind Limited \| Baltic Wind
Vessels
Capacity of vessels	34,408
Baltic Cove Limited \| Baltic Cove
Vessels
Capacity of vessels	34,403
Baltic Breeze Limited \| Baltic Breeze
Vessels
Capacity of vessels	34,386
Baltic Fox Limited \| Baltic Fox
Vessels
Capacity of vessels	31,883
Baltic Hare Limited \| Baltic Hare
Vessels
Capacity of vessels	31,887
Baltic Hornet Limited \| Baltic Hornet
Vessels
Capacity of vessels	63,574
Baltic Wasp Limited \| Baltic Wasp
Vessels
Capacity of vessels	63,389
Baltic Scorpion Limited \| Baltic Scorpion
Vessels
Capacity of vessels	63,462
Baltic Mantis Limited \| Baltic Mantis
Vessels
Capacity of vessels	63,470

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details)	6 Months Ended
	Jun. 30, 2019 segment
Segment reporting
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash
Cash and cash equivalents	$ 165,121	$ 197,499	$ 269,996	$ 174,479
Restricted cash - current		4,947		7,234
Restricted cash - noncurrent	315	315	315	23,233
Cash, cash equivalents and restricted cash	$ 165,436	$ 202,761	$ 270,311	$ 204,946

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net and Deferred revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) $ / item	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Vessels, net
Estimated useful life			25 years
Estimated scrap value (in dollars per lightweight ton) \| $ / item			310
Depreciation and amortization	$ 18,271	$ 16,450	$ 36,348	$ 33,336
Accrual related to estimated customer claims	532		532		$ 345
Vessels
Vessels, net
Depreciation and amortization	$ 16,697	$ 15,246	$ 33,185	$ 30,919

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue and Voyage Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($) item	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) item	Jun. 30, 2018 USD ($)	Dec. 31, 2018 item
Voyage expense recognition
Net (loss) gain on purchase and sale of bunker fuel and net realizable value adjustments	$ 113	$ 1,034	$ (237)	$ 1,889
Charter hire expenses	$ 4,849	$ 509	$ 7,267	$ 509
Number of vessels in vessel pools \| item	0		0		0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Aug. 02, 2019 USD ($)	Aug. 07, 2018 USD ($)	Jul. 24, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Feb. 27, 2018 item
Impairment of long-lived assets
Impairment of vessel assets				$ 13,897	$ 184	$ 13,897	$ 56,586
Genco Challenger
Impairment of long-lived assets
Vessel net sales price				5,145		5,145
Impairment of vessel assets				4,401		4,401
Genco Champion and Genco Charger
Impairment of long-lived assets
Impairment of vessel assets				$ 9,496		$ 9,496
Genco Surprise
Impairment of long-lived assets
Sale of assets		$ 5,300	$ 5,300
Broker commission (as a percent)		3.00%	3.00%
Vessel net sales price					5,141		5,141
Impairment of vessel assets					$ 184		184
Genco Cavalier, Genco Loire, Genco Lorraine, Genco Muse, Genco Normandy, Baltic Cougar, Baltic Jaguar, Baltic Leopard and Baltic Panther
Impairment of long-lived assets
Number impaired vessel assets \| item								9
Impairment of vessel assets							$ 56,402
Subsequent Event \| Genco Challenger
Impairment of long-lived assets
Sale of assets	$ 5,250
Broker commission (as a percent)	2.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sale of Vessels (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018 item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 item
Gain on sale of vessels
Gain on sale of vessels		$ 611
Number of vessels sold \| item	0		0
Genco Vigour
Gain on sale of vessels
Gain on sale of vessels		$ 611

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Summary of Significant Accounting Policies
Operating Lease, Right-of-use asset	$ 8,910
Operating Lease, Liability	$ 12,309
Adjustment \| ASU 2016-02
Summary of Significant Accounting Policies
Operating Lease, Right-of-use asset		$ 9,710
Operating Lease, Liability		$ 13,095

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Non-cash investing and financing activities
Cash paid for interest	$ 14,946	$ 14,061
Cash paid for estimated income taxes	0	0
Accounts payable and accrued expenses
Non-cash investing and financing activities
Non-cash investing activities purchase of vessels, including deposits	2,383	135
Non-cash investing activities purchase of scrubbers	4,104
Non-cash investing activities purchase of other fixed assets	$ 77	97
Non-cash financing activities deferred financing fees		162
Non-cash financing activities common stock issuance costs		$ 526

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	May 15, 2019	Mar. 04, 2019	May 15, 2018	Feb. 27, 2018	Jun. 30, 2019
Restricted Stock Units
Non-cash investing and financing activities
Granted (in shares)	29,580	106,079	14,268	37,346	135,659
Aggregate fair value	$ 255	$ 890	$ 255	$ 512
Stock Options
Non-cash investing and financing activities
Options to purchase (in shares)		240,540		122,608	240,540
Exercise price		$ 8.39		$ 13.69	$ 8.39
Aggregate fair value		$ 904		$ 926

VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands										6 Months Ended	12 Months Ended
	Jan. 28, 2019 USD ($)	Dec. 26, 2018 USD ($)	Dec. 17, 2018 USD ($)	Dec. 05, 2018 USD ($)	Nov. 13, 2018 USD ($)	Oct. 16, 2018 USD ($)	Sep. 13, 2018 USD ($)	Aug. 07, 2018 USD ($)	Jul. 24, 2018 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) item	Feb. 28, 2019 USD ($)	Sep. 30, 2018 USD ($)	Aug. 14, 2018 USD ($) item	Jul. 12, 2018 USD ($) item	Jun. 06, 2018 USD ($) item	Dec. 31, 2017 USD ($)
VESSEL ACQUISITIONS
Restricted cash, current											$ 4,947						$ 7,234
Number of vessels sold which did not serve as collateral under credit facilities \| item											6
Secured Debt \| $495 Million Credit Facility
VESSEL ACQUISITIONS
Face amount of term loan facility										$ 495,000	$ 495,000	$ 495,000
Collateral vessel replacement period										180 days
Secured Debt \| $108 Million Credit Facility
VESSEL ACQUISITIONS
Face amount of term loan facility										$ 108,000	108,000		$ 108,000	$ 108,000
Agreement To Purchase Ultramax And Capesize Vessels
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item																4
Aggregate purchase price for vessels																$ 141,000
Agreement To Purchase Ultramax And Capesize Vessels \| Secured Debt \| $108 Million Credit Facility
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item														6
Agreement to Purchase Capesize Drybulk Vessels
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item															2	2
Aggregate purchase price for vessels															$ 98,000
Agreement to Purchase Capesize Drybulk Vessels \| Secured Debt \| $108 Million Credit Facility
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item														4
Agreement To Purchase Ultramax Drybulk Vessels
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item																2
Agreement To Purchase Ultramax Drybulk Vessels \| Secured Debt \| $108 Million Credit Facility
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement \| item														2
Genco Vigour
VESSEL ACQUISITIONS
Sale of assets	$ 6,550
Broker commission (as a percent)	2.00%
Genco Knight
VESSEL ACQUISITIONS
Sale of assets		$ 6,200
Broker commission (as a percent)		3.00%
Genco Beauty
VESSEL ACQUISITIONS
Sale of assets			$ 6,560
Broker commission (as a percent)			3.00%
Genco Muse
VESSEL ACQUISITIONS
Sale of assets				$ 6,660
Broker commission (as a percent)				2.00%
Genco Cavalier
VESSEL ACQUISITIONS
Sale of assets						$ 10,000
Broker commission (as a percent)						2.50%
Genco Cavalier \| Secured Debt \| $495 Million Credit Facility
VESSEL ACQUISITIONS
Face amount of term loan facility						$ 495,000
Restricted cash, current											$ 4,947
Period for which sales proceeds from vessels will remain as restricted cash						180 days
Collateral vessel replacement period						180 days
Genco Surprise
VESSEL ACQUISITIONS
Sale of assets								$ 5,300	$ 5,300
Broker commission (as a percent)								3.00%	3.00%
Genco Progress
VESSEL ACQUISITIONS
Sale of assets							$ 5,600
Broker commission (as a percent)							3.00%
Genco Explorer
VESSEL ACQUISITIONS
Sale of assets					$ 5,600
Broker commission (as a percent)					3.00%

NET LOSS PER SHARE (Details) - shares		3 Months Ended		6 Months Ended
NET LOSS PER SHARE (Details) - shares	Jul. 10, 2014	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common shares outstanding, basic:
Weighted average common shares outstanding - basic (in shares)		41,742,301	35,516,058	41,734,248	35,049,615
Common shares outstanding, diluted:
Weighted average common shares outstanding - basic (in shares)		41,742,301	35,516,058	41,734,248	35,049,615
Weighted-average common shares outstanding, diluted (in shares)		41,742,301	35,516,058	41,734,248	35,049,615
Restricted Stock and Restricted Stock Units
Anti-dilutive shares (in shares)		258,084	253,438	258,084	253,438
Stock Options
Anti-dilutive shares (in shares)		496,148	255,608	496,148	255,608
MIP Warrants
Anti-dilutive shares (in shares)		0	0	0	0
Equity Warrants
Anti-dilutive shares (in shares)		3,936,761	3,936,761	3,936,761	3,936,761
Equity Warrants
Equity warrant term	7 years
Number of shares of new stock in which each warrant or right can be converted	0.10

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
RELATED PARTY TRANSACTIONS
Related party transactions	$ 0	$ 0	$ 0	$ 0

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 28, 2019	Dec. 31, 2018	Sep. 30, 2018	Aug. 14, 2018
Line of Credit Facility
Principal amount	$ 513,685		$ 551,420
Less: Unamortized debt financing costs	(15,015)		(16,272)
Less: Current portion	(65,640)		(66,320)
Long-term debt, net	433,030		468,828
Secured Debt \| $495 Million Credit Facility
Line of Credit Facility
Principal amount	410,425		445,000
Less: Unamortized debt financing costs	(13,361)		(14,423)
Maximum borrowing capacity	495,000	$ 495,000	495,000
Secured Debt \| $108 Million Credit Facility
Line of Credit Facility
Principal amount	103,260		106,420
Less: Unamortized debt financing costs	(1,654)		(1,849)
Maximum borrowing capacity	$ 108,000		$ 108,000	$ 108,000	$ 108,000

DEBT - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
DEBT - Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Line of Credit Facility
Deferred financing costs, noncurrent	$ 15,015		$ 15,015		$ 16,272
Amortization of deferred financing costs			1,867	$ 1,239
Interest Expense
Line of Credit Facility
Amortization of deferred financing costs	$ 952	$ 666	$ 1,867	$ 1,239

DEBT - $495 Million Credit Facility (Details) - Secured Debt $ in Thousands								3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($)	May 10, 2019 USD ($)	Apr. 15, 2019 USD ($)	Feb. 28, 2019 USD ($) item	Oct. 16, 2018 USD ($)	Jun. 05, 2018 USD ($)	May 31, 2018 USD ($) item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) item	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
$495 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity	$ 495,000			$ 495,000				$ 495,000		$ 495,000		$ 495,000
Number of oldest vessels identified for sale for which debt will be paid down \| item										7
Remaining borrowing capacity	34,628							34,628		$ 34,628
Repayment of secured debt								19,575	$ 0	34,575	$ 0
Long-term debt	397,064							397,064		$ 397,064		$ 430,577
Vessel sale proceeds utilized as a loan repayment			$ 4,947
Prepayment of amortization payment before due date		$ 15,000
Amount of periodic payment	14,864
Excess of amortization payment to be applied to next payment	136
Percentage limit of consolidated net income for which dividends can be paid										50.00%
Collateral vessel replacement period										180 days
Key covenant - Unrestricted cash and cash equivalents minimum	30,000							30,000		$ 30,000
Key covenant – Percentage of unrestricted cash to total indebtedness										7.50%
Minimum restricted cash required	0							0		$ 0
Minimum working capital required	0							0		$ 0
Maximum total indebtedness to total capitalization (as a ratio)										0.70
Key covenant – Minimum time charters period										24 months
$495 Million Credit Facility \| Genco Cavalier
Line of Credit Facility
Maximum borrowing capacity					$ 495,000
Vessel sale proceeds utilized as a loan repayment			4,947
Collateral vessel replacement period					180 days
$460 Million Credit Facility
Line of Credit Facility
Term of facilities							5 years
Maximum borrowing capacity							$ 460,000		$ 460,000		460,000
Proceeds from credit facility						$ 460,000					$ 460,000
Number of oldest vessels identified for sale for which debt will be paid down \| item							7
Amount of periodic payment	14,864
Final payment amount	187,601							187,601		$ 187,601
Repaid value of loan when certain debt terms are met							$ 0
Average age of collateral vessels for repayment of loan							17 years
$460 Million Credit Facility \| Period after December 31, 2018
Line of Credit Facility
Amount of periodic payment							$ 15,000
$460 Million Credit Facility \| Period upon final maturity on May 31, 2023
Line of Credit Facility
Final payment amount							$ 190,000
$460 Million Credit Facility \| LIBOR \| Through December 31, 2018
Line of Credit Facility
Applicable margin over reference rate (as a percent)							3.25%
$35,000 Scrubber Tranche
Line of Credit Facility
Maximum borrowing capacity	$ 35,000		34,628	$ 35,000				$ 35,000		$ 35,000
Number of Capesize vessels for which the scrubber installation will be financed \| item				17
Percentage of scrubber costs to be financed				90.00%
$35,000 Scrubber Tranche \| Period To March 30, 2020
Line of Credit Facility
Minimum amount required per borrowing				$ 5,000
$35,000 Scrubber Tranche \| Through September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)				2.50%
$35,000 Scrubber Tranche \| Period After March 31, 2020
Line of Credit Facility
Term of facilities				4 years
Amount of periodic payment			$ 2,473	$ 2,500
Minimum \| $495 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)	135.00%							135.00%		135.00%
Minimum \| $460 Million Credit Facility \| LIBOR \| Period after December 31, 2018
Line of Credit Facility
Applicable margin over reference rate (as a percent)							3.00%
Minimum \| $35,000 Scrubber Tranche \| Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)				2.25%
Maximum \| $495 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)	200.00%							200.00%		200.00%
Maximum \| $460 Million Credit Facility \| LIBOR \| Period after December 31, 2018
Line of Credit Facility
Applicable margin over reference rate (as a percent)							3.50%
Maximum \| $35,000 Scrubber Tranche \| Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)				2.75%

DEBT - $108 Million Credit Facility (Details) $ in Thousands		3 Months Ended			6 Months Ended
	Aug. 14, 2018 USD ($) item	Jun. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Jul. 12, 2018 item	Jun. 06, 2018 item
Agreement To Purchase Ultramax And Capesize Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item									4
Agreement to Purchase Capesize Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item								2	2
Agreement To Purchase Ultramax Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item									2
Secured Debt \| $108 Million Credit Facility
Line of Credit Facility
Term of facilities	5 years
Maximum borrowing capacity	$ 108,000	$ 108,000	$ 108,000		$ 108,000		$ 108,000
Proceeds from credit facility			$ 108,000
Maximum facility amount of fair market value of aggregate vessels at delivery (as a percent)			45.00%
Remaining borrowing capacity		0			0
Repayment of secured debt		1,580		$ 0	3,160	$ 0
Long-term debt		$ 101,606			$ 101,606		$ 104,571
Repaid value of loan when certain debt terms are met	$ 0
Average age of collateral vessels for repayment of loan	20 years
Amount of repayment per quarter	$ 1,580
Percentage limit of consolidated net income for which dividends can be paid	50.00%
Key covenant - Unrestricted cash and cash equivalents minimum	$ 30,000
Key covenant – Percentage of unrestricted cash to total indebtedness	7.50%
Minimum working capital required	$ 0
Maximum total indebtedness to total capitalization (as a ratio)	0.70
Secured Debt \| $108 Million Credit Facility \| LIBOR \| Through September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)	2.50%
Secured Debt \| $108 Million Credit Facility \| Agreement To Purchase Ultramax And Capesize Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item	6
Secured Debt \| $108 Million Credit Facility \| Agreement to Purchase Capesize Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item	4
Secured Debt \| $108 Million Credit Facility \| Agreement To Purchase Ultramax Drybulk Vessels
Line of Credit Facility
Number of vessels committed to be acquired under purchase agreement \| item	2
Secured Debt \| Minimum \| $108 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)	135.00%
Secured Debt \| Minimum \| $108 Million Credit Facility \| LIBOR \| Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)	2.25%
Secured Debt \| Maximum \| $108 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)	200.00%
Secured Debt \| Maximum \| $108 Million Credit Facility \| LIBOR \| Period After September 30, 2019
Line of Credit Facility
Applicable margin over reference rate (as a percent)	2.75%

DEBT - $400 Million Credit Facility (Details) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 15, 2016 item	Nov. 14, 2016 USD ($)	Nov. 10, 2016 USD ($) item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($) item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($) item	Dec. 31, 2017 item	Dec. 31, 2018 USD ($)
Line of Credit Facility
Number of vessels sold \| item					0		0
Payment of PIK interest							$ 5,341
Secured Debt \| $400 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity			$ 400,000		$ 400,000		400,000
Number of prior credit facilities refinanced \| item	6
Number of vessels mortgaged \| item			45
Number of vessels sold \| item								5
Drawdowns during the period		$ 400,000
PIK interest				$ 0		$ 0			$ 0
PIK interest (as a percent)			1.50%
Maximum total indebtedness to total capitalization (as a ratio)			0.70
Minimum working capital required			$ 0
Repayments for the excess cash flow sweep					4,094		15,428
Repayments of debt, including PIK				$ 0	393,507	$ 0	404,941
Payment of PIK interest					$ 5,341		$ 5,341
Secured Debt \| $400 Million Credit Facility \| Through December 31, 2018
Line of Credit Facility
Amortization payments per quarter			100
Minimum cash balance required per vessel owned			$ 250
Cash flow sweep (as a percent)			100.00%
Secured Debt \| $400 Million Credit Facility \| From March 31, 2019 through December 31, 2020
Line of Credit Facility
Amortization payments per quarter			$ 7,610
Secured Debt \| $400 Million Credit Facility \| From March 31, 2021 through September 30, 2021
Line of Credit Facility
Amortization payments per quarter			18,571
Secured Debt \| $400 Million Credit Facility \| Period Upon Final Maturity On November 15 2021
Line of Credit Facility
Amortization payments per quarter			$ 282,605
Secured Debt \| $400 Million Credit Facility \| From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)			105.00%
Secured Debt \| $400 Million Credit Facility \| From December 31, 2018 to December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			115.00%
Cash flow sweep (as a percent)			75.00%
Prepayment under cash sweep required			$ 0
Threshold initial aggregate prepayments limit for prepayment under cash sweep			$ 10,000
Secured Debt \| $400 Million Credit Facility \| After December 30, 2020
Line of Credit Facility
Collateral security maintenance test (as a percent)			135.00%
Secured Debt \| $400 Million Credit Facility \| After December 31, 2020
Line of Credit Facility
Cash flow sweep option one (as a percent)			50.00%
Vessel age repayment period			15 years
Secured Debt \| $400 Million Credit Facility \| From January 1, 2019 To December 31, 2019
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 400
Secured Debt \| $400 Million Credit Facility \| After January 1, 2020
Line of Credit Facility
Minimum cash balance required per vessel owned			$ 700
Secured Debt \| $400 Million Credit Facility \| LIBOR
Line of Credit Facility
Reference rate			three-month LIBOR
Applicable margin over reference rate (as a percent)			3.75%

DEBT - $98M Credit Facility (Details) - Line of Credit Facility - $98 Million Credit Facility $ in Thousands			3 Months Ended		6 Months Ended
	Nov. 10, 2015 USD ($)	Nov. 04, 2015 USD ($) subsidiary item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Nov. 15, 2016 USD ($)
Line of Credit Facility
Number of wholly owned subsidiaries \| subsidiary		13
Maximum borrowing capacity		$ 98,000		$ 98,000		$ 98,000
Drawdowns during the period	$ 98,271
Repayment of line of credit facility			$ 0	$ 91,397	$ 0	$ 93,939
Fixed amortization payment for the first two years		$ 0
Period without fixed amortization schedule		2 years
Amount of periodic payment		$ 2,500
Maximum collateral required for prepayment of loan (as a percent)		182.00%
Number of collateral vessels \| item		13
Minimum cash required to be maintained by each collateralized vessel							$ 750
Collateral security maintenance test (as a percent)							140.00%
LIBOR
Line of Credit Facility
Reference rate		three-month LIBOR
Applicable margin over reference rate for interest payable		6.125%
Minimum
Line of Credit Facility
Loan repayment requirement to have the ability to pay dividends after December 31, 2018		$ 25,000

DEBT - 2014 Term Loan (Details) - Secured Debt - 2014 Term Loan Facilities $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 08, 2014 USD ($) installment	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Nov. 15, 2016
Line of Credit Facility
Term of facilities	10 years
Maximum facility amount of delivered cost per vessel (as a percent)	60.00%
Maximum facility amount of delivered cost per vessel	$ 16,800
Maximum facility amount of fair market value per vessel at delivery (as a percent)	60.00%
Percentage of outstanding principal plus interest insured	95.00%
Number of semi-annual installments in which the credit facility is to be repaid \| installment	20
Amount due per installment (as a percent)	4.16%
Balloon payment of facility amount due at maturity (as a percent)	16.67%
Repayment of secured debt		$ 0	$ 24,863	$ 0	$ 25,544
LIBOR
Line of Credit Facility
Reference rate	three or six-month LIBOR
Applicable margin over reference rate (as a percent)	2.50%
Baltic Hornet
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
Baltic Wasp
Line of Credit Facility
Maximum borrowing capacity	$ 16,800
Period after latest vessel delivery date for first periodic repayment	6 months
From December 31, 2017 To June 29, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)						100.00%
From June 30, 2018 to December 30, 2018
Line of Credit Facility
Collateral security maintenance test (as a percent)						105.00%
From December 31, 2018 To December 30, 2019
Line of Credit Facility
Collateral security maintenance test (as a percent)						115.00%
From December 31, 2019 To End Date of Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)						135.00%

DEBT - Interest Rates (Details)	3 Months Ended		6 Months Ended
DEBT - Interest Rates (Details)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest rates on debt
Effective Interest Rate (as a percent)	5.43%	6.25%	5.50%	6.04%
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	4.90%	4.06%	4.90%	3.83%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	5.50%	8.43%	5.76%	8.43%

FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 28, 2019	Dec. 31, 2018	Sep. 30, 2018	Aug. 14, 2018	Jun. 30, 2018	May 31, 2018	Nov. 10, 2016	Nov. 04, 2015
Fair value of financial instruments
Floating rate debt	$ 513,685		$ 551,420
Secured Debt \| $495 Million Credit Facility
Fair value of financial instruments
Floating rate debt	410,425		445,000
Face amount of term loan facility	495,000	$ 495,000	495,000
Secured Debt \| $108 Million Credit Facility
Fair value of financial instruments
Floating rate debt	103,260		106,420
Face amount of term loan facility	108,000		108,000	$ 108,000	$ 108,000
Secured Debt \| $460 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility						$ 460,000	$ 460,000
Secured Debt \| $400 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility						400,000		$ 400,000
Line of Credit Facility \| $98 Million Credit Facility
Fair value of financial instruments
Face amount of term loan facility						$ 98,000			$ 98,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	165,121		197,499
Restricted cash	315		5,262
Floating rate debt	513,685		551,420
Fair value
Fair value of financial instruments
Cash and cash equivalents	165,121		197,499
Restricted cash	315		5,262
Floating rate debt	$ 513,685		$ 551,420

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - item	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Measurements, Nonrecurring
Fair value of financial instruments
Number of vessels written down as part of impairment	3	1	3	10

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
PREPAID EXPENSES AND OTHER CURRENT ASSETS.
Vessel Stores	$ 671	$ 597
Capitalized contract costs	1,365	2,289
Prepaid items	4,274	3,426
Insurance receivable	701	851
Advance to agents	596	1,109
Other	1,593	2,177
Total prepaid expenses and other current assets	$ 9,200	$ 10,449

FIXED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
FIXED ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
FIXED ASSETS
Total costs	$ 5,652		$ 5,652		$ 3,571
Less: accumulated depreciation and amortization	(1,575)		(1,575)		(1,281)
Total fixed assets, net	4,077		4,077		2,290
Depreciation and amortization	18,271	$ 16,450	36,348	$ 33,336
Detail of Fixed Assets, Excluding Vessels
FIXED ASSETS
Depreciation and amortization	212	$ 73	367	$ 144
Vessel equipment
FIXED ASSETS
Total costs	4,869		4,869		2,873
Furniture and fixtures
FIXED ASSETS
Total costs	467		467		462
Leasehold improvements
FIXED ASSETS
Total costs	41		41
Computer equipment
FIXED ASSETS
Total costs	$ 275		$ 275		$ 236

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 13,344	$ 15,110
Accrued general and administrative expenses	2,445	4,298
Accrued vessel operating expenses	17,362	9,735
Total accounts payable and accrued expenses	$ 33,151	$ 29,143

VOYAGE REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
VOYAGE REVENUE (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income statement
Lease revenue	$ 25,852	$ 43,987	$ 49,242	$ 86,841
Spot market voyage revenue	57,698	42,170	127,772	76,232
Total voyage revenues	83,550	86,157	177,014	163,073
Voyage
Income statement
Total voyage revenues	$ 83,550	$ 86,157	$ 177,014	$ 163,073

LEASES - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 14, 2019	Apr. 04, 2011	Jun. 30, 2019	Jun. 30, 2019
Leases
Impairment of right-of-use asset			$ 223	$ 223
Sublease income			0	0
Total lease cost			454	906
Period from July 26, 2019 to September 29, 2025
Leases
Free base rental period of the sublease	4 months 15 days
Period from December 10, 2019 to September 29, 2025
Leases
Monthly base sublease income	$ 102
Lease agreement entered into April 2011
Leases
Lease term		7 years
Obligation of sublessor towards the cost of alterations of office space		$ 472
Lease agreement entered into April 2011 \| Period from October 1, 2018 to April 30, 2023
Leases
Monthly rental payment			186	186
Lease agreement entered into April 2011 \| Period from May 1, 2023 to September 30, 2025
Leases
Monthly rental payment			$ 204	$ 204
Sub Sublease Agreement \| Period November 1, 2011 until May 31, 2015
Leases
Monthly rental payment		82
Sub Sublease Agreement \| Period after May 31, 2015 until April 30, 2018
Leases
Monthly rental payment		$ 90

LEASES - Balance Sheet Information (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Operating lease
Operating lease right-of-use asset	$ 8,910
Current operating lease liabilities	1,634
Long-term operating lease obligations	10,675
Total operating lease liabilities	$ 12,309
Weighted average remaining lease term (years)	6 years 3 months 4 days
Weighted average discount rate	5.15%

LEASES - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Operating Lease Liabilities - ASC 842
Remainder of 2019		$ 1,115
2020		2,230
2021		2,230
2022		2,230
2023		2,378
Thereafter		4,292
Total lease payments		14,475
Less: Imputed interest		(2,166)
Total operating lease liabilities		12,309
Operating cash flow payments		$ 1,115
Operating Lease Liabilities - ASC 840
2019				$ 2,230
2020				2,230
2021				2,230
2022				2,230
2023				2,378
Thereafter				4,292
Total lease payments				15,590
Deferred rent				$ 3,468
Rent expense	$ 452		$ 904

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 21, 2018 USD ($) item	Dec. 31, 2018 USD ($) item	Jun. 30, 2019 USD ($)	Feb. 28, 2019 USD ($)
Purchase commitment
Vessel assets		$ 1,344,870	$ 1,320,149
Secured Debt \| $495 Million Credit Facility
Purchase commitment
Maximum borrowing capacity		$ 495,000	495,000	$ 495,000
Purchase Agreements for BWTS
Purchase commitment
Number of vessels to receive ballast water treatments systems \| item		47
Vessel assets		$ 1,804	8,859
Purchase Agreement of BWTS for Capesize Vessels
Purchase commitment
BWTS purchase price		800
Purchase Agreement of BWTS for Panamax Vessels
Purchase commitment
BWTS purchase price		500
Purchase Agreement of BWTS for Supramax Vessels
Purchase commitment
BWTS purchase price		500
Purchase Agreement of BWTS for Handysize Vessels
Purchase commitment
BWTS purchase price		500
Scrubber Installation Agreements
Purchase commitment
Number of Capesize vessels to receive scrubber installations \| item	17
Cost of scrubber installation per vessel	$ 2,250
Vessel assets		$ 428	$ 14,474

STOCK-BASED COMPENSATION - 2014 MIP (Details) - 2014 MIP Plan $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Aug. 07, 2014 USD ($) item $ / shares shares	Jul. 09, 2014 item shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Dec. 31, 2018 shares
Stock Awards
Aggregate number of shares of common stock available for awards \| shares		966,806
Percentage of Common Stock outstanding ( In percent)		1.80%
Warrants
Stock Awards
Number of tranches \| item	3
Number of tiers of MIP Warrants \| item		3
Volatility rate ( as a percent)	43.91%
Volatility rate term	6 years
Risk-free interest rate ( as a percent)	1.85%
Dividend rate ( as a percent)	0.00%
Total fair value of outstanding awards upon emergence from bankruptcy \| $	$ 54,436
Percentage of warrant vest for anniversaries of the grant date	33.33%
Amortization expense \| $			$ 0	$ 0	$ 0	$ 0
Vesting period of awards	3 years
Weighted Average Fair Value
Number of warrants \| shares			8,557,461		8,557,461
Exercisable (in dollars per share)			$ 303.12		$ 303.12
Weighted average remaining contractual life, exercisable					1 year 1 month 10 days
Additional disclosures
Warrants outstanding (in shares) \| shares			8,557,461		8,557,461		8,557,461
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost \| $			$ 0		$ 0
Warrants \| $259.10 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards \| shares	238,066
Exercise price per share	$ 259.10
Fair value of warrant (in dollars per share)	$ 7.22
Warrants \| $287.30 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards \| shares	246,701
Exercise price per share	$ 287.30
Fair value of warrant (in dollars per share)	$ 6.63
Warrants \| $341.90 Warrants
Stock Awards
Aggregate number of shares of common stock available for awards \| shares	370,979
Exercise price per share	$ 341.90
Fair value of warrant (in dollars per share)	$ 5.63

STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Mar. 04, 2019	Feb. 27, 2018	Mar. 23, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 26, 2015
Nonemployee 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
2015 EIP Plan
Stock options
Aggregate number of shares of common stock available for awards			2,750,000						400,000
2015 EIP Plan \| Stock Options
Stock options
Vesting percentage of awards	33.00%	33.33%
Vesting period	3 years	3 years
Unrecognized compensation cost
Unamortized compensation cost				$ 1,030		$ 1,030
Future amortization of stock based compensation
Remainder of 2019				440		440
2020				431		431
2021				142		142
2022				$ 17		$ 17
Number of Options
Outstanding at beginning of period (in shares)						166,942
Granted (in shares)	240,540	122,608				240,540
Exercisable (in shares)						(40,869)
Outstanding at end of period (in shares)				366,613		366,613
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)						$ 13.01
Granted (in dollars per share)	$ 8.39	$ 13.69				8.39
Exercisable (in dollars per share)						13.69
Outstanding at end of period (in dollars per share)				$ 9.90		9.90
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)						7.25
Granted (in dollars per share)	$ 3.76	$ 7.55				3.76
Exercisable (in dollars per share)						7.55
Outstanding at end of period (in dollars per share)				4.93		4.93
Weighted Average Exercise Price Of Outstanding Options				$ 10.43		$ 10.43
Options Outstanding, Weighted Average Remaining Contractual Life						5 years 2 months 19 days
Options Exercisable, Number of options				129,535		129,535
Options Exercisable, Weighted Average Exercise Price				$ 11.94		$ 11.94
Options Exercisable, Weighted Average Remaining Contractual Life						3 years 26 days
Aggregate fair value	$ 904	$ 926
Stock options outstanding - nonvested and exercisable				496,148		496,148		255,608
Assumptions and Methodology
Weighted average volatility rate (as a percent)	55.23%	71.94%
Risk-free interest rate ( as a percent)	2.49%	2.53%
Dividend rate ( as a percent)	0.00%	0.00%
Expected life (in years)	4 years	4 years
2015 EIP Plan \| Stock Options \| General and Administrative Expense
Stock options
Amortization expense				$ 229	$ 214	$ 411	$ 337
2015 EIP Plan \| Stock Options \| John C. Wobensmith
Stock options
Vesting percentage of awards			33.33%
Vesting period			3 years
Number of Options
Granted (in shares)			133,000
Weighted Average Exercise Price
Granted (in dollars per share)			$ 11.13
Weighted Average Fair Value
Granted (in dollars per share)			$ 6.41
Aggregate fair value			$ 853
Assumptions and Methodology
Weighted average volatility rate (as a percent)			79.80%
Risk-free interest rate ( as a percent)			1.68%
Dividend rate ( as a percent)			0.00%
Expected life (in years)			3 years 9 months 11 days

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	May 15, 2019	Mar. 04, 2019	May 15, 2018	Feb. 27, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Stock Awards
Number of common shares outstanding in respect of RSUs					228,781		228,781		216,304
Number of Shares
Balance at the beginning of the period (in shares)							149,170
Granted (in shares)	29,580	106,079	14,268	37,346			135,659
Vested (in shares)							(26,745)
Balance at the end of the period (in shares)					258,084		258,084
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)							$ 12.42
Granted (in dollars per share)							8.44
Vested (in dollars per share)							15.92
Balance at the end of the period (in dollars per share)					$ 9.96		$ 9.96
Weighted-average remaining contractual life							1 year 5 months 19 days
Additional disclosures
Total fair value of shares vested							$ 230	$ 450
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost					$ 1,209		$ 1,209
Weighted-average period for recognition of unrecognized compensation cost							1 year 5 months 19 days
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense					$ 340	$ 421	$ 610	$ 788
Vested RSUs
Number of Shares
Number of shares vested					320,980		320,980
Weighted Average Fair Value
Vested (in dollars per share)							$ 11.59
Other Individuals
Stock Awards
Vesting period of awards							3 years

STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock (Details) - 2015 EIP Plan - Restricted Stock - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock Awards
Vesting period of awards		3 years
Number of Shares
Vested (in shares)		0	0
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost		$ 0
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense	$ 3		$ 6

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

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Aug. 02, 2019	Jul. 05, 2019	Jun. 30, 2019	May 10, 2019
Secured Debt \| $495 Million Credit Facility
Subsequent Events
Prepayment of amortization payment before due date				$ 15,000
Amount of periodic payment			$ 14,864
Excess of amortization payment to be applied to next payment			$ 136
Subsequent Event \| Genco Challenger
Subsequent Events
Sale of assets	$ 5,250
Broker commission (as a percent)	2.00%
Subsequent Event \| Secured Debt \| $495 Million Credit Facility
Subsequent Events
Prepayment of amortization payment before due date		$ 15,000
Amount of periodic payment		14,728
Excess of amortization payment to be applied to next payment		$ 272